China-based Ping An Healthcare and Technology, otherwise known as Ping An Good Doctor, has obtained a pharmaceutical trade license, which will allow the company to develop its online and offline pharmaceutical businesses that focus both on supplying other companies in the industry and consumers.
Ping An, an online-to-offline healthcare servicing platform, was founded in Guangdong, China in 2014. The company launched its mobile platform in April 2015 to offer online medical and wellness services including access to a family doctor. This platform had 192.8 million registered users at the end of 2017.
The company launched its health stores in August 2015, which follow a direct sales and marketplace model. These shops offer consumers medicines, traditional Chinese medicines, fitness equipment and personal care products.
Ping An was listed on the Hong Kong Stock Exchange in May this year. In its initial public offering raised HK$8.77bn ($1.1bn), representing the largest flotation in Hong Kong this year.
This funding round was centred around seven cornerstone investors, including BlackRock, the Singaporean Government’s investment fun GIC and Canada Pension Plan Investment Board.
As well as its focus on receiving a trade license, the company has been building its corporate management business, most notably its medical insurance plan, which was launched at the end of May 2018. Since then the company claims to have signed contracts with 200 large corporations, including Vanke, China Telecom and Bank of China, and provides services to almost 1.5 million employees across China.
The insurance scheme has three staple products – employee medical examination, online clinic and group health 360 – that provide 24/7 healthcare management services
Ping An CEO Wang Tao: “Ping An Good Doctor is a technology and internet company, but the Company is also a platform company with an ecosystem vision. Our mission is to promote healthy living empowered by technology.”