“Entrepreneurship is challenging and fun. The path is not easy. You may encounter more interesting, funny, frustrating, weird and, most of all, educational discoveries along the way.” – Richard Eu
REVOLUTIONISING TRADITIONAL CHINESE MEDICINE
Eu Yan Sang started as a small family business that has grown to become a renowned household brand name in Singapore and across Asia. Although the business is built on Traditional Chinese Medicine (TCM) and marked by centuries of rich heritage and culture, Eu Yan Sang has embraced modern technologies as well as medical research to transform itself in the future economy in recent years. In fact, Mr Richard Eu hopes that TCM will be considered as mainstream medical treatment and be used as complementary medicine in the future.
READY FOR TOMORROW’S CHALLENGES
There is always the challenge of attracting and engaging the millennial generation that may be uncertain about TCM. However, the company has explored new distribution methods such as e-commerce to reach new segments of customers, especially the younger, more tech-savvy consumers. Eu Yan Sang also received funding of up to S$60.4 million from private investors to expand its operations in China in 2016, fuelling the business even further. The company is also looking into advanced technology such as Big Data, Artificial Intelligence, and Personalised Medicine to drive the business forward in the future.
SEEKING SYNCHRONY WITH SCIENCE
Eu Yan Sang expects future trends to shift the practice of modern “scientific” medicine closer to the way that traditional medicine has been practised and will allow the different modalities to work together. The company believes that traditional wisdom, modern science, and technology can be combined to create new and more effective Chinese Proprietary Medicine. The types of diverse programmes that Eu Yan Sang has started include collaborations with reputable institutions, certification schemes, and scientific research.
THEIR FUTURE ECONOMY STORY
Eu Yan Sang has collaborated with various academic institutions including Nanyang Polyclinic and the Chinese University in Hong Kong in the scientific research of TCM to propel the industry forward through innovation.
The company launched an e-commerce website called my LIFE INC. offering a range of healthcare and wellness brands previously unavailable in Singapore, in an effort to acquire a share of the expanding local online retail market.
Eu Yan Sang entered a joint venture with Sichuan Neautus Traditional Chinese Medicine to set up a high-quality TCM decoction pieces (processed herbs) plant, which will make it one of the leading exporters of TCM herbs from China.
The business has plans to expand further in Asia and potentially enter the western markets and eventually all over the world.
Find out more about how you can get ready for the Future Economy below!