Zhongchao Inc. Announces Naiditawei® Enrolled as a Listed Online Procurement Drug in Ten Provinces(Districts, Cities) in China
SHANGHAI, May 8, 2023 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services for patients with cancer 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, successfully integrated its introduced drug Naiditawei® into the procurement scope of medical treatment drugs across ten provinces (districts, cities) in China, including Shandong, Anhui, Beijing, and Shanghai, by the end of February. The enrollment of Naiditawei® in the listed online procurement program is expected to alleviate the supply pressure faced by medical institutions in treating influenza A and make a positive contribution to the healthcare sector in China.
Naiditawei® is an anti-influenza drug introduced by Xinjiang Pharmaceutical imported from Natco Pharma Limited ("Natco") in India, commonly known as Oseltamivir Phosphate Capsules (the "Capsule"). The Capsule belongs to Medical Insurance Category B products in China, which is covered by medical insurance, and it is one of the national anti-influenza reserve drugs. The Capsule introduced by Xinjiang Pharmaceutical are available in 75mg, 45mg and 30mg sizes to serve the domestic medical market.
Listed online procurement program is a strategic initiative that ensures transparency and fairness in drug procurement by posting drug procurement information on a specific online trading platform for drug tendering and procurement. Public medical institutions are required to purchase drugs through this platform, and medical insurance-designated private medical institutions and pharmacies can also participate in the procurement process. By adhering to the principle of "quality first and reasonable price," listed online procurement program fosters competitiveness for listed drugs.
According to China Health Care Statistics Yearbook 2022, as of the end of 2021, in ten provinces (districts, cities) that have adopted listed online procurement, there were 3,841 medical institutions in total participating in such program. These institutions include general hospitals, traditional Chinese medicine hospitals, integrated Chinese and Western medicine hospitals, ethnic hospitals, specialty hospitals, and nursing homes (centers), catering for a vast patient population. The management of the Company expects a promising clinical application outlook of Naiditawei® due to its competitive listing price.
In the future, Zhongchao will continue to strengthen international cooperation, bring more imported drugs to Chinese patients, diversify drug supplies, and enhance the accessibility and affordability of medications for patients.
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It consolidates the financial results of a variable interest entity, Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the "PRC operating entities") through a series of contractual arrangements. 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.
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 13901629242
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.
