In this photo provided by Daesang Group, officials from Daesang Life Science and China Sinopharm International pose for a photo at an online signing ceremony held on July 26, 2022.
SEOUL, July 27 (Korea Bizwire) – Daesang Life Science, a South Korean manufacturer of health functional foods, said Wednesday it has inked a letter of intent with China Sinopharm International to set up a joint venture in a bid to make forays into the Chinese market.
The two companies plan to build a factory in China’s southern Hainan Province, and join efforts in the research and development, marketing, and sales of Daesang’s products.
Daesang Life Science makes Nucare, a nutritional formula for patients, and other health supplements under its “Wellife” brand.
“We will work with China’s Sinopharm group to become a leading player in China’s 70 trillion-won (US$53.29 billion) health functional foods market,” a Daesang Life Science official said.
China Sinopharm International is a wholly-owned subsidiary of Chinese state-owned drugmaker Sinopharm, and handles the group’s global business and medical channels.
(Yonhap)
