Business
        

Companies

TCM company applies for EU product license

Updated: 2011-06-02 13:03

(Xinhua)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

LANZHOU -- A traditional Chinese medicine company based in northwest China's Gansu province on Wednesday applied for a product license from the Swedish drug administration, becoming the first traditional Chinese medicine producer to apply for a license in a European Union (EU) country.

The Foci Pharmaceutical Company, based in the provincial capital of Lanzhou, is applying for authorization to produce a medication containing concentrated Chinese angelica, a type of Chinese herb, according to Sun Yu, the company's deputy general manager.

Related readings:
TCM company applies for EU product license TCM users shocked by price hikes
TCM company applies for EU product license Price surge poses challenge for TCM
TCM company applies for EU product license A bitter pill to digest
TCM company applies for EU product license TCM seeking greater global recognition

"We hope Foci can become a pioneer in the industry and lead the way for other traditional Chinese medicine companies to work with the EU," said Sun.

As the world's biggest herbal medicine market, the EU has recorded annual herbal medicine sales worth about 10 billion euros, more than 40 percent of the world's total.

The EU released the "Registration Process Order of Traditional Herbal Medicine" in March 2004, which stated that Chinese pharmaceutical companies would have to retreat from the EU market if their products weren't registered in EU countries by April 2011.

So far, no Chinese firm has succeeded in obtaining a product license from an EU country.

However, Foci is expecting to succeed in its attempt because the company's application is based on an extensive study of laws and regulations concerning drugs in EU countries, according to Zhu Zurong, the company's general manager.

If the company's medication is authorized in Sweden, it will be accepted by other EU countries as well, as the laws of EU nations are mutually recognizable, Zhu said.

E-paper

Tapping into the future

Foreign companies are investing in China's water industry as many predict a growing profit margin.

Preview of the coming issue
Headhunters ride on growth
Commercial property rides wave

European Edition

Specials

Cuisine central

London's Chinatown is helping diners appreciate full palate of Chinese food

Tying the knot

Danish couple's high-end macrame export business takes off in the mountains of Yunnan.

Truly a super woman

Li Yuchun first came to prominence in 2005 as the Super Girl winner, and since then has become an international star.

Memory lanes
Great expectations
A diplomat of character