Ipsen China signed a strategic partnership agreement with K-Max, the sub-brand of United States-based nutrition company Kang Long Group Corp, in a bid to cooperate in China's nutrition sector to better serve local consumers.
Specifically, Ipsen China will assist K-Max in the sales and promotion of its nutrition products in specific channels and areas in China to meet the surging healthcare demand of Chinese consumers.
"Ever since K-Max entered China in 1997, we had witnessed the burgeoning development of China's nutrition market," said Qu Yuanzheng, general manager of Kang Long Group Corp. "Consumers are paying increasing attention to their health, as well as how to take dietary supplements scientifically to stay healthy. Meanwhile, the public's demands towards the brand and quality of nutrition products have been surging."
"Ipsen China has rich experience and good reputation in retail channels. It is expected that our cooperation will help introduce more of our products into the local market to benefit Chinese consumers," he said.
Alan Chen, general manager of Ipsen China, the subsidiary of French biopharmaceutical company Ipsen, said "Ipsen has been planning in the large-scale retail sector, which combines retail, distribution and e-commerce, for years. The cooperation with K-Max further boosts our development in diversified healthcare, and helps us to better serve our consumer."
According to a recent report released by Guangzhou-based healthcare market consultancy Sinohealth, in 2020, the scale of China's nutrition product market totaled about 194.8 billion yuan ($29.9 billion).
Li Junguo, vice-president of Sinohealth, said under the background of "Healthy China 2030", healthcare awareness among Chinese consumers was raised.
"With the increase in national income, the demand for healthy consumption has been greatly released. The proportion of healthcare consumption expenditure is expected to increase significantly, highlighting the huge development potential of the nutrition market," he said.
Established in Los Angeles in 1991, Kang Long Group Corp is a comprehensive nutrition company that integrates research and development, production and sales. The group introduced its sub-brand K-Max to Shanghai in 1997. The brand was among the first batch of imported nutrition product companies to China.
According Ipsen China, its sales network covers 31 provinces and municipalities and more than 2,200 counties. Its sales channel reached over 200,000 pharmacies nationwide.
Source: China Daily
Click here to view the original article.