Hangzhou medicine company embraces reform and opening up

As this year marks the 40th anniversary of China's reform and opening up, Huadong Medicine Co Ltd, a Hangzhou-based pharmaceutical company, is actively taking the initiative for corporate transformation in its 25th year.

Founded in 1993, Huadong Medicine has undergone an arduous journey over the last 25 years, from being a drug plant to being one of the leading pharmaceutical companies in China, integrating pharmaceutical R&D with pharmaceutical distribution, retail and pharmaceutical logistics.

"You must keep running to stay where you are", said Li Bangliang, chairman of Huadong Medicine.

This year, the company decided to embrace a second transition, from being a large pharmaceutical manufacturer to being a pharmaceutical industrial enterprise led by scientific research and technological innovation, in which talent, technology and products will have an important role to play.

"We will spend 30 million yuan ($4.32 million) each year to train and introduce high-caliber talents, especially innovative ones, and the company plans to recruit 10 doctoral students each year," said Li, adding that the company has in 2018 revised talent recruitment and welfare policies.

In 2019, Huadong Medicine will delve into the medical beauty industry and build partnership with online platforms of the industry. "Online platforms have become our new marketing channels," said Li, who noted that the industrial diversity and the rapid development of the internet industry are the results of the sound business environment of Hangzhou.

To date, the company has more than 8,000 employees across China with operating revenue hitting 27.832 billion yuan in 2017. It was ranked among top 50 listed companies in Forbes Asia and in the Fortune 500 for Chinese companies.