Sinobiopharma has Production Rights to 23 Drugs Listed in China's National Essential Drugs List
November 16 2009 - 7:00AM
PR Newswire (US)
All Drugs on List to be Covered by Basic Government Insurance That
Will Cover 90 Percent of China's Population NANTONG, China, Nov. 16
/PRNewswire-Asia-FirstCall/ -- Sinobiopharma, Inc. ("Sinobiopharma"
or, the "Company") (OTC:SNBP) (BULLETIN BOARD: SNBP) is pleased to
announce that 23 generic drugs for which the Company has production
rights are listed in China's National Essential Drugs List, which
covers pharmaceuticals used to treat up to 80 percent of the most
common diseases in China. According to the Chinese government's
healthcare reform plan, 90 percent of China's citizens will be
covered by a universal healthcare system by the year 2010. Under
the plan, drugs on the National Essential Drugs List (the "List")
will be purchased by various levels of government first, then
distributed to medical facilities. All drugs on the List will be
covered by the basic insurance plan supported by the government.
The plan also calls for medical facilities to be upgraded, which
includes the construction of 30,000 new hospitals, clinics and care
centers across China. "While Sinobiopharma is primarily focused on
the development, production and distribution of "me-too/me-better"
branded new or generic drugs with high margins, the inclusion of 23
generic drugs for which the Company owns production rights on the
National Essential Drugs List, will enable us to increase both
sales and margins," said Dr. Lequn Lee Huang, Sinobiopharma
President and CEO. "We expect that this new advantage in the
marketplace will also enable the Company to enhance our ability to
improve return on investment for shareholders in 2010." About
Sinobiopharma Sinobiopharma, Inc. is a fully integrated and highly
innovative specialty biopharmaceutical company engaged in the
research and development, manufacture and marketing of
biopharmaceutical products in China, the world's fastest growing
pharmaceutical market. Known as Dong Ying (Jiangsu) Pharmaceutical
Co., Ltd. in China, the Company's current therapeutic focus is on
anesthesia-assisted agents and cardiovascular drugs. FORWARD
LOOKING STATEMENTS This news release may include "forward-looking
statements" regarding Sinobiopharma, Inc., and its subsidiaries,
business and project plans. Such forward looking statements are
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and section 21E of the United States Securities and
Exchange Act of 1934, as amended, and are intended to be covered by
the safe harbor created by such sections. Where Sinobiopharma, Inc.
expresses or implies an expectation or belief as to future events
or results, such expectation or belief is believed to have a
reasonable basis. However, forward-looking statements are subject
to risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed,
projected or implied by such forward-looking statements.
Sinobiopharma, Inc. does not undertake any obligation to update any
forward looking statement, except as required under applicable law.
DATASOURCE: Sinobiopharma, Inc. CONTACT: Sinobiopharma, Inc.,
Investor Relations, +1-1-877-568-0188
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