Ping An Good Doctor Establishes Strategic Partnership with Jointown
- Building 'Internet + Healthcare + Medicine' Service Chain
HONG KONG, Aug. 28, 2018 /PRNewswire/ -- China's leading one-stop healthcare ecosystem platform, Ping An Good Doctor (the "Company", stock code: 1833.HK), today announced its strategic partnership with Jointown Pharmaceutical Group Co., Ltd. ("Jointown"), a leading pharmaceutical company in China. Taking advantage of Ping An Good Doctor's innovative technologies such as big data and AI technology, as well as Jointown's advanced supply chain in medicines and other health products, the two companies will consolidate their respective business resources to empower China's primary medical institutions and pharmacies, establishing an "internet + healthcare + medicine" service chain system.
Jointown is principally engaged in the distribution of health products, including pharmaceuticals, traditional Chinese medicine, medical equipment and fast-moving consumer goods. It also operates a pharmaceutical logistics business, e-commerce and retail chains. Jointown listed on Shanghai Stock Exchange on 2 November 2010 (stock code: 600998.SH). As of 31 December 2017, Jointown recorded a revenue of RMB73.94 billion, ranking first among pharmaceutical companies in China. With more than 25,000 employees, it operates 953 company-owned and franchised pharmacies.
Ping An Good Doctor is a leading one-stop healthcare ecosystem platform in China. Leveraging the world's leading AI healthcare technologies, the Company consolidates its in-house medical team of more than a thousand medical professionals, external contracted doctors and offline healthcare network, to establish a self-contained servicing system that allows its users to consult doctors and purchase medicine online, or consult doctors online and receive medical treatment offline. Ping An Good Doctor now works with approximately 3,100 hospitals (including more than 1,200 Class III Grade A hospitals), and more than 2,000 healthcare institutions such as physical examination centers, dental clinics, cosmetic surgery institutions and more than 10,000 pharmacy outlets.
The strategic partnership involves multiple business segments of Ping An Good Doctor, including family doctor services, AI technology and health mall. Looking ahead, Ping An Good Doctor will transfer its mobile medical technologies and AI consulting capabilities to Jointown's downstream primary medical institutions, pharmacies and e-commerce pharmacist platform and work with its partners inside the ecosystem to extend their businesses across the healthcare industry chain, formulating a self-contained service system that integrates online and offline resources.
Transferring Core Servicing Capabilities to Empower Tens of Thousands of Offline Primary Medical Institutions
In this partnership, Ping An Good Doctor will leverage its core servicing capabilities of "mobile health + AI technology" to empower Jointown's tens of thousands of downstream primary medical institutions, including clinics, community health centers and township hospitals. It will provide an assisted medical system for institutions in accordance with their needs and a standardized risk control system for illness diagnosis and treatment.
As of the end of 2017, Jointown had obtained the qualifications for basic drug delivery for 23 provinces, covering 70,900 primary medical institutions in China. Through integrating an AI-assisted in-house medical team, contracted doctors and medical network resources, Ping An Good Doctor provides patients of primary medical institutions with comprehensive medical and healthcare services, including online consultation 24 hours a day, 7 days a week, hospital referral, doctor appointment, inpatient arrangement, second opinion service and health management. These services will assist with certain shortcomings in medical services and treatment capabilities of primary medical institutions.
Jointly Establishing the "Smart Pharmacy"
According to the agreement, Jointown will collaborate with Ping An Good Doctor to build a smart pharmacy ecosystem. By integrating Ping An Good Doctor's AI Smart Medicine Cabinets and Jointown's Best Pharmacist Shops, the two parties will establish the pilot shop of "Smart Best Pharmacist Shop". During the period, both parties will establish and gradually perfect the pharmaceutical new retail system, which includes smart consultation, electronic prescription, medicine vending machine, health insurance electronic payment and O2O medical consultation.
The smart pharmacy pilot shop will be equipped with a variety of basic monitoring smart hardware, which will collect the resources shared from Ping An Good Doctor's internet hospitals, in-house medical team and internet healthcare traffic portals. The shop can provide one-stop, high-quality medical and healthcare services for customers. Once achieving good results, the smart pharmacy model will be promoted in all Best Pharmacist Shops and tens of thousands of alliance pharmacies in cooperation with Jointown.
Deepening Partnership and Multiple Actions
In addition, Ping An Good Doctor and Jointown have also reached several cooperation agreements in providing mobile healthcare services, optimizing the supply chain of health mall and establishing a strategic synergy with each other.
The agreements include Jointown's e-commerce pharmacist platform and Best Pharmacist Shop, Jointown's physical chain pharmacy, connecting to the Ping An Good Doctor's family doctor services system, to provide services such as online consultation, health consultation, electronic prescription and drug delivery, etc. for the users of aforementioned platforms.
The two parties will also deepen the cooperation in Ping An Good Doctor's health mall. With Jointown's strong pharmaceutical supply chain capabilities and Ping An Good Doctor's large user base, the two parties will strengthen their cooperation in fields such as domestic healthcare products promotions and cross-border purchase of overseas quality healthcare products. This move is expected to expand the sales channels of Jointown's merchandise, and effectively reduce the procurement cost of Ping An Good Doctor's health mall.
As a strategic partner of Ping An Good Doctor, Jointown will provide customized healthcare products and services for Ping An Group's insurance users. In the future, the two companies will form strategic synergies in various fields such as pharmaceutical new retail, medical AI, health insurance, health management and capital cooperation, and promote the business development of each other through innovation.
About Ping An Good Doctor (01833.HK)
Ping An Good Doctor is the leading one-stop healthcare ecosystem platform in China. By using the model of "mobile health + AI technology", the Company strives to provide a family doctor for each family, provide each person with an e-health profile and provide a healthcare management plan for everyone. At present, Ping An Good Doctor has established a key business structure that covers family doctor services, consumer healthcare services, health mall as well as health management and wellness interaction.
In April 2015, the App "Ping An Good Doctor" was officially launched. In May 2016, the Company completed an A round financing and raised US$500 million. In December 2017, the Company completed the pre-IPO financing from Masayoshi Son's Softbank Vision Fund, during which it raised US$400 million. On 4 May 2018, Ping An Good Doctor became the No.1 listed internet health-tech company in the world when it joined the Hong Kong Stock Exchange, stock code 01833.HK.