SHANGHAI, Feb. 20, 2020 /PRNewswire/ -- 111, Inc. (NASDAQ: YI, "111" or the "Company") has announced that it will leverage its knowhow and technology in the battle against the novel coronavirus (COVID-19) public health crisis, through partnerships with some of China's leading financial institutions to distribute medical services via apps to their extensive consumer bases. Currently 111's partnerships with the Industrial and Commercial Bank of China, UnionPay QuickPass, Shanghai Pudong Development Bank, Wuhan Zhongbang Bank, Yiren Wealth, among others, are providing free online medical consultations. 111's partnership with the Industrial and Commercial Bank of China is a pilot program aiming to provide online consultation to 13 million users in Shanghai.
Dr. Gang Yu, Co-Founder and Executive Chairman of 111, said: "So far, we have partnered with roughly 30 companies from the financial sector to offer free online consultation and prescription refills to their customers. These partnerships allow us to take advantage of our technological strengths as an Internet healthcare company to expand the impact and reach of our offerings. Our partners will be able to provide unique value-added services such as free online medical consultations and medication services during the epidemic to their customers, without adding any further burden to the offline hospitals and risking contagion."
Since the Lunar New Year on January 24, 2020, 111's Internet hospital has been offering free online medical consultations to patients in Wuhan, Hubei Province, the epicenter of the coronavirus. 111 is also providing free online drug refill services and end-to-end drug delivery to patients with chronic diseases. The Lunar New Year holiday period saw a surge in downloads of 111's apps, making 1 Drug Store (app store) the second most popular free medical services app on Apple's App Store. A week after its launch, the Company's free online consultation saw usage increase by 400%. With the support of AI technologies, doctors at 111's Internet Hospital have been able serve up to 300 patients per day.
111's Internet hospital has over 2,000 in-house and contract physicians, who provide consultation efficiently with the aid of the Company's innovative AI technologies. Patients with chronic diseases requiring refill need simply upload their prescriptions to 111's Cloud Pharmacy where e-prescriptions are generated, subject to review and approval by 111's medical professionals. During the current epidemic, 111's smart supply chain centers in China continue to provide timely delivery services to users, highlighting the strengths of Internet healthcare companies enabled by technologies.
As part of its plan to develop "Internet + healthcare" services, China's National Health Commission issued a notice on February 8 requiring Internet healthcare companies to make full use of online consultations and medical services to control and prevent further spread of the epidemic.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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.cn.
For more information, please contact:
Ms. Monica Mu
Mr. Christian Arnell
Ms. Linda Bergkamp
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