"The latest bulk-buy program is expected to have a profound impact on boosting insulin treatment in China," he said in an interview with Health Times.

In the latest round of bidding, which closed in Shanghai on Friday, 16 types of products from 11 insulin manufacturers－both domestic and foreign－were successful, the administration said, citing preliminary results.

"The bidding has not only cut unreasonably high prices, but it also meets practical clinical demands," it said.

For instance, the price of insulin glargine, a widely-used type of insulin, has been lowered from 180 yuan to 70 yuan per dose. That means a patient put on the drug can save about 4,000 yuan a year.

The administration added that public medical institutions across the country are expected to purchase 210 million doses of insulin at reduced prices in the first year.

China initiated its centralized procurement program in 2018. It sees drugmakers lower medication prices in order to qualify for bulk use at public hospitals.

The latest bidding, targeting insulin alone, marks the sixth round of the program and the first round involving biological drugs, as opposed to chemical drugs.