WHIPPANY, N.J., July 26, 2011 /PRNewswire/ -- PolyGel, the manufacturer of Orthopedic, Therapy and Skin Care Products, has signed a long term exclusive distribution agreement with China National Pharmaceutical Foreign Trade Corporation (Sinopharm Foreign Trade). Based in Beijing, China, Sinopharm Foreign Trade is a wholly-owned subsidiary of China National Pharmaceutical Group Corporation (SINOPHARM Group).
The Sinopharm Group is the largest distributor of pharmaceutical and healthcare products in China, with 2010 revenues of over 69.2 billion RMB (approximately $10.45 billion US).
Sinopharm's motto of "Caring for Life-Attending to Health" is a good match for PolyGel's motto of "Improving Well Being". By working together, new Sinopharm/Poly Gel programs and products will be developed and sold into the pharmacy, professional, medical, consumer and Internet market channels across China.
The GDP of China has surpassed Japan to become the second largest economy in the world in 2010. Driven by the continuous increase in national medical and healthcare expenditures, the government's further investment in the medical and healthcare sectors and the effects of medical reform in China, this market will continue to experience rapid growth.
About Diabetes in China
An important part of the PolyGel program will focus on the growing population of diabetics in China. According to a study published in the March 25, 2010 edition of the New England Journal of Medicine, China now has more people with diabetes than any other country in the world, with more than 92 million adults diagnosed with diabetes and another 150 million more are on their way to developing it.
PolyGel's innovative orthopedic and skin care products incorporate proprietary gel formulations, textiles and materials. PolyGel is well known in the United States and Europe as a leading manufacturer of foot care, rehabilitation, sports medicine and consumer healthcare products. PolyGel core gel materials have been manufactured for over 30 years under the direction of Lawrence Kersen, PolyGel President, and are sold throughout the world. Quality and consistency are PolyGel hallmarks. When combined with Sinopharm's national distribution network and educational resources, a new level of public and professional awareness will be created to inform both the public and professional communities about the dangers of the diabetic epidemic in China. PolyGel has developed a family of "Diabetic Friendly" products to help minimize potential complications as well as to help treat diagnosed problems.
"Both Sinopharm and PolyGel are very excited about our agreement" said Lawrence Kersen. "This new partnership gives Sinopharm a supplier of high quality, innovative and cost effective products that will help PolyGel build a strong market presence in this important and growing market, especially in the diabetic area."
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