Medtronic, China Re Life, and MediTrust Announce Strategic Collaboration to Advance Innovative Medical Payment Solutions and Launch Insulin Pump Commercial Health Insurance Project

February 24, 2022, Shanghai——Global medical technology leader Medtronic, China Life Reinsurance Company Limited (the only company in China specializing in life reinsurance), and MediTrust Health (an industry-leading innovative healthcare services platform) have signed a strategic cooperation agreement. The three parties will combine their respective business strengths to jointly explore commercial health insurance, city-customized commercial medical insurance, and innovative payment solutions, working together to enhance the accessibility of innovative medical technologies and contribute to the development of a multi-layered medical security system. At the same time, Medtronic, China Life Reinsurance Company Limited, MediTrust Health, along with Taiping Pension and Fude Life Insurance, launched an innovative commercial health insurance project for insulin pumps. This project will benefit children under 22 years old diagnosed with Type 1 diabetes and patients aged 40 and above with Type 2 diabetes.

Three-Party Collaboration Unveils a New Chapter in Health Insurance, City Insurance, and Innovative Payment Projects

The "14th Five-Year Plan for Universal Medical Security" points out the need to "improve the multi-level social security system" and encourages innovation and development in commercial health insurance products, emphasizing "gradually including the application of new medical technologies, new drugs, and new devices within the coverage scope of commercial health insurance." Against this backdrop, Medtronic, China Life Reinsurance Company Limited, and MediTrust Health signed a strategic cooperation agreement.

(Image: Photo of the strategic cooperation signing ceremony)

Based on the strategic cooperation framework, the three parties will carry out multi-channel collaborations. They will actively develop commercial health insurance projects to enhance patients' payment capabilities; improve therapy accessibility through city-wide insurance programs; and launch innovative payment projects under various models. "This strategic collaboration between Medtronic, China Life Reinsurance Company Limited, and MediTrust Health is of great significance, representing the joint efforts of medical technology companies, health service platforms, and the insurance and finance industries in building a multi-layered security system and helping patients address medical payment issues," said Gu Yushao, Senior Vice President of Medtronic Global and President of Greater China. "Medtronic has always been committed to using innovative medical technologies to help patients alleviate pain, restore health, and extend life. We look forward to exploring innovative payment methods through this strategic partnership to enhance the accessibility of cutting-edge therapies, allowing high-quality medical services to benefit more patients in China."

Mr. Tian Meipan, Director and General Manager of China Life Reinsurance, sent his congratulations to the signing ceremony and the launch of the insulin pump product via video. Zhai Qingfeng, Director and Deputy General Manager of China Life Reinsurance, delivered a speech on-site, stating that with the in-depth implementation of the national "Healthy China" strategy, the role of commercial health insurance in medical payments is becoming increasingly important. Reinsurance will play a greater role in serving the innovative transformation of health insurance and the construction of a multi-level medical security system. China Life Reinsurance also hopes to collaborate with partners both inside and outside the industry to further enhance the payment efficiency and service perception of insurance, effectively serving the national economy and people's livelihoods. The strategic cooperation between China Life Reinsurance, Medtronic, and MediTrust Health will continue to take stabilizing people’s livelihood security as its mission, leverage technological innovation, actively fulfill the role of a national reinsurance leader, accelerate product innovation, deepen industrial cooperation, and contribute to improving the quality, efficiency, and transformation of the industry.

MediTrust Health Founder and CEO Zhang Xiaodong stated that as a leading innovative healthcare service platform in the industry, MediTrust Health is committed to supporting commercial insurance innovation for medical devices and improving the accessibility of innovative medical devices. Through this collaboration, MediTrust Health will work alongside Medtronic and China Life Reinsurance Company Limited with the aim of complementary strengths, mutual benefits, and common development. The partnership will fully leverage each party's advantages in technological innovation, industry resources, and product services to deepen strategic cooperation and establish a closer strategic partnership, thereby advancing commercial insurance innovation for medical devices.

"We believe that this strategic cooperation will better enhance the accessibility of innovative medical devices, allowing patients to more conveniently access more high-quality medical resources. The successful implementation of the diabetes insulin pump commercial insurance project and the previous cooperation on pain pumps are a good start to the tripartite strategic cooperation," said Zhang Xiaodong.

