BeijingTongrentangGroup Ltd, a time-honored Chinese brand, is a pharmaceutical with a history of more than 300 years. The brand also represents the best of China's knowledge and techniques in traditional Chinese medicine TCM.
Tongrentanghas an interesting history. Initiated by the Le family, in 1754, the pharmacy fell on difficult times and was taken over by an associate called Zhang Shiji, who then sold more shares to outsiders. In the mid 1800s, the Le family had an heir, Le Pingquan, one with vision and dedication. He opened up another pharmacy called Guanrentang, and started buying back Tongrentang, ultimately regaining full control of the pharmacy for his family.
Le Pingquan used five business principles to build up Tongrentang.
First, he developed rapport as a government official and managed to get imperial patronage. (Or do you mean he developed rapport with an official?)
Second, he was able to solicit funds on the basis of trust.
Third, he promoted Tongrentang products as brand names from a charitable company by giving free medication to scholars coming toBeijingfor the imperial exams as well as engaging in charity by sponsoring schools and food distribution centers, providing coffins for the poor, and even setting up a fire brigade.
Fourth, he encouraged all his family members to participate in the pharmacy in a professional capacity, thereby preserving their pharmaceutical formulas.
Lastly, he encouraged the research and development of new drugs to increase the fight against new diseases and improve on the older formulas.
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