SHANGHAI, Aug. 23, 2019 /PRNewswire/ -- 111,
Inc. (NASDAQ: YI) ("111" or the "Company"), a leading
integrated online and offline healthcare platform, today announced
that it has signed a strategic partnership agreement with TK.CN, a
wholly-owned subsidiary of Taikang Insurance Group, a Fortune 500
company. Both parties will expand their businesses in online
consultation, e-prescription, e-commerce and delivery service,
medication cost control, healthcare insurance, and jointly develop
a pharmacy benefit management ("PBM") model to address the
challenges of access to healthcare services and overly high drug
prices in China. This is a key
milestone for 111 following its strategic partnerships with
Manulife-Sinochem and MSH China in the "Internet Pharmaceutical +
Insurance" space.
TK.CN has selected 111 as its exclusive Internet healthcare
partner and will enable TK.CN to build its online pharmaceutical
sales channel and online hospital. The partnership will aim to
solve the problem of accessing healthcare and drugs from distant
regions through 111's technological advantages, professional
services, and online hospital platform. 111 will also support TK.CN in implementing its
proprietary drug database, prescription vetting system, and
drug pricing mechanism to control costs. Both parties will provide
value-added healthcare products and jointly develop innovative
healthcare insurance services.
As the first Chinese company in the Internet healthcare industry
to list on the NASDAQ Stock Exchange, 111 has successfully
transformed itself from a pharmaceutical e-commerce player into a
technology enabler in the Internet pharmaceutical and healthcare
ecosystem. TK.CN is one of the four largest Internet insurance
companies in China and the first
professional Internet property insurance company founded by a
large-scale domestic insurance company.
Dr. Gang Yu, Co-Founder and Executive Chairman of 111,
commented, "Health insurance is a vital link in the healthcare
service chain. The integrated 'Internet Pharmaceutical + Insurance'
model is the trend and can enable transparent service and
data-driven transactions, and can provide greater protection
against over-medication and restrain excessive growth of healthcare
spending, and represents a win-win proposition for all
parties."
About TK.CN
TK.CN, founded in 2015, is
a wholly-owned subsidiary of Taikang Insurance Group, a Fortune 500
company. It is the first professional internet property insurance
company established by a large domestic insurance enterprise. Based
on the central business model of "Insurance + Technology" and
"Insurance + Service", TK.CN focuses on the innovation and
development of internet insurance business. It operates a range of
businesses, including Internet property insurance, car insurance,
health insurance, accident insurance, cargo insurance, liability
insurance, credit and guarantee insurance, Internet
insurance-related technical and consulting services.
For more information on TK.CN, please visit
https://www.tk.cn/.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading
integrated online and offline healthcare platform in China. The Company provides hundreds of
millions of consumers with better access to pharmaceutical products
and healthcare services directly through its online retail pharmacy
and indirectly through its offline pharmacy network. 111 also
offers online healthcare services through its internet hospital, 1
Clinic, which provides consumers with cost-effective and convenient
online consultation and electronic prescription services. In
addition to providing direct services to consumers through its
online retail pharmacy, 111 also enables offline pharmacies to
better serve their customers. 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. The Company's
new retail platform, by integrating the front and back ends of the
pharmaceutical supply chain, has formed a smart supply chain, which
transforms the flow of pharmaceutical products to pharmacies and
modernizes how they serve their customers.
For more information on 111, please visit
http://ir.111.com.cn
For more information, please contact:
111, Inc.
IR Director
Ms. Monica Mu
E-mail: ir@111.com.cn
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE 111, Inc.