Bailing Pharma plans Miao traditional medicine park in Guiyang
Shanghai. November 18. INTERFAX-CHINA - Guizhou Bailing Group Pharmaceutical Co. Ltd. has signed a letter of intent to set up a Miao ethnic medicine industry park in Guiyang, capital of Guizhou Province, the company announced Nov. 17.
Miao medicine refers to the traditional medicine of the Miao ethnic minority group who live primarily in South China.
Under the terms of agreement, Bailing Pharma will invest at least RMB 750 million ($112.93 million) in the 333,333-square-meter (500 mu) park.
The park will receive preferential treatment from Guizhou's provincial government and the Guiyang city government.
Bailing Pharma clocked total sales of RMB 734.52 million ($107.54 million) in 2009, about 50 percent of which came from its Miao medicine product lines. Bailing Pharma is China's second-largest manufacturer of Miao medicine by sales revenue after Guizhou Yibai Pharmaceutical Co. Ltd.