111 Wins Recognition as Pioneer of New Healthtech
“Growth Champion” Award for “1 Drugstore”
SHANGHAI, June 23, 2019 /PRNewswire/ — 111, Inc. (NASDAQ: YI) (“111” or the “Company”), a leading integrated online and offline healthcare platform, today announced that its online retail pharmacy “1 Drugstore” has won two prestigious industry awards. Both awards, “2018-2019 Top 100 Pharmacy Chains in China” and “2018-2019 China Pharmacy Chain 8 Dimensions ‘Growth Champion'”, were announced at the 2019 National Pharmacy Week and China Pharmaceutical Innovation and Development Summit in Jinan, on July 15-18, 2019.
The jury weighed operational strength, development potential, and corporate social responsibility of pharmaceutical chains with annual sales over RMB 200 million, with scoring based on the Topsis method (Technique for Order Preference by Similarity to Ideal Solution). Selection was based on eight categories, using 32 criteria. The eight categories included business scale, operation, brand recognition, profitability, growth, capital markets operations, professionalism, and corporate social responsibility.
Pharmacy chains and online hospitals are driving pharmaceutical sales together with policy changes and ongoing evolution of China’s healthcare system. The pilot program announced last December for bidding on supplying drugs to public hospitals in 11 cities, was dubbed the “4+7 Centralized Urban Pharmaceutical Procurement Policy”. Pressures to break the bottleneck of public hospital channels for drug supply are leading to dramatic changes in traditional sales channels for drugs, with markets outside of traditional hospitals, such as pharmacy chains and online hospitals, becoming the industry’s new driving force for pharmaceutical sales.
As these policy and regulatory changes unfold, most end users will turn to new retail offline and online pharmaceutical chains, which will supply both Over the Counter (OTC) medications and prescription drugs with clear protections for both. In order to capture this market opportunity, 111 is building an integrated healthcare platform and ecosystem that break down online and offline barriers among pharmacies, pharmaceutical companies, insurance companies, as well as doctors and hospitals, through its unique T2B2C business model.
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.
