A Chinese-based startup has raised $20 million in funding to develop and market its own version of chinese medicinal herbs.
The Chinese-owned ChineMing, which says it has a network of more than 50,000 registered doctors, plans to roll out its own herbal products to the public starting in 2019, and it hopes to offer a cheaper alternative to traditional Chinese medicines.
Its founder and CEO, Xu Qiang, said the company’s products, called Chinesera, are safer and more effective than generic versions.
The Chineseras can be made with either water or plant extracts, which can also be combined to create other types of herbal medicines, such as anti-inflammatory or anti-bacterial products, according to its website.
The company says its herbal products can be used in combination with prescription medicines, which are more expensive.
They can also treat a wide range of conditions, including asthma, cystic fibrosis, high blood pressure and arthritis.
“We have a big network of over 1 million registered doctors and have a lot of experience in the Chinese market,” Xu told TechCrunch in an interview.
“I believe that we will be able to offer the best quality herbal medicine at a low cost.”
The Chinese government’s National Health Commission has already banned the importation of Chinese-made medicine and has warned that its actions are not in line with international regulations.
But Xu said that it would be unfair to ban Chinese-produced medicines and the government should instead focus on ensuring that they are sold in the domestic market.
“If they do not allow us to sell our product, we have to be prepared to take legal action against them,” he said.
But China’s Health Ministry has been reluctant to do anything to limit imports.
“They are not doing anything about it,” said Wang Lixiang, a researcher at the Institute of Technology and Higher Education of the People’s Liberation Army University of Science and Technology in Beijing.
As a result, it is not clear whether China will be forced to introduce a ban.
China has some of the highest per capita consumption of prescription medicines in the world, according the World Health Organization.
Its Ministry of Health has also been slow to enforce its rules, according with an article in the Financial Times last month.
“The government is reluctant to crack down on the import of herbal products that do not meet their quality standards,” Wang said.
But in the meantime, he said, Chinese regulators have made progress in reducing the amount of drugs imported.
Some have been banned or made more expensive, including a drug made by a Chinese company called Ranae.
But Wang said the country’s current regulatory framework was inadequate and that it should be revamped to better meet international standards.
“A lot of these things are not being done because they are not a priority in China.
But we need to reform this regulatory framework so that it is a priority,” he added.
Xu’s company is also working on a similar herbal product called Zongzhi.
China’s government is also reportedly working on regulating the import and distribution of herbal medications, with the aim of making them cheaper.
However, many herbal medicines in China are still priced too high for patients to use them, and are not marketed in the way that is best for their use, said Xu.