First China Pharma Expands Nationally With 3 Hospital Agreements in New Territories
Dec. 7, 2010 (Marketwire) --
HONG KONG -- (Marketwire) -- 12/07/10 -- First China Pharmaceutical Group, Inc. (OTCBB: FCPG) ("First China" or the "Company"), a rapidly growing pharmaceutical distribution company headquartered in Yunnan, China, is pleased to announce the signing of three new agreements for the distribution of its growing inventory of over 5,000 medicinal and pharmaceutical product lines to a number of hospitals located in areas that mark significant penetration into new regions of China.
These recent agreements bring the Company to a total of thirteen new hospital-level contracts signed in just under 60 days, a new benchmark of success demonstrating Management's extraordinary level of effort and commitment towards increased market growth.
First China is very pleased to extend greetings to the management and staff of the No.1 Peoples Hospital of Hefei (pop. 4,900,000) located in the capital of Anhui province, as well as the Affiliated Hospital of Jilin Medical College located in the northeastern city of Jilin City (pop. 4,500,000), and to the Hospital of No.4 Agriculture Division of Xinjiang Production and Construction Corps located in the Xinjiang Uyghur Autonomous Region (pop. 21,590,000), and warmly welcomes them to the Company's rapidly growing national portfolio of institutional-grade clientele.
This news comes on the heels of recent announcements on November 3rd outlining the Company's intent to acquire the interests of De Xin Pharmacy of Kunming City as a retail flagship operation, followed by the November 30th news announcing intent to acquire the interests of well-positioned regional distributor Shandong Run Kang Pharmaceutical Co. Inc. of Jinan City -- located only 250 miles from the national capital of Beijing.
First China Pharmaceutical Group plans to continue its efforts to expand its client list well beyond the current list of over 4,700 pharmacies, hospitals and clinics. At the same time, the Company is executing its strategic plan to blend proprietary software-based internet ordering with high speed fulfillment concurrent with its achievable aim to rapidly expand inventory goals from a current 5,000 to approximately 30,000 products. Internal studies estimate that the increased inventory and online B2B enterprise system would ensure institutional customers the ability to shortly order as much as 70% or more of their current product needs directly from the Company.
Management feels it should be reiterated that market growth is partially driven by a 2009 directive from the Ministry of Health which stated that public hospitals should phase out existing "cost plus" pricing system within 3 years. The government also advised that medical institutions should centralize their procurement and distribution of drug and pharmacare products. This new practice has garnered significant traction in the marketplace resulting in major new developments and opportunities across the country as many hospitals and clinics shift to this new system of procurement.
Details of the company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About First China Pharmaceutical Group, Inc. (OTCBB: FCPG)
First China Pharmaceutical Group, Inc. aims to develop a high growth pharmaceutical distribution company generating significant revenue from the sale of healthcare products in China. As part of its business strategy, the Company has acquired the assets of Kun Ming Xin Yuan Tang Pharmacies Co. Ltd. (XYT), which includes a strategic advantage over its competitors as it is believed to be one of a limited number of pharmaceutical distribution companies in Yunnan Province that has obtained government approval to fulfill orders over the internet. First China Pharmaceutical Group plans to continue the rapid growth of the company from its current position as a provider of approximately 5,000 drugs to more than 4,700 pharmacies, hospitals and clinics in China's Yunnan Province. For more information visit: www.firstchinapharma.com
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, regulatory incentives, the development of new business opportunities, and projected costs, revenue, profits and results operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
First China Pharmaceutical Group, Inc.
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Zhen Jiang Wang
Chairman and CEO
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Email: info@firstchinapharma.com
Web: www.firstchinapharma.com
Source: Marketwire (December 7, 2010 - 9:15 AM EST)
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