The collaboration will combine the commercial insurance offerings and health management services by both the partners.
111, Inc., a China-based leading integrated online and offline healthcare platform, has announced to establish a strategic partnership with Manulife-Sinochem, the first foreign-invested joint venture life insurance company in China.
The partnership would establish a health management ecosystem integrating insurance with pharmacy benefits management and clinical services. In the collaboration, Manulife-Sinochem and 111 will leverage each other’s industry expertise and core capabilities to develop differentiated product offerings targeting specific user groups based on data analytics and will co-develop an innovative “online pharmacy + healthcare insurance” business model. The two companies will co-market through their existing platforms to expand healthcare coverage in China’s growing online healthcare sector.
The integration to roll out new pharmacy benefit management model
Junling Liu, Co-Founder, Chairman, and CEO of 111, stated, “111’s partnership with Manulife-Sinochem will allow us to pool our respective resources and complement each other’s respective strengths. Together we will roll out new pharmacy benefit management model (PBM) that can expand our online healthcare services offerings and create higher value for business clients and ecosystem partners.”
About 111, Inc.
111 is China’s first online pharmacy to go public in the US, which operates an online retail pharmacy “1 Drugstore”, an online medical service internet hospital “1 Clinic”, and an online wholesale pharmacy “1 Drug Mall”.
111’s 1 Drugstore is the largest B2C direct sales online pharmacy in China with over 15 million register users, while 1 Clinic comprises more than over 2,000 medical professionals providing online diagnosis and e-prescription services to consumers. The world’s largest virtual pharmacy network 1 Drug Mall serves over 130,000 pharmacies.
Kai Zhang, CEO, Manulife-Sinochem, said, “The strategic partnership between Manulife-Sinochem and 111 will build upon both parties’ strengths in medical insurance, healthcare management, and data capabilities. Healthcare is core to our company’s long-term strategy, and through this innovative partnership, we plan to integrate 111’s online pharmacy services into our health management platform to expand healthcare coverage and better serve the needs of our customers.”
About Manulife-Sinochem
Founded in 1996, Manulife-Sinochem is a joint venture of two Fortune 500 companies – Manulife Life Insurance (International) Co., Ltd. of Manulife Financial, and Sinochem Financial Co., Ltd., a subsidiary of China Sinochem. As the first foreign-invested joint venture life insurance company in China. Primarily the company provides health insurance for Chinese consumers, moreover, it also provides a one-stop-shop for diversified products and services including disease prevention and treatment, full-time medical care, and health management through its innovative MOVE program.
Reportedly, 111, being a leader in China’s online pharmacy and healthcare industry, has taken the lead in integrating both upstream and downstream resources by producing a comprehensive online and offline “clinical services and pharmaceuticals” ecosystem. The partnership between the two platforms will bring commercial insurance offerings and health management services together under one roof through a healthcare ecosystem.
