Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) ("Biostar" or "the Company"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced the Company had established an office in Gansu Province, PRC, on January 6, 2014 with the focus on the sales of Hepatitis B products in three provinces, including Gansu, Qinghai and Tibet. These three provinces are located in the western region of China where pharmaceutical products historically have shown a consistently good sales track record primarily due to the relatively poor medical condition and corresponding high incidence of Hepatitis B among the residents of these provinces. With the ongoing expansion of the national health care reform, the Company established Gansu sales office to extend its sales effort to these provinces and to expand the Company's market share, which efforts mark the commencement of the Company's major marketing initiative in 2014. The Company expects that in 2014, this newly opened sales office will contribute USD$4 million additional revenue of the Company. The marketing and administrative personnel are currently onsite undergoing training.
Mr. Ronghua Wang, the CEO of the Company stated that "although the 2012 capsule related events adversely affect our markets, after eighteen months, we observe market recovery and our sales of Hepatitis B products are now in line with our expectations. We established this new sales office to continue with our product sales expansion. In addition, we intend to establish an Inner Mongolia office to carry on with the product sales in Inner Mongolia and Ningxia after the Chinese New Year. Once that is completed, our product sale efforts will cover the entire country," he concluded.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. The Company's most popular product is its Xin Aoxing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine for chronic Hepatitis B, a disease affecting approximately 10% of the Chinese population.