Innovation in Retail Concepts. Case: Eu Yang Sang - Essay Example

It has been identified that the Chinese pharmaceutical industry consists of three main sections. They are processing of the Chinese medicines, manufacturing of the patented medicines as well as the processing of the Chinese medical components. Out of the three main components, manufacturing of the Chinese patented medicines is the most vital part. It is to be noticed that the Chinese medicine market is relatively smaller in terms of scale. However, it still holds one of the dominant positions in the medicine industry (Global Pharma Holding, “Prospect of Chinese Pharmaceutical Industry”).

It can be noted that the traditional Chinese medicine is a holistic system of medicine that intends to cure the mind as well as the body. The health care services of Singapore have been based upon the Western medical science. The interest of the public in the traditional medicine of China has grown since the last three decades and therefore the government of Singapore planned to reconsider the standards of training along with the practices of ‘Traditional Chinese Medicines (TCM)’. . There are numerous providers of the medicines in Singapore such as the Eu Yan Sang Integrative Health Pvt.

Ltd, Ma Kuang Healthcare Group Pte Ltd and Sinchong Traditional Chinese Medicine among others (Singapore Medicine, “Traditional Chinese Medicine”). 1b) Change in Demographics and Its Impact upon TCM (Traditional Chinese Medicine) Shops According to an analysis by Frost and Sullivan, the Singapore pharmaceutical market exceeded USD 1 billion by the year 2009. By the year 2012, it has been expected to reach USD 1.4 billion further indicating a growth rate of 11% per annum. The reason behind such improvement has been the changing demographics as well as the rising expectation in healthcare of the people (Standard & Poor, “EU Yan Sang International”).

In Singapore, more emphasis is laid upon the health as well as wellness of the society; therefore the ‘Health Promotion Board’ encourages the messages of preventative health via nutrition as well as exercise and also includes smoking cessation and stress minimization. The target demographic is basically the youth. EU Yan Sang International tries to reach both the youth as well as educated customer segment (Piron & Et. Al., “Consumers’ Perceptions of Chinese vs. Western Medicine”). 1c) Eu Yang Sang Modernizing Activities Eu Yang Sang is one of the pioneers in the health care company in Asia and focuses upon the Traditional Chinese Medicine along with integrative healthcare (Eu Yan Sang, “About Eu Yan Sang”).

In order to reach out to the educated customer segment, ‘Eu Yang Sang International’ has modernized the corporate image of the company as well as its retail outlets. With the development of health food products, the company aims to enlarge its