Boston-based biotech company Orig3n and ZhongAn Online P&C Insurance have partnered to bring health tech solutions to Chinese consumers.
ZhongAn, which raised $1.5bn during its oversubscribed IPO on the Hong Kong stock exchange in late 2017, Asia’s largest-ever fintech offering at that time, primarily offers insurance products and solutions in the context of five major ecosystems, namely lifestyle consumption, consumer finance, health, auto, and travel.
The company will now supplement its insurance offerings with the introduction of healthcare solutions including a suite of DNA tests to their extensive customer base of nearly 500 million people, and to the China market as a whole. The product suite will be backed by Orig3n’s extensive knowledge of genetic testing applications, being one of the leading US direct-to-consumer DNA test platforms.
Orig3n CEO Robin Y. Smith said: “We are very excited to have ZhongAn as a strategic partner in China. With our strong knowledge base and IP and ZhongAn’s brand awareness and extensive reach with consumers, we are confident that together we will make a significant impact in the PRC.”
ZhongAn Life Sciences President Liu Haijiao said: “We had been looking to complement ZhongAn’s product suite with health tech solutions to meet evolving consumer demands and identified Orig3n as the ideal partner due to its technology and industry-leading mobile platform. We look forward to partnering with Orig3n to provide innovative new products for our customers and the broader China market.”
The two companies also agree to establish a new laboratory in Shanghai, which focuses on the application and innovation of healthcare technologies. Locating the lab in Shanghai will also enable the companies to provide Chinese consumers with personalized, efficient and convenient healthcare solutions.
Source: Company Press Release