111, Inc. (Nasdaq: YI) announced Monday that it entered into a strategic partnership with Bayer Healthcare Co. Ltd.
Under the agreement, the digital healthcare platform said the two companies will collaborate on drug commercialization initiatives in China. 111's omni-channel drug commercialization platform will supplement Bayer Healthcare's existing sales and marketing network, the company added.
In addition, two companies will join hands in developing a digitalized content portal that provides online pharmacist training and interactive patient education content and services. The aim of this portal is to improve drug availability and accessibility.
“ I am confident that the strategic partnership between Bayer Healthcare and 111 will allow the two companies to forge a new frontier in the delivery of healthcare products – convenient and efficient delivery of high-quality healthcare products in a manner that fits into everyone's busy schedules, said Haihui Wang, the co-COO of 111.
Looking forward, “111 will continue to pursue partnership opportunities with pharmaceutical and healthcare companies to further enhance our omni-channel drug commercialization capabilities, ” Wang added.
In addition, the company aims to invest resources in developing a full life-cycle health management solutions for patients and building a comprehensive, patients-centric, healthcare management and service platform that will digitally connect patients with their healthcare providers.
Established in 2010, 111 connects its "hundreds of millions" of consumers to its pharmaceutical products and healthcare services. The company provides its services through its e-commerce pharmacy and indirectly through its offline pharmacy network.
Shares of 111 were trading at $6.48 per share mid-day in New York, inched up 4 cents.