SHANGHAI, Oct. 15, 2020 /PRNewswire/ — On September 24, 111, Inc. (NASDAQ: YI) (“111”) and Shanghai Uniondrug Information and facts Technologies Co., Ltd (“Shanghai Uniondrug”) officially signed a strategic partnership arrangement (the “Settlement”). The two corporations will share assets and leverage each individual company’s abilities to develop a many-layer partnership masking different fields. They will jointly encourage business insurance innovation and explorations in oncology drug retail and diversified health care expert services, and give integrated solutions for pharmaceutical corporations, together with impressive payments solutions, affected person management, physician and patient schooling, and supplying efficient and hassle-free accessibility to treatment and other healthcare merchandise.
Less than the Settlement, the two providers will leverage their positive aspects to endorse the enhancement of an integrated ecosystem connecting pharmaceutical firms and insurers to decreased the price tag of remedies while enhancing the market ecosystem of pharmaceutical companies and pharmacies. Far more importantly, this Arrangement will assistance minimize the expense load of medicine for clients when also giving sufferers with the skill to get higher-high quality drugs and healthcare items from a trusted resource, in a manner that is easy for them.
Dr. YU Gang, Co-founder and Govt Chairman of 111, commented that with the authorities utilizing a collection of reform insurance policies, together with “restricting the proportion of medication in whole hospital expenditures”, “zero mark-up for prescription drugs”, and “volume-based mostly procurement”, there has been continual outflow of prescriptions and treatment goods from public hospitals to on the web and offline pharmacies. These plan modifications have ushered in a new era for the online healthcare marketplace and brought forth enormous current market prospects. In the potential, the organization will continue its client-centric target and establish China’s premier digitally-enabled, on line and offline integrated healthcare system. In addition, 111 will carry on to partner with leading marketplace gamers like Shanghai Uniondrug to empower participants in the health care ecosystem, such as medical practitioners, pharmacies, hospitals, pharmaceutical providers, drug distributors, and insurance policy firms by technology that will optimize value and satisfy the mission of digitally connecting individuals with medication and health care companies.
Mr. ZHENG Xiaozhen, Founder and Chairman of Shanghai Uniondrug Information and facts Technological innovation, said that as a experienced professional insurance coverage operator in the healthcare sector in China, Shanghai Uniondrug has been checking out and marketing commercial insurance innovation in the pharmaceutical and health management sectors. In the upcoming, Shanghai Uniondrug intends to companion with far more companies this sort of as 111 to go on to encourage and foster innovations to the pharmaceutical retail business chain and the healthcare sector.
About Shanghai Uniondrug Info Technology
Shanghai Uniondrug Information and facts Engineering is a primary engineering platform connecting commercial insurance plan to healthcare and other healthcare eventualities in China, striving to advertise the start of company-design and style declare settlement at retail pharmacies and in the healthcare subject. Shanghai Uniondrug Data Know-how has introduced cooperation with more than 100 institutions of domestic big insurance policy firms including PICC, China Lifetime, CPIC, China Insurance policy, China Taiping and Huaxia Insurance coverage. In 2019, the professional insurance settlement scale on the platform of Shanghai Uniondrug Information and facts Technologies arrived at just about RMB 2 billion. The platform has had 850 chain drugstores linked, covering roughly 100,000 pharmacies in 29 provinces across the region.
111, Inc. earlier entered into in-depth cooperation with insurers like TK.CN, MSH China and Manulife-Sinochem on clients buy of medicines and custom made insurance plan.
About 111, Inc.
111, Inc. (NASDAQ: YI) (“111” or the “Organization”) is a foremost electronic health care platform dedicated to digitally connecting sufferers with healthcare products and solutions and expert services in China. The Enterprise supplies individuals with superior obtain to pharmaceutical merchandise and health care expert services right by its online retail pharmacy, 1 Drugstore, and indirectly by means of its offline digital pharmacy network. The Business also features on the net health care providers as a result of its internet hospital, 1 Clinic, which provides buyers with charge-efficient and convenient on-line session, digital prescription services, and patient administration service. In addition, the Company’s on-line wholesale pharmacy, 1 Drug Shopping mall, serves as a a single-stop store for pharmacies to source a wide collection of pharmaceutical goods. With the biggest digital pharmacy community in China, 111 allows offline pharmacies to much better serve their customers with cloud-primarily based solutions. 111 also offers an omni-channel drug commercialization platform to its strategic associates, which includes expert services these kinds of as digital marketing and advertising, affected person education and learning, data analytics, and pricing checking.
For much more details on 111, make sure you pay a visit to: http://ir.111.com.cn/.
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