First Quarter Business Resultsfor Fiscal 2021

August 6, 2021
Director, and CFO

Muneki Handa

1

First Quarter Business Results for FY 2021
（ Million yen ）FY 2020
1Q

FY 2021
1Q

YoY
Amount Change

1H
FY 2021plan

28,396

31,771＋3,375＋11.9％

59,400

Domestic

27,41329,513＋2,100＋7.7%55,500Overseas

982

2,257

＋1,274＋129.7%

3,900

＋494

＋8.7％

Net sales

Operatingprofit

5,657

6,152

(19.9％)(19.4％)

Ordinary
profit

5,674

7,247

＋1,572＋27.7％

9,000

Profitattributable

4,016

5,389

＋1,372＋34.2％

6,900(Operating profit
margin)Ratio to total sales

Prescription Kampo
Products

89.3%

8,700
(14.6％)

to owners of parent

Other prescription
pharmaceuticals
0.4%
Healthcare
2.4%
External sales by
consolidated subsidiaries
7.9%* The 2020 results have been rearranged to the amount after applying the PPA adjustment and new accounting revenue recognition standards.

2■First Quarter Business Results for Fiscal 2021
Page 2 is an overview of our first quarter business results in FY 2021.
As you can see, net sales and profit rose year-on-year.
Net sales totaled ¥31,771 million, a growth of 11.9% year-on-year.
Operating profit reached ¥6,152 million, an increase of 8.7% year-on-year.
Ordinary profit came to ¥7,247 million, a rise of 27.7% year-on-year.
Quarterly net profit amounted to ¥5,389 million, an improvement of 34.2% year-onyear.
The operating profit margin was 19.4%, a decline of 0.5pts year-on-year.

2Key Points in Performance
Net sales and profits increased year on year, caused by increase ofdomestic and overseas sales.

Net sales

31,771

million yen

YoY＋11.9％◼

Domestic sales were 29,513 million yen. Overseas sales were 2,257 million yen.

◼

Sales of the 129 prescription Kampo products increased 7.8% year-on-year.

◼

Sales of healthcare products including OTC Kampo medicines increased 12.0% year-on-year.

Operating profit

6,152

Operatingprofit margin19.4

million yen

YoY

＋8.7％

％

YoY

(0.5)pt◼

The cost-to-sales ratio was 48.2%, a rise of 0.8pt year-on-year. The increase in the cost-to-sales ratio
reflects impact from external sales in China.

◼

The SG&A ratio totaled 32.5%, a decline of 0.2pt year-on-year.

Ordinary profit
◼

7,247

million yen

YoY＋27.7％

YoY＋34.2％

Impact of foreign exchange gain of 836 million yen.

Profit attributable toowners of parent

5,389

million yen

3■Key Points in Performance
Page 3 covers key points in performance.
Net sales totaled ¥31,771 million. This breaks down to domestic sales of ¥29,513
million and overseas sales of ¥2,257 million.
Sales of the 129 prescription Kampo products increased 7.8% year-on-year.
Sales of healthcare products including OTC Kampo medicines, increased 12.0%
year-on-year owing to brisk store and online sales.
The cost-to-sales ratio was 48.2%, a rise of 0.8pts year-on-year, reflecting impact
from external sales in China.
The SG&A ratio was 32.5%, a decline of 0.2pts year-on-year.
Ordinary profit increased 27.7% year-on-year, but this was mainly attributable toforeign exchange gain.

3

Factors Triggering Changes in Operating Profit (YoY)( Million yen )（ Million yen ）Changes in sales : Breakdown(241)+1,775

Domestic＋1,105

Overseas＋670

Changes in cost-to-sales ratio: Breakdown(1,039)

Sales composition（Domestic）

6,152
5,657
Profit impact due Profit impact from
1Q FY 2021
1Q FY 2020
Profit impact due
to changes in cost- changes in SG&A
Operating profit
Operating profit to changes in sales
to-sales ratio
expenses＋31

Crude drug-related cost
（Domestic）＋127

Outside sales in China（Overseas）(399)

C hang e s in SG& A e x p e ns e s : Bre akd own

Sales-related expense(373)

R&D expense(143)

Traveling expense

(136)

