The latest round of China's centralized drug procurement program has resulted in an average price cut of 48 percent on 60 types of medications, according to an initial list released by the National Healthcare Security Administration on Tuesday.?

The seventh round, which took place in Nanjing in Jiangsu province on Tuesday, is expected to save patients 18.5 billion yuan ($2.75 billion) every year.?

The administration said that 295 companies participated in bidding to supply medicines to public health facilities, 217 of which were successful, among them six foreign companies.?

The 60 new medications covered under the latest plan include treatments for high blood pressure, diabetes, antiviral drugs and cancer therapies.

Lenvatinib, a first-line treatment for people with liver cancer, dropped in price from 108 to 18 yuan per tablet. As a result, patients will save 8,100 yuan on each cycle of treatment.?

The medications will be available at their new prices from November.

Since the administration was set up in 2018, it has launched seven rounds of its centralized drug procurement program, which have covered 294 medications.?