HARBIN, China, Jan. 27, 2011 /PRNewswire-Asia/ -- Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board: WKBT) ("Weikang" or the "Company"), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People's Republic of China, today announced that one of its products, Ranitidine Hydrochloride Capsule, has been added to the National Drug Reimbursement List ("NDRL") by China's Ministry of Human Resources and Social Security.
Patients covered under the national healthcare system are reimbursed for 70% to 90% of the cost of medications included on the NDRL. The list was updated in 2009 following the approval of China's $124 billion healthcare reform package, which aims to provide national healthcare coverage to at least 90% of the population by the end of 2011.
Ranitidine Hydrochloride Capsule, a prescription-strength generic formulation of Zantac, is formulated to treat duodenal ulcers, gastric ulcers, gastroesophageal reflux disease and other gastric conditions. The product accounted for approximately 2.6% of Weikang's annual sales in 2010.
Mr. Yin Wang, Chairman and CEO of Weikang, stated, "We expect the inclusion of our ranitidine hydrochloride capsule on the NDRL to broaden our potential customer base and help drive product sales. Under China's national healthcare reform plan, millions of patients will be able to afford and access high-quality medications, creating a huge addressable market for our products. We will continue to expand our distribution network and develop our product pipeline to capitalize upon national healthcare reform initiatives."
About Weikang Bio-Technology Group Co., Inc.
Weikang Bio-Technology Group Co., Inc. is principally engaged in developing, manufacturing and distributing Traditional Chinese Medicine (TCM), and health and nutritional supplements in China, in compliance with requisite Chinese licenses and approvals. The Company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang Pharmaceutical Co., Ltd. For more information, please visit http://www.weikangbio.com.
Safe Harbor Statement
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Weikang Bio-Technology Group Co., Inc.