Miaoshou Doctor Completes Series C3 Financing, Valued at Over RMB 7 Billion Just Four Years After Founding

VCBeat (WeChat ID: vcbeat) has learned that on June 27, Beijing Yuanxin Technology Co., Ltd. (Miaoshou Doctor) officially announced the completion of its C3 round of financing in recent days, with the entire new tranche subscribed by existing shareholders. Following this round, Miaoshou Doctor’s valuation exceeds RMB 7 billion, making it another unicorn enterprise in the “Internet + Healthcare” sector.

Yuanxin Pharmacy, the chain pharmacy brand under Miaoshou Doctor, has established over 200 directly operated hospital-adjacent pharmacies and professional DTP (Direct-to-Patient) pharmacies across 66 cities in 23 provinces throughout China, covering more than 260 Grade III Class A hospitals and oncology hospitals. Currently, Yuanxin Pharmacy offers over 26,000 pharmaceutical products, including more than 300 new specialty drugs and cancer targeted therapies. By integrating professional pharmaceutical care services provided by its pharmacists, Yuanxin Pharmacy aims to set a benchmark brand in the pharmacy industry.

As Miaoshou Doctor’s offline pharmacies continue to achieve steady growth, the company’s Miaoshou Internet Hospital leverages its online medical service capabilities to efficiently connect doctors and patients. It provides offline pharmacies with services such as online follow-up consultations, digital health education, and O2O medication delivery. Focusing on severe, major, and chronic diseases, it enables continuous patient tracking, assists physicians in patient management, and delivers valuable solutions to patients, thereby achieving refined management and operations for specialized conditions and establishing a comprehensive post-diagnosis care service system.

Since June 2018, Miaoshou Doctor has launched its Brand Doctor Project, which delivers traceable online health education content attributed to specific physicians through live streaming, short audio-video clips, and articles. This initiative connects precise patient groups with specialist doctors, establishing a service chain encompassing “physician-patient education, online medical consultation, and disease course management.”

In recent years, with the continuous introduction of various national policies, the outflow of prescriptions has become a trend and focal point in pharmaceutical distribution. In addition to policy incentives, healthcare institutions are urgently seeking channels to align with national directives. Regulatory measures such as controlling the "drug revenue proportion," implementing "zero markup on drugs," and adhering to the "Two Permissibles" have spurred healthcare institutions to gradually shift their focus from "selling drugs" back to "providing services."

Against this industry backdrop, Miaoshou Doctor has leveraged its solidified medical service capabilities and strong reputation to collaborate with hospitals and local governments. By utilizing internet technology as the foundational infrastructure and hospitals as the primary entities, and by integrating various value-added services under the “Internet + Healthcare” model, it has built hospital-based internet platforms and prescription-sharing systems for medical institutions. This ensures real-time monitoring and traceability of out-of-hospital prescriptions for local governments, addresses hospitals’ drug-to-revenue ratio challenges, and helps hospitals gradually shift from a “drug-selling” model to a “service-oriented” model. Furthermore, the platform resolves information asymmetry in the healthcare market for doctors, patients, and pharmacies, truly empowering patients with the right to choose where to purchase their medications and meeting their needs regarding drug pricing, delivery, and other services.

He Tao, CEO of Miaoshou Doctor, stated: “As 2019 has passed its midpoint, Miaoshou Doctor has witnessed rapid business growth this year. The company’s offline pharmacies and online internet hospital have provided strong support and service empowerment for its newly launched insurance business. Building on professional pharmaceutical and medical services, Miaoshou Doctor has partnered with insurance companies to offer various insurance products, including specialty drug insurance and single-disease insurance, by delivering specialized healthcare and pharmaceutical services such as prescription review, medication delivery, and online consultations. In the second half of 2019, Miaoshou Doctor will continue to enhance its capabilities in medical, pharmaceutical, and insurance services, establishing an integrated ‘doctor–patient–drug–insurance’ service ecosystem across the doctor, patient, medication, and insurance sectors, thereby delivering higher-quality healthcare and pharmaceutical services.”