YANTAI, CHINA--(Marketwired - Jul 10, 2014) - Bohai Pharmaceuticals Group, Inc. (OTCQB: BOPH), a leading manufacturer and marketer of traditional Chinese medicine (TCM), today said that, in the first six months of this year, its products increased their market penetration by an additional 3961 hospitals in China.
Of this total, 192 were level two hospitals -- medium-to-large size city facilities providing comprehensive health services. The remaining 3769 hospitals were level one -- smaller rural facilities and clinics tasked primarily with providing preventive care.
The Bohai product making the greatest gain was the company's Fangfeng Tongsheng Granule for treatment of upper respiratory tract infection, eczema and urticaria, which increased its penetration by 107 level two and 2373 level one hospitals. These included Suzhou Municipal Hospital, with more than 2,200 beds and 100,000 annual patients, and Shandong Dongping County People's Hospital, with over 500 beds and one of China's leading TCM departments.
Bohai's Lung Nourishing Syrup, which treats chronic tracheitis and bronchitis, increased its presence at 77 level two and 1685 level one hospitals including Fujian Sanming First Hospital, a 1000-bed teaching facility with 33 clinical specialties and 17 medical departments including one for TCM; and Zhejiang Zhenhai Hospital, a 128-bed facility with 17 clinical and medical departments.
Tongbi Capsule, Bohai's treatment for rheumatism and rheumatoid arthritis, was carried at 40 additional level two and 119 level one hospitals; the company's Tongbi Tablet was picked up at 21 level two and 42 level one hospitals.
Bohai added 43 distributors during the January 1 through June 30 period, and also opened a new marketing office in Beijing responsible for promoting the company's TCM products across China.
"We are thrilled to be making such rapid progress increasing the market presence of our leading TCM products," said Mr. Hongwei Qu, Bohai Chairman and CEO. "This progress should, we believe, result in significant revenue and earnings growth as we enter this new fiscal year."
For the first nine months of fiscal (June 30) 2014, Bohai earned about $18.0 million, or $1.01 per basic common share, a 22 percent improvement on its net income of $14.8 million, or $.83 per basic common share, in the first nine months of fiscal 2013.
The company said it expected market penetration for its TCM products to continue "at an accelerating pace."
Bohai's Fangfeng Tongsheng Granule and Lung Nourishing Syrup are included on China's Essential Drug List (EDL), a collection of drugs required by the government to be available to the public at all times in appropriate dosages at affordable prices. The company's Tongbi Capsule and Tongbi Tablet are on the EDL for Shandong and Hubei Provinces, two of the largest in China.