Other

(387)
4

■Factors Triggering Changes in Operating Profit (YoY)
Page 4 features factors triggering changes in operating profit. I will explain the key
points of our performance.
Operating profit was ¥6,152 million, a rise of ¥494 million year-on-year.
Impact owing to an increase in sales was around ¥1,700 million. Here you can see a
breakdown of domestic and overseas sales.
Impact owing to an expansion in our cost-to-sales ratio was a negative ¥200 million.
Although crude drug-related costs declined, there was impact from external sales in
the overseas and China Businesses.
Impact from a rise in expenses was a negative ¥1,000 million.
There was also impact mainly from a rise in sales promotion cost in tandem with an
expansion in sales, and an increase in R&D expense.
Note that in the statement of income used for comparison, the figures are PPA
adjusted.
Operating profit in the first quarter of FY 2020 declined ¥75 million after being
adjusted for PPA items.

4

Financial Condition/Cash Flow Position（ Million yen ）

68.3％

68.4％

0.1pt

FY 2020

FY 2021
1Q

Total liabilities
Current liabilities
Non-current liabilities

Inventories
Merchandise andfinished goods
Work in process
Raw materials andsupplies

80,755
13,93913,39653,41984,471
10,194
14,33659,940Change3,716(3,744)

939
6,521

(23)

596

Cash and cash equivalents at
beginning of period(March 2021)

(31)

＋17

592

Cash and cash
equivalents at end of
periodEquity ratio

Current assets
Non-current assets+33

Impact of exchange ratetranslations

7,892
6,764
1,128
1,123
1,653
(530)
6,769

Financing activities

326,956
211,038
115,918
87,01750,03436,983239,938

Total assets（ Hundred million yen ）ChangeInvesting activities

Total net assets

319,063204,273
114,789
85,894
48,38037,513
233,169

FY 2020

Operating activities(March 2021)

FY 2021
1Q

5■Financial Condition & Cash Flow Position
Page 5 covers our financial condition and cash flow position. I will also only explain
the pertinent points here.
In comparison with the end of the previous fiscal year, current assets increased
approximately ¥6.7 billion, which included a rise in inventory of about ¥3.7 billion.
There was a growth of around ¥6.5 billion in raw materials and supplies.
This was primarily attributable to an expansion in the procurement of major crude
drugs.
Current liabilities rose approximately ¥1.6 billion versus the end of the previous fiscal
year, chiefly reflecting an increase in notes and accounts payable, and despite adecrease primarily in accrued corporate tax.
Non-current liabilities declined about ¥500 million in contrast with the end of theprevious fiscal year.
Our equity ratio improved 0.1 points to 68.4%.

The waterfall chart on the right illustrates the upward trend in our cash flow
performance.

5

COVID-19-related Symptoms and Prescription opportunities
Diseases for which prescription
opportunities have increased+560 million yen

Skin diseases

Psychiatric disorders

Dizziness

Acne and dermatitis due to theuse of masks

Anxiety and insomnia
accompanying a change in theexternal environment

Dizziness due to physical andpsychiatric disorders

Keishibukuryogankayokuinin
Jumihaidokuto
Seijobofuto
Keigairengyoto

Kamishoyosan
Kamikihito
Hangekobokuto
Yokukansankachimpihange,
etc.

Hangebyakujutsutenmato
Ryokeijutsukanto(Goreisan)*Total sales for six formulations

Hozai
Prescription group, including Kampo used to treat a deteriorationin health conditions, including post-illness fatigue, loss of appetiteand decline in stamina

Hochuekkito

Diseases for whichprescription
opportunities havedecreased(¥110 million)
Common cold-related
Decrease in the number of
respiratory disease patients due
to infection prevention
measures

Kakkonto
Shosaikotokakikyosekko
Maobushisaishinto
Bakumondoto
Maoto
Chikujountanto
Kikyoto, etc.

In 1Q, sales grew for
Kampo prescribed totreat dizziness*Goreisan prescription opportunities
are also increasing for treatment inareas other than dizziness therefore
it has been excluded from the basisof calculations

Total sales for 12 formulations

Juzentaihoto
6■COVID-19 Related Symptoms and Prescription Opportunities
Page 6 details COVID-19-related symptoms and prescription opportunities.
Of the ongoing COVID-19-related symptoms that we showed, the following are
diseases for which prescription opportunities fluctuated in 1Q.
Reflecting a change in the external environment and the use of masks, prescription
opportunities continued to grow for psychiatric disorders and skin diseases.
Also, prescriptions, which are referred to Kampo medicine supplements, used to treat
deterioration in health conditions, including post-illness fatigue and decline in stamina,
continued to grow.
A feature of 1Q was the brisk demand for prescriptions issued to treat dizziness dueto physical and psychiatric disorders.
We calculate the positive impact from an increase in prescription opportunities to be¥560 million.
Meanwhile, common cold-related prescriptions declined due to the enforcement of
measures to prevent the spread of infections.
We calculate the negative impact from a decrease in prescription opportunities to be¥110 million.

