China will slash the price of more than 240 drugs by 20 percent on average while increasing the price of about 100 other medicines that are in high demand, the country's top economic planning body announced.

It is the 17th cut in the cost of drugs since the government resumed price controls over some drugs in September 2005 in an attempt to control soaring health care costs. The price cuts directed by the National Development and Reform Commission took effect on Jan 26.

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