The National Healthcare Security Administration said on Thursday that it will soon launch a new round of price negotiations with drugmakers bidding to be included into China's national reimbursement drug list.

On-site price negotiations will take place from Sunday to Wednesday and a total of 162 types of medications will be involved.

Results will be released next month, and the corresponding, updated version of the reimbursement list will take effect on Jan 1, 2025.

The administration, inaugurated in 2018, has implemented seven adjustments of the national drug reimbursement catalog, including the upcoming one.

The past six rounds of price talks have added 446 medications into the reimbursement list, benefiting 800 million people and driving drug sales totaling nearly 500 billion yuan ($70.2 billion).

Data shows that more than 90 percent of medications procured by public hospitals across the nation are those on the list.

The administration added that special attention has also been paid to, including innovative medications.