BEIJING, CHINA--(Marketwired - Jan 17, 2014) - Medical Care Technologies Inc. (OTC Pink: MDCE), a healthcare company providing information technology systems and family healthcare services in China, is pleased to report on its strategic and operating actions it is taking to drive short and long-term growth.
Medical Care Technologies Inc. is well positioned to profit from the rising demand for clinical services as Hong Kong's population rapidly ages. According to the Hong Kong Government, Secretary for Food and Health, Mr. Ko Wing-Man said earlier in 2013 that the proportion of elderly people in the Hong Kong population would rise from 1 in 8 currently to 1 in 4 by 2030. The aging population and the development of what are known as Western diseases, such as type 2 diabetes, cardiovascular diseases, breast cancer, allergies, and mental health problems are positioned to drive medical needs (China's 2013 Life Sciences Industry Outlook and Regulatory Review). The Company's recently announced strategies are expected to address these needs.
With our extensive business network connections, both in China and in Hong Kong, Medical Care Technologies Inc. will refocus its efforts, first in the Hong Kong market as we commercialize our leading-edge medical software technologies and integrated healthcare medicine know-how. The government predicts that Hong Kong's total health-care spending will grow from 5.3 % of gross domestic product (GDP) last year to 7.5% in 2020 and to 9.3% of GDP by 2030.
Having a robust and sustainable healthcare system will become increasingly important as China's population ages and urbanizes. The health services industry is also expected to contribute to the transformation and upgrading of China's economy, which has seen slower growth in recent years. The industry will amount to RMB 8 trillion by 2020, or around 10% of China's GDP, making it one of the country's pillar industries (Roland Berger, China Healthcare Outlook 2014).
"We're taking significant and decisive action to make Medical Care Technologies Inc. a more competitive company, better positioned to drive innovation and, subsequently growth," said James S. Lau, Chief Executive Officer and President of the Company. "We're pleased that we are refocusing our efforts on strategies to help meet the demand needed in China's healthcare industry, and we are moving ahead to build on this momentum to make Medical Care Technologies Inc. a more progressive company focused on the best opportunities to create value and advance global health," he added.
About Medical Care Technologies Inc.
Medical Care Technologies Inc. is traded under the symbol MDCE on the OTC Markets and is headquartered in Beijing, China. MDCE, through joint ventures or Chinese subsidiaries, develops a network of family and children's health facilities in the larger urban areas throughout China. Services are geared towards the advancing economic middle-class Chinese families. MDCE's role is to enhance the overall well-being of the family and community and to expand its healthcare services to include preventative health and wellness education. MDCE's main mission is simple -- to become a healthcare service provider leader in family and children's health. Information on the Company can be found on the Company's website at www.medicaretechinc.com.
Safe Harbor Statement
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: MDCE's products, services, capabilities, performance, opportunities, development and business outlook, guidance on our future financial results and other projections or measures of our future performance; the amount and timing of the benefits expected from strategic initiatives and acquisitions or from deployment of new or updated technologies, products, services or applications; and other potential sources of additional revenue. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: lack of operating history, transitioning from a development company to an operating company, difficulties in distinguishing MDCE's products and services, ability to deploy MDCE's services and products, market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet, information technology and healthcare and pharmaceutical industries, and our ability to attract and retain qualified personnel. Other risks and uncertainties may include, but are not limited to: lack of or delay in market acceptance and fluctuations in customer demand, dependence on a limited number of significant customers, reliance on third party vendors and strategic partners, ability to meet future capital requirements on acceptable terms, continuing uncertainty in the global economy, and compliance with federal and state regulatory requirement. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.