Manulife-Sinochem partners with 111 Inc. to launch online pharmacy + health insurance model
December 5, 2018
SHANGHAI, China-- Manulife-Sinochem announced today that it has reached a strategic partnership with leading healthcare platform 111, Inc., the parent company of 1 Drugstore. The large-scale strategic partnership is the first of its kind for both companies and together the two companies will establish a new health management ecosystem. By integrating insurance with pharmacy benefits and clinical services customers will be able to manage their health more effectively and further expand their coverage.
Manulife-Sinochem and 111, Inc. will co-develop the innovative “online pharmacy + healthcare insurance” business model, uisng each other’s industry expertise and core capabilities to create differentiated offerings that target specific customer groups based on data analytics. This model is a direct response to the historic growth in China’s healthcare industry, and the resulting lack of quality in the primary care market, as well as scarcity and uneven distribution of medical resources. The two companies will co-market through their existing platforms, bringing quality coverage to more customers in China’s growing online healthcare sector.
“The strategic cooperation between Manulife-Sinochem and 111 Inc. will build upon both parties’ strengths in medical insurance, healthcare management, and data capabilities. Health is core to our company's long-term strategy, and through this partnership we plan to integrate 111's online pharmacy services into our health management platform to expand healthcare coverage and provide a more efficient and beneficial experience for customers,” said Kai Zhang, CEO of Manulife-Sinochem.
Founded in 1996, Manulife-Sinochem is a joint venture between two Fortune 500 companies – Manulife (International) Limited and Sinochem Financial Co., Ltd., a subsidiary of China Sinochem. As the first foreign-invested joint venture life insurance company in China, Manulife-Sinochem has been a long-time advocate of health and wellness. While providing health insurance for Chinese consumers, it also provides a one-stop-shop for diversified products and services including disease prevention and treatment, full-time medical care, and health management through its innovative MOVE program.
Junling Liu, co-founder, chairman and CEO of 111, Inc., said: "111, Inc.’s partnership with Manulife-Sinochem, an international insurance company, will allow us to pool our respective resources and complement each other’s strengths, as we plan on rolling out new PBM (Pharmacy Benefits Management) models that can expand our online healthcare services offerings and create higher value for both business clients and the wider ecosystem as a whole.”
111 was successfully listed on the NASDAQ stock exchange on September 12, 2018 and became China’s first online pharmacy to be listed in the US. Currently, the Company also operates an online retail pharmacy "1 Drugstore", an online medical service internet hospital "1 Clinic", and an online wholesale pharmacy "1 Drug Mall". 1 Drugstore has over 15 million registered users, making it the largest B2C direct sales online pharmacy in China; 1 Clinic has more than over 2,000 medical professionals, providing online diagnosis and e-prescription services to consumers; and 1 Drug Mall serves over 130,000 pharmacies, creating the world’s largest virtual pharmacies network.
The partnership puts the customer at the heart of every healthcare solution by creating a personalized experience and will bring considerable growth to the insurance and online healthcare services industries as a more integrated and holistic healthcare system is established.
About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of September 30, 2018, we had over $1.1 trillion (US$863 billion) in assets under management and administration, and in the previous 12 months we made $27.6 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
About Manulife-Sinochem
Manulife-Sinochem is a joint venture company between Manulife (International) Limited and Sinochem Finance Co., Ltd. (a member of the Sinochem group). It was the first Chinese-foreign joint-venture life insurance company established in China. Manulife-Sinochem began operations in November 1996. To date, the Company has nearly 16,000 professionally trained agents and employees, providing financial and insurance services to 1.4 million customers. Manulife-Sinochem is now operating steadily in 51 cities in Shanghai, Beijing, Guangdong, Zhejiang, Jiangsu, Sichuan, Shandong, Fujian, Chongqing, Liaoning, Tianjin, Hubei, Hebei and Hunan. With over 20 years’ successful experience, Manulife-Sinochem is committed to providing strong, reliable, trustworthy and forward-thinking insurance products and services to our clients.
