China lowers prices of 82 medicines by 14%

China will lower the retail price ceiling of 82 kinds of pharmaceutical drugs by an average 14 percent in a move to reduce people's medical bills, the top economic planner announced Friday. The price adjustment, the second cut this year, will come into effect on September 1, the National Development and Reform Commission (NDRC) said in a statement on its website. The regulation aims to maintain the production and supply of cheap drugs and ease the financial burden for families, according to the statement. In March, the commission lowered the retail price ceiling of 162 kinds of medicines by an average of 21 percent, which was expected to save the Chinese consumers nearly 10 billion yuan (1.55 billion U.S. dollars).