Since 2018, China's expansion of drug coverage under its basic medical insurance has benefited 720 million individuals, saving them more than 700 billion yuan (about 98.4 billion U.S. dollars), according to the National Healthcare Security Administration (NHSA).

Data revealed at a press conference in Beijing on Tuesday showed that since the introduction of the annual update system for the medical insurance drug catalog in 2018, 744 medicines have been added to the list.

The catalog now includes 3,088 drugs, covering treatments for both common diseases and rare illnesses, according to the NHSA.

At the press conference, Yan Qinghui, deputy head of the NHSA, announced a new round of centralized procurement targeting both drugs and high-value medical consumables, including cochlear implants.

To lower drug prices, China first piloted centralized procurement for medication in 11 cities in 2018, which has since been expanded nationwide.

To date, the country has conducted nine rounds of centralized procurement for medication and four rounds for high-priced medical consumables.