Foreign media said that in China, a competition around the lucrative medical market has broken out. Not only pharmaceutical and insurance companies, but also technology and financial companies are pouring into this market. "This will have a huge impact on the market," said Zhang Feng of Nanjing University of Traditional Chinese Medicine.
According to the Swiss Business Daily website reported on May 17, Bai Dawei and a friendly smile: the waitress dressed as a nurse attracted visitors at the exhibition in Beijing. "It takes a long time to see a doctor, and the cost of medicine is expensive, but this situation will soon change." A staff member at the booth of Ping An Good Doctor Company said.
She handed the visitor a smartphone. Through the company's software, the mobile phone that is usually carried around becomes the hub of all medical problems - and will bring lucrative profits to the company.
The report said that China is now the second largest medical market in the world after the United States. By 2020, the industry's annual revenue will increase to $1 trillion. Every business wants to make as much profit as possible from this growth market.
Alibaba Group is a pioneer in the new entry into the industry. The trading company positions itself as an influential service provider through its subsidiary Ali Health. As a first step, the company hopes to provide a prescription drug price comparison platform.
The long-term goal is to establish an online sales platform for drugs and services. The e-commerce giant Alibaba Group has sufficient funds for trials in the medical field. The group raised about $25 billion through the largest initial public offering deal to date on the New York Stock Exchange last September.
The report said that "Ali Health" announced that entering the medical market is equivalent to setting off a revolution in China. The Chinese pharmaceutical market has so far been extremely opaque. Doctors and hospital staff have always been poorly paid. Therefore, they increase their income by opening high-priced drugs and receive kickbacks from pharmaceutical companies.
Sometimes they even act as purchasing intermediaries between hospitals and pharmaceutical manufacturers to earn extra money. Doctors, hospitals, and pharmaceutical companies all benefit from it, and patients and health insurers pay for it.
According to the report, Chinese President Xi Jinping has set a goal of establishing an efficient and high-quality medical system. Investigators began taking action on illegal trade in the medical field two years ago. In particular, the British pharmaceutical giant GlaxoSmithKline became the focus of investigation.
In combating illegal price collusion, Alibaba Group is willing to become a government partner. A pilot project has been launched in Hebei Province: users can upload photos of prescriptions via the mobile app. The nearby pharmacy bids and the lowest pharmacy wins the bid.
Users can pay through Alibaba's Alipay platform, and drugs are delivered directly to patients. “This creates greater transparency and is conducive to competition,†said Zhang Feng, a medical expert.
This program already has imitators. Alibaba's competitor Tencent Group has expanded its medical capabilities in its popular chat software WeChat. Users can make an appointment and pay for the drug through WeChat. The next step is naturally to establish a medical platform.
“Peaceful doctors†follow a similar strategy. Standing behind the company is the Ping An Insurance Group.
According to the report, perhaps the Chinese hospital is the one that has been greatly affected by this revolution. Public hospitals almost exclusively reimburse insurance companies for the total medical price prescribed by the state. For many years, the hospital has been complaining that this amount cannot cover medical costs.
Pharmaceutical sales have become a major source of income for hospitals. If the country does not compensate for the loss of the hospital, many hospitals may be in financial difficulties.
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