Chongqing Drug Exchange begins operations
Shanghai. September 30. INTERFAX-CHINA - The Chongqing Drug Exchange started operations yesterday, according to a statement published today on the municipal government Web site.
The exchange is the first of its kind in China, the statement said, and functions as a platform for drug procurement. Affiliated manufacturers can post product information on the exchange, and distributors and hospitals can negotiate with suppliers.
The exchange also publishes transaction details to increase the transparency of the procurement process.
Only non-essential drugs will be traded on the exchange initially, and all of Chongqing's public hospitals at county-level and above - some 400 institutions - will participate, Chongqing Evening News reported Sept. 29. Terms for the trade of medical devices are still being prepared.
The exchange will also issue drug price indexes to help companies and hospitals adjust prices, the newspaper said.
The paper quoted Chongqing's mayor, Huang Qifan, as saying that the exchange is expected to account for half the value of drugs procured by Chongqing's hospitals in two to three years, and one tenth the value of drug purchases by hospitals nationwide in five to eight years.