The Fonow Medicine Company is a Chinese pharmaceutical manufacturing firm founded in 2002 in Dongyang, Zhejiang Province, by Fu-Jun Wang, Long-Yun Fu, Tao-Zhu Zhang and Yi-Chang Zhou. Mr. Fu, Mr. Wang and Mr. Zhang graduated from the School of Biotechnology at East China University of Science and Technology. Before setting up this company, they all worked for a listed pharmaceutical company in China, manufacturing and selling a recombinant genetic engineering drug they developed. The company is currently the only pharmaceutical company that manufactures and sells the Chinese version of Neosporin-Compound Polymyxin B Ointment (the version sold overseas is called FONOW Triple Antibiotic Ointment and Registered with FDA as OTC monograph product NDC 52454-001) in the Chinese market. The main products of this company are FONOW Triple Antibiotic Ointment, Triamcinolone Acetonide Acetate Cream, Compound Ketoconazole Cream, Hydroquinone (API), and Neomycin Sulfate (API).
History
Zhejiang Fonow Medicine Co., Ltd. is a high-tech private industrial enterprise specializing in the research and development of medicines, health products and cosmetics. The company's predecessor can be traced back to the establishment of "Dongyang Wu Ning United Biotechnology Research Institute" in 1993 by several like-minded company founders. In December 2002, in order to meet the needs of national new drug development research and drug registration policy adjustments, the company's founders jointly funded the re-registration in the name of "Dongyang Rishengchang Biotechnology Co., Ltd." In August 2004, "Dongyang Rishengchang Biotechnology Co., Ltd." introduced a small number of shareholders, and after increasing capital and shares, it was renamed "Zhejiang Reachall Pharmaceutical Co., Ltd." with a registered capital of 15 million RMB. In December 2018, after the introduction of private equity funds and investors, it was officially transformed into a joint-stock company and renamed "Zhejiang Fonow Medicne Co., Ltd." with an actual paid-in registered capital of 50.55 million RMB.
Compound polymyxin B ointment started with an annual sales volume of 40,000 units in 2008, and its sales volume has increased by more than 200% year by year. In 2012, it achieved sales revenue of 50 million RMB and paid taxes of more than 3 million RMB. Starting from the tax payment of over 10 million RMB in 2013, by the end of 2018, the cumulative tax paid was 120 million RMB. In 2022, the sales revenue of a single product of "FONOW" ointment was 320 million RMB, and the company's net profit in 2021 and 2022 was 79.9 million RMB and 84.6 million RMB.