Watchdog key to cost of medicines

The invisible hand of the market will play a major role in deciding the prices of medicines starting from June 1, which means the government will have to change its role from decision-maker to supervisor.

The move was announced by the National Development and Reform Commission, the country's top economic planner, on Tuesday.

In the past almost two decades, inadequate competition, abuse of power by government officials in giving the green light to the unreasonably high prices of some medicines and the channeling of interests between pharmaceutical companies, hospitals and even government agencies have increased the cost of medicines.