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Genetic Technologies Limited Invited by Representatives of the Hainan Government to Discuss Market Entry into ChinaMELBOURNE, Australia, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Representatives of the Hainan Government - Hainan Ecological Smart City Group (“HESCG”), a Chinese industrial park development & operations company have formally invited Genetic Technologies Limited (“GTG”) to visit the Hainan Medical Pilot Zone to conduct a formal review and discuss opportunities for market entry into China via the Hainan Free Trade Zone initiative. The invitation was extended to GTG via Beijing Zishan Health Consultancy Limited (“Zishan”), demonstrating the potential for growth presented by the proposed Joint Venture between the parties (as announced to the market on 16 August 2018). The Hainan Boao Lecheng International Medical Tourism Pilot Zone is a world-leading green city project which integrates medical services, wellness, pharmaceuticals, scientific research, rehabilitation, senior care, and tourism in an area dedicated to energy conservation and environmental protection. It is located at the eastern side of Hainan Province (an island located off the coast of Southern China). Participants in the Hainan Medical Pilot Zone gain access to the Chinese healthcare market with an estimated value in excess of US$800B. Discussions with HESCG form part of an official review process to evaluate the feasibility of offering GTG’s suite of genetic risk assessment tests into China through the Hainan Medical Pilot Zone. Companies approved to operate in China as part of the Hainan Free Trade Zone Initiative can take advantage of significant tax benefits, subsidies and investment. Hainan Province offers unique advantages to approved foreign companies, including:
With a growing clinical market and increased government investment in health-related technology, China is poised to become one of the largest global markets for genomic testing. The invitation from represntatives of the Hainan Government represents a significant opportunity for GTG to advance the adoption of genetic risk assessment tests in the region. Dr Paul Kasian, Genetic Technologies’ Chairman commented: “We are honoured to receive this invitation from representatives of the Hainan government to discuss how we can participate in the Medical Pilot Zone. We are grateful to Zishan for creating this opportunity for us and look forward to contributing to the Healthy China 2030 initiative through genetic screening for the early detection of disease.” FOR FURTHER INFORMATION PLEASE CONTACT
About Genetic Technologies Limited Genetic Technologies is developing a pipeline of risk assessment products including a novel colorectal cancer (CRC) test. For more information, please visit www.gtgcorporate.com About Beijing Zishan Health Consultancy Ltd Safe Harbor Statement |