6

Comparison with the prescription pharmaceutical market（ YoY・ Drug price basis ）Overall
FY 2020

FY 2021

7.9%

8.0%

1.4%

4.0%

2.2%

1.2%

1.5%

0.0%
△4.0%

(2.5)%(1.9)%(1.0)%

3Q

4Q

1Q

2Q

FY 2020
10.0%

3.4%

2.3%

0.0%
△5.0%

(5.4)%(3.3)%(3.0)%△10.0%

4.8%

6.0%

1.6%

0.0%

(1.6)%△3.0%(1.7)%

△6.0%
1Q

2Q

3Q

4Q

FY 20213.0%

0.6%(3.2)%FY 2020

FY 2021

9.0%
1.8%

1Q

Hospitals

General clinics

2.1%＋5.4pt(5.1)%

△8.0%

5.0%

Gap withmarket2.5%

1Q(1.4)%

3.2%(0.3)%(2.4)%(2.0)%(4.8)%
1Q

2Q

3Q

4Q

1Q

Copyright © 2021 IQVIA. Estimated based on IQVIA JPM Apr.2019-Jun.2021. Reprinted with permission

7■Comparison with the Prescription Pharmaceutical Market
Page 7 features a comparison with the prescription pharmaceutical market.
The year-on-year growth rate on an NHI drug price basis was a positive 7.9% for
Tsumura in the overall market, a positive gap of 5.4 points above the market.
Looking at each market sales channel, sales to general practitioners (GP) rose 9%.
This was substantial growth compared with market trends.
Meanwhile, in sales to hospitals (HP) rose 3.2%.
Although this was a recovery trend, the results underperformed in comparison withmarket trends.

7Sales of Drug-fostering Program Formulations/Growing
Formulations（ Million yen ）Netsales Product No./formulation nameRanking

FY 2020
1Q

FY 2021
１Q

YoY

Ratio to total sales

Drug-fostering
program formulations

1

100

Daikenchuto

2,385

2,430

＋45

＋1.9%

2

54

Yokukansan

1,779

1,872

＋93

＋5.2％

4

43

Rikkunshito

1,665

1,770

＋104

＋6.3％

8

107

Goshajinkigan

820

888

＋68

＋8.3％

23

14

Hangeshashinto

313

345

＋32

＋10.2％

6,965

7,308

＋342

＋4.9％

Hochuekkito

1,766

1,818

＋52

＋3.0％

Total sales for drug-fostering program formulations

5

17

Goreisan

1,032

1,297

＋265

＋25.8％

624

Kamishoyosan

1,042

1,205

＋162

＋15.6％

7

68

Shakuyakukanzoto

1,131

1,201

＋70

＋6.2％

10

29

Bakumondoto

812

806

(5)

(0.7)％

Total sales for growing formulations

5,785

6,330

＋545

＋9.4％

Total sales for 119 formulations other than drug-fostering
program and growing formulations

13,582

14,739＋1,156＋8.5％

Total sales for 129 prescription Kampo products

26,332

28,377＋2,044＋7.8％

Growing formulations

3

41* The 2020 results have been rearranged to the amount after applying new accounting revenue recognition standards.

129
prescription

Drug-fostering program
formulations

25.8%
Growing formulations

22.3%

119 formulations other thandrug-fostering program andgrowing formulations

51.9%

8

■Sales of Drug-fostering Program/Growing Formulations
Page 8 outlines sales of drug-fostering program formulations and growing
formulations.
Sales of the 129 prescription Kampo products totaled ¥28,377 million, a rise of 7.8%
year-on-year.
Sales of drug-fostering program formulations came to ¥7,308 million, a growth of
4.9% year-on-year.
Sales of growing formulations came to ¥6,330 million.
This was an increase of 9.4% year-on-year, as we were able to offset the negative
growth in sales of Bakumondoto.

