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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
About this update from Zhongchao Inc.
[{"type":"text","content":"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.\nThrough 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.\nWeiguang 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.\"\nAbout Zhongchao Inc.\nZhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It conducts operations in China through the contractu...