Schizophrenia and major depressive disorder (MDD) are disabling psychiatric conditions that are linked to a heavy economic and disease burden on society and patients as well as their caregivers. Antipsychotics (older typical or newer atypical antipsychotics) are the standard of care for schizophrenia, and they are also used among treatment-resistant MDD patients. In an overgenericized market of well-established, mostly reimbursed key agents, psychiatrists may be reluctant to switch to newer and more expensive treatment options. However, high unmet need remains for therapies with demonstrated efficacy for both conditions. In this Access & Reimbursement analysis, we discuss the current access landscape for antipsychotics in China, with a focus on atypical antipsychotics’ use in schizophrenia and MDD. In addition, we analyze the future uptake of emerging therapies (e.g., Sumitomo Dainippon’s Latuda) and pinpoint the levers and roadblocks to their success.