SHANGHAI, Sept 1, 2022 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), an internet technology company offering healthcare professionals the online healthcare information, professional training and educational services platform and patient management service, today announced its newly added business section of oncology and other major disease management which is a part of its development strategy to extend its business model from "Medical-Pharmaceutical" to "Medical-Pharmaceutical-Patient." Utilizing its accumulated experiences in medical education and innovation, and extensive resources with medical professionals and pharmaceuticals, Zhongchao is well positioned to become a platform that provides patients with major disease management services.
The Company has implemented several strategic initiatives to transform to the new "Medical-Pharmaceutical-Patient" model. In 2021, Zhongchao launched patient management business focusing on the professional field of tumor and rare disease through its subsidiary Shanghai Zhongxin Medical Technology Co., Ltd. ("Zhongxin"), which was the important first step of the transform. The strategy to extend business model was driven by the increased demands of "patient-oriented" healthcare in China. Management have been closely observing and monitoring such service model that is to provide medical services and disease management tailored to individual patient and allow patient to actively initiate and participate in health management and disease treatment since its appearance in 2021. It is worth to mention that the Company's self-developed patient management system successfully improved Duration of Therapy ("DOT") by 40.4% for liver cancer patients, contributing to the maximum efficiency of drugs, successful treatment and longer patient survival terms, as compared to patients without using the management system, based on the data collected by the Company during a period from November 2017 to September 2021. As a result, the Company plans to continue the development of patient management services through Zhongxin.
As of now, Zhongxin provides comprehensive disease education and management services for tumor patients receiving treatment. Through services such as drug aids, disease follow-up visits, medication management, and cancer education promotion, Zhongxin helps tumor patients reduce the economic burden of treatment and promote the completion the treatment process, resulting in the best treatment effect and improvement the quality of life for the patients. As of now, more than hundreds of thousand oncology Patients have used either the application developed by Zhongxin or WeChat network service platform to connect patients with Zhongxin's hotline center and service commissioner system and received disease management support.
Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "As a digital platform for medical education in China, Zhongchao continues to provide scientific and reliable medical information to patients and healthcare professionals. We are committed to driving digital innovation in healthcare and patient services, and gradually extending our business model to "Medical-Pharmaceutical-Patient " for oncology and other major disease management services. We believe that our new business model will enable more effective treatment systems for individual well-being, improved patient experience, optimal allocation of resources and bring more values to our shareholders going forward."
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It conducts operations in China through the contractual arrangements between its wholly owned subsidiary and PRC operating entities. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management service on the professional field of tumor and rare diseases, and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
At the Company: Pei Xu, CFO
Phone: +86 21-3220-5987
Investor Relations: Sherry Zheng
Weitian Group LLC
Phone: +1 718-213-7386