SHANGHAI, March 27, 2020 /PRNewswire/ -- China's leading online pharmaceutical network and healthcare service provider is partnering with the Wenjiang People's Hospital in Chengdu to build an online cancer diagnosis and treatment platform for rare tumors using imported drugs. The new rare tumor platform will be linked with the national network of online diagnosis and treatment services operated by 111, Inc. (NASDAQ: YI) ("111"), which is creating a healthcare ecology around medical consultations as well as prescription drug supply through its partnerships with 235,000 out of China's 450,000 pharmacies.
The new Internet hospital based in the Wenjiang district of Chengdu in Sichuan Province will leverage the tumor diagnosis and treatment platform under the Alliance Healthcare Services (AIQ) - Wenjiang International Oncology Institute affiliated with Wenjiang People's Hospital, as well as provide services similar to 111's growing network of Internet hospitals. Services will include online consultation, follow-up consultations for chronic disease patients, safe and traceable e-prescriptions, and medication sales and delivery. It will also feature a prescription information system with prescription traceability throughout the process from consultation to delivery of prescription drug refills, enabled by 111's data analytics and Customer Relationship Management (CRM) technology.
Rich, integrated healthcare resources create favorable industry environment in Wenjiang
Mr. Tong Liu, Senior Vice President and Chief Public Relations Officer of 111, commented, "Wenjiang is a leading healthcare industry cluster with integrated expertise and resources in 'medical science, medical products, and medical care + artificial intelligence/big data analytics'. This was the key factor in our decision to set up operations here. We are very excited to be establishing a foothold in Wenjiang. As the first Internet pharmaceutical and healthcare platform in Wenjiang, we are confident that we will serve the local government as a strong private sector partner. We will leverage our advantages in Internet technology and supply chain management further empower the local healthcare industry in Wenjiang."
Wenjiang has been designed to serve as a demonstration model for high technology healthcare, with a development plan centered on the integration of "medical science, medical products, and medical care + artificial intelligence/big data analytics". Its three industrial parks, Chengdu Medical City (CMC), Chengdu Modern Service Industrial Cluster, and Chengdu Modern Agricultural High-Tech Industrial Park, are under construction as part of the China (Sichuan) Pilot Free Trade Zone and a business environment demonstration zone. Newly included in the central urban district of Chengdu, Wenjiang has ranked among the Top 100 Chinese Districts for Comprehensive Strength for eight consecutive years.
The Wenjiang health cluster includes more than 300 biomedical enterprises, 30 medical care institutions, and 5 high-end healthcare institutions and nursing homes. Within the cluster, revenue of the pharmaceutical and healthcare enterprises in Chengdu Medical City has increased by 25% annually over the past three years
A Wenjiang Investment Promotion Bureau Administration official commented: "As China deepens its medical sector reforms and promotes the 'Internet + healthcare' concept, we are excited to welcome leading Internet pharmaceutical and healthcare companies like 111 to set up operations in our district and join forces with local enterprises. We look forward to seeing more technology-powered healthcare collaborations in Wenjiang that will build our advantages as a national and regional healthcare hub."
An alliance to improve resource allocation of imported anti-tumor drugs
111's Chengdu Internet hospital and Wenjiang People's Hospital will leverage the tumor diagnosis and treatment platform under the Alliance Health Care Services (AIQ) - Wenjiang International Oncology Institute affiliated with Wenjiang People's Hospital to improve resource allocation of imported anti-tumor drugs.
A Wenjiang People's Hospital supervisor, added, "With 111's support, we will be able to take better advantage of cloud-based solutions and smart supply chain management to supply international anti-tumor drugs. Through this partnership, we are looking to expand our service coverage for our rare tumor program beyond the southwestern region to reach patients nationwide."
Mr. Liu added, "Our Internet hospital business is playing a pivotal role in 111's development in central and western China. Our strategy is to leverage information technology to enable patients nationwide to access high-quality medical resources in eastern China and other centers of excellence, such as the healthtech cluster in Wenjiang. The partnership with the Wenjiang People's Hospital deepens our diagnostic resources and strengthens our industrial value chain based on closed-loop services from diagnosis to medication and payment."
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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/.
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