China Jo-Jo Drugstores, Inc. (China Jo-Jo), a leading China-based retail and wholesale distributor that offers pharmaceutical and health care products through its online and retail pharmacies, announced its subsidiary, Hangzhou Jiuzhou Grand Pharmacy Chain Company Ltd (Jiuzhou Pharmacy) has signed a new sales incentive agreement with Wyeth Pharmaceutical Company Ltd, a wholly owned subsidiary in China of Pfizer Inc.
The purpose of the agreement is to double the sales of Wyeth's consumer healthcare products in 2015. Jiuzhou Pharmacy has been partnering with Wyeth since 2003, and today it has become the largest retailer in Zhejiang province for a variety of Wyeth's consumer healthcare products, such as Centrum (multivitamin & mineral supplements) and Caltrate (calcium supplement).
The agreement illustrated specific approaches and conditions of Jiuzhou Pharmacy's collaboration with Wyeth, including sales targets, promotional incentive to consumers, products and pricing methods. In return, Wyeth will fully support Jiuzhou Pharmacy with priority delivery, favourable purchase prices and promotional activities.
Cai Baoguang, president of Pfizer's Healthcare Division for Greater China Region, has recently visited the company and finalized the detail in the agreement.
Qi Li, president of China Jo-Jo, said "As we began to set the sales target for the fiscal year 2015, we increased our orders placed on our top 10 suppliers by more than 30 per cent. We are glad to once again working with Wyeth as our trusted supplier because, when selecting suppliers, we valued highly on product qualities, brand recognitions, distribution and consumer feedback. China Jo-Jo is striving to differentiate itself from other drugstores by offering superior products to meet the ever-growing demand of Chinese consumers."