The annual R&D spending of China's pharmaceutical industry has increased by 23 percent on average, following the country's centralized procurement drive over the past few years, according to a press conference held by the National Healthcare Security Administration (NHSA), Azernews reports, citing Xinhua.

The NHSA had approved the release of a total of 40 innovative medicines into the market last year alone. This indicates that under the drive, China's pharmaceutical industry is accelerating in terms of both innovation and transformation, noted NHSA official Ding Yilei.

Through nine rounds of centralized procurement, more than 1,600 pharmaceutical products have featured on the procurement list, with an increasingly more reasonable and affordable price range for patients, said the NHSA.

Huang Xinyu, another official with the NHSA, said the national catalog of medicines covered by medical insurance has been adjusted, focusing on new drugs released within the past five years, while also providing a more efficient listing process, especially for innovative drugs.