LAIYANG, China, March 6 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that its CFO, Ms Elsa Sung, gave a live interview at the studios of Bloomberg TV Asia Pacific Channel which aired at 8:50 am, Thursday March 5, 2009 Hong Kong time. The interview addressed recent health care reforms in China and Genesis' growth strategies.
Ms Sung said the Chinese government plans to spend over 850 billion Yuan on health care over the next three years. As part of health care reform, plans call for over 90% of China's population to receive health care insurance coverage from the national medical insurance system. This will benefit the public as well as the suppliers of medical products, especially producers of OTC Traditional Chinese Medicines (TCM).
Until recently, Genesis focused on developing, manufacturing and distributing only western prescription drugs. The Company is now adding new TCMs to its product line and has moved into the OTC drug market. Genesis is waiting for final SFDA approval for several new western prescription and TCM drugs and is looking to broaden and balance its product line by acquiring drugs which already have SFDA approvals. The acquisition of new and already approved drugs will help ensure the Company's growth and avoid the long SFDA approval process for new drugs.
Ms Sung told the live anchor that the Chinese pharmaceutical industry is very fragmented and regionally orientated. To Genesis' great advantage, the Company is located in Shandong Province, one of the top three provinces in China in terms of population and GDP. The Company has an extensive sales network that reaches 29 provinces, so Genesis is poised for growth by being "at the right place and at the right time."
To view the interview, please visit http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajE7nTW4HvT0 .
About Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Eastern China in an Economic Development Zone in Laiyang City, Shandong province. Genesis is a major pharmaceutical company in China producing both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary form.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the CFO's statement at the Bloomberg TV show. Actual results may differ materially from anticipated or predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
For more information, please contact:
Genesis Pharmaceuticals Enterprises, Inc.
Ms. Elsa Sung, CFO
Tel: +1-954-727-8435
Email: elsasung@jiangbo.com
Web: http://www.genesispharmaceuticals.com
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
