Tariff changes aim to cut drug prices

China has decided to cut tariffs on a range of imported raw materials used in medicines, which industry analysts said signaled the government's heightened efforts to reduce high drug prices and improve people's healthcare, in addition to further opening up the economy.

The government will lower or remove import and export duties on 706 items starting from 2019, as part of a tariff adjustment package, with the duties on certain raw materials used for medicines removed altogether, the Ministry of Finance said in an online statement.

The medicines covered include a range of treatments, for example for cancers and rare diseases. Certain immunotherapy products, vaccines, genetic materials and transgenic organisms will also be exempt.