Zhongchao Inc. Renews Contract with Johnson & Johnson (China) Limited, Extending the Cooperation since 2017

August 4,2020

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 the renewal of contract with Johnson & Johnson (China) Limited ("J&J"), pursuant to which the Company shall continue to serve as J&J's vendor and partner in China, extending the long-standing cooperation between the Company and J&J in medical research, medical training and education, and brand building since 2017. 

"As a Fortune Global 500 company and the largest pharma company in world measured by 2019 revenue (Fierce Pharma, April 2020), J&J has a strong presence in the Chinese market with multiple R&D centers and manufacturing facilities and has developed and introduced a large number of medical devices, pharmaceutical products and technologies (together, the "Products and Technologies") in the Chinese markets. For example, during the 21 months ended October 2019, Xi'An Janssen, a majority owned subsidiary of J&J, was granted approval of over 22 new drugs or indications in China, covering psychiatry, hematology, solid tumors, immunology, infectious diseases, diabetes, and pulmonary hypertension, etc. The marketing and promotions of these newly introduced Products and Technologies create significant opportunities for vendors like Zhongchao," commented Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao.

"We see the Chinese healthcare market remains in its early stage of development and believe it still has tremendous growth trajectory ahead of it. Through cooperation and partnership with leading pharmaceutical companies like J&J, Zhongchao is poised to capture its fair share of the growth in years to come," concluded Mr. Yang.