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Eu Yan Sang Started As A Small Medical Hall

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Eu Yan Sang Started As A Small Medical Hall

Chinese language Conventional Drugs (TCM) retailer Eu Yan Sang is a family model in Singapore with origins relationship again to the 1800s.

It’s also one of many largest TCM teams in Asia, with over 210 stores in China, Hong Kong, Macau, Malaysia and Singapore.

In addition to retailing Chinese language drugs and herbs, it additionally operates near 30 TCM clinics in these nations in addition to a meals and beverage retailer in Malaysia.

Moreover, it additionally has gross sales and distribution channels in Western nations like Canada, the US, Australia and South America.

Beginning out as a small medical corridor, right here’s a have a look at how Eu Yan Sang expanded through the years to turn out to be a world model.

Over 140 Years Of Historical past

Eu Yan Sang Singapore
Picture Credit score: Eu Yan Sang

The primary Eu Yan Sang outlet was opened as a small medical corridor in Malaysia in 1879 by first technology founder Eu Kong.

Again within the day, opium consumption was widespread so Eu Kong was involved in regards to the welfare of opium-addicted tin miners in Malaya.

He hoped that his medical corridor would encourage labourers to make use of TCM as a substitute of opioids to deal with their illnesses.

His solely son, Eu Tong Sen, inherited the enterprise and by the 1910s, the store had branches in Singapore, Hong Kong and China.

After Eu Tong Sen handed away in 1941, the enterprise was dealt with by directors, and was transformed from a proprietorship to a restricted firm standing.

In response to a report by Forbes, the specter of Eu Yan Sang going extinct in 1989 compelled Richard Eu, the good grandson of Eu Kong, to hitch the enterprise.

Eu Yan Sang Richard Eu
Richard Eu / Picture Credit score: 2iB Companions

Richard threw the enterprise a “lifeline”, because it was “riddled with succession thorns.”

On the time, TCM was already deemed a ‘sundown business’. Richard was thus a key driving pressure in modernising TCM, as he works on making it extra accessible to the lots.

When he took management of Eu Yan Sang, the model had one location in Singapore, Malaysia and Hong Kong respectively.

He then determined to aggressively develop and improve the variety of retail shops in these nations. He additionally began constructing distribution channels in Canada, United States, Australia and South America.

Richard was a agency believer that TCM was not only for the East, and sought to extend its acceptance within the Western world as effectively.

I didn’t need to anticipate the West to inform us about conventional Asian medicines or be sidelined in any dialog on healthcare.

In order that was the start of the thought course of on the way to change the enterprise and in reality the entire sector, as a result of again then, individuals had been very intimidated to enter our shops.

Richard Eu, Chairman of Eu Yan Sang Worldwide Ltd in a Excessive Internet Price interview

In 2000, Eu Yan Sang was listed on the Singapore inventory change. The yr after, it purchased over US model Exilir, identified for its well being tonic and teas, and Australia’s YourHealth model.

Richard later stepped down as CEO in 2007 and assumed the chairman function of Eu Yan Sang Worldwide Ltd.

The model delisted from the Singapore Change in 2016, and the bulk possession of Eu Yan Sang got here to relaxation with a consortium consisting of the Eu household, Temasek, and personal fairness agency Tower Capital.

Pairing Conventional Knowledge With Trendy Practices

Eu Yan Sang Singapore
Picture Credit score: Eu Yan Sang

When the time period ‘TCM’ is talked about, many have a tendency to consider dingy, dimly-lit medical halls promoting conventional herbs.

Nevertheless, Eu Yan Sang’s retail shops are fairly the alternative. In addition to, Eu Yan Sang prides itself on its skill to carefully combine science and know-how into its merchandise and choices.

Because the 1990s, Eu Yan Sang has continuously innovated, incorporating modernisation into its merchandise.

For instance, the model has developed its personal ginseng tea baggage, pre-packed TCM soup system, and bottled fowl’s nest.

In 2009, Eu Yan Sang established Singapore’s first TCM laboratory with Nanyang Polytechnic.

It has additionally partnered organisations like NUS College of Drugs and Parkway Most cancers Centre to publish scientific papers on the interactions between TCM and Western drugs.

From Dying Commerce To Family Identify

Although many as soon as thought that TCM was a dying commerce, it appears to be the alternative, as seen from Eu Yan Sang’s regular progress over the previous century and extra.

In 2018, the group earned a revenue of S$39 million, with revenues slightly below S$300 million.

Moreover, the corporate has managed to construct up a very good fame for itself as a number one TCM model, and gained the belief of most people.

In case your buyer base believes in your identify and fame, that you’d do proper by them, a minimum of that’s the idea of a very good relationship.

It’s most likely stronger than saying I can promote you one thing cheaper, or I’ve the most recent know-how.

Richard Eu, Chairman of Eu Yan Sang Worldwide Ltd in a Excessive Internet Price interview

Featured Picture Credit score: Eu Yan Sang

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