Genesis Pharmaceuticals Enterprises, Inc., a U.S. pharmaceutical company with its principal operations in the People’s Republic of China, announced that its CFO, Ms Elsa Sung, was featured in a live interview at the studios of Bloomberg TV Asia Pacific Channel. During the interview, she discussed recent health care reforms in China and Genesis’ growth strategies.
According to Ms Sung, the Chinese government intends to spend more than 850 billion Yuan on health care over the next three years. As part of health care reform, over 90% of China’s population is expected to receive health care insurance coverage from the national medical insurance system. This will benefit the public as well as the suppliers of medical products, particularly producers of OTC Traditional Chinese Medicines (TCM).
Until recently, Genesis only focused on developing, manufacturing and distributing western prescription drugs. However, now the company is adding new TCMs to its product line and has moved into the OTC drug market. Genesis is waiting for final SFDA approval for several new western prescription and TCM drugs and wishes to broaden and balance its product line by acquiring drugs that already have SFDA approvals. By acquiring already approved drugs, the company will help ensure its growth and avoid the long SFDA approval process for new drugs.
To view the interview, please visit
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajE7nTW4HvT0
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