Zhongchao Inc. Announces Drug Distributorship in China of Indian Generic Drugs of Natco Pharma Limited
SHANGHAI, Jan. 4, 2023 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services to patients with oncology and other major diseases, today announced that Chongqing Xinjiang Pharmaceutical Co., Ltd. ("Xinjiang Pharmaceutical"), one of the Chinese operating entities of which the Company consolidates the financial results with through certain contractual arrangements, will act as the drug distribution agent of certain drugs produced by Natco Pharma Limited ("Natco") within Mainland China pursuant to certain agreements. Natco is a vertically integrated and R&D focused pharmaceutical company in India.
Through this cooperation, Xinjiang Pharmaceutical will introduce different products from Natco based on the needs of patients in China, for example, anti-influenza drugs during the flu season, and high demand anti-tumor and anti-rare diseases products. Both parties will work together to apply registration certificate of imported drugs and submit filings of sales agent, and will fully leverage their advantages and resources to effectively shorten the clinical trial approval and other processes and accelerate the progress of introducing quality drugs to the patients in China.
Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "We are thrilled to announce the cooperation with Natco. While we continuously focus on strengthening our service model of Medical-Pharmaceutical-Patient in the field of oncology and other major diseases, we consider it an important step to introduce quality pharmaceutical products to the end market of China to benefit the patients." Mr. Yang further adds, "Due to compulsory licensing requirement in India, Indian generic drugs have the characteristics of early market penetration and good efficacy. Going forward, Xinjiang Pharmaceutical will continue to expand its drug import and export trade business, and introduce imported drugs based on the demands of Chinese patients and increase drug supply offerings. We have been committed to improving the drug accessibility and affordability for patients but bring in greater social economic benefits."
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It conducts operations in China through the contractual arrangements between its wholly owned subsidiary and PRC operating entities. Zhongchao Inc. is a platform-based internet technology company offering services to patients with oncology and other major diseases. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management services in the professional field of tumor and rare diseases through Zhongxin, offer internet healthcare services through Zhixun Internet Hospital, and pharmaceutical services through Xinjiang Medical and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com.
About NATCO PHARMA LIMITED
NATCO PHARMA LIMITED, founded in Hyderabad, India, in 1981, is a vertically integrated and R&D focused pharmaceutical company engaged in developing, manufacturing and marketing of finished dosage formulations ("FDF") and active pharmaceutical ingredients ("APIs"). Its focus is primarily on niche therapeutic areas and complex products. The company markets and distributes its products in over 40 countries. It currently has seven manufacturing plants and modern R&D laboratories in India, one R&D center, four subsidiaries in Brazil, Canada, Singapore and New Zealand, and over 4,000 employees worldwide. More information can be found at https://www.natcopharma.co.in/.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
At the Company: Pei Xu, CFO
Email: xupei@mdmooc.org
Phone: +86 21-3220-5987
Investor Relations: Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE Zhongchao Inc.
