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Yuanxin Technology raises 600 million yuan

The impact of the epidemic is all-round, not only offline physical consumption, but also in the investment field. Jing Wei, the founder of Jingwei China, revealed at the Rebuild 2020 conference that the company experienced a “shrinkage” of investment in the first half of this year. In the current situation, companies that can successfully finance against the trend are worthy of careful study.

A few days ago, Yuanxin Technology (Dr. Miao Shou) announced that it has received D1 round of RMB 600 million in financing, including well-known institutions such as Qiming Venture Capital, CITIC Securities, and Sequoia Capital. Yuanxin Technology, established in 2015, has taken 5 years to start from the Yuanxin Pharmacy, which is mainly based on prescription drugs. At present, it has developed upward Internet hospitals and downward medical insurance Yuanxin Huibao, forming a medical-pharmaceutical- The closed-loop ecology of insurance, and this may be the “second half” of Internet medical treatment.

Drug core

Before the creation of Yuanxin Technology, He Tao had successfully built an online pharmacy, Jianyi Online Pharmacy, for China Resources Group. As a veteran of the immersion medicine and medical industry for many years, when he created the wonderful doctor, Internet medical and Internet drug platforms were the investment boom.

However, He Tao does not want to simply copy an Internet medical platform. At that time, it coincided with the introduction of national policies to promote the outflow of prescription drugs by hospitals, promote “separation of medicines”, and reduce the proportion of medicines in hospital revenue. Previously, because there were no prescription drugs, online pharmacies could only sell over-the-counter drugs, and some patients with serious diseases and chronic diseases could not buy drugs online.

At that time, Internet medicine needed to be combined with offline pharmacies in order to break the restrictions. Therefore, Dr. Miao Shou adopted a very “heavy” style of play and arranged hospital-side pharmacies and DTP pharmacies next to the hospital, successfully taking over the hospital’s “outflow” prescription drug demand. At present, the company’s chain pharmacy Yuanxin Pharmacy has established more than 200 hospital-side pharmacies and pharmacies in 70 cities across the country. At the same time, patients can also order medicines from online doctors, and they can consult and consult with doctors within the application.

It is through such an “anti-Internet” thinking action that Yuanxin Technology has become a prescription dispensing center and prescription processing center. Here, Dr. Miao Shou can deliver consultation, medical treatment, course management, prescription, medicine and other services to patients. There will be a deeper connection between doctors and patients, and between hospitals and patients.

He Tao dismantled the vision of Yuanxin Technology in four stages. “The first stage is to find new medicines and rare medicines. The second stage is to find medicines and buy medicines. The third stage is to find rare medicines and difficult diseases. ; The fourth stage is to find a good hand on medical medicine.”

The hospital-side pharmacy has completed the goal of Yuanxin Technology’s “medicine delivery platform”. On the medical side, Miaoshou Internet Hospital is an Internet medical platform that serves doctors and patients, and is an Internet cloud clinic for doctors and doctors groups. It provides doctors with online consultations and patients. Professional services such as management, doctor education, electronic prescriptions and medicines. At present, there are more than 150,000 Internet hospitals and doctors contracted by Miaoshou Internet Hospital, of which 66.5% are doctors attending and above.

The signing and stationing of professional doctors has established Yuanxin Technology’s “medical delivery platform”.

A new force in drug insurance

Also taking medicine as the core, Yuanxin Technology has stepped down into the insurance field. The establishment of Yuanxin Huibao has perfected the ecological closed loop of Yuanxin Technology’s “medical insurance”

Whether selling life insurance through physical pharmacies or building a comprehensive insurance platform, in fact, like many entrepreneurs who are new to the insurance industry, they only see the most important business of insurance, which is “selling.” In fact, from the perspective of offline sales, the offline team of traditional insurance companies is already very mature, and it is not on the same order of magnitude as startups.

Without competing with traditional insurance companies in the Red Sea market, Yuanxin Huibao set its early direction on more differentiated products and services.

In product research and development, Yuanxin Huibao made good use of the strong advantages of the parent group’s wonderful doctors in the pharmaceutical field. After several months of preparations, it cooperated with Taiping Property Insurance to launch the “Drug Relief-Anti-cancer Special Drug Protection Plan.”

Provide users with a special medicine product that can pay for 20 kinds of anti-cancer special medicines inside and outside the social security catalogue, and the maximum compensation limit of 1 million, covering a variety of high-risk malignant tumors. “Pharmacy Relief” sold 3.07 million copies in 3 days, which proves the accuracy of Yuanxin Huibao’s product positioning.

Selling products to insurance companies to serve users through the 2B2C route, Yuanxin Huibao’s development route has not only avoided the Red Sea market of “selling” insurance, but also has entered the service market after health insurance.

At present, the scale of Internet health insurance has reached 50 to 60 billion. Since there is insurance, there will definitely be risks and claims. For insurance companies, the most important thing is to “sell” rather than the subsequent approval, insurance and subsequent medical service steps. Because of this, the health insurance TPA (health insurance third-party organization) has gradually attracted people’s attention as the health insurance gradually increased.

Industry insiders predict that the health insurance TPA market is about 3 billion yuan, which is still a relatively conservative estimate. More importantly, Yuanxin Huibao can seamlessly enter this market by virtue of its parent company’s advantages in medicine and medical treatment. Dr. Miao Shou’s pharmacy can provide treatment drugs, and the geographical advantage of the “yard side shop” ensures that the approval of risk-taking and testing procedures are more convenient.

In July last year, Yuanxin Huibao received a 50 million yuan Series A financing from Sequoia China. The favor of capital also proves that capital is optimistic about the direction of Yuanxin Huibao.

From the earliest hospital-side pharmacies, to Internet hospitals, and then to Internet medical insurance, Yuanxin Technology may have revealed the correct development posture of “second half” of Internet medical treatment.

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Andrew Beck
Andrew Beck
Andrew Beck is a 28-year-old writer who enjoys playing football and reading books. He is smart and creative, but can also be very sneaky and a bit lazy.
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