HANGZHOU, China, April 27, 2015 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the "Company" or "China Jo-Jo"), a leading China-based retail and wholesale distributor that offers pharmaceutical and health care products through its online and retail pharmacies, today announced its subsidiary, Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd. ("Jiuzhou Pharmacy") has signed a new sales incentive agreement with Wyeth Pharmaceutical Company, Ltd. ("Wyeth"), a wholly owned subsidiary in China of Pfizer Inc. (NYSE: PFE) (the "Agreement"). The purpose of the Agreement is to double the sales of Wyeth's Consumer Healthcare products in 2015. Jiuzhou Pharmacy has been partnering with Wyeth since 2003, and today it has become the largest retailer inZhejiang Province for a variety of Wyeth's Consumer Healthcare products, such as Centrum (multivitamin & mineral supplements) and Caltrate (calcium supplement).
The Agreement illustrated specific approaches and conditions of Jiuzhou Pharmacy's collaboration with Wyeth, including sales targets, promotional incentive to consumers, products and pricing methods. In return, Wyeth will fully support Jiuzhou Pharmacy with priority delivery, favorable purchase prices and promotional activities. Mr. Cai Baoguang, President of Pfizer's Healthcare Division for Greater China Region, has recently visited the Company and finalized the detail in the Agreement.
Qi Li, President of China Jo-Jo, commented, "As we began to set the sales target for the fiscal year 2015, we increased our orders placed on our top 10 suppliers by more than 30%. We are glad to once again working with Wyeth as our trusted supplier because, when selecting suppliers, we valued highly on product qualities, brand recognitions, distribution and consumer feedback. China Jo-Jo is striving to differentiate itself from other drugstores by offering superior products to meet the ever-growing demand of Chinese consumers."
About Wyeth Pharmaceuticals Company, Ltd.
Wyeth Pharmaceuticals, a division of Wyeth, a wholly owned subsidiary in China of Pfizer Inc. (NYSE: PFE),has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, haemophilia, oncology, vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of December 31, 2014, the Company had 60 retail pharmacies in Hangzhou. The Company's wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).