(CBN - Global) April 22 -- AliHealth Co., an online health service owned by Alibaba Group Holding Ltd. [NYSE:BABA], has entered into an agreement with Alibaba Group, China Taiping Insurance Holdings Co. [HKG:0966] and Taiping Life Insurance Co., Ltd. to set up Ali Health Insurance Co.
"Through the joint venture, we will participate in new and promising online health insurance products and target the interest of participants in the Chinese health care market," said an announcement.
The China Food and Drug Administration ended its cooperation with Ali Health on an electronic drug-coding project in March.
"Ali Health thwarted its bid to get big data on China's drug sales and distribution by implementing electronic drug monitoring," Chinese tech media tmtpost.com said.
Some 90 percent of all mobile healthcare apps in China including Alibaba's AliHealth are already "dead," according to TMT Post, a technology media site.