Question · Q2 2024
Asked about the number of new and total patents the company holds, and for details on the private label business, including the number of products and future growth plans.
Answer
The company secured 4 new patents in the quarter, bringing the total to 28, many of which relate to AI applications like voice recognition and photo-based drug retrieval. On private labels, there are about 200 SKUs across several brands. This business is a key margin contributor for both 111 and its pharmacy customers. The company will continue to invest in this area, with more products in the pipeline for OTC, RX, supplements, and medical devices.