Strengthen Strategic Cooperation, Launch Innovative Insulin Pump Project

On the same day, the insulin pump commercial insurance project jointly released by Medtronic, China Life Reinsurance Company Limited, MediTrust Health, Taiping Pension, and Fude Life Insurance was one of the first implemented projects under this strategic cooperation framework. It aims to help alleviate the financial burden on diabetes patients and improve the accessibility of advanced therapies.

(Photo: On-site photo of the insulin pump signing project)

At the end of 2021, the International Diabetes Federation (IDF) released the 10th edition of the Global Diabetes Atlas. The data shows that the number of people with diabetes in China has exceeded 140 million, accounting for about one-tenth of the total population in China. Diabetes is a group of diseases caused by defects in insulin secretion and/or insulin action, characterized by chronic hyperglycemia accompanied by disorders of carbohydrate, fat, and protein metabolism. Diabetes is an important cause of chronic damage, dysfunction, and failure of various organs such as the eyes, kidneys, heart, and blood vessels. With the development of medical technology, insulin pumps deliver relatively precise continuous subcutaneous insulin infusion, simulating the physiological secretion pattern of human insulin to the greatest extent, achieving better blood glucose management for people with diabetes, reducing the risk of diabetes complications, while also alleviating the burden of multiple daily insulin injections for patients and improving their quality of life.

(Figure: Medtronic insulin pump image)

Medtronic continues to build a comprehensive ecosystem for diabetes management in this field, committed to reducing the burden on users managing diabetes. As an enhanced supplement to social insurance, the innovative commercial health insurance project for insulin pumps launched this time will provide support for children aged 22 and under with Type 1 diabetes and patients aged 40 and above with Type 2 diabetes. Hai Li, Head of Greater China Diabetes Business at Medtronic, stated: "Through this innovative commercial insurance project, we hope to improve the accessibility of continuous subcutaneous insulin infusion, helping more diabetic patients manage blood glucose, reduce the burden, and enhance their quality of life."

As a leading innovative healthcare service platform in the industry, this collaboration marks another significant step by MediTrust Health in supporting the treatment of patients with chronic diseases, including those with diabetes. MediTrust Health will leverage its expertise in innovative payment solutions to develop more accessible and affordable payment options for Medtronic's insulin pump, enabling more patients to benefit from this simple, convenient, and highly effective blood sugar management device. This effort aligns with the goal of building a "multi-layered medical security system" and contributes to achieving the "Healthy China 2030" objectives.

Taiping Pension's "Taiping Guardian Star" is the first student safety insurance that provides coverage for insulin pumps for children/students aged 22 and under who are diagnosed with Type 1 diabetes. It supports gap coverage for rare conditions like childhood Type 1 diabetes, promotes advancements in the diagnosis and treatment of related rare diseases, and highlights the attention of commercial enterprises to minority groups and the social responsibility of insurance companies.

Foresea Life Insurance is one of the few insurance companies that pays attention to the elderly and middle-aged patients with type 2 diabetes who either cannot buy insurance or face excessively high premiums. By launching the "Evergreen" million medical insurance, it aims to alleviate the chronic disease burden for these patients and help eligible patients benefit more from advanced insulin pump therapy.

It is reported that Medtronic, China Life Reinsurance Company Limited, MediTrust Health, and ZhongAn Insurance jointly launched the first insurance product in China for intrathecal drug delivery therapy in July 2021, providing cancer patients with an innovative pain solution to improve their quality of life. The newly released insulin pump innovation project represents another exploration and deep cultivation by multiple parties in the field of innovative payment. Gu Yushao stated: "In the future, Medtronic looks forward to collaborating with all partners to carry out more meaningful explorations, making innovative therapies more accessible to benefit more patients in China and contributing to the realization of the 'Healthy China' strategy."

(Image: Photo of the roundtable discussion现场)

After the ceremony, Director Jin Chunlin from the Shanghai Health Development Research Center interpreted the overall direction of building a multi-level medical security system from a policy perspective. The parties also held an in-depth discussion on the topic of "Innovative Payment for Medical Devices to Support the Construction of a Multi-level Medical Insurance System," presenting their thoughts and insights in respective fields. They explored the unlimited possibilities of innovative payment in China, hoping that through the efforts and cooperative innovation of all parties, they can bring benefits to patients in China.