Fosun Pharma Seeking Hospital Partnership In Heilongjiang Province

Shanghai Fosun Pharma is hoping to add another facility to its growing portfolio of for-profit hospitals. Fosun signed a framework agreement with the First Hospital of Qiqihar City, the second largest city in Heilongjiang Province, to partner on building a new hospital. Fosun will supply an undisclosed amount of cash for a 53% stake in the venture; First Hospital will contribute land and buildings for the remaining 47%. In addition, the two partners will form a joint venture to purchase drugs, devices, equipment and consumables for both First Hospital and the New Hospital, with a goal of lowering procurement costs. Fosun will own 51% of this second company.

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