VIP Class Notes (Tibo)

2 classes ago  / from last last class  / the class before the last class
Our company is a pharmaceutical company and it is a CMO
it means we produce drugs by ourselves.

Some products don’t have a good promotion by our services / we can’t promote some products well so we need to seek other companies’ help to sell them.
I am responsible for this.
We need CSO to help promote the product so I will be responsible for this.

I do many detail things such as I need to make preparation for the academic promotion materials/ I prepare academic promotion materials. They can use it for the doctors. / it is targeted at doctors

We need to manage logistics and deliver the drugs to the hospitals.

The hospital calls the dealer and the dealer puts an order to our commercial department.

the common issues are we cannot reach the target / KPI
It is hard to reach the target
You do not get a full refund / you only get a partial refund

China is aging  / the population of China is aging / the Chinese demography is aging

The country is under pressure to support the elderly  / the elderly put more and more pressure on the country.

China issued many policies toward the medical field to cut off the price by 80-90% for selected products.

For certain products the cost is low and the price is high.
If you win the bid you may get a high volume and you don’t need sales rep. the government guarantees to buy this amount / winning a bid is a high volume low margin business

In China we manufacture the same drugs and we call them generic drugs 

it is 60-80% effective
it provides 60% immunity

Since most people are poor in China/ since most people are price sensitive the price is the most important factor for us to select product / when selecting products

for some products the price is 100 times higher.

Many people worry that if there is no margin to get the companies won’t invest in R&D.
People wonder if there is no margin what is the incentive for companies to invest in R&D

demography (n) 人口学

demographic (n/adj) a particular sector of a population
The senior demographic is putting China under pressure

perks (n) 好处
The job gives a nice salary and many perks like a personal driver

subsidy (n) 补贴
The government gives subsidies to AI companies

to subsidize (v)
The government subsidized covid research

AI (n) : Artificial Intelligence
They use AI in the process

incentive (n) 刺激
There is no incentive to do R&D if the margin is too low

to incentivize (v) to push to do something 激励某人做某事
The government incentivizes people to buy electric cars as they can get a free car plate

R&D : research and development

injection / shot (n) 注射
He had 2 injections /shots of the vaccine

to inject (v)
The nurse injected the vaccine in his arm

drug trial (n)
The drug trials help make sure that the drugs are safe.

expired (adj) reaching the end date
The license has already expired

to guarantee (v)  保证
He guaranteed that the drugs were genuine

genuine (adj) real / not fake
He thought he had bought a genuine LV bag but it was fake

high volume low margin 

to squeeze (v) 挤压
We need to squeeze the production cost to reach the target

(profit) margin (n) 利润幅度

sales representative / sales rep (n)

oral (adj)

orally (adv)
you take the medicine orally, it is a small tablet

blood vessel (n) 血管
it is injected in your blood vessels

to absorb (v) 吸收

absorption (n)
There is no 100% absorption

digestion (n) 消化
Digestion stars 1h after eating

to digest (v)

digestive system (n)

state owned company (n) company that belongs to the government
China telecom is a state owned company

WOFE (n) Wholly Owned Foreign Enterprise
They registered as a WOFE

population (n) 人口

elderly (adj/n)
The elderly are more numerous than before

reimbursement / refund  (n) 报销

target / KPI (n)
It is hard to reach the target

convenience store (n) 7/11 family mart…

doctor（n) 医生

Pronunciation

trial

digestion absorption