CHENGDU, China, Sept. 10 /PRNewswire-Asia-FirstCall/ - Tianyin Pharmaceutical Co., Inc., (NYSE Amex: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that it has four products included in China's Essential Drug List (EDL) released by the Chinese government on August 18. The four generic products are Azithromycin Dispersible Tablets, Simvastatin Tablets, Hugan Tablets and Xiao Yan Li Dan Capsules and Tablets.
All the drugs in the Essential Drug List will be included in China's basic health insurance catalog with a higher reimbursement percentage. Meanwhile, the pricing of the Essential Drugs will be decided by the governments through public tender at the provincial level. The distribution of Essential Drugs will also be carried out through unified channels by either drug manufacturers or drug distributors. Companies winning the government tenders will have the potential to significantly increase sales while margins on generic and more commonly used drugs will see pricing control from the government.
As a result of this inclusion, management expects the sales of these four drugs could potentially increase from $6.1 million in fiscal year 2009 to approximately $12 million in fiscal year 2010, which ends June 30, 2010.
"The release of China's essential drug list ensures that most rural citizens with comparatively low income will have access to cheap and safe medicines," Dr. Jiang, Chairman and CEO of Tianyin Pharmaceutical Co., Inc., commented. "We view this inclusion as an opportunity to significantly increase revenues generated from these products." About Tianyin Pharmaceuticals Tianyin is a manufacturer and supplier of modernized Traditional Chinese Medicine ("TCM") in China. It was established in 1994 and acquired by the current management team in August 2003. It has a comprehensive product portfolio of 39 products, 22 of which are listed in the highly selective National Medicine Catalog of the National Medical Insurance program. Tianyin owns and operates two GMP manufacturing facilities and an R&D platform supported by leading Chinese academic institutions. The Company has a pipeline of 40 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 720 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,365 employees. Tianyin achieved revenue of approximately $33.5 million and net income of approximately $6 million in FY2008 ending June 30, 2008. For more information about Tianyin, please visit http://www.tianyinpharma.com/ .
Safe Harbor Statement The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
For more information, please contact: For the Company:
Allen Tang, Ph.D., MBA, Assistant to the CEO China
Tel: +86-158-2122-5642
Email: Investors:
Mr. Matthew Hayden, HC International
Tel: +1-561-245-5155
Email: DATASOURCE: Tianyin Pharmaceutical Co., Inc.
CONTACT: Allen Tang, Ph.D., MBA, Assistant to the CEO, China, +86-158-2122-5642, ; Investors, Matthew, Hayden, HC International, +1-561-245-5155, Web site: http://www.tianyinpharma.com/
|