On June 10, 2021, the National Health Commission, leading eight ministries and commissions, issued the Notice on Distributing the Special Rectification Work Plan for Combating Illegal Medical Aesthetic Services. On August 9, 2021, The People’s Daily published an article entitled – Medical aesthetic sector needs to achieve best effects and prevent adverse consequences. The article highlighted the current rectification plan in the medical aesthetic sector is to establish high industry standards, strengthen supervision, and crack down on illegal medical aesthetic services in order to create a clean and reliable medical aesthetic environment. This plan will foster new advances in medical aesthetic industry and encourage the sector’s healthy development.
The imported product – Letybo (botulinum toxin type A for Injection) is a medical aesthetic product produced by South Korea’s Hugel Inc. Bain Capital, a well-known international private equity fund, is the controlling shareholder of Hugel Inc in South Korea. Beijing Meiyan Space Biomedicine Co., Ltd., a subsidiary of Sihuan Pharmaceutical, serves as the product’s exclusive distributor across China, has long been committed to becoming a leading medical aesthetic player in China and obtained official product approval for Letybo from the China National Medical Products Administration in October 2020, becoming the first pharmaceutical company to obtain approval for this type of products from South Korea. As a ‘positive energy’ contributor for China’s medical aesthetic industry, Sihuan Pharmaceutical has actively and dutifully responded to the special directives of the eight ministries and commissions to “combat illegal medical aesthetic services.”
Sihuan Pharmaceutical, like many medical aesthetic product manufacturers, actively promotes ‘positive energy’ associated with China’s medical aesthetic industry. However, the firm has been a victim of products imported through illegal channels, which not only cause physical and mental injuries to those who seek medical aesthetic services, but also seriously hinder the sustainable development of China’s medical aesthetic industry. It also runs counter to the Communist Party’s philosophy of – “People’s aspiration for a better life is what we strive for.”
Sihuan Pharmaceutical will actively cooperate with all relevant government departments to trace the root causes and provide strong evidence to aid in the firm crackdown of illegal product smuggling, illegal product manufacturing and sales, as well as illegal product transportation, while also work hard to urge all relevant Korean companies to respect and cooperate with the Chinese government’s policies. This can be achieved by strictly monitoring export channels, jointly preventing and combating smuggling while ensuring the legitimacy of Korean medical aesthetic products, and protecting the interests of consumers in both countries.
Sihuan Pharmaceutical will also closely cooperate with the Industry Development and Self-discipline Committee of China Plastic Surgery Association, and actively participate in the ‘China Medical Aesthetic’ mini programme. We will also publish a list of compliant medical aesthetic institutions that purchase products, and update it regularly to jointly promote products while also applying code scanning to verify legal product status.
Sihuan Pharmaceutical, together with colleagues from all walks of life who are concerned about China’s medical aesthetic sector will make untiring efforts to create a “true” and “positive” environment for China’s medical aesthetic industry.
Sihuan Pharmaceutical Holdings Group Ltd.
Founded in 2001 and listed on the Main Board of the Hong Kong Stock Exchange Limited in 2010, Sihuan Pharmaceutical Holdings Group Ltd. (“Sihuan Pharmaceutical” or the “Company”, together with its subsidiaries the “Group”) (HKSE: 00460.HK) is an international pharmaceutical company led and driven by both innovation and generic, with an independent and leading independent research and development (“R&D”) technology platform, a rich global product pipeline and a mature and excellent sales system. Focusing on high-growth therapeutic areas such as oncology, metabolic diseases, medical aesthetics, anti-infectives, digestive system, cardiovascular and cerebrovascular, Sihuan Pharmaceutical is building a leading medical aesthetic and biopharmaceutical leader in China with a two-wheel drive strategy of independent innovation and research and incubation to cultivate high growth new businesses.
For more information on Sihuan Pharmaceutical, please visit the company website https://www.sihuanpharm.com/