RE:China Is Striving for the World’s Best, Cheapest HealthcarePista1 ... Very interesting article. Thanks for sharing.
Less than five years ago, Chinese healthcare was a closed-off, low-quality system where the richest left the country for medicines and treatments, and the poorest took a bad diagnosis as a death sentence. Now, the world’s second largest economy is striving to become a place where patients can get the best, newest drugs and services faster and cheaper than anywhere else.
Pressured by its growing middle class, the Chinese government has set itself an ambitious target: first-world health outcomes at a fraction of the cost that other countries, especially the U.S., pays.
To get there, China has doubled the amount it’s pouring into public hospitals in the last five years to $38 billion. It wants to see a healthcare industry valued at $2.3 trillion by 2030, more than twice its size now.
The cost control part will be much harder. Beijing wants the biggest pharmaceutical companies in the world to bend the knee, lowering their prices drastically in order to get access to its vast patient pool. In new drugs, pharmaceuticals from Pfizer to Roche have agreed to cuts of as much as 70%.
China is already catching-up to the U.S. on some important health metrics, and hopes to surpass their doctor patient ratio. It wants the best drugs and care but it does not want to pay a hefty amount that would stress the country’s medical insurance fund. China is pouring billions into public hospitals and has revamped its drug approval system. Some foreign drugs and medical trials are now approved quicker than in the U.S. That's in line with recent WSJ articles on the China market:
August 2018 -
Nov. 2018 -
Sept. 2019 -
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pista1 - (12/11/2019 9:25:58 AM) China Is Striving for the World’s Best, Cheapest Healthcare