BRIEF—Hu Hui Bao debuts in Shanghai

The major Chinese city Shanghai has launched its local version of Hui Min Bao, a government-backed, commercial insurance company underwritten healthcare insurance product that is complement to China's current national social healthcare scheme.

Called Hu Hui Bao, the product charges 115 renminbi ($17.7) for the first year to cover serious diseases such as cancer and rare diseases.

While the contract includes some harsh terms, such as the deductible amount is as high as 20,000 renminbi, it does have a selling point - paying for 21 drugs that are not covered by the national drug reimbursement list.

The drugs include Bristol Myers Squibb’s Opdivo (nivolumab), Pfizer's Ibrance (palbociclib) and Zai Lab's Zejula (niraparib).