China Jo-Jo Drugstore, a leading wholesale and retail distributor of healthcare and pharmaceutical products through online channel in China, recently announced that its plans of launching Hangzhou Jiuzhou Grand Pharmacy Chain as its subsidiary. Recently, Jo-Jo Drugstore has entered into a sales incentive deal with Wyeth Pharmaceutical Company Ltd., which is an entirely owned by Pfizer Inc. as its ancillary in China, suggesting a step taken ahead by the former to ensure hindrance free foray of its auxiliary in the healthcare market of China. According to reports, this agreement is intended to boost Wyeth Pharmaceutical Company Ltd. sales almost by double than what the company had registered in 2015.
Wyeth and Jiuzhou Pharmacy partnership dates back to 2003. After all these years of flourishing partnership Jiuzhou Pharmacy today has emerged as the leading retailer for a wide array of healthcare products manufactured by Wyeth in the Zhejiang Province of China. The most highly demanded products manufactured by Wyeth in the region are Centrum, which is a mineral and multi-vitamin supplement, and Caltrate, which is a popular supplement for calcium.
The agreement contains illustrations of the various approaches, norms, and rules of the collaboration between Wyeth and Jiuzhou Pharmacy. The most important pointers mentioned in the agreement includes, promotional incentives likely for customers, potential sales targets, and methods of determining pricing for products. In return of technical assistance that Wyeth would receive, the company will offer full support to Jiuzhou Pharmacy in terms of promotional activities, favorable purchase price, and priority delivery. The agreement was finalized recently when President of the healthcare division for Greater China of Pfizer, Mr. Cai Baoguang visited the company. They consider Wyeth as a trusted supplier.