Page 338 - 2019 White Paper on the Business Environment in China
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9 White Paper on the Business Environment in China
areas as well as in urban communities will pose new population, the content will be translated into Chinese.
challenges for investors, public health departments, Jeremy Schneider, senior vice-president of Corporate
and healthcare providers, especially in light of human Development and Global Strategy at WebMD, said that
resources shortages. China is facing a major workforce more than 75 million people in the US rely on WebMD
crisis in both primary and long-term care. Technological every month to learn about symptoms, wellness, and
innovations such as healthcare information management health news and trends. Now, Chinese consumers
systems, use of artificial intelligence for analyzing scans can do the same. By cooperating with Western health
and virtual reality training in smart health diagnostic information provider and domestic medical authorities,
equipment are just a few scenarios where technology the digital platform integrates all resources to form a
can help. Technological innovations will be critical to systematic knowledge base. Currently, the platform
managing population health in China (Li). covers over 1,000 diseases (Zheng, Tencent).
China Aerospace Science and Technology Corp Medical Devices and Equipment
(CASC), China’s major space contractor, is making further
inroads into deepening internal corporate reforms and Healthcare spending in China has been increasing
civil-military integration, especially in the healthcare over the past few years and China is now the second
sector. CASC inked a deal with China Chengtong largest healthcare market in the world. Yet, China’s
Holdings Group, a state-owned asset-operating group, healthcare market is still immature with per capita health
aiming at combining CASC’s technical resources with spending and healthcare spending as a percentage of
the latter’s financial expertise, to contribute to the GDP being relatively low. In the past three decades, it
nation’s health care and endowment industry in early has maintained rapid economic development. The
2018. Specifically, a special fund for medical technology Chinese Government has been increasing its health care
development was established. The fund will be applied spending in an effort to enhance affordability and access
to promote the application of space technologies to medical care. Since the per capita health expenditure
such as high-value medical facilities, as well as remote in China is still very low relative to the US, there is a
medical services in the healthcare sector. Furthermore, huge potential for additional spending increases in the
the two conglomerates plan to set up a trinity healthcare future. Nevertheless, the changing demographic and
model on hospital asset management, performance economic landscape in China is increasing the demand
management and fundraising management, further for health care services and products. At the same time,
complementing each other’s advantages. CASC is the global reach of Chinese industry— including the
offering its advanced aviation support to the country’s health care and life sciences sectors—is increasing. The
hospitals, including big data management and 3D Chinese Government has been taking steps to improve
printing instruments, as well as digital imaging film for the regulatory environment to ease both foreign direct
medical purposes (Zheng, CASC). investment in the Chinese health care sector and
outbound investment by Chinese firms. While market
Data analysis is the key for the development of the conditions will drive business decisions, these changes
healthcare sector. “Big data sets up a collaborative will give Chinese and non-Chinese health care sector
network for small groups alongside the industrial chain participants more flexibility and comfort in these
to achieve coordinated development,”saidYang Hongfei, markets (Dai et al).
founder and CEO of Firestone Inventing, the company
that built the first medical and healthcare industrial data One of the most accessible investment opportunities
service platform to accelerate industrial digitalization in in the sector is in health sciences, especially in robotics
the medical field (Zheng, Synergy). For example, China’s and artificial intelligence (AI). A national association
social networking company Tencent Holdings Ltd was set up in 2018 to promote the integration of AI
launched its Intelligent Medical Information Platform in technology with medical care to improve services. The
2018. As part of its strategy, it announced a partnership Chinese Intelligent Medicine Association will provide
with US-based health information provider WebMD, a platform for research, exchange and cooperation in
to access the latter’s healthcare information resource intelligent medicine. While promoting the use of AI in
through Tencent’s newly established digital platform. medicine, the association will also assist the government
In this way, it will bring more high-quality original in formulating standards and regulations for the
health content to the nation. To best suit the Chinese development of intelligent medicine, which is still at its
338
areas as well as in urban communities will pose new population, the content will be translated into Chinese.
challenges for investors, public health departments, Jeremy Schneider, senior vice-president of Corporate
and healthcare providers, especially in light of human Development and Global Strategy at WebMD, said that
resources shortages. China is facing a major workforce more than 75 million people in the US rely on WebMD
crisis in both primary and long-term care. Technological every month to learn about symptoms, wellness, and
innovations such as healthcare information management health news and trends. Now, Chinese consumers
systems, use of artificial intelligence for analyzing scans can do the same. By cooperating with Western health
and virtual reality training in smart health diagnostic information provider and domestic medical authorities,
equipment are just a few scenarios where technology the digital platform integrates all resources to form a
can help. Technological innovations will be critical to systematic knowledge base. Currently, the platform
managing population health in China (Li). covers over 1,000 diseases (Zheng, Tencent).
China Aerospace Science and Technology Corp Medical Devices and Equipment
(CASC), China’s major space contractor, is making further
inroads into deepening internal corporate reforms and Healthcare spending in China has been increasing
civil-military integration, especially in the healthcare over the past few years and China is now the second
sector. CASC inked a deal with China Chengtong largest healthcare market in the world. Yet, China’s
Holdings Group, a state-owned asset-operating group, healthcare market is still immature with per capita health
aiming at combining CASC’s technical resources with spending and healthcare spending as a percentage of
the latter’s financial expertise, to contribute to the GDP being relatively low. In the past three decades, it
nation’s health care and endowment industry in early has maintained rapid economic development. The
2018. Specifically, a special fund for medical technology Chinese Government has been increasing its health care
development was established. The fund will be applied spending in an effort to enhance affordability and access
to promote the application of space technologies to medical care. Since the per capita health expenditure
such as high-value medical facilities, as well as remote in China is still very low relative to the US, there is a
medical services in the healthcare sector. Furthermore, huge potential for additional spending increases in the
the two conglomerates plan to set up a trinity healthcare future. Nevertheless, the changing demographic and
model on hospital asset management, performance economic landscape in China is increasing the demand
management and fundraising management, further for health care services and products. At the same time,
complementing each other’s advantages. CASC is the global reach of Chinese industry— including the
offering its advanced aviation support to the country’s health care and life sciences sectors—is increasing. The
hospitals, including big data management and 3D Chinese Government has been taking steps to improve
printing instruments, as well as digital imaging film for the regulatory environment to ease both foreign direct
medical purposes (Zheng, CASC). investment in the Chinese health care sector and
outbound investment by Chinese firms. While market
Data analysis is the key for the development of the conditions will drive business decisions, these changes
healthcare sector. “Big data sets up a collaborative will give Chinese and non-Chinese health care sector
network for small groups alongside the industrial chain participants more flexibility and comfort in these
to achieve coordinated development,”saidYang Hongfei, markets (Dai et al).
founder and CEO of Firestone Inventing, the company
that built the first medical and healthcare industrial data One of the most accessible investment opportunities
service platform to accelerate industrial digitalization in in the sector is in health sciences, especially in robotics
the medical field (Zheng, Synergy). For example, China’s and artificial intelligence (AI). A national association
social networking company Tencent Holdings Ltd was set up in 2018 to promote the integration of AI
launched its Intelligent Medical Information Platform in technology with medical care to improve services. The
2018. As part of its strategy, it announced a partnership Chinese Intelligent Medicine Association will provide
with US-based health information provider WebMD, a platform for research, exchange and cooperation in
to access the latter’s healthcare information resource intelligent medicine. While promoting the use of AI in
through Tencent’s newly established digital platform. medicine, the association will also assist the government
In this way, it will bring more high-quality original in formulating standards and regulations for the
health content to the nation. To best suit the Chinese development of intelligent medicine, which is still at its
338
