Sihuan Pharmaceutical Holdings Group Ltd.is pleased to announce that Pharmadax (Foshan) Co., Ltd. ( 佛山德芮可製藥有限公司 ) (a subsidiary of Pharmadax Inc. (4191.TE)) obtained the Approval of Drug Registration from the National Medical Products Administration (NMPA) of the People s Republic of China (the PRC””) for Metoprolol succinate sustained-release tablets (47.5mg、 95mg) (the Product””), and the Group owns the exclusive marketing rights for the Product in the mainland of the PRC.
Metoprolol is the world’s first selective β1 receptor blocker, which can reduce the risk of bronchoconstriction, making it a commonly used drug for chronic heart failure. Metoprolol succinate sustained-release tablets is indicated for the treatment of hypertension, angina pectoris, heart failure, after acute myocardial infarction, prevention of failure and re-infarction of the myocardium, arrhythmia, functional heart disease with palpitations, etc.
With the increasing aging population, the demand for drugs is driving a rapid increase for patients with heart failure. According to IQVIA database statistics, the use of metoprolol continued to grow from 2017 to 2020, with a compound annual growth rate of 16.14%. In 2020, domestic sales in the PRC was 2.474 billion Renminbi, indicating a period of rapid growth.
Dr. Che Fengsheng, Chairman and Executive Director of Sihuan Pharmaceutical Holdings Group said: "The obtaining of the drug registration approval for Metoprolol succinate sustained-release tablets is beneficial for the future market sales and competition of such drug. It will further benefit the majority of patients and add another blockbuster variety to the product pipeline of the Group and will bring positive impacts to the operation results of the Group.”