In its latest move to spur the availability to Chinese consumers of medicines for rare diseases and life-threatening illnesses, China is cutting taxes on some orphan drugs almost entirely.
China's State Council will cut the value-added tax (VAT) rate for some rare-disease therapies by more than 80%, authorities announced in February. From March 1 2019, the VAT for 21 of the drugs and four active pharmaceutical ingredients will drop from 16% to 3%, a drop of 81%.
Most orphan drugs marketed in China are produced by foreign manufacturers. The move by China's government is designed to provide incentives to those manufacturers for new drug development and speed the much-needed drugs to its 20 million Chinese citizens with rare diseases.
About Pacific Bridge Medical
Pacific Bridge Medical (PBM) was founded in 1988 to help international medical companies solve their most complex problems while doing business in Asia. Since then, PBM has assisted hundreds of healthcare companies with business development and regulatory issues in Asia. We provide our services to all types of medical firms, including medical device, IVD, pharmaceutical, and API.------------------------------
Ames Gross
President
Pacific Bridge Medical
Bethesda, MD
www.pacificbridgemedical.comcontact@pacificbridgemedical.com------------------------------