China will add 126 drugs to a revised national basic medical insurance list, the National Healthcare Security Administration said on Wednesday.

Newly added products will include 21 anti-cancer drugs, 17 antivirals or anti-COVID medicines, 15 drugs for treating diabetes, mental disorder, rheumatism and other chronic diseases, and 15 drugs targeting rare diseases, the administration said at a news conference.

One drug will be removed from list. The new list, which will come into effect on Jan 1, will include 3,088 drugs.

Among newly included drugs, 121 are being added after successful negotiations with manufacturers, with their average prices cut by 61.7 percent.

"Patients are expected to save 40 billion yuan ($5.6 billion) in the next two years thanks to price negotiations and reimbursement policies," the administration said.

It has updated the national insurance drug list for six consecutive years, with 744 drugs added to it during that period.