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36氪 First Release | To create a new digital infrastructure for medical drug payment, “Yuanxin Technology” received 3 billion yuan in Series E financing

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36氪 learned that Beijing Yuanxin Technology Group (hereinafter referred to as “Yuanxin Technology”) has completed 3 billion yuan of E round of financing. This round is another round of financing six months after the completion of the D round of financing in June 2020. Sequoia Capital China Fund and Tencent jointly led the investment, and CITIC Securities, CICC Capital, OrbiMed, Qiming Venture Capital, Kunling Capital, Gopher Assets, E Fund, etc. participated in the investment, and Index Capital served as the exclusive financial advisor.

It is reported that this round of financing will be used to enhance the company’s competitive advantages in the fields of Internet healthcare, medication management, and health insurance, and to strengthen the ecological service capabilities of “medical-patient-medicine-insurance”.

Yuanxin Technology was established in 2015 and is headquartered in Beijing. After nearly 6 years of development, it has established 4 major business segments including Miaoshou Doctor, Yuanxin Medical Technology, Yuanxin Pharmacy, Yuanxin Huibao, etc., covering the three major scenarios of medical treatment, medication and payment. The comprehensive service platform:

  • In terms of medical treatment scenarios, Miaoshou Doctor and Miaoshou Medical Bank have more than 1.3 million registered doctors, with an average daily visit volume of 7 million. Yuanxin Medical Technology has completed the construction and operation of Internet hospitals in more than 200 physical hospitals across the country;

  • In terms of medication scenarios, Yuanxin Pharmacy has achieved strategic coverage of more than 80 key cities and more than 370 tertiary hospitals across the country with more than 200 hospitals and DTP self-operated pharmacies, providing patients with drug delivery and pharmaceutical services;

  • In terms of payment scenarios, through the analysis of patient treatment and medication data, Yuanxin Huibao and the insurance company launched more accurate insurance protection to help patients solve payment problems. In addition, they provide patients with corresponding medical and pharmaceutical services. Now the insurance has covered more than 3000 Million people.

Image source: Ruijing Creative

He Tao, Founder & CEO of Yuanxin Technology, said: In recent years,The continuous promulgation of my country’s medical, pharmaceutical and other related policies, as well as the structural changes in the patient’s diagnosis and treatment, medication, and payment paths, will unlock trillions of incremental market space, Provides a historic opportunity for the rapid development of Yuanxin Technology.

Specifically, the new medical reform centered on the “three-medicine linkage” has entered the deep water zone. In February 2020, the State Council issued the “Opinions on Deepening the Reform of the Medical Security System”, which further clarified the need to accelerate the establishment of a multi-level medical security system and promote the reform of payment methods and the reform of the medical service supply side.

Driven by policies, China’s medical treatment, medication and payment systems are rapidly optimizing and are moving towards a multi-level medical security system. The markets for out-of-hospital prescriptions, online diagnosis and treatment, and commercial health insurance have also entered rapid growth.

At the same time, the accelerated penetration of digital technology is reshaping a user-centric medical security system. In 2018, the State Council issued the “Opinions on Promoting the Development of “Internet + Medical Health””, clearly expressing the need to encourage the development of “Internet +” medical services, improve “Internet +” drug supply guarantee services, and promote “Internet +” medical insurance settlement services . Since the 2020 epidemic, the digital trend has accelerated greatly.

In the medical treatment scenario, physical hospitals are accelerating the embrace of digital technology; in the medication scenario, the generation and distribution of electronic prescriptions are promoted; in the payment scenario, all parts of the country are actively exploring a multi-level payment and security system that links with medical insurance. Yuanxin Technology team believes thatThe bottleneck of the digital link is gradually being removed, and the digital closed loop is expected to be completed in the next few years.

For this reason, since its establishment, Yuanxin Technology has always adhered to the localized doctor-patient connection as the basis, forming a “doctor-patient-medicine-insurance” business closed loop, through the establishment of online and offline integration, intra-hospital linkages and medical insurance integration The all-round comprehensive scene of the company has expanded the boundaries of traditional medical services, medicine circulation, health insurance, medical informationization, etc., and established a patient-centric digital disease course management system, connecting hospitals, doctors, pharmaceutical companies, insurance companies and other parties.

It is precisely because of this system that in the past few years, Yuanxin Technology has also continuously unlocked new dividends in the incremental market for pharmaceutical insurance and formed its own unique service advantage.

Since 2020, Yuanxin Technology has accelerated the speed of digital construction and operation in the medical insurance business. Through the construction and operation of physical hospitals, Internet hospitals, digital pharmacies, digital insurance policy management and other services, it has formed a combination of online and offline patient pre-diagnosis appointments-online Inquiry-the digital medical path of post-diagnosis management of the course of the disease, and the digital medication path of electronic prescription generation-prescription circulation-prescription delivery.

Compared with catering, travel, real estate transactions and other fields,In the medical industry, due to its longer chain, more complex collaboration, and stricter supervision, the process of digital transformation and upgrading is still in the middle and early stages, but the supply-side transformation of the medical drug payment network and links continues to deepen, based on localized medical and health integration Service platform will truly take shape. At present, Yuanxin Technology is also accelerating the digitalization process of medical medicine, and wants to become a leader in medical medicine infrastructure combining online and offline.

Investor perspective

Tencent Investment said:

From the deployment of out-of-hospital prescriptions in 2016, the Miaoshou Internet Hospital in 2017, the entry of medical technology in 2018, and the entry of health insurance in 2019, every strategic decision made by Yuanxin Technology has driven the rapid growth of the company. Do it at the right time Things. While the company has accurate knowledge and control of the industry, it also maintains consistent high-quality requirements for services. We are optimistic that as a strategically growing digital medical enterprise, it will gain recognition and deep connections from more industry partners, and grow into a leader in the field of Internet health.

Zhou Kui, partner of Sequoia Capital China Fund, said:

During the six years of accompanying Yuanxin’s growth, it has witnessed how this Internet medical company has taken solid measures to adapt to changes and grow bigger and stronger. In the past year, Yuanxin Technology, based on solid technical accumulation, accurate environmental research and judgment, and a highly compatible executive team, faced challenges and continued development, and demonstrated excellent adaptability and development strength.

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