China will reduce the Value Added Tax on 21 rare disease treatments to 3%, starting March 1. The State Council ordered the cuts on Monday, and said it was also directing drug regulators to speed the approval process for cancer drugs and foreign drugs that address unmet needs. The regulatory move mirrors a VAT reduction last year on cancer drugs from 16% to 3%. The changes reinforce China’s official resolve to provide the best drugs at the lowest prices, no matter whether the drugs were developed in China or overseas.
Source: China Biotoday
