111 to Collaborate with MSH to Build Internet Pharmaceutical and Healthcare Service Closed-loop System

2019 JUN 11 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Following 111, Inc.’s (NASDAQ: YI) (“111” or the “Company”) strategic partnership with Manulife-Sinochem last year, the Company has reached another milestone. On May 24, 111 and MSH, a world leader in the design and management of international healthcare solution, announced a strategic partnership aiming to combine resources to establish a comprehensive “diagnosis + medication + payment” Internet pharmaceutical and healthcare service closed-loop system by launching online diagnoses, prescription purchase and delivery, refills, health monitoring, patient management services, and enhance the pharmacy benefit management (“PBM”) model.

Currently, the percentage of patients with chronic diseases in China continues to increase rapidly due to factors such as an intensive aging population and environmental pollution. Given the high number of chronically ill patients in China, the need for long term medications, high drug prices, and reliance on physician refills, the “Internet + insurance” model will aim to lessen the burden of chronically ill patients by providing them with a new solution to purchase and refill medications.

Dr. Gang Yu, Co-Founder and Executive Chairman of 111, expressed that, given the diverse geographical nature and online payment restrictions of China’s healthcare system, commercial health insurance plans are becoming an important supplement. To resolve the shortage of medical resources and disproportionate distribution, our innovative “Internet + insurance” model will serve to ameliorate current healthcare pressures and to achieve win-win among users, insurance providers and our national healthcare system.

He further summarized, “For chronical patients, we can deliver the ‘fast refills + end-to-end delivery’ through our closed-loop system, providing a convenient solution to reduce drug expenses while improving patient adherence and overall health. Insurance providers will be able to leverage our big data and advanced technologies to improve cost control, medication compliance efficiency and margin. Our system will also support customized products development, product strategies and precision marketing.”

Dr. Yu further added that the Company’s strategic partnership with MSH and its strong client resources will help 111 accelerate the refinement of its Internet healthcare ecosystem for patients, deliver further breakthroughs for healthcare consumers, decision-makers, and payers, and further solidify 111 as the healthcare industry’s technology enabler.

As a leader in China’s Internet pharmaceutical and healthcare industry, 111 has built an integrated online and offline healthcare new retail platform which includes 111’s B2C pharmaceutical platform “1 Drugstore”, online medical services internet hospital “1 Clinic”, and online wholesale pharmacy “1 Drug Mall”. The fully integrated online to offline platform effectively combines patient medical services with drugs, B and C-side clients, and direct sales platform through our innovative T2B2C model. The company aims to build an integrated online and offline healthcare ecosystem to empower doctors, pharmacies, hospitals and clinics, pharmaceutical companies and insurance companies.

Celine Zhang, the founder and CEO of MSH CHINA, said, “111 has developed deep roots in the field of health and Internet medicine for many years, established unique competitive barriers through technological advantages, and improved the accessibility of quality medical services through Internet technology. The cooperation between MSH and 111 will place users at the center, explore the health, medical and insurance needs of middle and high-end consumers based on big data, jointly develop insurance products, and open up an integrated service channel around the ecological closed loop of medical and health services.”

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