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111, Inc. Establishes Strategic Partnership with A. Menarini China Holding Co., Ltd
SHANGHAI, China, Nov. 02, 2018 (GLOBE NEWSWIRE) -- 111, Inc. (NASDAQ: YI) ("111" or the "Company"), a leading integrated online and offline healthcare platform, today announced it has established a strategic partnership with A. Menarini China Holding Co., Ltd (“Menarini”), the subsidiary of Menarini Group in China. Menarini Group is the world’s largest Italian biopharmaceutical company and is present in over 130 countries worldwide. 111 will work together with Menarini to develop new retail distribution channels and expand distribution of its product offerings leveraging 111’s technology and leading platform capabilities.
Menarini will begin selling its core products through 111’s online retail pharmacy "1 Drugstore" and online wholesale pharmacy "1 Drug Mall". The partnership will make the Company a primary distributor of Menarini’s products in China as the platform offers cost-effective online retail for customers. 1 Drug Mall will support Menarini in expanding its retail presence and increase brand recognition in China’s consumer market. Menarini will leverage customized channel management, powerful data intelligence, customer analytics, and extensive networks through 111’s platforms. Menarini’s consortium of skilled medical professionals will provide academic knowledge and training to 111 while 111 will offer e-prescription services for Menarini products at 111’s internet hospital "1 Clinic.”
The market outlook for China’s online pharmaceutical and healthcare services remains strong as favorable policies continue to open the market. The governments’ confidence in major market leaders like 111, who have proven they have the ability to maintain high standards of professionalism, have allowed for growth in services such as online medical consultation and prescription processing. The increase of digital healthcare services also alleviates strain on China’s healthcare system as access becomes easier.
Dr. Gang Yu, Co-Founder and Executive Chairman of 111, stated, “We are impressed by Menarini’s outstanding R&D and high-quality production capabilities, and look forward to their contribution to our platform. We are confident in our ability to further advance our partnerships and platform offerings as we continue to focus on building our core competencies in cloud-services, smart supply chain, big data analytics and medical industry expertise.”
“Working with 111 will equip us with advanced digital capabilities and enable us to offer a better experience for customers in China,” commented Mr. Minsheng Dong, General Manager of A. Menarini China Holding Co., Ltd. “We are excited to work with 111 as it’s a leading online healthcare and pharmaceuticals provider and this partnership will allow us to expand collaboration and scope within the industry.”
About Menarini Group
Menarini is the largest Italian multinational biopharmaceutical company with over 17,000 employees worldwide and a presence in more than 130 countries, including Europe, Africa, Middle East, Asia-Pacific, Central and Latin America. With revenue in excess of Euro3.6 Billion in 2017, Menarini ranks 13th among pharmaceutical companies in Europe and 35th among companies worldwide. Menarini's aim is to conduct world class research and develop innovative medicines, making them available to patients all around the world. Menarini was founded in 1886 and has developed into a global biopharmaceutical powerhouse with particular strengths in R&D, Manufacturing and Diagnostics, thus offering high quality healthcare solutions to doctors and patients. Menarini also possesses a strong tradition in partnering.
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 medical services directly through its online retail pharmacy and indirectly through its offline pharmacy network. 111 also offers online medical 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 ir.111.com.cn
For more information, please contact:
Mr. Christian Arnell
Ms. Linda Bergkamp