FAST NEWS: 111 Inc. enters strategic supply agreement with Scrianen Pharma
The Latest: Pharmaceutical distributor 111 Inc. (YI.US) announced Tuesday that it has entered into a strategic direct supply partnership with drug developer and maker Beijing Scrianen Pharmaceutical.
Looking Up: 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.
Take Note: The partnership does not specify the scale of the cooperation between the two companies, nor does it disclose how much 111 Inc. will benefit from the cooperation.
Digging Deeper: Founded in 2010, 111 Inc. operates a leading digital and mobile healthcare platform in China that connects patients with pharmaceuticals and healthcare services to sell medicines to online and offline pharmacies across China. It has strategic partnerships with more than 500 domestic and international pharmaceutical companies and serves more than 470,000 individual pharmacies and small to medium-sized pharmacy chains across the country. Benefiting from cost control measures, it reported its first-ever operating profit in the first quarter of this year.
Market Reaction: 111 Inc.’s shares fell 1.8% to $1.08 in New York on Tuesday. It currently trades near the lower end of its 52-week price range.
Translation by A. Au
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