In 2018, the National Two Conferences once again emphasized the importance of "Internet +", artificial intelligence, and emerging industries. The Government Work Report highlighted the development of the Internet-based industrial sectors, including big data initiatives, next-generation artificial intelligence, and the promotion of "Internet++" in fields such as healthcare, elderly care, and culture. This marked a significant step towards building smart industries and expanding smart lifestyles.
Since 2010, China's internet medicine sector has gone through a period of rapid growth, followed by industry consolidation and integration. Despite challenges, it has accumulated resources and achieved market breakthroughs. Companies like Ping An Good Doctor and WeDoctor have emerged as leading players, navigating through intense competition and market fluctuations. With the support of national strategies like AI and Healthy China, the industry is now looking to regain its momentum.
Ping An Good Doctor recently submitted an application for an independent listing on the Hong Kong Stock Exchange, marking a major milestone for the company. Meanwhile, WeDoctor, another major player, has also taken steps toward an IPO, having established four key business units. Both companies are setting the stage for a new era in internet medicine, with their IPO plans fueling excitement across the industry.
Despite the formation of a first-tier group, the path for internet medical care has not been smooth. From the boom in 2014 to the peak in 2015, the industry faced a “winter†in 2016, with over 1,000 companies exiting the market in 2017. While several companies had announced listing plans, few made substantial progress. Investors believe that success in going public depends on growth potential, a solid business model, and a competitive edge—qualities still rare among internet medical companies.
What sets Ping An Good Doctor and WeDoctor apart is their early entry into the top tier and their commitment to building comprehensive ecosystems. Unlike many competitors focusing on single services, these two companies have developed full-service platforms within their own systems. Ping An Good Doctor, backed by Ping An Group, has leveraged its insurance resources and customer base to create a unique "health management + insurance" model, which many others find hard to replicate.
WeDoctor, on the other hand, follows an open platform model, similar to Tencent, aiming to build a smart medical ecosystem that integrates online and offline services. It has raised significant funding, including a $400 million pre-IPO round in 2017, and is currently seeking another $500 million in financing.
In July 2017, the State Council released a plan for the development of next-generation artificial intelligence, elevating it to a national strategy. As one of the largest application scenarios, China holds key resources for intelligent medical care. Major tech companies like Tencent, Alibaba, Ping An, and Weijia have invested heavily in health data platforms, positioning themselves at the forefront of this transformation.
WeDoctor has long focused on a "heavy mode" strategy, investing in offline and online medical resources to establish a strong presence in core healthcare services. It has connected with over 2,700 top hospitals and 220,000 doctors nationwide, creating more than 100 regional service bases, including internet hospitals and clinics.
Recently, WeDoctor launched its "four-wheel drive" strategy, integrating cloud computing, medical services, and health insurance under the WeDoctor Cloud platform. The company’s founder, Liao Jieyuan, described this as a comprehensive upgrade, with speculation about future business restructuring.
As the second half of the internet medicine era unfolds, "Internet + AI" is seen as a key driver for scaling up the industry. With the advancement of big data and AI, pioneers who have accumulated data and resources are now entering the smart medical era, potentially driving a broader industry transformation.
Smart healthcare has become a common goal for industry giants. In March 2017, WeDoctor donated 100 million yuan to Zhejiang University to establish the Ruiyi Artificial Intelligence Research Center, aiming to build China’s first open medical AI platform. It also launched intelligent diagnostic systems like Rui Medicine Smart Doctor and Hua Wei Intelligent Doctor. Ping An Good Doctor followed suit, investing in AI-driven medical solutions.
With the rise of Ping An Good Doctor and WeDoctor, both teams are accelerating their IPO efforts, which could significantly impact the entire internet medicine market. In 2018, more companies are expected to enter the market, signaling a promising phase for the industry—a true spring thunder.
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