Shinshin Pharmaceutical Signs Supply Contract with China's Top Pharma Sinopharm... "Full-Scale Market Entry"

Shinshin Pharmaceutical, which is achieving record-breaking performance this year, is set to officially enter the Chinese market by accepting a collaboration proposal from Sinopharm, the No. 1 pharmaceutical company in China. Shinshin Pharmaceutical, a transdermal drug delivery platform company, announced on the 24th that it has signed a "cross-border e-commerce supply contract" with Sinopharm. Through Sinopharm, Shinshin Pharmaceutical plans to sell pharmaceuticals worth a total of $5.4 million over five years to major online e-commerce companies in China.

This contract was proposed and carried out by Sinopharm after confirming the increasing demand for Shinshin Pharmaceutical’s products in the Chinese pharmaceutical market. The initial supply is already underway, and sales are expected to begin as early as this year, with joint marketing efforts alongside Sinopharm. Since Shinshin Pharmaceutical’s drugs will be supplied based on Sinopharm’s distribution network in China, effective sales are anticipated.

The products supplied by Shinshin Pharmaceutical include 12 items. These are key products applying Shinshin Pharmaceutical’s transdermal drug delivery system (TDDS) technology. Shinshin Pharmaceutical will officially launch products such as "Arex," "Ketocrin Plaster," and "Defencool Plaster" in the Chinese market.

Conducting pharmaceutical sales online can simplify the Chinese government’s approval procedures. While offline pharmaceutical supply requires obtaining sanitary approval from the National Medical Products Administration (NMPA) of China, online mall sales do not require such approval. The company explained that when Shinshin Pharmaceutical fully enters the Chinese market in the future, it will be able to rapidly expand market share based on consumer recognition gained through online sales.

A Shinshin Pharmaceutical official stated, "China is a huge market, with the pharmaceutical market size reaching 300 trillion won last year, but the approval process is complicated, taking about eight years just to obtain sanitary approval, making market entry difficult." He added, "We plan to enter the online market first based on local networks by collaborating with the No. 1 pharmaceutical company in China."

He continued, "The recent record-breaking performance in the first half of the year was largely due to the growth in pharmaceutical exports," and added, "We will diversify overseas market entry into Central Asia, Indonesia, Latin America, and other regions through continuous cooperation with global pharmaceutical companies and drug suppliers."

Shinshin Pharmaceutical is securing new growth engines through new drug and microneedle development amid continuous growth in domestic and international pharmaceutical sales. It is expected that new drug development will not only expand indications but also increase profit margins. Through the development of next-generation microneedle pharmaceuticals, the company plans to expand its drug portfolio further and establish a foundation for overseas expansion.

This content was produced with the assistance of AI translation services.