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Digital healthcare moves foster medical industry transformation in China

  • Author:Linki
  • Source:https://www.chinadaily.com.cn
  • Release on:2019-12-24
Digital healthcare moves foster medical industry transformation in China

China's next digital platform to have a transaction volume of more than 1 trillion yuan ($142.9 billion) will probably occur in the healthcare sector, as digital healthcare will be the most applied area in internet in the future, said an industry expert.

Liao Jieyuan, president and CEO of global leading digital healthcare company WeDoctor, said that Alibaba is currently China's first digital platform with a transaction volume of more than 1 trillion yuan. Considering the fact that China's pharmaceutical market volume surpassed 2.2 trillion yuan in 2019, the next trillion-yuan-level digital platform will probably occur in the healthcare industry.

In October, the World Health Organization integrated the concepts of medical information, telemedicine and digital medical treatment into digital healthcare, arguing that digital healthcare will upgrade the whole process throughout medical treatment and healthcare management.

It also issued a global digital healthcare strategy (2020-24), to prioritize digital healthcare and affirm the potential of digital healthcare in supporting the development of the medical industry in all countries.

According to a recent report issued by market research consultancy Investank, China is expected to become the largest digital healthcare market in the future.

Compared to the United States and European countries, China, as a newly emerged market, has few existing enterprises and limited infrastructure, which means digital healthcare companies will encounter fewer obstacles when developing new products and services, said the report.

The report also noted that there is a high internet penetration rate among China's large population base, which is fundamental to creating digital healthcare products and services.

A report on digital healthcare issued by Royal Philips Electronics NV showed that China is already taking a lead in digital healthcare application, way ahead of the US.

According to the report, currently, 94 percent of medical professionals in China are using digital healthcare technologies or mobile healthcare apps, while the ratio for the US is 76 percent.