A pharmacist processes a traditional Chinese medicine at a Beijing Tongrentang Group Co Ltd's factory in Beijing. (Photo/China Daily)
Beijing Tongrentang Group ratchets up its overseas play through branches, M&A, R&D and training courses
Beijing Tongrentang Group Co Ltd, the world's largest producer of traditional Chinese medicine, plans to increase investment outside China and open at least 200 overseas branches in the next five years.
"We will establish localized factories in mature overseas markets, open TCM clinics and healthcare centers," said Ding Yongling, vice-president of Tongrentang.
The company has already set up 115 retail terminals, TCM clinics and healthcare centers in 25 countries and regions by June-end, and treated over 30 million patients.
It employs nearly 900 staff overseas, 90 percent of them locals.
"Our goal is to enter Europe and the United States, but the plan is very difficult to execute. The biggest challenge is how we could break products' access barriers, said Ding.
Founded in 1669, Tongrentang was appointed to provide medicines for the royal pharmacy of the imperial palace of the Qing Dynasty (1644-1911) for eight generations of Qing emperors spanning 188 years, according to its official website.
Tongrentang began overseas expansion in 1993 when it opened a retail pharmacy in Hong Kong.
In 2003, it rolled out its Southeast Asia network. In 2006, it established the first overseas production and R&D base in Tai Po Industrial Park of Hong Kong, covering an area of 11,700 square meters
It got listed on the Hong Kong stock exchange in 2013 and raised HK$699 million ($90 million). The 347-year-old Tongrentang began to expand into Europe and U.S. mainstream markets outside the boundary of the drug market.
