111, Inc. Enters into First-Ever Strategic Partnership with BeiGene
SHANGHAI, March 17, 2021 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (Nasdaq: YI), a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China, announced today it has entered into a strategic cooperation agreement with BeiGene, Ltd. (NASDAQ:BGNE; HKEX:06160), a commercial-stage biotechnology company focused on developing and commercializing innovative medicines worldwide.
BeiGene currently markets two internally discovered oncology medicines in China: BTK inhibitor, BRUKINSA® (zanubrutinib), and anti-PD-1 antibody, tislelizumab. It also markets or plans to market in China additional oncology products licensed from Amgen Inc., Celgene Logistics Sàrl, a Bristol Myers Squibb (BMS) company, and EUSA Pharma.
Cancer is the leading cause of death in China, and the number of cancer patients is on the rise. According to data from the International Agency for Research on Cancer (IARC) of the World Health Organization (WHO), in 2020, 4.6 million new cases of cancers were diagnosed in China, accounting for 23.7% of the world's total cases, and there were 3 million cancer deaths in the country, accounting for 30% of the world's total. Meanwhile, cancer treatment resources are mostly concentrated in China's first- and second-tier cities. Therefore, the current challenge in the treatment of cancer in China lies not only in the availability of safe and efficacious drugs, but also in the fact that a large number of cancer patients in the country face the unfortunate situation of needing to seek both immediate medical treatment and long-term follow-up care outside of their local communities.
Answering the urgent call to make cancer care more efficient and patient-friendly in China, the two companies will cooperate around a "Internet + Medicine & Healthcare" model, leveraging 111's Internet hospital, smart supply chain network, data-driven AI solutions, such as digital advertising, and online and offline direct-to-patient (DTP) delivery of medicines to create an unique oncology management platform. The platform will further empower doctors to improve the efficiency of patient management, especially for patients outside of the hospital, and will not only extend their service cycles, but also expand their service radius. At the same time, through this efficient and convenient doctor-patient communication platform, it will be possible to provide patients with a digital, one-stop service for medical care and medicine, improving the accessibility of BeiGene's innovative oncology drugs.
According to Dr. Wu Xiaobin, president of BeiGene, the Internet+ model will be a catalyst for driving innovation in oncology, and he hopes that this partnership with 111 will enable BeiGene to further its innovative goals through the wings of digitization. By leveraging the power of the Internet, BeiGene will be able to bring its innovative drugs and services to more patients nationwide.
Ms. Wu Qingyi, Chief Commercial Officer of BeiGene Greater China, said, "In order to further promote the commercialization of oncology innovative drugs, we hope to use 111's industry leading technology and digital service to establish the "last mile" delivery of oncology disease medical services in China. This will allow us to provide more high-quality innovative medicines and improve the accessibility of our medical resources to patients in China."
Dr. Yu Gang, Co-founder and Executive Chairman of 111, Inc., commented, "We are excited to partner with a leading company specializing in the development of innovative therapies in oncology. Both inside and outside of China, traditional pharmaceutical product marketing mainly targets clinicians, with relatively little attention devoted to end patients. However, in the era of digital healthcare services, and through the empowerment of the Internet, pharmaceutical companies can now deliver "patient-centered" care by prioritizing the needs of the patients. With the Internet's ability to transcend the boundaries of time and geography, it can help doctors establish truly integrated online and offline disease management services throughout the patient care continuum – from diagnosis to treatment to post treatment follow-up care. We are confident that, by relying on our comprehensive digital "medical care + medicine" platform, 111 can help expand the commercial reach of BeiGene's innovative oncology drugs as well as advance the adaption of innovative medical service models in China."
111's strategically located, technology-driven fulfillment centers currently serve more than 300,000 pharmacies in China that comprise its online and offline integrated virtual pharmacy network, empowering the Company's ability to offer 24-hour delivery in most major cities and 72-hour delivery nationwide.
About BeiGene
BeiGene is a global, commercial-stage biotechnology company focused on discovering, developing, manufacturing, and commercializing innovative medicines to improve treatment outcomes and access for patients worldwide. Our 5,400+ employees around the world are committed to expediting the development of a diverse pipeline of novel therapeutics. We currently market two internally discovered oncology medicines: BTK inhibitor BRUKINSA® (zanubrutinib) in the United States and China, and anti-PD-1 antibody tislelizumab in China. We also market or plan to market additional oncology products in China licensed from Amgen Inc.; Celgene Logistics Sàrl, a Bristol Myers Squibb (BMS) company; and EUSA Pharma; and have entered a collaboration with Novartis Pharma AG for Novartis to develop and commercialize tislelizumab in North America, Europe and Japan. To learn more about BeiGene, please visit www.beigene.com and follow us on Twitter at @BeiGeneUSA.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online wholesale pharmacy, 1 Medicine Marketplace, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.
For more information on 111, please visit: http://ir.111.com.cn/.
Forward-Looking Statements
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
SOURCE 111, Inc.
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