With a $200,000 economic development loan from Sussex County, the owner of Tech World Medicals in Milford plans to expand his business to provide a product to a national pharmaceutical firm.
CEO James Liu said his company has inked a contract with CVS Pharmacy to supply its AsthmaCare kit in more than 7,000 stores nationwide. Liu said CVS is expecting delivery by Feb. 28, 2013, with half of the inventory ready to be shipped.
He said he is meeting with Walgreens officials in January.
The company's products – dealing with asthma, cold, pain and sore throat care for adults and children – are currently sold online at techworldcorp.com and available in some retail outlets.
At its Dec. 11 meeting, Sussex County Council approved the loan based on the recommendation of its economic development loan committee. Among the conditions of the 1 percent, 10-year loan are guarantees that Tech World hire up to 30 new employees over the next few years.
Liu, who has authored several books on colds and asthma, said his company was incorporated in 1998. He received his medical degree at Shandong University School of Medicine in China and his doctorate at Pennsylvania State University. His first of 14 patents was for the company's NasalCare product, which was used to treat New York City firefighters who responded to the Twin Towers on Sept. 11, 2001, following the terrorist attacks.
NasalCare irrigation system won the Best Product Award at the 2010 North American Cough & Cold Allergy Conference.
Liu has been an inventor and an entrepreneur for 14 years, after serving as a medical investigator for more than 10 years. Prior to founding Tech World, Liu worked at Abbott Laboratories, Pennsylvania State University and Shandong University.
Liu has taken an interest in developing cost-effective products for improving people's quality of life. When he realized that there was no drug or vaccine for treating or preventing a number of common, infectious, respiratory diseases, he pioneered nasal irrigation in 1997. Research shows the use of NasalCare reduces flu symptoms by up to a week and reduces cold symptoms by up to four days.