Laobaixing Pharmacy

Founded in October 2001, Laobaixing Pharmacy is a large pharmaceutical chain enterprise that developed from a single private pharmacy. Currently, in addition to having one of the largest pharmaceutical retail networks nationwide, it also engages in pharmaceutical wholesale and manufacturing. Its retail segment consists of Hunan Laobaixing Pharmacy Chain Co., Ltd. and its 13 provincial-level holding subsidiaries, with its affiliated Fengwoda Pharmaceutical Logistics (Hunan) Co., Ltd. and Yaoshengtang Pharmaceutical (Hunan) Co., Ltd. already reaching a considerable scale. The company is headquartered in Changsha, Hunan, with fixed assets of 1 billion RMB and 10,000 employees.

In October 2001, driven by the simple moral impulse of "enabling more people to afford medical treatment and medicine," the company pioneered a supermarket-style operation model by opening its Xiangya store in Changsha, and revolutionarily raised the banner of "prices averaging 45% lower than the national approved retail prices." This was warmly received by consumers, leading to long queues of people carrying baskets to buy medicine, which shook the entire pharmaceutical industry and attracted high attention and strong promotion from government departments. Imitations within the industry sprang up like mushrooms across the country, forming the "Laobaixing phenomenon," and the creation of open-shelf self-service and large-scale drug stores was widely recognized as the most profound reform in business models.

In October 2008, Laobaixing Pharmacy received a $82 million investment from EQ Intelligent Growth Asia Limited, a subsidiary of Investor AB (InvestAB), the largest industrial holding company in Northern Europe, and established the Sino-foreign joint venture Hunan Laobaixing Pharmaceutical Chain Co., Ltd. This was also the largest foreign capital introduced in China's pharmaceutical retail industry in recent years, marking that international capital is optimistic about the Chinese pharmaceutical retail market.

Zhejiang Laobaixing Pharmacy Chain Co., Ltd., as a subsidiary of Laobaixing Pharmacy, adheres to the company's business philosophy of "everything for the people," and takes the responsibility of lowering drug prices in Zhejiang. Over the past six years, it has directly benefited consumers by hundreds of millions, and through its influence on the development of low-cost pharmacies, reforms of various pharmaceutical mechanisms, and the decline of drug prices in hospitals and various markets, it has indirectly saved consumers more than one billion RMB. It has established an image of "courageous business" and "ethical business" in the minds of the public, and public support is a huge driving force for the company's development. Now Zhejiang Laobaixing Pharmacy Chain Co., Ltd. has developed into a large pharmacy chain company with more than 30 stores in 14 cities, continuously maintaining its leading position in sales within the province. The company has been repeatedly rated as a trustworthy consumer unit, an integrity commercial enterprise in the pharmaceutical industry, a provincial and municipal-level integrity enterprise, and a contract and credit-abiding unit.

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