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news.China Yongxin Pharmaceuticals has signed a 10-year franchise agreement with a drug chain based out of the US. The agreement will enable the company to operate drug chain stores in Jilin Province under this drug chain's brand name.
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Under the terms of the agreement, China Yongxin will have exclusive rights to this brand in Jilin Province, which includes the City of Changchun and has a total population of more than 27 million. China Yongxin will convert one half of its existing Jilin Province stores (87 at the end of 2007) to branded stores during the first three years of the contract, as well as operating at least half of its new stores under this brand. During 2008, China Yongxin expects to have at least eight branded stores in operation, either through conversions or new store openings.
Yongxin Liu, China Yongxin Pharmaceutical’s chairman and CEO, said: “The decision by our new partner to choose our company to represent its brand of retail drug stores, beginning with Jilin Province, testifies to the industry’s recognition and acceptance of our company’s proven model of vertical integration and aggressive, yet systematic growth.
“We believe that the ongoing expansion of our retail drug chain stores, wholesale distribution and manufacturing subsidiaries should position us as one of the fastest-growing players in one of the world’s largest drug and pharmaceutical markets in the world.”