SHANGHAI, March 12, 2024 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services for patients with cancer and other major diseases, today announced that Shanghai Zhongxin Medical Technology Co., Ltd. ("Zhongxin"), of which Zhongchao consolidates the operations and financial results through a series of contractual arrangements, had successfully provided medication assistance services to over 7,000 low-income patients suffering from Systemic Lupus Erythematosus (SLE) and reduced their financial challenges associated with long-term treatment.
SLE is a chronic inflammatory autoimmune disease that affects multiple organs. Zhongxin offered Titazepam and Belimumab, medications used for SLE treatments, to qualified low-income SLE patients for free through its patient aid projects. Leveraging its self-developed technical service platform, Zhongxin facilitated connections among hospitals, pharmacies, corporations, and non-profit organizations, providing SLE patients with medication assistance, disease follow-ups, medication management, and health education services, helping patients maintain adherence to long-term treatments. Over the course of the patient aid projects, Zhongxin has coordinated with pharmacies and distributed approximately 130,000 units of medication to SLE patients, alleviating the financial burden for over 7,000 SLE patients.
According to the article, "Finding Possible Solutions for the Management of Systemic Lupus Erythematosus from the Current Situation and Challenges in China ", published on Medical Journal of Peking Union Medical College Hospital in March 2022, it is estimated that there were about 1 million SLE patients in China in 2020, with the characteristics of a large patient volume, a high complication rate, a heavy social and economic burden, and a general lack of disease knowledge among patients. SLE patients face significant healthcare costs. Chines SLE Treatment and Research Group (CSTAR) reveals SLE patients' monthly disease-related expenditures range from approximately RMB 1,000 to RMB 5,000, of which medication costs account for 59.49%. However, approximately 49.45% of Chinese SLE patients are unemployed with unstable income, and approximately 91.15% of SLE patients consider that their current treatment imposes financial burdens.
Mr. Weiguang Yang, Chairman and CEO of Zhongchao, commented, "We are proudly to announce our successful medication assistance initiative for SLE patients, reaffirming our unwavering commitment to ongoing support for patients facing cancer and other major diseases. Our patient aid projects and medication assistance services have benefited many patients, and we are dedicated to expanding these initiatives to reach more patients in need. We expect to continue our efforts to innovate and enhance our platform, provide professional services throughout the patients' healthcare journey, aiming to alleviate treatment challenges and improve treatment efficiency."
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It consolidates the financial results of a variable interest entity, Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the "PRC operating entities") through a series of contractual arrangements. Zhongchao Inc. is a platform-based internet technology company offering services to patients with oncology and other major diseases. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management services in the professional field of tumor and rare diseases through Zhongxin, offer internet healthcare services through Zhixun Internet Hospital, and pharmaceutical services through Xinjiang Medical and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
At the Company: Pei Xu, CFO
Email: [email protected]
Phone: +86 13901629242
Investor Relations: Sherry Zheng
Weitian Group LLC
Email: [email protected]
Phone: +1 718-213-7386
SOURCE Zhongchao Inc.
