The prices of artificial joints will be slashed by 82 percent on average due to a centralized procurement program conducted by China's National Healthcare Security Administration.
According to the preliminary bidding results announced by the administration on Tuesday in Tianjin, the prices of hip joints will be cut to 7,000 yuan (about 1,086 U.S. dollars) from 35,000 yuan, while knee joints will plummet to 5,000 yuan from 32,000 yuan.
Joint replacement is an effective way to treat various joint diseases caused by injuries and degradation. Artificial hip and knee joints make up more than 10 percent of China's high-value medical-supply market.
For the first year, the centralized procurement program will be used to purchase 540,000 sets of artificial joints, accounting for 90 percent of the total demand from medical institutions nationwide.
The administration said 44 companies have been chosen from 48 candidates, and patients can expect to use the joint products under the program by March or April 2022.
The program has been instituted following the successful trial of the centralized buying of coronary stents, and with full consideration of the whole set of products and accompanying services that joint replacement surgeries require, said the administration. Enditem