HANGZHOU, China, February 4, 2016 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the "Company" or "China Jo-Jo"), a leading China-based pharmacy with retail, wholesale and online distribution of pharmaceutical and health care products through its own online and retail pharmacies, has launched the first internet based "Remote Hospital Network" platform in Zhejiang Province, China.
The Remote Hospital Network's virtual physician platform was developed by a third party and will be offered onsite at its retail pharmacy locations. It will ultimately be launched across all of China Jo-Jo's retail locations with over two million subscribed members. The remote hospital network platform allows China Jo-Jo to partner with virtually any accredited physician or hospital in providing medical consultation to customers who would then have immediate access to printed prescriptions and pharmacy dispensary services at the Company's drugstores.
China Jo-Jo is currently in discussion to secure exclusivity for the internet hospital platform in Zhejiang province and is in negotiations with an accredited regional hospital to provide physician services on the platform through a profit sharing agreement. The Company will provide regular updates regarding this initiative and other new product and service launches in the future.
Mr. Lei Liu, Chairman and CEO of China Jo-Jo, commented, "We are really excited to be the first to launch this service in Zhejiang Province as the Company continues to extend market share through innovation. Currently, roughly 90% of China's pharmacy prescriptions are handled by hospital dispensaries. In alignment with the recent healthcare reform in China, we continue to meet the needs of consumers by increasing products and services that expand prescription dispensary services from the hospital system into local communities.
"As the Chinese government pushes for healthcare reform we will continue to provide ways to increase access and to provide competitive pricing for prescription drugs, especially for residents who do not live in major cities. This novel and convenient service at China Jo-Jo's retail locations strategically focusses on medical diagnosis and treatment for general non-life threatening conditions, in addition to illnesses that require recurring maintenance prescriptions. The goal of the program is to increase transaction volume at our retail locations while driving healthcare reform and innovation in the retail and online pharmacy business in China," concluded Mr. Liu.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of September 30, 2015, the Company had 59 retail pharmacies in Zhejiang Province, China. The Company's wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).
Forward Looking Statement
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "estimate," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate," the negatives thereof, or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. It is routine for the Company's internal projections and expectations to change as the quarter and year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which the Company bases its expectations may change. Although these expectations may change, the Company is under no obligation to inform you if they do. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of numerous factors, including the risks associated with the effect of changing economic conditions in the People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products. Readers are referred to the reports and documents filed from time to time by the Company with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact:
Christopher Chu, Taylor Rafferty
Tel: (908) 251-9869
Email: christopher.chu@taylor-rafferty.com
Company Contact in U.S.:
Steve Liu
steve.liu@jojodrugstores.com
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