South China's Hainan Province on Wednesday launched a medical insurance plan that covers foreign medicines yet to be approved domestically for the treatment of cancers.

The special insurance product, launched by the Boao Lecheng International Medical Tourism Pilot Zone, covers 49 drugs.

The lowest annual premium for the first year is 39 yuan (about 5.9 U.S. dollars), while the insurance covers up to 1 million yuan in drug costs, said the pilot zone administration.

People of all nationalities living on the Chinese mainland can purchase the insurance, the administration added.

The insurance has been expected to reduce the financial burden of cancer patients while making it faster for overseas pharmaceutical enterprises to enter the Chinese market.

The Chinese government on June 1 released a master plan for the Hainan free trade port, aiming to build the island province into a globally influential high-level free trade port by the middle of the century. The plan also encourages the province to explore innovation in the medical insurance sector.