China's first bulk procurement program involving dental implants has seen an average price cut of 55 percent, the National Healthcare Security Administration said on Wednesday.

The administration said that 55 companies participated in the bidding held in Chengdu, Sichuan province on Wednesday, and 39 of them won the bid.

The round of procurement will cover 72 percent of total demands of dental implants across the country and is expected to save patients 4 billion yuan ($590 million) annually.

The bidding results are preliminary. Patients can access dental implants at lower prices starting in late March or mid-April.