Pharmaceutical Company to Extend Business Line to Medical Wearables
High tech medicine and health industry group Tianjin Chase Sun Pharmaceutical Co. Ltd will be extending their line of business from manufacturing traditional Chinese medicines into making wearable medical equipment. Such devices ranging from pulse oximeters, blood pressure monitors and sleep monitors are designed to be used by the whole family.
Started in 1996, the company’s sales revenue has reached 4.5 billion in 2015 and during the beginning of this year, the company’s total assets reached 6.4 billion yuan and has a market value of 15 billion yuan and employs more than 5,400 workers. Sales revenue is expected to hit 5 billion yuan for 2016 up 260 million yuan compared to 2009. Wu Fen, company president, said that future focus will be on developing medical wearables. Further more the business strategy focuses on technical innovation and to continue in strengthening of their research and development capabilities.
In 2014, the company implemented an equity incentive plan to be passed to its 70 key members that are engaged in scientific research that stimulates creativity and vigor. Meanwhile 10 percent of the annual sales revenue will be used in supporting the innovation team and to hire senior talents. The State Council issued a guideline in February that focuses in the developing traditional Chinese medicine during the period of 2016 to 2030. Based on the plan, output in the TCM industry accounts for 30 percent of the nation’s overall pharmaceutical industry.
Tianjin Chase Sun Pharmaceuticals has established industry clusters in a number of fields, including raw materials production, Chinese herbal medicine planting, modernized TCM preparation, TCM formula granules, synthetic drugs, medical apparatus, wearable medical products, and internet-based therapy.