China to lower drug prices by 15% in Feb

Twenty categories, or more than 400 varieties, of drugs will see their maximum retail prices adjusted as of February with average price cuts of 15 percent, the National Development and Reform Commission, China's top economic planning body, said on its website on Tuesday.

High-end drugs will see price cuts of 20 percent. The move follows four rounds of price adjustments since 2011, which covered eight categories of drugs. Lowering the drug prices will reduce costs for patients, the announcement said.

Meanwhile, the commission will increase the prices of low-cost drugs to support the development of these drugs and meet medical demands.