Manulife-Sinochem insurer inks deal with healthcare platform 111 Inc

Sino-Canadian joint-venture insurer Manulife-Sinochem Life Insurance Co Ltd announced strategic cooperation with Shanghai-based digital and mobile healthcare platform 111 Inc on Wednesday, under which the two companies will work together to build a complete healthcare service system.

Manulife-Sinochem is the first insurer that has sought a long-term in-depth partnership with 111 Inc. It is also the first time that the insurance company has teamed up with an online healthcare service provider.

According to the newly signed agreement, both companies will build a system that links prevention, inquiry and diagnosis, medicine purchase, pharmacy benefit management and health insurance.

To be more specific, the tailor-made service module of the online B2C pharmacy 1 Drugstore affiliated to 111 Inc will be integrated into Manulife-Sinochem's health management platform named "move". The two companies will explore a new business model that combines insurance and online medicine. They will also invent new products based on big data technology.

Zhang Kai, CEO of Manulife-Sinochem, said the new partnership will largely strengthen the insurer's mapping in the Chinese healthcare industry to better meet the local consumers' demand.

Liu Junling, co-founder and CEO of 111 Inc, said the two companies will perfect their service cycle that combines hospitals and pharmacies This way, they can provide one-stop healthcare solutions which is of higher value in the sense of business and ecosystem.

Founded in 2010, 111 Inc went public on Nasdaq on Sept 12, becoming the first Chinese online healthcare company successfully listed in the United States.

Its online B2C pharmacy 1 Drugstore has attracted over 15 million registered users so far, making it the largest online pharmacy in China. Its internet hospital 1 Clinic provides online diagnosis and prescriptions from over 2,000 medical professionals. The B2B pharmacy platform 1 Drug Mall has built up the world's largest virtual pharmacy network, providing services to over 130,000 pharmacies, which number will reach 250,000 next year.