(Yicai Global) Dec. 30 -- A new Alzheimer's drug developed in China went on sale in the country yesterday. It is the first to come to market anywhere in the world since 2003, Jiefang Daily reported.

Patients can buy the medication, called Oligomannate (GV-971), at drugstores nationwide with a prescription, the report said. One box sells for CNY895 (USD128), while a full month's dose costs CNY3,580 (USD513).

Developed by Chinese scientists and funded by domestic companies, China owns the intellectual property rights to Oligomannate, the report said. Shanghai Institute of Materia Medica, Shanghai Green Valley Pharmaceutical and Ocean University of China in Qingdao jointly spent 22 years researching and developing the medicine, which is also the world's first innovative carbohydrate multi-targeted anti-Alzheimer's drug.

At least 50 million people worldwide have Alzheimer's disease, whose symptoms include cognitive and behavioral impairment and mental disorder. It is the leading cause of disability and death among the elderly behind cardiovascular disease and cancer. About 10 million people suffer with it in China, and that is expected to increase to 40 million by 2050 as the number of global patients rises to 150 million.

Oligomannate took less than a year to come to market after its application was accepted and it is China's first homegrown neuropsychiatric drug to undergo the new fast-tracked priority processing after Beijing shook up the national drug review and approval system.

The drug's therapeutic efficiency is 78 percent, clinical tests show, and it can continuously and significantly improve patients' cognitive functions and effectively curb the neuroinflammation which causes the debilitating neurological disorder, Green Valley stated, adding that Oligomannate is very safe with an adverse event rate which is basically the same as that of a placebo.

Shanghai-based Green Valley will invest USD3 billion in research after the medicine goes to market, it said.

Editor: Ben Armour