Government of Harbin in China has recognized China Sky One Medical as an 'Innovative Enterprise'. As part of this recognition, the company will receive an annual grant of $500,000 for the next three years, beginning June 2007 through June 2010. The grant will support the company's new product research and development efforts.
Mr Yanqing Liu, Chief Executive Officer and President of China Sky One Medical, said, "We are pleased to be the only consumer healthcare company in Harbin to be recognized as an Innovative Enterprise today and we are delighted to receive the annual grant, which we will put to good use enhancing our new product pipeline."
The Harbin Science and Technology bureau recently named 10 local companies "Innovative Enterprises" and offered the Companies grant money in order to encourage innovation in the geographic region. In addition to the annual grant described above, the local government set aside $786,000 per company for future investment in the area. This additional support would, for example, be paid to research institutes for technology consulting or educational programs, which would benefit the recipients.