8Three Important Domains of Sales Activities◼

Positioned geriatric health; cancer (supportive care) and women’s health as the three important domains andaim to concentrate our activities in these domains◼

We plan to deploy a sales approach in the drug-fostering program formulations, growing formulations andthree important domains

Psychiatric andneurological disorders
D

Digestive systemdiseases

Respiratory diseases

G Bakumondoto

Yokukansan

D

Rikkunshito+ related
formulations

D

Daikenchuto

G

Peripheral symptoms forcirculatory disorders

G

Goreisan+ related
formulations(supportive care)

Women’shealth domain

Mitigation of side effects, etc.

Diseases specific to womenCancer domain

Geriatric health domain+ related
formulations

Hochuekkito+ related
formulations

D

Rikkunshito

D

HangeshashintoD

Goshajinkigan

G

Kamishoyosan+ related
formulations+ related
formulations

Peripheral symptoms
for frailty
D

G

Other diseases and symptoms

Goshajinkigan
Hochuekkito

D

Daikenchuto

G

Goreisan+ related
formulations+ related
formulations

D

Drug-fostering program formulations

G Growing formulations

9■Three Important Domains in Sales Activities
The three important domains in sales activities are shown on page 9.
As we have done thus far, we are continuing to implement activities that focus
primarily on drug-fostering program and growing formulations mainly in geriatrichealth, cancer (supportive care) and women’s health, our three important domains.
In the domain of geriatric health, as a key measure carried out from FY 2020, we are
newly adding the fields of peripheral symptoms for circulatory disorders andperipheral symptoms for frailty owing to substantial market needs.
In May 2021, we intensively conducted Web lectures based on the theme of frailty
and distributed video content. 18,000 physicians viewed the Web lectures.

9Tsumura website (site for medical practitioners)
Tsumura medical website for learning about Kampo, offering 24 hours access

Expand access by medical practitioners

 Explanations on the proper use of Kampo
 Also Western medicine-type, easy-to-use
explanations

 Access to online lectures available
 Abundant video contents
10■Tsumura Website (for medical practitioners)
Page 10 covers our website.
From April 1, 2021, we implemented the broad renewal of the Tsumura website for
medical practitioners.
We have established an environment where physicians can learn about Kampo
medicine anytime, including an environment for learning about Kampo medicine
throughout their lifetime, an environment for learning about Kampo via videos, and an
environment for listening to live streaming of online lectures.

10

Overseas sales（External sales in China）（ Million yen ）FY 2020

FY 2021

1Q

982

2,257

Full year

6,360

8,800

Raw material
crude drugs

drug pieces（forecast）
raw ginseng

Yakushokudogenproducts

11■Overseas Sales (External Sales in China)
On page 11, we will discuss overseas sales.
Overseas sales in 1Q totaled ¥2,257 million.
In China, Tsumura is expanding external sales mainly for raw material crude drugs,
drug pieces, ginseng and Yakushokudogen products.
In 1Q, overseas sales substantially grew in contrast with the same period a year
earlier.
This was primarily attributable to impacted economic activities in China in 1Q 2020
(January-March 2020), including restrictions on going outside due to the spread of
COVID-19.
Our forecast for overseas sales in FY 2021 is ¥8.8 billion.

11

FY 2021 Earnings Forecast（ Million yen )FY2020 results

Net sales

FY2021 forecast

Vs. FY 2020
AmountGrowth116,413

122,500+6,086+5.2%

Domestic

110,053

113,700＋3,646＋3.3％

Overseas

6,360

8,800

＋2,439＋38.4％

Operating profit

19,382

19,500

+117

+0.6%

Ordinary profit

20,86620,000(866)(4.2)%

Profit attributable to15,332

14,200(1,132)(7.4)%

owners of parent

FY2020 results
Dividend

FY2021 forecast

￥64

￥64

EPS

¥200.4¥185.6

ROE

7.2%

6.4%

(per share)* The 2020 results have been rearranged to the amount after applying the PPA adjustment and new accounting revenue recognition standards.
(Note) The above forecasts were prepared based on the information available as of the date of publication of this presentation. Accordingly, the impact of risks that cannot be predicted at this time, including the impact on socio-economic
activities from the further spread of COVID-19, have not been factored in. Actual earnings performance may differ from the forecasts stated herein owing to various factors going forward. We will disclose trends and conditions in a timely
and proper manner should there be any changes in the circumstances surrounding our company.

