Insurer Ping An to launch healthcare joint ventures with Shionogi

Ping An Insurance (Group) Company of China Ltd and Shionogi (Hong Kong) Company Ltd agreed on July 27 to launch joint ventures in Shanghai and Hong Kong -- Ping An-Shionogi Co. Ltd and Ping An-Shionogi (Hong Kong) Limited. Ping An-Shionogi Co., registered in Shanghai, has a total investment that equals $419 million with Ping An’s equity accounting for 49% and Shionogi’s equity accounting for 51%. Ping An-Shionogi (Hong Kong) Limited, registered in Hong Kong, is has an investment of $46 million with the same equity ownership split between the entities. While Ping An is a financial services group, Shionogi is a global, research driven pharmaceutical company headquartered in Osaka, Japan. The joint ventures aim to combine the competencies of both companies to enhance health and medical care services in China. More specifically, the joint ventures intend to build: a data-driven drug discovery/development platform, a manufacturing and quality control system using AI technology, and a sales and distribution platform utilizing online-to-offline marketing to improve customer experience. The China and Hong Kong entities will be able to supply new, generic and over-the-counter drugs to customers in China via Ping An Health Cloud, whose full-time medical team and proprietary AI-based medical system cover end-to-end services including 24/7 online consultation, prescription, referral, appointment, second medical opinion and drug delivery. “Ping An Group has a world-leading platform and AI technology in the healthcare field, in addition to their strength in the insurance & financial field,” said John Keller, senior executive officer, senior vice president of the global business division of Shionogi. “By fusing Ping An's strengths with Shionogi's strengths as a drug discovery-oriented pharmaceutical company in this joint venture, we will work together to provide total healthcare solutions for the benefit of patients, families, healthcare professionals and society as early as possible. We believe this alliance represents a very significant step toward our goal of creating new platforms to shape the future of healthcare."

Insurer Ping An to launch healthcare joint ventures with Shionogi

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