LAM Pharmaceutical Signs Distribution Agreement with China's Largest Pharmaceutical Firm

31-Mar-2004

LAM Pharmaceutical, Corp., a biomedical company focused on the development and commercialization of novel wound healing and transdermal drug delivery systems, announced today that it has signed an agreement with China National Pharmaceutical Foreign Trade Corporation (Sinopharm Foreign Trade), a sales arm of China's largest pharmaceutical firm, China National Pharmaceutical Group (Sinopharm Group), for the distribution of LAM's IPM Wound Gel throughout China.

Dating back to 1950s, Sinopharm Group has evolved from the former State Pharmaceutical Administration of China into the largest pharmaceutical distribution system today with the most extensive market coverage in all regions of China. Sinopharm Group markets both Chinese and western pharmaceutical products, medical devices and pharmaceutical and chemical materials. The Group's consolidated revenues for 2003 amounted to RMB 13.0 billion (US $1.63 billion). Sinopharm Foreign Trade is the largest sales subsidiary within the Sinopharm Group of companies in terms of import and export volume. An important part of Sinopharm Foreign Trade's mandate is to source and introduce international products and technologies to the Chinese market.

"This distribution agreement with a major pharmaceutical company signifies an important step in our strategy to establish international sales channels for our FDA approved product," stated Joseph Slechta, President and Chief Executive Officer of LAM. "Culminating two years of effort, we have gained access to this very important market. China currently has approximately 30% of the world's diabetics and this number is rapidly increasing according to the World Health Organization. Sinopharm Foreign Trade distribution strength is a key element of our strategy to reach this vast market and we are very excited to have them as our distribution partner."

"We are most pleased to be able to introduce LAM's IPM Wound Gel to the Chinese market," commented Mr. Zhixin Li, President of Sinopharm Foreign Trade and Member of the Board of Directors of the Sinopharm Group. "Our marketing research indicates a significant need exists for a product such as this. Chinese chronic wound management practices have not fully taken advantage of all available options. Teaming up with LAM's IPM Wound Gel gives us the opportunity to introduce to the Chinese healthcare system a modern wound care product."

https://www.bionity.com/en/news/36461/lam-pharmaceutical-signs-distribution-agreement-with-china-s-largest-pharmaceutical-firm.html