China has launched a three-year pilot scheme to loosen approvals for new drugs, the country's food and drug regulator said on Thursday, as Beijing looks to help stimulate innovation in the country's pharmaceutical sector.

The trial, set to take place in 10 regions, will allow research and development bodies to seek drug approvals, which are currently restricted to drug manufacturers, the China Food and Drug Administration said in a statement on its website.

China's pharmaceutical market is a magnet for global drugmakers, who are now facing increasing competition from local rivals for a slice of a medicine market that is estimated to hit $185 billion by 2018.