"We believe our business is well positioned to take advantage of the industry growth as well as the increasing insurance coverage and government support in China," Mr. Yang commented. "Expenditures on pharmaceutical products in China are forecasted to grow 23.5% annually between 2007 and 2011 and reach $126.8 billion in 2011."
"As we enter into the second quarter, we remain focused on our near-term objectives of increasing our exclusive distribution rights and continuing our efforts to bulk up our proprietary product portfolio. We are also planning on identifying a pharmaceutical manufacturing acquisition target to become a more vertically integrated pharmaceutical company. We are confident that we have the right strategies for our Company. With a seasoned management team, we believe that we can continue to successfully execute our business plan going forward," concluded Mr. Yang.
Although China Medicine did not win any new exclusive distribution rights during the first quarter of 2008 due to the Chinese New Year holiday, the Company expects to make bids for, and succeed in obtaining, new exclusive distribution rights throughout Guangdong Province for a number of products before year end.
The Company is also on track to complete the documentation for
|SOURCE China Medicine Corporation|
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