SHANGHAI, Oct. 15, 2020 /PRNewswire/ — On September 24, 111, Inc. (NASDAQ: YI) (“111”) and Shanghai Uniondrug Info Engineering Co., Ltd (“Shanghai Uniondrug”) formally signed a strategic partnership arrangement (the “Settlement”). The two providers will share means and leverage each and every firm’s knowledge to build a numerous-layer partnership masking numerous fields. They will jointly boost commercial insurance policy innovation and explorations in oncology drug retail and diversified health care solutions, and supply built-in methods for pharmaceutical firms, which includes impressive payments remedies, client administration, medical doctor and affected individual education and learning, and offering effective and easy access to treatment and other healthcare items.
Less than the Settlement, the two corporations will leverage their benefits to promote the development of an integrated ecosystem connecting pharmaceutical corporations and insurers to reduce the cost of prescription drugs when improving the market surroundings of pharmaceutical organizations and pharmacies. Far more importantly, this Settlement will assist minimize the price burden of treatment for patients although also providing people with the potential to attain large-excellent medication and health care merchandise from a dependable supply, in a manner that is hassle-free for them.
Dr. YU Gang, Co-founder and Govt Chairman of 111, commented that with the authorities utilizing a series of reform guidelines, which include “limiting the proportion of medicine in total medical center bills”, “zero mark-up for prescription drugs”, and “quantity-based procurement”, there has been constant outflow of prescriptions and treatment items from community hospitals to on line and offline pharmacies. These policy improvements have ushered in a new era for the on line healthcare market and introduced forth enormous market place chances. In the future, the enterprise will continue its client-centric concentration and develop China’s premier digitally-enabled, on the net and offline integrated healthcare system. In addition, 111 will carry on to associate with top field players like Shanghai Uniondrug to empower members in the health care ecosystem, which include physicians, pharmacies, hospitals, pharmaceutical organizations, drug distributors, and insurance plan providers via technological innovation that will improve benefit and satisfy the mission of digitally connecting individuals with medicine and health care products and services.
Mr. ZHENG Xiaozhen, Founder and Chairman of Shanghai Uniondrug Details Technologies, reported that as a experienced professional insurance policy operator in the healthcare sector in China, Shanghai Uniondrug has been exploring and promoting industrial insurance plan innovation in the pharmaceutical and overall health administration sectors. In the foreseeable future, Shanghai Uniondrug intends to associate with extra corporations these types of as 111 to go on to encourage and foster improvements to the pharmaceutical retail sector chain and the healthcare sector.
About Shanghai Uniondrug Data Technology
Shanghai Uniondrug Information and facts Technological innovation is a leading technologies system connecting business insurance coverage to healthcare and other health care scenarios in China, striving to endorse the launch of service-design and style declare settlement at retail pharmacies and in the healthcare industry. Shanghai Uniondrug Information Know-how has released cooperation with more than 100 institutions of domestic big insurance coverage firms like PICC, China Daily life, CPIC, China Coverage, China Taiping and Huaxia Coverage. In 2019, the commercial insurance policies settlement scale on the platform of Shanghai Uniondrug Information Technological innovation reached virtually RMB 2 billion. The system has had 850 chain drugstores linked, covering close to 100,000 pharmacies in 29 provinces across the state.
111, Inc. previously entered into in-depth cooperation with insurers like TK.CN, MSH China and Manulife-Sinochem on clients purchase of medicines and customized insurance policies.
About 111, Inc.
111, Inc. (NASDAQ: YI) (“111” or the “Organization”) is a major electronic healthcare platform dedicated to digitally connecting people with health care solutions and providers in China. The Organization delivers people with better accessibility to pharmaceutical items and health care providers straight by way of its on the web retail pharmacy, 1 Drugstore, and indirectly as a result of its offline virtual pharmacy community. The Enterprise also delivers on the net health care solutions by way of its world wide web medical center, 1 Clinic, which gives buyers with price-productive and handy online consultation, digital prescription provider, and client management support. In addition, the Company’s on-line wholesale pharmacy, 1 Drug Shopping mall, serves as a just one-prevent store for pharmacies to supply a wide variety of pharmaceutical solutions. With the largest digital pharmacy community in China, 111 enables offline pharmacies to greater provide their consumers with cloud-based mostly companies. 111 also supplies an omni-channel drug commercialization system to its strategic companions, which consists of providers these kinds of as electronic advertising, affected individual education, knowledge analytics, and pricing checking.
For additional info on 111, you should take a look at: http://ir.111.com.cn/.
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