Pharma Execs Urge 'Balance' In China Payer Price Negotiations
The annual reimbursement price negotiations between pharma firms and China’s National Healthcare Security Administration are just around the corner. While some have chosen to walk away from the process completely, others including majors BeiGene and Hengrui are girding up for another round of potentially deep cuts.
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From orphan to cancer drugs, more products have had their prices cut in the latest round of reimbursement negotiations in China. Although the 60% average across 100 medicines was considered mild given it didn’t go beyond the previous year, it was still chilling and is prompting more firms, both multinational and domestic, to walk away from the process.
The 2022 pricing negotiations for innovative drugs organized by China’s National Healthcare Security Administration have slashed prices of included products by 60% on average, a level mostly unchanged from the 2021 round, although 36% more novel medicines were covered.
After China eased its "COVID Zero" policies, infections have surged in Beijing, Guangzhou and other cities, likely prompting the National Health Security Administration to delay the closely-watched annual drug reimbursement pricing negotiations. Meanwhile, Pfizer has signed a new distribution deal with state-owned Meheco to meet surging demand for its oral antiviral Paxlovid in the country, while at least two domestically developed mRNA vaccines are now awaiting approval. Also, Chinese biotechs are looking at three main methods of surviving and thriving.