MedMira announced that it has entered into a new strategic partnership with Tianhe Pharmaceutical Company. MedMira and Tianhe have formed a joint venture which will open new market verticals in China including over-the- counter sales for MedMira's current and future rapid diagnostic products.
Founded in 1952, Tianhe Pharmaceutical is located in Guilin. With more than 2.7 billion RMB in 2004 annual sales and over 450 staff, Tianhe Pharmaceutical is one of China's top 200 best performing companies.
"The rapid growth of China's economy and the recent entry of China into the World Trade Organization make this region the biggest future market for high quality in-vitro diagnostics (IVD) products. We are very excited about this opportunity and pleased to be partnering with MedMira, the global leader of rapid flow-through diagnostic technology." said Mr. Guifa Tan, chairman and CEO, Tianhe Pharmaceutical Co., Ltd. "Together we will be able to fully utilize our resources to increase market share in all Asian countries, particularly in China. We look forward to working with MedMira's executives and are confident that this will be a very long and successful venture for both companies."
"Our entry into China's rapid HIV testing market has progressed steadily over the past 24 months; and to date, we have been very successful in establishing country-wide recognition for our high quality rapid HIV tests. Such recognition has lead to this joint venture opportunity as we look to introduce new products and enter new vertical markets. We are very confident that Tianhe Pharmaceuticals is the best strategic partner for MedMira," said Stephen Sham, chairman and chief executive officer of MedMira."
Sham continued, "This joint venture will help MedMira to bring our rapid diagnostic solutions closer to the end-users while improving our competitive position in one of the world's largest markets. Tianhe has over 50 years of medical and pharmaceutical experience in the direct consumer market in China. They will be very valuable in helping us launch our next generation of rapid tests, including the newest rapid HIV test for whole blood, serum and plasma, into China's consumer market in the very near future."
The joint venture signifies another step in MedMira's progression to a fully commercial company with increased global presence. The joint venture will see some production in China, while the majority of research and development and manufacturing will remain in Nova Scotia at MedMira's global headquarters, directly resulting in additional jobs in Nova Scotia, while allowing for faster approval of new products in China and speedier entrance into other Asian markets.
