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  • China Jo Jo Drugstores turns to profit in December quarter

    China Jo Jo Drugstores turns to profit in December quarter

    Online and offline pharmaceutical and healthcare retailer and wholesaler China Jo-Jo Drugstores boosted revenue by 7.9 percent in the December quarter

    “We delivered outstanding financial results for the third quarter of 2020, with revenue recording $33.36 million,” said chairman and CEO Lei Liu.

    “Benefiting from the growth in retail drugstores and online pharmacy businesses as well as our strong competitive position in the industry, all of our core businesses performed in line with our expectations.”

    Liu said China Jo Jo was preparing for the coronavirus outbreak by trying to optimize its inventory and ensure it had effective distribution channels to meet the strong domestic demand of pharmaceutical and other healthcare products and services.

    China Jo Jo’s gross profit increased by 2.1 percent to $7.28 million for the quarter, but gross margin decreased by 1.3 percentage points to 21.8 percent.

    Net income for the US-listed company was $460,000, compared to a loss of $2.21 million during the same period a year earlier.

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  • China Jo-Jo Drugstores launches remote hospital network in Zhejiang

    China Jo-Jo Drugstores launches remote hospital network in Zhejiang

    China Jo-Jo Drugstores has launched the first Internet-based Remote Hospital Network platform in Zhejiang Province, China.

    The virtual physician platform will be offered onsite at its retail pharmacy locations.

    This would allow the company to partner with virtually any accredited physician or hospital in providing medical consultation to customers who would then have immediate access to printed prescriptions and pharmacy dispensary services at the drugstores.

    China Jo-Jo said it is currently in discussion to secure exclusivity for the Internet hospital platform in Zhejiang province and is in negotiations with an accredited regional hospital to provide physician services on the platform through a profit sharing agreement.

    Lei Liu, Chairman and CEO of China Jo-Jo, said roughly 90 percent of China’s pharmacy prescriptions are handled by hospital dispensaries. The goal of the program is to increase transaction volume at China’s Jo-Jo retail locations while driving healthcare reform and innovation in the retail and online pharmacy business in China.

    “In alignment with the recent healthcare reform in China, we continue to meet the needs of consumers by increasing products and services that expand prescription dispensary services from the hospital system into local communities,” he said in a news release. “As the Chinese government pushes for healthcare reform we will continue to provide ways to increase access and to provide competitive pricing for prescription drugs, especially for residents who do not live in major cities.”

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  • China Jo-Jo boosts sales

    China Jo-Jo boosts sales

    China Jo-Jo Drugstores says its profits soared 19.5 per cent in the December quarter, with same store sales up 24.3 per cent

    The US-listed, China-based company which retails and wholesales pharmaceutical and health care products through its own online and retail pharmacies, said online sales jumped 110.6 per cent to $4.4 million. Retail drugstore sales rose $2.16 million.

    Gross profit rose by $3.003 million, or 1677 per cent year-on-year. It converted a net quarterly loss of $8.7 million in the December 2013 quarter to a modest profit of $127,525 last quarter.

    “Our retail drugstores sale growth rate is more than twice of the industry average,” the company said in a statement.

    “By acquiring Sanhao Pharmacy during the recent quarter, selecting products catering to local community and continuing to provide quality in-store service such as doctors’ in-store clinics service, we expect to further strengthen our competitive advantage in Hangzhou and Zhejiang Province.”

    The company said expanded cooperation with business-to-consumer online vendors, including Taobao, JD.com and Amazon.com had boosted its online performance.

    “In addition, we have signed a service agreement with Alipay (China) Internet Technology to launch an online payment service for its customers, which gives us a great opportunity to get access to Alipay’s over 300 million registered users. We expect online pharmacy sales will continue to grow fast in the future, especially considering the potential authorisation of the online sale of prescription drugs in 2015,” the statement said.

    Lei Liu, chairman and CEO said the company was heartened to have delivered a solid performance compared to last year’s large deficits.

    “What’s more exciting is the rapid increase in our eCommerce revenue, which greatly contributed to our total revenue. In the next two to three years, the online pharmacy sales will probably exceed our retail drugstore sales and make the company one of the leading online pharmacy stores in China.

    “Now is only a turning point. Going forward,  we will continue to focus our efforts on  developing eCommerce opportunities and drive our physical stores network and sales growth.”

    As of December 31, the company had 60 retail pharmacies in Hangzhou.

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