SHANGHAI, Oct. 15, 2020 /PRNewswire/ -- On September 24, 111, Inc. (NASDAQ: YI) ("111") and
Shanghai Uniondrug Information Technology Co., Ltd ("Shanghai
Uniondrug") officially signed a strategic partnership agreement
(the "Agreement"). The two companies will share resources and
leverage each company's expertise to build a multiple-layer
partnership covering various fields. They will jointly promote
commercial insurance innovation and explorations in oncology drug
retail and diversified healthcare services, and provide integrated
solutions for pharmaceutical companies, including innovative
payments solutions, patient management, doctor and patient
education, and offering efficient and convenient access to
medication and other healthcare products.
Under the Agreement, the two companies will leverage their
advantages to promote the development of an integrated ecosystem
connecting pharmaceutical companies and insurers to lower the cost
of medications while improving the market environment of
pharmaceutical companies and pharmacies. More importantly, this
Agreement will help reduce the cost burden of medication for
patients while also providing patients with the ability to obtain
high-quality medicine and healthcare products from a trusted
source, in a manner that is convenient for them.
Dr. YU Gang, Co-founder and Executive Chairman of 111, commented
that with the government implementing a series of reform policies,
including "limiting the proportion of medicine in total hospital
expenses", "zero mark-up for drugs", and "volume-based
procurement", there has been continuous outflow of prescriptions
and medication products from public hospitals to online and offline
pharmacies. These policy changes have ushered in a new era for the
online healthcare industry and brought forth enormous market
opportunities. In the future, the company will continue its
patient-centric focus and build China's largest digitally-enabled, online and
offline integrated healthcare platform. In addition, 111 will
continue to partner with leading industry players like Shanghai
Uniondrug to empower participants in the healthcare ecosystem,
including doctors, pharmacies, hospitals, pharmaceutical companies,
drug distributors, and insurance companies through technology that
will maximize value and fulfill the mission of digitally connecting
patients with medicine and healthcare services.
Mr. ZHENG Xiaozhen, Founder and Chairman of Shanghai Uniondrug
Information Technology, said that as a professional commercial
insurance operator in the healthcare sector in China, Shanghai Uniondrug has been exploring
and promoting commercial insurance innovation in the pharmaceutical
and health management sectors. In the future, Shanghai Uniondrug
intends to partner with more companies such as 111 to continue to
promote and foster innovations to the pharmaceutical retail
industry chain and the healthcare industry.
About Shanghai Uniondrug Information Technology
Shanghai Uniondrug Information Technology is a leading
technology platform connecting commercial insurance to healthcare
and other healthcare scenarios in China, striving to promote the launch of
service-style claim settlement at retail pharmacies and in the
healthcare field. Shanghai Uniondrug Information Technology has
launched cooperation with over 100 institutions of domestic major
insurance companies including PICC, China Life, CPIC, China
Insurance, China Taiping and Huaxia Insurance. In 2019, the
commercial insurance settlement scale on the platform of Shanghai
Uniondrug Information Technology reached nearly RMB 2 billion. The platform has had 850 chain
drugstores connected, covering approximately 100,000 pharmacies in
29 provinces across the country.
111, Inc. previously entered into in-depth cooperation with
insurers like TK.CN, MSH China and Manulife-Sinochem on patients
purchase of medicines and customized insurance.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading
digital healthcare platform committed to digitally connecting
patients with healthcare products and services in China. The Company provides consumers with
better access to pharmaceutical products and healthcare services
directly through its online retail pharmacy, 1 Drugstore, and
indirectly through its offline virtual pharmacy network. The
Company also offers online healthcare services through its internet
hospital, 1 Clinic, which provides consumers with cost-effective
and convenient online consultation, electronic prescription
service, and patient management service. In addition, the Company's
online wholesale pharmacy, 1 Drug Mall, serves as a one-stop shop
for pharmacies to source a vast selection of pharmaceutical
products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to
better serve their customers with cloud-based services. 111 also
provides an omni-channel drug commercialization platform to its
strategic partners, which includes services such as digital
marketing, patient education, data analytics, and pricing
monitoring.
For more information on 111, please visit:
http://ir.111.com.cn/.
For more information, please contact:
111, Inc.
Investor Relations
Email: ir@111.com.cn
111, Inc.
Media Relations
Email: press@111.com.cn
Phone: +86-021-2053 6666 (China)
GCM Strategic Communications
IR Counsel
Email: 111.ir@gcm.international
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SOURCE 111, Inc.