Boehringer Ingelheim Shanghai Pharmaceuticals expects its Chinese sales will reach 2.3 billion yuan (US$327 million) in 2012, thanks to an innovative cooperation between BI China and Sinopharm Medicine Holding.
The German pharmaceutical giant's sales in China reached 697 million yuan in 2007, a 46-percent rise from the previous year, when the company allowed Sinopharm to become its sole distributor for all BI products in Chinese markets.
Both parties signed an agreement yesterday to extend cooperation to the end of 2009.
BI is the first foreign pharmaceutical company to engage a Chinese state-owned distributor for all its products in China. It is also the first time that Sinopharm Medicine Holding has landed a full distribution deal with a foreign pharmaceutical company.
According to Paul Bonnabel, Boehringer Ingelheim China country manager, the cooperation will unify channel management systems, enhance logistics efficiency, improve data management and react quickly to bidding in the market.
Sinopharm also said the cooperation is a successful business model.