Bloomberg recently wrote that although Chinese technology companies represented by Alibaba, Tencent and Baidu have been scrambling to explore the Internet medical field in recent years, they have been unsuccessful due to various factors, but they are still trying to explore new opportunities.
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In 2014, Ma Yun, founder of Alibaba Group, announced an ambitious plan to improve hospitals in China, lower drug prices and improve people's health.
Other Chinese technology tycoons are also optimistic about China's health care sector. In that year alone, Internet medical investment surged more than sevenfold, totaling $1.4 billion. Since then, Baidu has developed a mobile app for doctors that provides online medical services, and Tencent has invested in a number of startups. Ma Yun tried to bring medical services to the Internet and even developed an Internet pharmacy through Ali's previous plans to promote health.
Today, three years later, most technology companies in China are hard to make money from these projects, regardless of their size. Ali's health development drug traceability and online pharmacy business were also hit hard by a sudden adjustment in regulatory policies, and the company's share price in Hong Kong fell by more than 70% from its 2015 peak.
According to the data of the arterial network, in the last quarter of 2016, investment in China's digital health industry shrank by 10%, compared with a sharp decline of 41% in the previous quarter. IT Orange's statistics show that at least 26 startups from the field have closed down.
Telemedicine on Ali Health Online System
“A lot of people realized in 2016 that many projects are losing money and there is no hope of making money.†Wang Yipei, former investment manager of Fosun Group, said that he currently works in a public hospital in Beijing.
business model
Billionaires like Ma Yun have reason to see the potential in China's health care sector: millions of older people are suffering from chronic diseases such as diabetes and cancer, and they are more willing to pay expensive treatment than ordinary people. Connecting patients, pharmacies and doctors via the Internet seems to be a profitable model.
“Today's water, air and food safety is sure to cause many diseases in our family in 10 years.†Ma Yun pointed out in a forum in 2014 that those who have the ability to provide solutions can get excavators from it.
Ali Health envisions a bright future: any Chinese patient can get a diagnosis from a well-known doctor through an online diagnosis platform, then prescribe the company's electronic pharmacy and distribute it all the way to the patient's door through a traceable network.
However, regulators last year terminated a number of drug pilot projects on e-commerce sites, including Alibaba's Tmall. Ali Health originally planned to charge a service fee for such online sales activities.
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