111, Inc. Builds Digitally-enabled, Omni-channel Drug Commercialization Platform as Part of its Goal to Provide Full Life-cycle Healthcare Management Solutions for Patients
On September 24, 2020, 111, Inc. (NASDAQ: YI) hosted its 3rd annual China Online Healthcare Summit in Shanghai, focusing on healthcare digitalization. The event gathered around 600 industry leaders and executives, discussing challenges posed by new Chinese regulations and innovations like 111's omni-channel platform. The company announced strategic partnerships with notable firms including Novartis and Bayer. Dr. Gang YU predicts that digital healthcare will surpass real estate and automotive industries in China over the next decade, highlighting 111's role in enhancing healthcare access through technology.
- Secured strategic cooperation agreements with leading pharmaceutical companies, enhancing market position.
- Predicted growth of the digital healthcare sector in China, positioning 111 favorably for future opportunities.
- New Chinese regulations create challenges for traditional drug commercialization processes.
SHANGHAI, Sept. 30, 2020 /PRNewswire/ -- On September 24, 2020, 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading digital healthcare platform dedicating to digitally connecting patients with drugs and healthcare services in China, hosted its 3rd annual China Online Healthcare Summit and Partnership Conference (the "Healthcare Summit") in Shanghai, China. This year's theme focused on "The Age of Technology and Healthcare Digitalization".
As technology ushers in a new digital era for healthcare, the Chinese government has instituted a number of new regulations to modernize the healthcare industry as well as to encourage the development of virtual healthcare services. Transformative healthcare platforms that provide consumers with more efficient and convenient access to healthcare plays an important role in addressing the needs of an aging population. These new regulations including volume-based procurement policies, have created challenges to the traditional drug commercialization process, and the Healthcare Summit provided an ideal forum for industry leaders to gather and discuss these challenges as well as the innovations poised to tackle these challenges, such as 111's pioneering omni-channel platform.
The Healthcare Summit attracted approximately 600 guests globally, including executives from leading pharmaceutical and healthcare companies, medical experts, government leaders, and investment institutions. During the conference, 111, Inc. announced strategic cooperation agreements with Novartis, Bayer Healthcare, Huluwa Pharmaceutical, Xiangxue Pharmaceutical, Agilent Technologies Inc., Shanghai Juyin Information Technology Co. Ltd. and Zoenet (Xiamen) Health Co. Ltd.
Dr. Gang YU, Co-founder and Executive Chairman of 111, Inc., stated that over the next decade, the rapid adaptation of digital technology in the healthcare industry will propel the sector to become the largest industry in China, surpassing real estate and the auto industry.
Junling LIU, Co-founder, Chairman and CEO of 111, Inc., added that as a digital healthcare platform, 111, Inc. is able to connect patients with medical and healthcare products and services organically through digital technologies. "111, Inc. has built an ecosystem in which we empower pharmaceutical companies, pharmaceutical distributors, pharmacies, doctors, and insurance companies through technologies."
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading digital healthcare platform dedicating to digitally connecting patients with drugs and healthcare services in China. The Company provides millions of 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 omni-channel support to its strategic partners in their drug commercialization effort, with 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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