In the past, Japan has adjusted drug prices every two years. However, in 2022, the Central Social Insurance Medical Council known as Chuikyo had its first off-year re-pricing. In 2023, Chuikyo will have its second off-year repricing which will take effect in April 2023. Repricing in 2023 is based on 2022 prices. Due to COVID-19, similar to 2020, the 2022 price survey will have a smaller scope. Specifically, the 2022 survey will be determined from feedback on only 1 in 45 hospitals, 1 in 420 clinics, 1 in 130 insurance pharmacies, and about 65% of drug wholesalers. Off-year price drops have been smaller than cuts made every two years. Besides price cutting, many in Japan believe health economics should be utilized more to determine the price of drugs.
Written by: Ames Gross – President and Founder, Pacific Bridge Medical (PBM)
Mr. Gross founded PBM in 1988 and has helped hundreds of medical companies with regulatory and business development issues in Asia. He is recognized nationally and internationally as a leader in the Asian medical markets. Mr. Gross has a BA degree, Phi Beta Kappa, from the University of Pennsylvania and an MBA from Columbia University.