China will include artificial cochlear implants in its centralized procurement to ease the burden on both the medical insurance fund and patients, the National Healthcare Security Administration announced recently.
China's cochlear implant rate remains low, with only around 50,000 implants performed annually.
High treatment costs mean that, even cochlear implant is covered by medical insurance in some places, patients often bear a significant portion of the expense.
Yan Qinghui, deputy director of the administration, said they will include expensive medical supplies including artificial cochlea in its centralized procurement going forward.
"Next, the medical insurance department will press on with expanding the scope of and improving the quality of the national centralized procurement of medicines. We will continue to extend its coverage and carry out a new round of national centralized procurement of medicines and high-value medical consumables. We will include artificial cochlea and other high-value medical consumables in the centralized procurement," he said.
Since 2018, China's national bulk procurement of medicines has reduced drug prices by over 50 percent on average through a volume-based group purchasing strategy.
The high cost of cochlear implant has been a major barrier to its insurance coverage, but if bulk procurement leads to significant price reductions, more regions will likely cover it in medical insurance.
This will bring tangible benefits of lower prices and insurance coverage to hearing-impaired patients, especially children under the age of three, a crucial period for auditory development.
Early treatment through affordable implants could significantly improve the outcomes in hearing and speech trainings for these children.
China to include cochlear implants in centralized procurement to ease patient burden
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
