CHANGCHUN, China and LOS ANGELES, Nov. 30 /PRNewswire-Asia-FirstCall/ -- China Yongxin Pharmaceuticals, Inc. (OTC Bulletin Board: CYXN; 'China Yongxin Pharmaceuticals' or 'the Company'), a leading manufacturer, distributor and retailer of pharmaceuticals in Northeastern China, today announced it has completed preparation for distribution of medicines on the Essential Drug List.
The Chinese government recently formalized the nation's Essential Drug List which covers pharmaceuticals used to treat up to 80 percent of the most common diseases in China in August 18, 2009. According to the Chinese government's healthcare reform plan, 90 percent of China's citizens will be covered by a universal healthcare system by the year 2010. Under the plan, drugs on the National Essential Drugs List will be purchased and distributed to medical facilities including hospitals, clinics, pharmacies, etc. All drugs on the List will be covered by the basic insurance plan supported by the government. The government will invite public bidding for centralized distribution for essential drugs. Currently, Yongxin distributes 297 products out of 307 drugs listed on EDL. As one of the top medicine distributors in Jilin province with modern pharmaceutical logistic center, China Yongxin launched corresponding business preparation for public bidding and distribution for the first batch of 138 township hospitals and 11 city hospitals in Jilin province. The official public bidding is expected to be announced before the end of 2009. The winning of first batch will increase revenues of drug distribution and will help facilitate winning other batches of hospitals.
"We are pleased to initiate distribution of essential drugs and believe this presents a significant growth opportunity. The government's new efforts to centralize distribution of essential drugs will benefit China Yongxin in the long-term since we are one of the leading drug distributors in Northeastern China," commented Mr. Yongxin Liu, Chairman and Chief Executive Officer of China Yongxin. "With our modern logistic center, state-of-art ERP system and experienced distribution team, we are well positioned to capitalize this opportunity and contribute to our growth in 2010 and beyond"
About China Yongxin Pharmaceuticals, Inc.
China Yongxin Pharmaceuticals, Inc. was founded in 1993 as the Changchun Yongxin Dirui Medical Co., Ltd. (Yongxin), a wholesale drug distributor. Its products include Chinese traditional medicines, pharmaceutical preparations, natural health products, health food, cosmetics, and medical equipment. It began retail operations in 2004, and in 2005, it gained franchise rights from one of the world's largest drug chains for China's Jilin Province. By the end of 2007, the Company had become one of the fastest growing pharmaceutical companies in China through its retail chain of 93 drug outlets as well as wholesale distribution and manufacturing operations in Northeastern China. For more information about China Yongxin Pharmaceuticals, please visit http://www.yongxinchina.com .
Forward Looking Statements
This news release contains certain "forward- looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words "believe," enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict" "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. China Yongxin Pharmaceutical Inc. does not assume any duty to publicly update or revise the material contained herein.
For more information, please contact: Mr. Sam Liu, COO China Yongxin Pharmaceuticals, Inc. Tel: +1-626-581-9098 Email: firstname.lastname@example.org
SOURCE China Yongxin Pharmaceuticals, Inc.
|SOURCE China Yongxin Pharmaceuticals, Inc.|
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