12■FY 2021 Earnings Forecast
On page 12, we discuss our FY 2021 earnings forecast.
We forecast net sales of ¥122.5 billion, a growth of approximately ¥6.0 billion yearon-year, operating profit of ¥19.5 billion, ordinary profit of ¥20.0 billion, profit
attributable to owners of parent of ¥14.2 billion, and an ROE of 6.4%.
The level of this earnings forecasts indicates we can achieve the numerical targets in
our Third Medium-term Management Plan, for which FY 2021 is the final year of theplan.
However, as with FY 2020, we will make a timely and proper disclosure in the eventthat conditions change, including impact from COVID-19.

12

Shareholder Returns
Policy◼ We aim to improve our corporate value by continually expanding our Kampo businessand through growth investments in the China business, and by building foundations.
Accordingly, we plan to implement stable dividends, taking into account factors such as
medium/long-term profit levels and cash flow conditions.
45 .0 %

100

80

28.4%

32.1%

35.9% 35.7%

31.9% 33.5%

35.6%
31.9％

34.5％

35 .0 %

25.0%

30 .0 %

60

40

40 .0 %

25 .0 %

32

32

32

32

32

32

32

32

32

32

15 .0 %

20

From Oct. to Mar.

20 .0 %

From Apr. to Sept.

10 .0 %

30

32

32

32

32

32

32

32

32

32

0

5. 0%

Dividends payout ratio

0. 0%

2012

2013

2014

2015

2016

2017

2018

2019

forecast
2020 2021
2021

Note: The FY 2021 year-end dividend and payout ratio (forecast) are an estimate based on the assumption that thedividend resolution is approved at the 86th Ordinary General Meeting of Shareholders.
13■Shareholder Returns
We will cover shareholder returns on page 13.
We still aim to improve our corporate value by continuing to expand our Kampo
business, through growth investments in the China business, and by building
foundations.
Accordingly, in line with our basic policy to improve corporate value, we plan toimplement stable dividends, taking into account factors including medium/long-term
profit levels and cash flow conditions.
We are targeting an annual dividend of ¥64 and a payout ratio of 34.5%, reflecting thepreviously discussed earnings forecast.
This ends my presentation. Thank you for listening.

13Inquires about these materials
Corporate Communications Dept.

Investor Relations Groupinvestor_madoguchi@mail.tsumura.co.jp
Cautionary items regarding forecasts⚫ The materials and information provided in this presentation contain so-called forward-looking statements.
Readers should be aware that the realization of these statements can be affected by a variety of risks anduncertainties and that actual results could differ significantly.
⚫ Changes in Japan or other foreign countries related to healthcare insurance systems or regulations set by
medical treatment authorities on drug prices or other aspects of healthcare or in interest and foreignexchange rates could negatively impact the Company’s performance or financial position.
⚫ In the unlikely event that sales of the Company’s core products currently on the market be halted or shouldsales substantially decline due to a defect, unforeseen side effect or some other factor, there could be a major
impact on the Company’s performance or financial position.
14

14

appendix

15

FY2021 Forecast (Compared Medium-term Management Plan）
Applying new accounting revenue recognition standards to

The 3 rd Medium-Term Management Plan (2019-2021)
FY2021
Numerical goals

FY2021
Numerical goals
Apply new accounting revenue
recognition standards

FY2021
Forecast
122.5

Net Sales

Over 135.0
billion yen

Over 120.0
billion yen

billion yen

Operating
ProfitOver 19
billion yen

Over 19
billion yen

billion yen

ＲＯＥOver 6 %Over 6 %

6.4%

19.5

16

16

Drug-fostering program formulations andGrowing formulations
Looking at the recent structure of disease, the Company
has selected certain diseases in fields where medical
treatment needs are high that are difficult to treat with
Western drugs and that Kampo products havedemonstrated special efficacy for. The Company will
establish a base of scientific evidence related to treatingthese diseases with Kampo medicine.

A growth driver that aims to be listed in medical
treatment guidelines as a strategic formulation following
the five “drug fostering” program formulations throughthe establishment of scientific evidence (data on safety,
efficacy, etc.) in fields where satisfaction toward
treatment and the contribution of medicine are low.

