Zhejiang Fonow Medicine Ltd. is a high-tech private industrial-type enterprise specializing in the research and development of pharmaceuticals, health care products and cosmetics. The predecessor of the company can be traced back to 1993 when several like-minded company founders established "Wuning Joint Biotechnology Research Institute, Dongyang". In December 2002, in order to meet the needs of the national new drug development research and drug registration policy adjustment, the company's founders jointly funded the re-registration under the name of "Dongyang City Rishengchang Biotechnology Co., Ltd.". In August 2004, "Dongyang City Rishengchang Biotechnology Co., Ltd." introduced a small number of shareholders, after the capital increase and share expansion, changed its name to "Zhejiang Reachall Pharmaceutical Co., Ltd." with a registered capital of 15 million yuan. In December 2018, after the introduction of private equity funds and investors, the company was formally converted into a joint-stock company, renamed "Zhejiang Fonow Medicine Co. Ltd."

The company's leadership has been in the field of drug research and development and production for nearly 30 years, with rich experience in drug research and development and production management, and was the first research and development of recombinant genetically engineered drug α-interferon in China, and successfully brought this product with independent intellectual property rights to the market, which was officially launched in China in 1997. In 2006, the company's self-developed exclusive domestic skin anti-infection drug "Fu Nuo" Compound Polymyxin B Ointment was approved for marketing - "State drug license list No. H20061269" and sold in the domestic market. In 2009, the company's first OEM-made "Triple Antibiotic Ointment" was launched in the US market. In 2010, the company's self-developed "Hydroquinone" API was approved for marketing - "State drug license list No. H20103706". In 2011, the company's "Antifungal Cream" was launched in the US again. At present, another important product of the company, "Weifukun Cream", has entered clinical research. Since the completion of preclinical research in 2006, after more than 10 years of unremitting efforts, it has finally entered clinical trials again and is expected to be marketed and sold soon.

At present, the company's "Fu Nuo" Compound Polymyxin B Ointment began in 2008 with annual sales of 40,000 units, the sales volume increased by more than 200% year by year. 2012, the company achieved sales income of 50 million yuan, taxation of more than 3 million yuan. Starting with tax payment of more than 10 million yuan in 2013, by the end of 2018, the cumulative tax paid 120 million yuan, bringing great economic benefits to society and the country.