aunched its Electronic Diagnosis
System, of which 20 systems have been installed so far in Yongxin chain
drugstores located in Changchun, Jilin. The System enables our customers to
remotely receive medical diagnosis and conveniently purchase prescription
drugs at that store. The Company is always working to improve the level of
service it offers and leverage its large and growing base of "Member"
customers who are entitled to discounts, rebates and special offers. This
strategy, in addition to selling a broader array of higher margin health,
beauty and cosmetic products has increased customer retention and improved
revenue and profitability in this business segment.
Since the beginning of 2009, China Yongxin has signed 12 exclusive
distribution agreements for Jilin province with several well known
pharmaceutical manufacturers including Tianjin Smith Kline & French
Laboratones Ltd. As of June 30, China Yongxin has approximately 216 drugs with
exclusive distribution rights in Jilin province. This portfolio is a key
component of its long-term growth strategy to leverage the large distribution
center and channels established to drive incremental future revenue growth.
These agreements are typically one year in duration and are renewable.
China Yongxin recently secured loans from local banks and rural credit
unions totaling $2.9 million, with terms ranging from 1 to 3 years, renewable
after the initial terms. Loan proceeds will be used to provide working capital
for the Company's distribution segment as it capitalizes on new organic growth
opportunities supported by the government's new healthcare initiative.
Mr. Liu further commented, "With enhanced government support, specifically
the commencement of China's $126 billion health care reform plan focused on
providing a broader spectrum of healthcare services and pharmaceutical
products to all Chinese residents, we are confident that our modernized
logistics center and d
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|SOURCE China Yongxin Pharmaceuticals, Inc.|
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