SHANGHAI, Oct. 15, 2020 /PRNewswire/ — On September 24, 111, Inc. (NASDAQ: YI) (“111”) and Shanghai Uniondrug Info Expertise Co., Ltd (“Shanghai Uniondrug”) formally signed a strategic partnership settlement (the “Settlement”). The 2 firms will share assets and leverage every firm’s experience to construct a multiple-layer partnership overlaying numerous fields. They are going to collectively promote industrial insurance coverage innovation and explorations in oncology drug retail and diversified healthcare companies, and supply built-in options for pharmaceutical firms, together with progressive funds options, affected person administration, physician and affected person schooling, and providing environment friendly and handy entry to remedy and different healthcare merchandise.
Beneath the Settlement, the 2 firms will leverage their benefits to advertise the event of an built-in ecosystem connecting pharmaceutical firms and insurers to decrease the price of drugs whereas enhancing the market atmosphere of pharmaceutical firms and pharmacies. Extra importantly, this Settlement will assist cut back the fee burden of remedy for sufferers whereas additionally offering sufferers with the flexibility to acquire high-quality medication and healthcare merchandise from a trusted supply, in a way that’s handy for them.
Dr. YU Gang, Co-founder and Government Chairman of 111, commented that with the federal government implementing a collection of reform insurance policies, together with “limiting the proportion of medication in whole hospital bills”, “zero mark-up for medicine”, and “volume-based procurement”, there was steady outflow of prescriptions and drugs merchandise from public hospitals to on-line and offline pharmacies. These coverage adjustments have ushered in a brand new period for the web healthcare trade and introduced forth monumental market alternatives. Sooner or later, the corporate will proceed its patient-centric focus and construct China’s largest digitally-enabled, on-line and offline built-in healthcare platform. As well as, 111 will proceed to companion with main trade gamers like Shanghai Uniondrug to empower contributors within the healthcare ecosystem, together with docs, pharmacies, hospitals, pharmaceutical firms, drug distributors, and insurance coverage firms by expertise that can maximize worth and fulfill the mission of digitally connecting sufferers with medication and healthcare companies.
Mr. ZHENG Xiaozhen, Founder and Chairman of Shanghai Uniondrug Info Expertise, stated that as knowledgeable industrial insurance coverage operator within the healthcare sector in China, Shanghai Uniondrug has been exploring and selling industrial insurance coverage innovation within the pharmaceutical and well being administration sectors. Sooner or later, Shanghai Uniondrug intends to companion with extra firms equivalent to 111 to proceed to advertise and foster improvements to the pharmaceutical retail trade chain and the healthcare trade.
About Shanghai Uniondrug Info Expertise
Shanghai Uniondrug Info Expertise is a number one expertise platform connecting industrial insurance coverage to healthcare and different healthcare situations in China, striving to advertise the launch of service-style declare settlement at retail pharmacies and within the healthcare area. Shanghai Uniondrug Info Expertise has launched cooperation with over 100 establishments of home main insurance coverage firms together with PICC, China Life, CPIC, China Insurance coverage, China Taiping and Huaxia Insurance coverage. In 2019, the industrial insurance coverage settlement scale on the platform of Shanghai Uniondrug Info Expertise reached almost RMB 2 billion. The platform has had 850 chain drugstores related, overlaying roughly 100,000 pharmacies in 29 provinces throughout the nation.
111, Inc. beforehand entered into in-depth cooperation with insurers like TK.CN, MSH China and Manulife-Sinochem on sufferers buy of medicines and customised insurance coverage.
About 111, Inc.
111, Inc. (NASDAQ: YI) (“111” or the “Firm”) is a number one digital healthcare platform dedicated to digitally connecting sufferers with healthcare services in China. The Firm supplies customers with higher entry to pharmaceutical merchandise and healthcare companies instantly by its on-line retail pharmacy, 1 Drugstore, and not directly by its offline digital pharmacy community. The Firm additionally provides on-line healthcare companies by its web hospital, 1 Clinic, which supplies customers with cost-effective and handy on-line session, digital prescription service, and affected person administration service. As well as, the Firm’s on-line wholesale pharmacy, 1 Drug Mall, serves as a one-stop store for pharmacies to supply an enormous choice of pharmaceutical merchandise. With the biggest digital pharmacy community in China, 111 permits offline pharmacies to raised serve their clients with cloud-based companies. 111 additionally supplies an omni-channel drug commercialization platform to its strategic companions, which incorporates companies equivalent to digital advertising, affected person schooling, knowledge analytics, and pricing monitoring.
For extra info on 111, please go to: http://ir.111.com.cn/.
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GCM Strategic Communications
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SOURCE 111, Inc.