Tianjin Tongrentang Group Partners with Online Pharmacy Giant 111, Inc.
SHANGHAI, Nov. 29, 2019 /PRNewswire/ -- In a partnership combining one of China's oldest names in pharmaceuticals with one of its newest, 111, Inc. (NASDAQ: YI) ("111" or the "Company") is partnering with Tianjin Tongrentang Group. Co., Ltd. to deliver traditional Chinese medicine using big data and artificial intelligence, the drivers behind China's largest online pharmaceutical retailer 111. Founded in 1669, Tianjin Tongrentang will use 111's Internet healthcare platform for direct sourcing. The 111 platform provides online-offline channel integration, product promotion, big data customer analysis, brand awareness and patient education. The partnership will make it easier for patients and households to access the full range of Tianjin Tongrentang's traditional Chinese medicine products and services.
The cooperation will leverage 111's integrated online-offline healthcare platform and cover a wide range of Tianjin Tongrentang products, expanding the company's addressable market for premium products as well as products developed exclusively for the 111 online platform.
Following China's recent healthcare reforms, the separation of drug prescription and distribution has accelerated, and in particular, the expanded geographical coverage of "4+7 Centralized Urban Pharmaceutical Procurement Policy" has made online-offline retail channels outside hospitals the new focus of pharmaceutical manufacturers. The 111-Tianjin Tong Ren Tang partnership will bring the latter's products to tier 3, 4 and 5 cities as well as expand coverage to include more pharmacies, private hospitals and clinics, and leverage 111's nationwide supply chain and expertise in Internet technology.
Dr. Gang Yu, Co-Founder and Executive Chairman of 111, commented that Tianjin Tong Ren Tang is a time-honored brand with broad product offerings, and 111 will assist it in delivering its exclusive drugs and proprietary products to a wider market, benefiting more consumers, and that 111 looks forward to deploying its technologies to spur continued growth of this national and "centuries old" brand.
Zhang Yansen, Chairman of Tianjin Tongrentang, said that, as a time-honored brand, Tianjin Tongrentang has a business philosophy based on "integrity, product quality, and innovation". He said that in recent years his company has embraced the Internet and exploited Internet platforms to continue business model innovation and to reduce middlemen in its distribution chain and provide easier access to its high-quality products and services.
About Tianjin Tongrentang
Tianjin Tongrentang Group Co., Ltd. is the owner and manufacturer of two original brands "Tianjin Tongrentang" and "Hongrentang" certified by the Ministry of Commerce as "time-honored" brands. Tianjin Tongrentang has also received the national Good Manufacturing Practice ("GMP") certification for its production lines of tablets, hard capsules, granules, adhesive plasters, syrups, oral solutions and powders. The company has 114 approved products, among which 22 are proprietary drugs, 34 are included in the National Drug Catalogue for Basic Medical Insurance, Work-related Injury Insurance and Maternity Insurance, and 13 are included in the National Essential Drug List.
For more information on Tianjin Tongrentang, please visit http://www.tjtongrentang.com/.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading integrated online and offline healthcare platform in China. The Company provides hundreds of millions of consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy and indirectly through its offline pharmacy network. 111 also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation and electronic prescription services. In addition to providing direct services to consumers through its online retail pharmacy, 111 also enables offline pharmacies to better serve their customers. The Company's online wholesale pharmacy, 1 Drug Mall, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. The Company's new retail platform, by integrating the front and back ends of the pharmaceutical supply chain, has formed a smart supply chain, which transforms the flow of pharmaceutical products to pharmacies and modernizes how they serve their customers.
For more information on 111, please visit http://ir.111.com.cn
For more information, please contact:
Ms. Monica Mu
Mr. Christian Arnell
Ms. Linda Bergkamp
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