SHANGHAI, May 8, 2023
/PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the
"Company"), a platform-based internet technology company offering
services for patients with cancer and other major diseases, today
announced that Chongqing Xinjiang Pharmaceutical Co., Ltd.
("Xinjiang Pharmaceutical"), one of the Chinese operating entities
of which the Company consolidates the financial results with
through certain contractual arrangements, successfully integrated
its introduced drug Naiditawei® into the procurement scope of
medical treatment drugs across ten provinces (districts, cities) in
China, including Shandong, Anhui, Beijing, and Shanghai, by the end of February. The
enrollment of Naiditawei® in the listed online procurement program
is expected to alleviate the supply pressure faced by medical
institutions in treating influenza A and make a positive
contribution to the healthcare sector in China.
Naiditawei® is an anti-influenza drug introduced by Xinjiang
Pharmaceutical imported from Natco Pharma Limited ("Natco") in
India, commonly known as
Oseltamivir Phosphate Capsules (the "Capsule"). The Capsule belongs
to Medical Insurance Category B products in China, which is covered by medical insurance,
and it is one of the national anti-influenza reserve drugs. The
Capsule introduced by Xinjiang Pharmaceutical are available in
75mg, 45mg and 30mg sizes to serve the domestic medical market.
Listed online procurement program is a strategic initiative that
ensures transparency and fairness in drug procurement by posting
drug procurement information on a specific online trading platform
for drug tendering and procurement. Public medical institutions are
required to purchase drugs through this platform, and medical
insurance-designated private medical institutions and pharmacies
can also participate in the procurement process. By adhering to the
principle of "quality first and reasonable price," listed online
procurement program fosters competitiveness for listed drugs.
According to China Health Care Statistics Yearbook 2022, as of
the end of 2021, in ten provinces (districts, cities) that have
adopted listed online procurement, there were 3,841 medical
institutions in total participating in such program. These
institutions include general hospitals, traditional Chinese
medicine hospitals, integrated Chinese and Western medicine
hospitals, ethnic hospitals, specialty hospitals, and nursing homes
(centers), catering for a vast patient population. The management
of the Company expects a promising clinical application outlook of
Naiditawei® due to its competitive listing price.
In the future, Zhongchao will continue to strengthen
international cooperation, bring more imported drugs to Chinese
patients, diversify drug supplies, and enhance the accessibility
and affordability of medications for patients.
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in
the Cayman Islands. It
consolidates the financial results of a variable interest entity,
Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the
"PRC operating entities") through a series of contractual
arrangements. Zhongchao Inc. is a platform-based internet
technology company offering services to patients with oncology and
other major diseases. The PRC operating entities provide online
healthcare information, professional training and educational
services to healthcare professionals under their "MDMOOC" platform
(www.mdmooc.org), offer patient management services in the
professional field of tumor and rare diseases through Zhongxin,
offer internet healthcare services through Zhixun Internet
Hospital, and pharmaceutical services through Xinjiang Medical and
operate an online information platform, Sunshine Health Forums, to
general public. More information about the Company can be found at
its investor relations website at http://izcmd.com.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
professional training and educational services market in
China and the other international
markets the Company plans to serve; reputation and brand; the
impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and the international
markets the Company plans to serve and assumptions underlying or
related to any of the foregoing and other risks contained in
reports filed by the Company with the SEC, the length and severity
of the recent coronavirus outbreak, including its impacts across
our business and operations. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward–looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
At the Company: Pei Xu, CFO
Email: xupei@mdmooc.org
Phone: +86 13901629242
Investor Relations: Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE Zhongchao Inc.
