(Yicai) Oct. 13 -- SPH Health Commerce, a Chinese retailer of prescription medicines under Shanghai Pharmaceuticals, has secured CNY500 million (USD68.4 million) in its latest financing round.

The Series C fundraiser was led by Shanghai State-Owned Assets and State-owned Enterprises Comprehensive Reform Pilot Private Equity Partnership and Industrial and Commercial Bank of China Financial Asset Investment, Shanghai-based SPH Health announced on its official WeChat account today. Shanghai Healthcare Capital also participated.

“This was one of the few fundraisers with a scale of at least CNY500 million in the primary market this year,” an insider told Yicai. In addition to drugs and medical devices, market players pay attention to platforms that meet healthcare needs through high-quality services, intelligent management, and innovative payments, the source noted.

SPH Health will be committed to the integration of internal and external resources, mergers and acquisitions in the process of clinical research, development, and marketing of innovative medicines, and the promotion of model, service, and technological innovation to enhance the accessibility of innovative drugs and actively promote the high-quality development of China’s pharmaceutical industry, Chief Executive Officer and President Liu Bin said.

Founded in 2015, SPH Health operates online and offline prescriptions and pharmacies. The company completed a CNY1.1 billion (USD150.5 million) Series A financing round in 2015 and a CNY1 billion Series B one in 2021.

SPH Health partnered with over 300 innovative drugmakers, serving over six million patients. It achieved annual sales of over CNY3 billion, connecting more than 40 public hospitals online with 260 medical institutions and partners with over 10 commercial insurance companies.

Editor: Futura Costaglione