PETALING JAYA: Hong Seng Consolidated Bhd’s wholly owned subsidiary HS Bio Supplies Sdn Bhd on Monday entered into a cooperation framework agreement with Fosun Trade Co Ltd to jointly cooperate and collaborate to explore business opportunities in the healthcare sector in Malaysia.
HS Bio is engaged in providing pharmaceutical, medical and healthcare supplies such as medicine, medical consumables, bio products, medical equipment or devices, test kits, vaccines, supplements, and other pharmaceutical, medical and healthcare related products as well as healthcare-related services in addition to the supply chain management services for the healthcare industry.
Fosun Trade, a subsidiary of Hong Kong-listed Fosun International Ltd, focuses on providing a one-stop customised, value-added and comprehensive trade solution to global clients through its C2M business model, agile supply chains, and global network of quality manufacturers.
Under the agreement, HS Bio will bear all the marketing expenses related to the promotion and public relations activities for the authorised healthcare related products of Fosun Trade and its related companies. The agreement is valid for one year unless terminated by the parties.
“The agreement is viewed positively to provide HS Bio a timely opportunity to drive its healthcare business forward, particularly in the provision of healthcare-related products through the agreement. The group will also be able to expand its customer base to include government and private medical agencies, hospitals, laboratories and others while tapping the existing private clinics network of eMedAsia Sdn Bhd, which is currently a 20% associate company of HS Bio.
“It is also in line with the group’s initiatives to support the nation’s efforts to contain the Covid-19 pandemic,“ said Hong Seng.
To recap, on Dec 15, 2020, the company obtained its shareholders’ approval to diversify the group’s business to include supply of healthcare products and services and related business.
On Jan 12, 2021 HS Bio obtained an establishment licence issued by the Medical Device Authority, the Ministry of Health Malaysia, with a validity period from Jan 12, 2021 until Jan 11, 2024 to act as an authorised representative, distributor and importer of medical and healthcare products in Malaysia.