China Nepstar Chain Drugstore has signed strategic cooperation agreements with 16 domestic and multinational suppliers of pharmaceutical and healthcare products for 2008.
These agreements were signed at an event to celebrate the initial public offering of the company on the New York Stock Exchange attended by representatives from more than 300 manufacturers and wholesalers on December 14, 2007.
The cooperation agreements were entered into with each of Tianjin Smith Kline & French Laboratories Ltd., Bayer Healthcare Company Ltd., Eli Lilly and Company, Boehringer Ingelheim Shanghai Pharmaceuticals Co. Ltd., Wyeth Pharmaceutical Company Ltd., Hunan Taier Pharmaceutical Company Limited, Taiji Group, Shandong DONG-E E-JIAO Co. Ltd., and Kunming Dihon Medical Co., Ltd., as well as seven other suppliers of pharmaceutical and healthcare products. In addition to procuring merchandise from these suppliers, the Company will also partner with these suppliers to promote health education among Chinese consumers.
In addition, a number of prominent Chinese and multinational pharmaceutical companies, including Shandong DONG-E E-JIAO Co. Ltd., have agreed to establish exclusive manufacturing lines to manufacture certain products based on Nepstarâ€™s specifications and packaging requirements and to sell these products solely through Nepstarâ€™s network of drugstores.
Qian Jiannong, CEO of Nepstar, commented, "We believe collaborating closely with key suppliers is one of our primary competitive advantages and such collaboration will enable Nepstar to continue to procure high quality and popular merchandise on favorable terms. Nepstar aims to provide its customers with a broad selection of high quality goods at reasonable prices. This has been one of the main drivers of our rapid expansion and strong brand recognition among customers and has also provided significant opportunities for our business partners. We will continue to focus on growing our business in 2008 and delivering value to all of our stakeholders."