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HONG KONG, Aug. 18, 2021 /PRNewswire/ -- Shanghai MediTrust Health Technology Co., Ltd. (hereinafter referred to as "MediTrust"), a leading innovative healthcare services platform in China, announced a successful capital raising of over RMB2 billion (approximately US$308 million) in a Series C financing jointly led by Boyu Capital and Janchor Partners. Lily Asia Ventures, Lake Bleu Capital, Bank of China Group Investment, AIHC Capital, Everbright Limited, New Alliance Capital, CICC, and several other investors also joined this round. Additionally, MediTrust attracted commitments from many existing shareholders, including Shanghai Biopharmaceutical Investment Fund, Sinovation Ventures, China Renaissance, and Marathon Venture Partners.
MediTrust's previous rounds of financing were well-received by strategic investors including Ant Group, one of China's largest financial services platforms; China Re, China's largest reinsurance company; and Shanghai Pharmaceuticals Holdings, China's largest distributor of imported drugs and local innovative biotech drugs. The participants of the latest round of financing were primarily financial investors and healthcare specialty investors. Their engagement fully demonstrates the capital market's confidence in MediTrust's unique and innovative business model along with its ability to continue expanding its leading market position in China's healthcare sector.
John Ho, Founder and CIO of Janchor Partners and a co-lead investor of this financing round, said, "We are excited to partner with MediTrust. Having studied healthcare systems around the world, we see tremendous value creation opportunities in businesses that align with local policies and societal developments. MediTrust is uniquely positioned to add value to China's healthcare system evolution. Its business is aligned to bringing more affordable healthcare to patients through its innovative payment methodologies, channels and technologies. It plays the role of a trusted partner to key stakeholders in the healthcare ecosystem, including government payors, commercial insurance, pharmaceutical companies and patients. We look forward to being on this journey with MediTrust who is enabling and delivering value to society and the Chinese healthcare system."
A Healthcare Platform Focusing on Customer Value and Product Innovation
Established in 2017, MediTrust has grown to become China's leading private healthcare payor through its proprietary integrated platforms for both healthcare and insurance companies. The company is fully committed to providing users and their families with comprehensive and high-quality healthcare products and services that help lower medical costs. This ultimate customer-centric value proposition is widely recognized by the market as a key driver boosting the company's rapid growth over the last four years.
One of MediTrust's core services is Care2Pay, a leading healthcare benefit platform in China in terms of both GMV and numbers of users. Care2Pay collaborates with more than 50 pharmaceutical and insurance companies and over 2,000 Direct-to-Patient ("DTP") pharmacies with national coverage that exceeds 400 cities across the country. It enables millions of patients with cancer, chronic diseases, rare diseases, and other diseases who received limited coverage from traditional insurance plans the ability to purchase the latest innovative drugs at a more affordable price. In the first half of 2021 alone, Care2Pay helped patients and their families save over RMB300 million in healthcare expenditures.
In addition to Care2Pay, MediTrust also delivers its services through collaboration with insurance companies in order to offer consumers access to more affordable and better quality healthcare services. For instance, the company successively supported insurers to launch municipal health insurance products in more than 40 cities in China, including Beijing, Shanghai, as well as other major Chinese cities. Notably, MediTrust's services have been instrumental in Shanghai's "Huhuibao". "Huhuibao" provides significant coverage expansion on top of Basic Medical Insurance, covering out-of-pocket expenses and providing guaranteed access to specialty drugs. This innovative product is an overwhelming success with 7.39 million people enrolled (more than one-third of eligible Shanghai citizens), setting a new record for enrollment in municipal health insurance plans in China.
Social Responsibility as Our Core Value
Since its founding, MediTrust has fully embraced social responsibility as part of its mission, values, and daily operation. We believe that taking social responsibility seriously is closely linked to our lofty value creation for our customers, shareholders, employees, and eventually, the broader society.
Bringing benefits to our users and their families is our utmost concern. We understand the pressing needs of the people whose medical and therapeutic needs are significantly unmet due to gaps and limitations of the current healthcare systems. For example, people with rare diseases do not receive enough attention or essential assistance which often leave them in a precarious situation. At MediTrust, we care about their needs and have established Clover Care Center, a one-stop care service platform for patients with rare diseases. Through drug benefits, education activities, and innovative insurance products, MediTrust strives to effectively alleviate payment pressures, increase access to rare disease medications, and provide better health management services for rare disease patients.
Capitalizing on the rapid digitization in China, MediTrust extended its services to connect domestic patients with the world's newest drugs, novel therapies, and latest medical devices through our iCare Internet Hospital embedded in Care2Pay. This is another MediTrust initiative to build a more advanced healthcare infrastructure which supports the national multi-layer healthcare security system.
While facing the COVID-19 pandemic in 2020, MediTrust provided timely assistance to support disaster relief. We offered patients free online consultations and free drug home delivery services. Our team also quickly launched "Protection for Pharmacists" and distributed more than 120,000 personal protective equipment packs to pharmacies all over China. During the flood disasters in Henan in July 2021, MediTrust rapidly mobilized and distributed relief resources to the devastated cities. With its outstanding public perception and brand awareness, as well as its impressive performance in corporate social responsibility, MediTrust clinched the "2021 Corporate Social Responsibility Model Award" at the 10th China Finance Summit, an accolade reflecting our relentless effort in contributing to the community.
Seth Zhang, Founder and CEO of MediTrust, said: "We are always fully committed to working with more healthcare and insurance industry partners to provide people with access to affordable medicine and healthcare services."
