The world is on the verge of the worst crisis since the pandemic.
The price of the most expensive medicine, acetaminophen, rose to $938 per pill in the Chinese city of Shenzhen on Monday.
The price of a similar medicine, hydrocodone, rose $3,000.
The rise comes a day after China’s National Health Insurance Board reported a sharp rise in the cost of prescription drugs, with more than 400 prescriptions for the powerful painkiller acetaminol being cancelled in the country.
The regulator has reported an increase in prescription drug prescriptions in the first half of this year that is up by more than 200 per cent from the same period last year.
China has faced a growing number of health crises in recent years, and a record number of deaths.
On Monday, the price of acetaminoguanidine, a powerful pain reliever used to treat asthma and other chronic lung conditions, rose by more to more than $2,600.
It was also the most-expensive drug for a single pill in China, the report said.
In response to the rise, China’s Health Ministry has launched an investigation into how the country’s prescription drug prices were set, the official Xinhua news agency reported.
The ministry has been trying to find ways to lower the price and make the medicines more affordable.
The report was not immediately available.
The US and Britain have also been pushing to bring down prescription drug costs in the past few months.
The countries have both announced plans to cap prescription drug bills at $1 billion.
In a report on Monday, Bloomberg New Energy Finance said that if the US and UK adopt similar measures, the two countries would save the world $300 billion in healthcare costs annually.
China’s government said it would continue to press for a reduction in the price in the next few years, Xinhua reported.