Flash back on the 8 week ReStart Live Series
Today, Conversation Highlights of #LIVE1: “Post-Covid19 China: Digital Healthcare on Steroïds” with Axa China, Tencent Trusted Doctors and The Care Voice, which took place April 8
“Post-Covid19 China: Digital Healthcare on Steroïds”
With: TENCENT TRUSTED DOCTORS, THE CARE VOICE, AXA CHINA
“In 10 years healthcare went from inexistent to a trendy wellness support and finally to a critical tool in the individual management of health, wellness, and disease” Xavier VEYRY – CEO AXA China
The Health Reform in 2009 has the objective among others to provide universal healthcare access and treatment for all China by 2020. During the last decade, the Government and the private sector have heavily invested in healthcare infrastructures, tripling the number of private hospitals and multiplying the number of smaller medical centers across the country.
In 2012 the upper middle class accounted for 14% or the Chinese urban household. In 2022, this proportion will have jumped to 54%. Private healthcare expenditures by this upper middle class will grow at a rate we estimate of 11% annually, over the next two decades”
Covid19 is completely changing the way customers/patients are approaching healthcare
We still need to orchestrate all elements of curated services around prevention, cure, protection and post-treatment, which are the purpose of our “payer to partner” worldwide strategy which we believe the deployment will be faster in China than anywhere else, because of the combination of, a very digital savvy population, access to very modern tools, and the willingness from physical providers to integrate those solutions”
Between 2010 and 2014, the quick rise in adoption and use of mobile internet created a sharp rise in online communities around wellness, and later health.
-2015, is a pivotal year for healthtech: all key platforms were created. internet moves from being a source of peer to peer information to being a legitimate and integral part of health management.
-Between 2014 and 2018, China digital healthcare investments jumped from $1 200 Billion to $5 300 Billion (x4,5).
-2018 sees an acceleration with the regulators issuing specific supportive policies to boost the emergence of e-hospitals, providing end-to-end online medical services, from consultation to prescription, specifically for chronic disease management
-2020 and beyond. Now is the next turning point in the healthtech revolution in China. We witness significant efforts to create real healthtech ecosystems
“China actually is a consumers play with mostly self-pay market. People have a universal coverage but a very limited one, so they have to pay for it”
Sébastien GAUDIN – Co-Founder & CEO The Care Voice, StartupCare
“VC have paid a lot for the boom of digital health in China
There’s a strong shift to private offering, and health insurance, via its digitization, adopted by more employers for retention
There have been 3 waves of health insurance digitization
-2016-17: Mobile, mostly around Claim (via WeChat, or native apps (PingAn))
-2018-20: Customer Digital Healthcare Journey
-From 2020: Integrated & unified personalized journey
What’s coming next is: addressing the gap in terms of fragmented ecosystems. How to connect the dots between services from different players via data integration, for more tailored propositions .
Then the distribution, which is disruptive in China
-Online brokers, to sell insurance, and “acquiring” offline resources to broaden customer access
-Tech driven brokers and insurectech players designing and operating products
-Reinsurers (rather far from customers), are leapfrogging to face final customers and stepping into direct sales”
“We’re undertaking the greatest transformation shift like nowhere else in the World, and that is a transition to Universal healthcare”
Martin CHEN – PRESIDENT Tencent Trusted Doctors
“What you are seeing right now in China is the emergence of universal healthcare in the public sector, and the opening up of a new generation of healthcare providers in the private sector.
If you look at the Coronavirus, one of the first thing they (Government) implemented is a guarantee. Everybody had free healthcare in China before Covid-19
At Tencent Trusted Doctors (TTD), we have 3 main areas of innovation
-Physician Private Practice: we build an online/offline integrated model, working with 100 physician groups
-Technology Driven Healthcare: we extend care not only through online&offline presences, but also through plans such as Vending Machines, Self-Diagnostics, Health Kiosks, Future Clinic.
-Family Medicine: we believe it’s going to be an important part, but China is not there yet. We propose a Guide for our patients to navigate healthcare”.
>What is Tencent Trusted Doctors: watch 18’30” > 26’40”
Conclusion: Trends shaping the future of Healthcare
Sebastien GAUDIN: “I’d pick up two: Tailored health plans. Ability to understand different risks. Tech-enabled Smart Channels: sport enthusiasts in gym centers…“
Xavier VEYRY: “4 trends: AI towards personalized health and medical solution. Lifestyle management (strong in China/Asia, will come to the West). Mental health. Home Sweet Home as the new hospital, for chronic critical and elderly care management”
Martin SHEN: “I think there are three things that are going to drive the trends in healthcare: Universal healthcare, new models of healthcare delivery and private insurance”
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