China is trying its best to become the medical expert of the world, it’s working hard to develop into a place where patients can find advanced medicines, quick and quality healthcare all at cheaper rates than the other countries. To do this, in the last five years, China has doubled the amount (approx. $38 billion) it’s investing in health. This ambition of the Chinese government will not only affect millions of Chinese people but also change the future of global healthcare system.
It’s already catching up with U.S in many health aspects, such as
- China’s life expectancy rate is almost the same as America.
- It has modernized the drug approval system and now some foreign medicine and medical trials are approved quicker than in the U.S.
- The average a Chinese spends on his healthcare is much less than an American
- Generic drug prices are plummeting under government as compared to U.S
China is aiming to get the best, high quality and advanced drugs but it doesn’t want to disrupt the medical insurance fund. So its urging the global pharmaceutical companies to drop their rates drastically and in return is providing the big patient pool of China. Global pharmaceutical firms like Roche and Merck have agreed on this.
But being the world’s best healthcare system isn’t going to be a cake walk for China, as the size of the patient population in China—whether in cancer, rare diseases or simply ageing is bigger than any other country has faced before.
China is all set to achieve its goals and preparing to create a health system where the patients have to pay less out of their pockets while still providing good quality medical services.