SHANGHAI, Nov. 12, 2020 /PRNewswire/-- Zhongchao Inc. (NASDAQ:ZCMD) ("Zhongchao" or the "Company"), a healthcare services company offering patient management, online healthcare information, professional training and educational services, today announced that the Company and Takeda Pharmaceutical Company Limited ("Takeda") agreed to expand their current scope of cooperation which now covers five of Takeda's subsidiaries in China including the new addition of Baishen Biotechnology (Shanghai) Co., Ltd. Pursuant to the amended service agreement by and between Zhongchao and Takeda, Zhongchao shall continue to serve as Takeda's vendor and partner in China, providing a broad range of services in medical editing, document collation, and medical training and education to Takeda.
Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "With over 50,000 employees and over $30 billion in revenues (for the fiscal year ended March 31, 2020), Takeda is a global biopharmaceutical leader and a Fortune Global 500 company. We are proud that we have been a vendor and partner in China for various medical training and education and brand building programs sponsored by Takeda since 2018. Takeda has established itself as a values-based, R&D-driven biopharma with strong presence in the Chinese market and recently announced that it plans to bring at least fifteen new drugs or indications into the Chinese market over the next 5 years – widely regarded as one of the most aggressive expansion plans in China by major pharmaceutical companies. With the renewal of the contract by Takeda with broadened scope of cooperation, we believe this represents a significant opportunity for us to further grow our business in years to come."