Hong Kong's new system saves hospitals millions annually

Hong Kong's new drug approval system could lead to significant savings for public hospitals. Health authorities estimate that just one approved drug could save up to HK$24 million (about US$3.1 million) each year. The Department of Health announced plans to streamline the drug approval process. Starting next week, they will hold information sessions and seminars to help pharmaceutical companies understand the new system. Workshops are also set to begin in June. Additionally, from September, health authorities will offer one-on-one consultations for companies seeking advice on drug registrations. This new system aims to speed up the approval process for medicines. William Chui Chun-ming, the chief pharmacist of the Hospital Authority, noted that the previous lack of competition kept drug prices high. The new system, known as "1+," will allow drugs from mainland China and other countries to enter the Hong Kong market faster. Since its launch in November 2023, the 1+ system has already approved 11 drugs, mainly for treating cancer and rare diseases.