Yangtze River Pharmaceutical Group

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Yangtze River Pharmaceutical Group, Ltd.
Private ownership
Industry Pharmaceutical
Founded 1971 (1971)
Headquarters Taizhou, China
Area served
Central/Southeast Asia
Key people

Xu Jingren, Founder/President

Xu Haoyu, Chairman/Interim CEO
Products Antibiotics, Chemotherapy drugs, herbal remedies
Revenue Increase US$ 19.533 billion(2014)[1]
Total assets Increase US$ 90.801 billion(2014)[1]
Number of employees
13,000 (2016) [2]
Website yangzijiang.com/en/

Yangtze River Pharmaceutical Group (Chinese: 扬子江药业集团, YRPG) is a Chinese multinational pharmaceutical corporation headquartered in Taizhou, Jiangsu Province in the People's Republic of China, and with its research headquarters in Shanghai.[3] It is one of the Asia's largest pharmaceutical companies by revenues, and was listed in 2014 as being China's second largest pharmaceutical manufacturer, and leading company for technological and entrepreneurial innovation.[4]

History[edit]

Founded in 1971, the Yangtze River Pharmaceutical Group started as a local firm providing drugstores and hospitals with vitamin supplements and pain medication. For much of its early existence, profit margins were low due to the YRPG's inability to expand a fledgling sales network past a local level. This changed at the end of the 20th century, when sweeping economic and medical reforms placed an ever-increasing demand on quality drug production.[5] Located in a prime location between the major cities of Shanghai, Suzhou, and Hangzhou, the YRPG quickly expanded its business profile. The group has experienced significant growth in the past decade, having quadrupled their net income between 2003-2010.[1] In the fiscal year 2014, board shareholders received a record 560% return on investment, and company assets rapidly expanded.[1] The company also hosts 22 subsidiary firms across Asia, and has exploratory ventures in Europe, Canada, and the United States.

Family[edit]

With the company's quickly rising profile, founder Xu Jingren and his extended family—who jointly own a controlling stake in the corporation—have made a number of significant business acquisitions.[6] Collectively, they are believed to be worth up to USD$7.5 billion. Forbes's most recent list of The World's Billionaires estimated the value of Mr. Jingren at USD$2.3 billion[7][8] and nephew Xu Mingbo, owner of research associate Beijing SL Pharmaceutical, at USD$1.1 billion.[9] In addition to his role as president and primary shareholder of the YRPG, Xu Jingren is a member of the National People's Congress[10] and serves as an honorary minister in the Ministry of Health. He has been recognized as a leading proponent of industrial modernization, worker's rights, and governmental reform within the Communist Party of China.[11]

Xu's daughter, a practicing physician in the United States, has been heavily protected from public scrutiny at the family's request. Son Xu Haoyu has served as the executive chairman of the Board of Directors since 2003, and was named interim CEO in 2012.[5] Xu Haoyu is also a senior board member and the largest private shareholder of China Eastern Airlines.[12]

References[edit]

  1. ^ a b c d "China Pharmaceuticals Sector Report" (PDF). cdn-www.securities.com. Emerging Markets Insight.
  2. ^ Wang, Ben. "Endeavour in the Yangtze River Pharmaceutical Group". cqn.com.cn/. China Quality News. Retrieved 24 April 2016.
  3. ^ "YRPG Company Profile". www.cccme.cn. China Chamber of Commerce. Retrieved 4 February 2015.
  4. ^ "Yangtze River Pharmaceutical Group Summary". China Chamber of Commerce.
  5. ^ a b "About YRPG". www.yangzijiang.com/en/. Yangtze River Pharmaceutical Group. Retrieved 4 February 2015.
  6. ^ "Company Overview of Jiangsu Yangtze River Pharmaceutical Group Company Ltd". www.bloomberg.com/. Bloomberg Business.
  7. ^ "Xu Jingren Net Worth". www.forbes.com. Forbes Magazine.
  8. ^ "Xu Jingren and Family". billionaires-data-base.silk.co. Billionaires Database International.
  9. ^ Chen, Maggie. "Beijing SL Pharmaceutical Chairman Xu Mingbo Joins Ranks Of World's Billionaires". www.forbes.com. Forbes Magazine.
  10. ^ "YRPG's Chairman Xu Jingren was elected deputy of the 12th National People's Congress". www.yangzijiangcom. Yangtze River Pharmaceutical Group.
  11. ^ "Deputy: cost cutting affects public health". www.npc.gov.cn. NPC.
  12. ^ "China Eastern Airlines Co. Ltd. - Company Profile, Information, Business Description, History, Background Information on China Eastern Airlines Co. Ltd". Reference for Business. Advameg Inc.