China joins international pharmaceutical council
July 17, 2017 Category Health, Weekly
China has joined the International Council on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use, which focuses on guidelines for worldwide pharmaceutical development. Joining the council means the Chinese drug regulatory authorities, pharmaceutical industry and research and development institutes will gradually adopt internationally accepted standards and guidelines, and promote quicker domestic application of new drugs developed in other countries. China is the second-largest market for pharmaceutical products in the world. Annual revenues of the pharmaceutical industry in China exceed CNY2.5 trillion, and annual exports of pharmaceutical products exceed CNY13.5 billion. The authorities will encourage medical institutions to give priority to new drugs that have proved effective and are reasonably priced. Certain types of drugs and medical equipment already in use in other countries, such as those for curing rare diseases, can also gain priority approval for sale in the domestic market, according to a draft regulation, the China Daily reports.
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