Yibao Technology Co., Ltd, a Shanghai-based service provider for city-level supplementary commercial insurance (“Huiminbao”) schemes, has reportedly raised an undisclosed amount in a Series A+ financing round. The round was led by China Resources Pharmaceutical Group Ltd, China Resources Medicine Commercial Holdings Ltd, and China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Existing investors BioTrack Capital, Eight Roads, and Marathon Venture Partners also participated.
Urban Health Security Platform Development
In conjunction with the funding, Yibao Technology and CR Pharma will develop an “urban health security platform.” This platform is designed to promote health insurance and access to novel medicines, and to facilitate the construction of a multi-layered healthcare security system. This initiative aligns with China’s “14th Five-Year Plan Universal Healthcare Security Plan,” which was released in September 2021 and outlines government plans to support the Basic Medical Insurance (BMI) system through the development of the commercial health insurance sector, including supplementary Huiminbao schemes.
Business Presence and Future Plans
By the end of 2021, there were over 200 Huiminbao-covered medical products across 27 provinces in China, with 140 million citizens participating in the schemes. Yibao’s business covers over 50 cities and 25 million insurance participants. The partnership with CR Pharma will enhance patient access to healthcare security services, including medicines, and explore solutions for Huiminbao drugs, chronic disease medications, chronic disease screening, and innovative payment schemes for medicines.-Fineline Info & Tech
