LAM Pharmaceutical, Corp., a biomedical company focused on the development and commercialization of novel wound healing and transdermal drug delivery systems, announced today that it has signed an agreement with China National Pharmaceutical Foreign Trade Corporation (Sinopharm Foreign Trade), a sales arm of China's largest pharmaceutical firm, China National Pharmaceutical Group (Sinopharm Group), for the distribution of LAM's IPM Wound Gel throughout China.
Sinopharm Group has evolved from the former State Pharmaceutical Administration of China into the largest pharmaceutical distribution system today with the most extensive market coverage in all regions of China. Sinopharm Group markets both Chinese and western pharmaceutical products, medical devices and pharmaceutical and chemical materials. The Group's consolidated revenues for 2003 amounted to CNY 13.0 billion (US $1.63 billion). Sinopharm Foreign Trade is the largest sales subsidiary within the Sinopharm Group of companies in terms of import and export volume. An important part of Sinopharm Foreign Trade's mandate is to source and introduce international products and technologies to the Chinese market.