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Tongrentang, China's most famous traditional medicine producer and seller, on Wednesday opened a joint venture in Seoul to promote Chinese medicine's image in the Republic of Korea (ROK).
With the official opening of the Beijing Tongrentang & Boryung Co., Ltd, the Bezoar Resurrection Pills, one of Tongrentang's products well-known among domestic and overseas clients, can be sold in the ROK.
The ceremony was held at the Tongrentang drugstore in Jongno, a bustling street called by local people as "medicine street" in central Seoul.
Founded in 1669, Beijing Tongrentang Group Company has grown into a large enterprise including two marketed sub-companies and 347 branches across the world.
Known for its therapeutic Chinese medicine with 24 drug forms and over 800 varieties per year, the group in 2003 realized net profits of US$230 million, with total capital assets reaching US$2.7 billion.
From 2000, Tongrentang and the ROK's Boryung Pharm. Co., Ltd, a 330-year-old company in the country, started seeking cooperation in inducing Chinese medicine into the ROK market.
The two sides injected US$1.5 million into the joint venture, in which Tongrentang controls 51 percent of the shares.
"We spent almost three years to acquire the entering permission of the Bezoar Resurrection Pills," Ding Yongling, vice general manager of Tongrentang Group Company, told Xinhua.
"You know, in order to protect domestic traditional medicine market, the ROK has very strict rules against Chinese traditional medicine. But we are very confident of the effect of our products," said Ding, adding "the Bezoar Resurrection Pills have passed the stringent tests made by the ROK Food and Drug Administration."
After getting the entering permission from the ROK government in August 2003, Tongrentang and Boryung began to change packaging and explanation of the pills to meet the demand of local clients.
According to Ding, Tongrentang is trying to obtain permission for two other main products.
(Xinhua News Agency April 1, 2004)
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