Daesang to set up joint venture with China Sinopharm International

來源: 開云體育app官方網站 時間: 2023-01-31 22:07:11

Containers with the vaccine against COVID-19 produced by China' Sinopharm are stored in the logistics center of Hungarian pharmaceutical wholesaler Hungaropharma in Budapest, Feb. 16, 2021. EPA-Yonhap

Daesang Life Science, a Korean manufacturer of health functional foods, said Wednesday it has inked a letter of intent with China Sinopharm International to set up a joint venture in a bid to make forays into the Chinese market.

The two companies plan to build a factory in China's southern Hainan Province, and join efforts in the research and development, marketing, and sales of Daesang's products.

Daesang Life Science makes Nucare, a nutritional formula for patients, and other health supplements under its "Wellife" brand.

"We will work with China's Sinopharm group to become a leading player in China's 70 trillion-won ($53.29 billion) health functional foods market," a Daesang Life Science official said.

China Sinopharm International is a wholly-owned subsidiary of Chinese state-owned drugmaker Sinopharm, and handles the group's global business and medical channels. (Yonhap)