SHANGHAI, June 11, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, announced that the Company has entered into a strategic direct supply partnership (the "Partnership") with Beijing Scrianen Pharmaceutical Co., Ltd. ("Scrianen"), a comprehensive pharmaceutical enterprise that integrates research and development, production and marketing.
The signing ceremony of the Partnership was attended by Dr. Gang Yu, co-founder and executive chairman of 111, Bin Yi, chairman of Scrianen, and senior management teams from both companies. This new agreement aims to enhance their existing collaboration, focusing on a range of products including "Scrianen Folic Acid Tablets" for nationwide distribution.
Since 2017, 111 became a strategic partner in Scrianen's Authentic Alliance. This latest Partnership deepens their retail market cooperation by leveraging big data, digital marketing, and cloud services to help Scrianen's medications and pregnancy-related products reach a broader online and offline market with added efficiency to broaden drug accessibility. Both companies expressed strong confidence in the upgraded strategic partnership and pledged to fully utilize their respective resources and strengths to bring higher-quality healthcare products and convenient services to a wider user group in China.
111 has developed an integrated online and offline healthcare ecosystem that includes the online retail pharmacy named "1 Pharmacy", self-operated offline pharmacies, online doctor-patient management services "1 Clinic", digital pharmaceutical distribution services "1 Medicine", and SaaS-based services "1 Health Membership program". As a crucial digital service platform for the healthcare industry's upstream and downstream, 111 empowers various stakeholders including pharmaceutical companies, pharmacies, hospitals, and drug distributors. It has established strategic partnerships with over 500 renowned domestic and international pharmaceutical companies, serving more than 470,000 individual and small-to-medium chain pharmacies nationwide.
Scrianen's business spans reproductive health, maternal and child health, orthopedics, oncology, gynecology, pediatrics, and geriatric diseases. Their flagship product, "Scrianen Folic Acid Tablets," received new drug certification and production approval from the National Health Commission in 1997, becoming the first 0.4mg folic acid tablet available worldwide. The World Health Organization has set its quality standards as the international benchmark, and it is included in the Chinese Pharmacopoeia.
Forward-Looking Statements
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 tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.
For more information on 111, please visit: http://ir.111.com.cn/.
