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Editor of Every Economic Report: Sun Zhicheng, Du Yu

According to the official WeChat account of the National Medical Insurance Administration on August 16, after the interview on May 24, 2024, Yixintang Pharmaceutical Group (hereinafter referred to as "Isshindo”) Implement the relevant requirements of the National Medical Insurance Bureau, and under the active guidance of the Yunnan Provincial Medical Insurance Bureau, earnestly carry out self-examination and self-correction of the use of medical insurance funds and comprehensive rectification, adopt a series of measures, and achieve phased results. The specific rectification situation of Yixintang is now released as follows:

First, recognize the problem and correct it immediately.After the interview, Yixintang realized that maintaining the security of medical insurance funds is a common political responsibility entrusted by the Party Central Committee and the State Council to all parties. As a large chain drugstore, it must enhance its sense of responsibility and play a leading role in demonstration. It must strictly demand itself and manage itself. On the afternoon of the interview, Yixintang held a telephone conference to convey the relevant requirements of the National Medical Insurance Administration, and set up a special working group headed by the chairman and president of the group to formulate and issue the "Special Work Plan for Self-inspection and Self-examination of Medical Insurance Fund Use of Yixintang Pharmaceutical Group Co., Ltd." and arrange and deploy self-inspection and rectification work.

Second, check the checklist and make comprehensive rectifications.In response to the interview requirements and the "Negative List of the Use of Medical Insurance Funds by Designated Retail Pharmacies in 2024" issued by the medical insurance authorities, the group's 9,179 directly-operated chain medical insurance designated pharmacies will conduct self-inspection and self-correction on the use of medical insurance funds from May 1, 2021 to May 30, 2024, focusing on whether there are problems in five aspects, including "false prescriptions, substitution of drugs, excessive prescriptions, medical insurance settlement on behalf of other pharmacies, and daily management". In addition, other medical insurance fund use issues will be comprehensively investigated.More than 10.7 million yuan of medical insurance funds involved in violations have been returned。

The third is to strengthen training and raise awareness.Organize all store employees to carry out special studies on the importance of maintaining the security of medical insurance funds to improve awareness of maintaining the security of medical insurance funds. Invite the Yunnan Provincial Medical Insurance Bureau to come to the company to carry out special training, train 1,200 employees, and record live playback videos, organize store employees to watch and learn repeatedly, with a total of more than 80,000 clicks. Set up an online "strict fund management, adhere to legal operations" learning column, complete the first "Medical Insurance Fund Use Behavior Standards" training test for the entire group, more than 31,000 people participated in the study, the pass rate of the test was more than 98%, and the test results were included in the performance appraisal of the month.

Fourth, cooperate with the pilot and improve the mechanism.Under the guidance of the Yunnan Provincial Medical Insurance Bureau, Yixintang Yunnan Company carried out a pilot project on the application of drug traceability codes in stores in 16 cities and prefectures in Yunnan Province, using information technology to prevent the secondary sale of returned drugs.

Fifth, strengthen constraints and enhance management.Re-examine and revise the internal medical insurance fund use management system, supplement and improve the requirements for the implementation of medical insurance management and personnel behavior norms in designated retail pharmacies; revise the "Medical Insurance Personnel Management System". Strengthen the synergy of the company's compliance management system, quality management system, and internal control system, improve the level of medical insurance compliance management, let every employee clearly realize that compliance operation is the lifeline of corporate development, and firmly establish compliance awareness.

In the next step, the National Healthcare Security Administration and provincial healthcare security departments will continue to strengthen the management and guidance of Yixintang’s use of medical insurance funds, promote Yixintang to continuously improve its systems, strengthen internal management, and standardize the rational use of medical insurance funds.

Public information shows that Yixintang is a large-scale retail chain enterprise mainly engaged in pharmaceutical business. Its main businesses are pharmaceutical retail chain and pharmaceutical wholesale business, among which pharmaceutical retail chain is the company's core business.

Yixintang previously disclosed that as of December 31, 2023,The company and its wholly-owned subsidiaries have a total of 10,255 directly-operated chain stores covering 10 provinces and municipalities., the number of stores in Yunnan Province accounted for 52.63%, and the number of stores outside Yunnan Province accounted for 47.37%, an increase of 4.12% from the beginning of the year. In the future, the company will continue to increase the proportion of stores outside Yunnan Province, comprehensively increase its market share in the Southwest, focus on the layout of South China and North China, and form a market expansion pattern with Southwest as the core business area, South China as the strategic depth business area, North China as the supplementary business area, and Central China and East China as gradually exploratory business areas.

According to Yixintang's 2023 annual report, the company achieved revenue of 17.38 billion yuan in 2023, a year-on-year decrease of 0.29%; and achieved net profit attributable to shareholders of 549 million yuan, a year-on-year decrease of 45.6%.

Previously, on May 24, the Fund Supervision Department of the National Healthcare Security Administration interviewed relevant persons in charge of Yixintang Pharmaceutical Group Co., Ltd.

The interview pointed out that the medical insurance department found in the fund supervision work thatSome designated chain stores under Yixintang have problems such as swapping drugs, over-prescribing, making medical insurance settlements on behalf of designated retail stores that have suspended medical insurance settlements, mismatching drug purchase and sales records, and irregular sales of prescription drugs., causing losses to medical insurance funds.

It is worth noting that after the information about the interview was disclosed, Yixintang’s stock price continued to fall. As of the latest, its total market value has evaporated by nearly 5 billion yuan.

According to Southern Metropolis Daily, as the leading national chain drugstore, in 2023, Yixintang and its subsidiaries accepted tax counseling work conducted by the local tax bureaus, involving a total payment of 233 million yuan in taxes and fees and 76.5432 million yuan in late payment fees; its subsidiary was also administratively punished by the Shanghai Food and Drug Administration for selling inferior drugs.