China to cut tax for more anti-cancer, rare-disease drugs

An employee works at a production facility of Harbin Pharmaceutical Group Holding Co Ltd in Harbin, capital of Heilongjiang province, on March 2. (PHOTO / XINHUA)

BEIJING — China will cut to 3 percent the value-added tax on the imports and the domestic production and circulation of more anti-cancer and rare-disease drugs.

Starting on Dec. 1, a total of 71 such drugs and active pharmaceutical ingredients will benefit from the tax reduction, according to a statement jointly issued by the Ministry of Finance and other government agencies.

A total of 71 such drugs and active pharmaceutical ingredients will benefit from the tax reduction

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The move seeks to lower costs for patients and boost China's pharmaceutical industry.

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This is the third batch of anti-cancer and rare-disease drugs and active pharmaceutical ingredients to benefit from such a policy since 2018.