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Pharma firm in Canadian ginseng deal

SHANGHAI Pharmaceutical Holdings Shenxiang Health Medicine Co said yesterday it has entered into a strategic partnership with Northland Ginseng Farms in Ontario, Canada, to set up a planting site for ginseng.

Shanghai Shenxiang will procure raw material directly from the standardized planting site at Northland Ginseng Farms and provide growing standards and guidance so that they can meet local food and drug standards.

It’s also an important step towards the company carrying out its blueprint of setting up planting sites near the source of raw materials to ensure quality.

Chairman of Shanghai Pharmaceutical Shenxiang and general manager of Shanghai Traditional Chinese Medicine Co Yu Weidong said this is the latest move for Shanghai Pharma to grab opportunities presented by China’s trillion dollar Belt and Road Initiative to shore up its raw material supplies.

The total amount of sourcing would represent about 50 million yuan (US$7.5 million) of annual retail sales at Shanghai Pharma Shenxiang.

It will also continue to push forward sustainable manufacturing and sourcing by collaborating with other potential overseas planting sites.