111 Signs Strategic Partnership Agreement with Tong Ren Tang Technologies to Advance “Internet + Healthcare”
SHANGHAI, June 13, 2019 /PRNewswire/ — 111, Inc. (NASDAQ: YI) (“111” or the “Company”), a leading integrated online and offline healthcare platform, today announced it has signed a strategic partnership agreement with Tong Ren Tang Technologies Co., Ltd. (“Tong Ren Tang Technologies”) (1666.HK), a subsidiary of China Beijing Tong Ren Tang Group Co., Ltd to deliver pharmaceutical products and services in highly-efficient and transparent manner and expand deeper into the “Internet + Healthcare” space.
This agreement is the latest in a number of strategic initiatives 111 has signed with pharmaceutical companies, insurance providers, and offline pharmacy retailers this year. 2019 is a critical year for the Company as it continues to strengthen its position in the market, and build an Internet based pharmaceutical and healthcare ecosystem.
Starting June 12, 2019 Tong Ren Tang Technologies will launch an online marketing campaign on 111’s B2B platform “1 Drug Mall”. 111 will leverage its B2B distribution channels to broaden the distribution of Tong Ren Tang Technologies’ products across the market and allow it serve more consumers. 111 will also provide value-added services and tools including marketing, data analytics, and CRM solutions which will allow Tong Ren Tang Technologies to better craft product and sales strategies based on more comprehensive, highly-accurate and timely data, creating greater market value.
Dr. Gang Yu, Co-Founder and Executive Chairman of 111, commented, “Tong Ren Tang is not only a time-honored Chinese brand with 350 years of history, but also the top brand in traditional Chinese medicine, with a prestigious reputation and extensive product line. Our strategic partnership will allow 111 to further enrich our integrated online and offline healthcare platform to better serve our ecosystem. Together we will create a successful win-win model in the ‘Internet + Healthcare’ industry.”
Tong Ren Tang Technologies is a modern fully-integrated high-tech Chinese pharmaceutical company listed on the Hong Kong Stock Exchange main board and a subsidiary of China Beijing Tong Ren Tang Group Co., Ltd. whose brand dates back to 1669. Tong Ren Tang Technologies has over 20 formulations and over 200 SKUs (“Stock Keeping Unit”).
Mr. Yuwei Wang, General Manager of Tong Ren Tang Technologies, commented, “Growth in the Internet healthcare sector is an unstoppable trend. 111 is the clear leader in the industry with its comprehensive capabilities and strong core competencies. We look forward to partnering with 111 to better serve patients through the Internet.”
As a leading Internet healthcare company, 111 has over 290,000 online SKUs, has over 2,000 medical professionals, has direct sourcing channels from 98 global and domestic pharmaceutical companies, and serves more than 170,000 pharmacies nationwide. It has also built its core competency via its smart supply chain, cloud-based solutions, big-data analytics, and medical service capabilities.
111 has built an integrated online and offline pharmaceutical new retail solution through its B2C pharmaceutical platform “1 Drugstore”, B2B pharmaceutical platform “1 Drug Mall” and online hospital platform “1 Clinic”. 111 will better serve customers through its unique T2B2C model, provide integrated online and offline solutions and build a pharmaceutical healthcare ecosystem to empower pharmaceutical manufacturers, customers, hospitals, doctors, pharmacies and insurance companies to solve the pain points of low-efficiencies and lack of transparency in the pharmaceutical distribution sector and the mounting problems of healthcare service access and high drug prices in China.
About Tong Ren Tang Technologies Co. Ltd.
Tong Ren Tang Technologies Co. Ltd. is principally engaged in the production and distribution of Chinese medicine in Mainland China and Hong Kong. The Company’s subsidiaries include Beijing Tong Ren Tang Technologies (Tangshan) Co., Ltd, Beijing Tong Ren Tang Century Advertising Co., Limited and Beijing Tong Ren Tang International Natural-Pharm Co., Ltd. Through its subsidiaries, the Company is also engaged in cultivating, purchasing and selling Chinese medicinal raw materials.
For more information on Tong Ren Tang Technologies, please visit http://www.tongrentangkj.com/
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 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.
