111, Inc. and Shanghai Uniondrug Information Technology Join Hands to Advance Innovation in Commercial Insurance Payment

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SHANGHAI, Oct. 15, 2020 /PRNewswire/ — On September 24, 111, Inc. (NASDAQ: YI) (“111”) and Shanghai Uniondrug Information Technology Co., Ltd (“Shanghai Uniondrug”) officially signed a strategic partnership agreement (the “Agreement”). The two companies will share resources and leverage each company’s expertise to build a multiple-layer partnership covering various fields. They will jointly promote commercial insurance innovation and explorations in oncology drug retail and diversified healthcare services, and provide integrated solutions for pharmaceutical companies, including innovative payments solutions, patient management, doctor and patient education, and offering efficient and convenient access to medication and other healthcare products.
Under the Agreement, the two companies will leverage their advantages to promote the development of an integrated ecosystem connecting pharmaceutical companies and insurers to lower the cost of medications while improving the market environment of pharmaceutical companies and pharmacies. More importantly, this Agreement will help reduce the cost burden of medication for patients while also providing patients with the ability to obtain high-quality medicine and healthcare products from a trusted source, in a manner that is convenient for them.
Dr. YU Gang, Co-founder and Executive Chairman of 111, commented that with the government implementing a series of reform policies, including “limiting the proportion of medicine in total hospital expenses”, “zero …

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