Economy
22:41, 11-Feb-2019
China to give rare disease drugs preferential VAT policies
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China will offer preferential value-added tax (VAT) policies for drugs aimed at the treatment of rare diseases, a State Council executive meeting chaired by Premier Li Keqiang decided on Monday.
From March 1, VAT for the first batch of 21 drugs for rare diseases and four crude drugs will be levied at three percent during the import link with reference to anticancer drugs.
Experts will be gathered to select new drugs from overseas to meet urgent clinical needs, while import policies will be improved for a faster launch of the drugs in China, according to a statement released after the meeting.
It was also decided at the meeting that the country will step up efforts to ensure more early diagnosis and treatment of cancer. It will further shorten the time required for the registration and approval of new cancer drugs as well as cut their prices.
(With inputs from Xinhua)