Sinobiopharma, Inc. ("Sinobiopharma" or, the "Company") (OTC Bulletin Board: SNBP) is pleased to announce that 23 generic drugs for which the Company has production rights are listed in China's National Essential Drugs List, which covers pharmaceuticals used to treat up to 80 percent of the most common diseases in China.
According to the Chinese government's healthcare reform plan, 90 percent of China's citizens will be covered by a universal healthcare system by the year 2010. Under the plan, drugs on the National Essential Drugs List (the "List") will be purchased by various levels of government first, then distributed to medical facilities. All drugs on the List will be covered by the basic insurance plan supported by the government. The plan also calls for medical facilities to be upgraded, which includes the construction of 30,000 new hospitals, clinics and care centers across China.
"While Sinobiopharma is primarily focused on the development, production and distribution of "me-too/me-better" branded new or generic drugs with high margins, the inclusion of 23 generic drugs for which the Company owns production rights on the National Essential Drugs List, will enable us to increase both sales and margins," said Dr. Lequn Lee Huang, Sinobiopharma President and CEO. "We expect that this new advantage in the marketplace will also enable the Company to enhance our ability to improve return on investment for shareholders in 2010."
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