Drug-fostering program
formulations

Growing formulations

Daikenchuto

Hochuekkito

Yokukansan

Shakuyakukanzoto

Rikkunshito

Bakumondoto

Goshajinkigan

Kamishoyosan

Hangeshashinto

Goreisan1717

China Business Vision and Medium-Term Management Plan

FY2027
FY2020Net sales

about 400
million yuan(about ¥6.3
billion)FY2021
Sales image
Sales forecast
about 520
million yuan(about ¥8.8
billion)Crude drug platform
Raw material crude drugs, drug pieces,
raw ginseng, Yakushokudogen products, etc.

Formulation platform
Traditional Chinese medicine，Classical prescription
Chinese medicine complex formulations, etc.

about

10

billion yuan(about ¥170 billion)

Sales image

3 billion yuan(about ¥51.0 billion)

Sales image

7 billion yuan(about ¥119 billion)
18

18

Crude Drug Platform (drug piece services)
Drug piece services: Processing services to convert drug pieces intoa fluid extract, decoction, and granules(Sales in the online market)

Drug pieces

Drug piece services
Fluid extract

Decoction

Granules19

19

Diagram of Corporate Group Ties & Crude Drug Platform
as of the end of April 2021

Tsumura100％

Tsumura China Inc. established December 2016
56％
100％

100％

63％

Tianjin Tsumura
Pharmaceuticals Co., Ltd.*2
established in March 2018

Shanghai Tsumura
Pharmaceuticals Co., Ltd.
established in July 2001

Ping An Tsumura Inc. established June 2018
80％

51％

Ping An Tsumura
Pharma Inc.*1
equity acquisition in March
2020

97.65％
Shenzhen Tsumura
Medecine Co., Ltd.
established in March 1991
Procurement, selection and processing, andstorage of raw materials for crude drugs andcrude drug pieces (drug pieces)
Raw material crude drugs and crude drug
pieces (drug pieces)
Sales in China

100％

China MEDICO Corporation
equity acquisition in March
2020

Pingcun Zhongying(Hebei)Pharmaceuticals Ltd.
established in June 2019

Procurement, selection and processing,and storage of raw materials for crude
drugs and crude drug pieces (drugpieces)Raw material crude drugs and crude
drug pieces (drug pieces)
Sales in China

Cultivation, procurement,
selection and processing, andstorage of raw materials for
crude drugs

Manufacturing of Kampo
powdered extracts

Formulation platform*1: In August 2020, changed name to Ping An Tsumura
Pharma Inc. from Tianjin China Medico Technology
Co., Ltd.
*2: In April 2021, changed name to Tianjin Tsumura
Pharmaceuticals Co., Ltd. from Tsumura Shengshi

Pingcun (Shenzhen)
Medical Ltd.
established in April 2019Pharmaceutical sales and sales of foodproducts, including raw ginseng andYakushokudogen products

Kampo powdered extracts
Manufacturing oftraditional Chinese medical
products

Pharmaceuticals Co., Ltd.

Crude drug platform

Newly added subsidiaries in and after 201920

20

Scale of the Traditional Chinese Medicine Market in China
Traditional Chinese
medical products

Crude drug pieces

193.3 billion yuan(about ¥3 trillion)(Domestic production value)
about ¥3.5 billion*

FY 2019652 billion
yuan(about ¥10.2 trillion)

458.7 billion yuan(about ¥7.2 trillion)(Domestic production value)
about ¥179.5 billion*

Exchange rate: ¥15.7/yuan(as of the end of December 2019)

Source: National Bureau of Statistics of China, Ministry of Industry and Information Technology (MIIT)*Source: Production statistics, including for Kampo formulations, Japan Kampo Medicine Manufacturers Association

Terminology

Definition

Corresponding terminology for Kampo
medicine(Meanings are not always the same)

Chinese medicine

Medicines used in traditional Chinese medicine (traditional
Chinese medical products, drug pieces, etc.)

Kampo, crude drug pieces, crude drugs

Drug pieces

Same meaning as crude drug pieces, Use as a decoction

Crude drug pieces

Traditional Chinese
medical products

Drugs in the form of granules, pills or other shapes based on thetheories of traditional Chinese medicine(Manufacturing of classicalprescription Chinese medicine
complex formulations )(Drugs in the form of granules, pills or other shapes based on old
traditional Chinese medical books)

Kampo extract formulations, crude drug
production(Kampo extract formulations)21

21