The price of high-value medical consumables is relatively high. These consumables are usually used for special treatments like cardiac intervention therapy, peripheral vascular intervention, artificial joints replacement, and other organ interventions.
In order to further reduce the price of high-value medical consumables and reduce the burden of patients’ medical treatment, some provinces in China have started the price adjustment of two major categories of orthopedic implants and vascular interventions. The average price reduction is 13.27%, which saves about 220 million RMB every year.
Since 2014, public medical institutions in Anhui Province have been fully implementing the centralized online trading of ten categories of high-value medical consumables. The top two purchases are orthopedic implants and vascular interventions, accounting for 70% of all ten categories of high-value medical products. Before the price reduction, many orthopedic implants are more than 10,000 RMB, it is too expensive for patients. In order to reduce the burden on patients, since 2014, three rounds of price adjustments have been carried out in orthopedic implants and vascular interventions. The cumulative reduction of orthopedic implants in the three rounds reached 47%, and the vascular interventions reached 26%. The purchase price dropped significantly.
In June this year, Anhui Province imposed a fourth price adjustment on orthopedic implants and vascular interventional consumables. Some products have received more than 80% of accumulated price reduction after implementation of the centralized online transaction policy.
Since the year of 2016, the ten-year national strategic plan “Made in China 2025” has highlighted the medical device industry as one of the key sectors in the world’s second-largest economy. High-value consumable is one of the special areas. Please click HERE to know more about the trends and hot areas of China medical device market
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China Med Device, LLC (https://ChinaMedDevice.com/) provides turn-key solutions for western medical device/IVD companies to enter China with regulation and commercialization services. Our CFDA regulatory services cover strategy, RA, clinical evaluation, CRO, QA and post market compliance. We are experienced in handling innovation approvals and priority reviews. Our commercial services cover market assessment research, reimbursement, partnership, distribution qualification and management. We have offices in Beijing, Suzhou and Boston. Our management team has 100+ years of combined experience in medical device and IVD and has been involved with 1,000+ CFDA certificates and 250+ companies’ success.