In today’s talking points: Digitisation of China Healthcare industry; Western providers growing in Chinese healthcare market; China’s biotech industry in full throttle
Digitisation of China Healthcare industry
Many industries in Chinaa, such as the healthcare industry, are ripe for digital disruption due to a lack of connectivity between services and organisations. In effect, a number of inefficiencies exist within national structures, however, sectors have the potential to be transformed for the better if digital approaches are embraced. The Chinese Government has acknowledged that the healthcare system is in need of a big-data revolution that will introduce the collection, storage and effective use of clinical information in order to create a more effective and streamlined service in the future. Big-data is just the start of the overhaul to increase digitisation, as the government is also backing applications of Artificial Intelligence, wearables and robotics in multiple industries.
Read more at: Financial Times
Western providers growing in Chinese healthcare market
China’s ageing population, growing demand for healthcare and the easing of Chinese regulations is presenting western healthcare providers an opportunity to operate in the Chinese market. With evident gaps in the public healthcare system’s ability to accommodate all its users, China’s upper middle class and high-net-worth individuals have already begun to rely on private healthcare and nursing home providers. However, the Chinese Government has, so far, actively sanctioned the ability for foreign firms to hold a majority stake in joint ventures with Chinese life insurance and securities companies. Tobias Meckert of Allianz Partners’ international health business in the Asia Pacific says that the market for high-net-worth individuals is certainly a segment the company is ‘particularly interested in’ which represents a huge opportunity for foreign investment.
Read more at: internationalinvestment.net
China’s biotech industry at full throttle
China’s biotech industry will increase 1.21-1.51 trillion USD and will account for over 4% of GDP by 2020. China is leading the world in some biotech areas such as super hybrid rice breeding, transgenic plant research and animal somatic cell cloning. A Chinese pharmaceutical chemist, Tu Youyou co-won the Nobel Prize for Physiology or Medicine for the discovery artemisinin, being the first Chinese national to win a noble prize in science. China’s biotech industry will continue to grow rapidly as it shifts from exporting active pharmaceutical ingredients to preparations.
Read more at: Xinhua