Herbal medicine deal eyes China
Print Edition
AUSTRALIAN pharmaceutical company Blackmores will attempt to tap into the burgeoning herbal medicine market in China and throughout Asia via its new Australia-based business.
The vitamin maker yesterday said it had acquired leading local Chinese medicine manufacturer and distributor Global Therapeutics, a group that currently commands an estimated 80 percent share of the Chinese herbal remedy market in Australia, for US$17 million.
Global Therapeutics, based in the coastal city of Byron Bay, has two main brands Fusion and Oriental Botanicals which are currently only sold in Australia.
But with the Chinese natural-remedy market said to be worth US$125 million worldwide per annum, Blackmores’ Chief Executive Christine Holgate said the group would look to push into the world’s most populous country.
“It’s not going to happen overnight but there is a fantastic opportunity,” Holgate told Fairfax Media yesterday.
“It will enable us to better understand the Chinese consumer and get closer to them.”
Last year, the Federal government removed its pre-existing 4-6 percent tariff on Australian pharmaceutical exports, such as vitamins, to China by signing the Chinese-Australian Free Trade Agreement.
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