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China to Speed Up New Drug Approvals in Boost For Multinationals

China plans to speed up the approval process for innovative medicines, a development that would aid multinational companies seeking to bring their newest drugs to world’s the most populous nation.

Companies can apply to expedite approvals for urgently needed new drugs as long as their prices aren’t higher than in the originating country or comparable markets, according to guidelines issued by China’s State Council on Tuesday. Clinical trial regulations for newly developed drugs will also be eased.