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news.Biostar Pharmaceuticals has entered into an $8m manufacturing and supply contract valid for one year with Xijing Military Hospital for 16 new drugs.
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The drugs are indicated for pharyngitis, nasopharynx, gastroenteropathy, nephropathy, asthma, hyperplasia of mammary glands, dermatosis, gynecological diseases, etc.
Biostar chief executive officer and chairman Ronghua Wang said the new agreement will allow the company to expand the drug portfolio specially manufactured for Xijing Military Hospital.
"These agreements mark the initial step of our strategic partnership with The Fourth Military Medical University (‘FMMU’), one of China’s most prestigious military medical universities and research centers," Wang added.
"As previously announced, we are working to become a strategic partner of FMMU in the fields of research and product development and also to become a production base for manufacturing drugs specifically for the needs of China’s military."
The terms of the deal are similar to first two agreements, lasting one year each valued at $3.6m and $3.0m, signed with Xijing Military Hospital.
New agreement will now allow the company to manufacture a total of 24 drugs for the hospital that includes 10 granules, 13 capsules, and one powder drug.