Business
Zhongchao Inc.'s China Operating Entity, Chongqing Xinjiang Pharmaceutical Co., Ltd. Obtained Pharmaceutical Trade and Medical Device Operation Licenses, Ready to Enter Into Pharmaceuticals Circulation Market
SHANGHAI, Nov. 3, 2022 /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, Nov. 3, 2022 /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 one of the China operating entities of which the Company consolidates the financial results with through certain contractual arrangements, Chongqing Xinjiang Pharmaceutical Co., Ltd. (\"Xinjiang Pharmaceutical\") has obtained a series of pharmaceutical related licenses, which lay a solid foundation for Zhongchao to develop pharmaceutical services and expand to the pharmaceutical market. The Company believes that the operation of Xinjiang Pharmaceutical will further strengthen the upgraded \"Medical-Pharmaceutical-Patient\" model.\nSince the beginning of 2022, embracing the development opportunity of a series of investment promotion of pharmaceutical industry initiated by the Chongqing government, Xinjiang Pharmaceutical has been able to develop rapidly. Xinjiang Pharmaceutical has obtained Pharmaceutical Trade License, Medical Device Trade License, Qualification Certificate for Drug Information Service over the Internet and other related licenses. Xinjiang Pharmaceutical plans to engage in pharmaceutical import and export trade, OME (original equipment manufacturer) production, medical consumables operation, and pharmaceutical internet services, aiming to continuously expand the industry chain and supply chain of the pharmaceutical market in China. Meanwhile, it remains committed to becoming a competitive technology-based pharmaceutical service enterprise.\nWeiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, \"The rapid development of Xinjiang Pharmaceutical will further promote our strategy of providing pharmaceutical services for patients with oncology or other major diseases. Over the past ten years, Zhongchao has accumulated abundant resources of medical education and platform and established long-term and stable strategic partnerships with many domestic and foreign pharmaceutical companies. We intend to integrate the high-quality resources we own to create a pharmaceutical services system covering the whole industry chain. We aim to not only improve the drug accessibility and affordability for patients but bring in greater social economic benefits.\"\nAbout Zhongc...