On January 29, Ping An Health Medical Technology Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange. The “Ping An Good Doctorâ€, which was established in November 2014, went to the IPO door in just three and a half years and is expected to become Became the first Internet medical company to enter the secondary market.
However, the listing of Ping An's doctors has also caused many doubts. It lacks a stable and reasonable profit model and relies too much on the parent company and the brother company in terms of revenue. There are still many strong competitors on the Internet medical track. Even so, Ping An’s doctors still tell the story of the capital that makes investors feel excited. The valuation of up to 5 billion US dollars will kick off the Internet medical IPO.
Ping An good doctor with "injury" listed for the industry to release energy opening
Among the many Internet medical unicorns, Ping An Good Doctor is one of the few companies born with “golden spoonsâ€. Backed by Ping An Group, it completed a $500 million Series A investment in more than a year. In December 2017, it received Softbank's $400 million Pre-IPO financing. This gorgeous capital story is extremely eye-catching.
According to the prospectus of Ping An Good Doctor, the revenues in 2015 and 2016 were 279 million yuan and 601 million yuan respectively. In the first 9 months of 2017, the revenue reached 1.016 billion yuan, and the losses during the same period were 324 million yuan and 758 million respectively. Yuan, 497 million yuan. It can be seen that while the growth rate of revenue is also increasing, the profit model is not stable. Another concern is related party transactions. The top five customers of Ping An Doctor are Ping An Group subsidiaries.
A good doctor with a business model and a poor revenue structure has taken the lead in rushing out of the fog. At least it confirms the fact that the capital market is still optimistic about Internet medical care. It is an inspiring good news for the whole industry that Ping An’s doctors can obtain a valuation of US$5 billion only by health consultation and health management. The new spring has come quietly.
The golden age of internet medical
Almost at the same time that Ping An’s doctor sprinted the IPO, another unicorn company’s micro-medicine also reported that the integration of the four major businesses paved the way for IPO, while Health 160 also announced that it would restart the IPO. In 2016, the number of IPOs in biomedical companies was 27, and in 2017, 50 companies in the medical and health fields completed IPOs. The Internet medical industry is expected to enter the market in 2018.
The micro-medicine established in 2010 has developed a development route different from that of a safe doctor. In January 2012, the micro-medical company received a $22 million Series A investment from Morningside Ventures and Wind & Investment. In October 2014, the micro-medical completed $106.4 million in Series B financing, Tencent led the investment, Fosun Capital, Chenxing Venture Capital and Qiming Venture Capital followed the investment; in less than one year, the micro-medical company completed the C-round financing of joint investment of Guokai Finance, Tencent and Fosun Pharma, and the financing scale reached 394 million US dollars.
Prior to this, the market value of a micro-medical doctor had reached 5 billion US dollars, and it is expected that the IPO will further increase. Different from the safe doctors who are based on the pure online e-commerce model, the micro-medicine has taken the initiative to open up the online and offline medical service model, micro-medicine, micro-medicine, micro-medical insurance, micro-medical cloud "four carriages" If the whip is out, the value of its imagination is huge.
The micro-medical model is very heavy. According to the “four-horse carriage†plan disclosed by it, micro-medicine will be used to drive medicine and medical insurance to form a “three-medicine linkage†situation. Micro-medical is the deepest section of micro-medicine, mainly composed of three-tier service system of “base, network and terminalâ€, providing users with “online + offline, general + specialist†medical services; micro-medicine sharing with national prescriptions Relying on the platform, it undertakes the business of prescription outflows required by the state; micro-medical insurance is the main carrier for micro-medicine to promote the open Internet health insurance platform. The above three sections are all based on the strong underlying technology support capabilities of Micro Medical Cloud. At the same time, Micro Medical Cloud is also an intelligent medical cloud platform built for the whole industry, providing cloud solutions for government, hospitals and other institutions.
Compared with the pure online mode, the “four-horse carriage†launched by the micro-medicine is trying to solve the two thorny problems of Internet medical treatment by combining online and offline.
1. Internet medical care is difficult to penetrate into the core of medical care.
Overall, the user's health needs mainly include health management, self-diagnosis, autonomy, registration, consultation, diagnosis, treatment, rehabilitation, out-of-hospital follow-up, health intervention, etc. Most of the current Internet medical companies are spinning around the clinic. The business is mainly concentrated in the shallow parts of health management, self-diagnosis, autonomy, and drug purchase. Deep registration, consultation, diagnosis and treatment are often difficult to penetrate.
As a result, Internet health has not broken out like other industries. For example, Dr. Chun Yu, a doctor who specializes in pure online counseling and pharmaceutical business, a good doctor online, a fast-acting medicine, and a health management for safe doctors. In 2016, the total number of medical consultations in medical institutions nationwide reached 7.93 billion. Whether in terms of absolute market size or penetration rate, there is still a lot of room for Internet medical treatment.
In the past few years, only micro-medicine companies are taking the “heavy modelâ€, and capital, resources, technology, and manpower are all high-inputs. Looking at it now, this road is indeed right, and the stable offline medical support at high cost has become a barrier advantage for micro-medicines to distinguish it from other platforms. As we all know, the core of medical care is still an offline public hospital. According to public information, micro-medicine has been deeply connected with more than 2,700 hospitals, and 19 Internet hospitals and more than 100 medical associations have been built nationwide, in major core cities. The Micro-Medical General Center has launched a micro-medical service for home users. To solve the core diagnosis and treatment problem, the solution given by the micro-medicine is micro-medical, through online and offline, general-purpose combination of methods, from registration to consultation, consultation, secondary diagnosis, offline hospitalization, online referral, etc. Users provide integrated medical services.
2. Pure online medical care cannot achieve large-scale revenue.
As far as the current medical system is concerned, it is difficult to bring large-scale revenues to consultations on pure online. On the one hand, offline hospitals are all "medicine-based medicine", and how Internet medical care relies on online medical treatment to make money; on the other hand, online medical services are limited by the service model, and it is difficult to form a large-scale outbreak. In addition, there are clear price standards under the line, such as an expert number of 200 yuan, online can not be sold to 2,000, no doubt set the ceiling for Internet medical. From the perspective of projecting to the market level, after deducting internal drainage and bundling sales, Ping An’s doctors get the cost of paying users close to 1,000 yuan, and the average consumption of these users is estimated to be 100 yuan, which is not economical.
Getting through medicine and medicine may be an effective way for Internet medical treatment to achieve large-scale profitability. The layout of micro-medical medicines and drugs has been clearly defined. Based on the prescription sharing platform, the micro-medicine sector is connected to the hospital information system, the retail pharmacy drug distribution system and the medical insurance settlement system to realize medical, medical insurance and medical treatment. Medical information sharing application. The profit point is self-evident, and the imaginable business opportunities are huge, or cover the distribution fee, service fee, drug company rebate, and cooperation with insurance companies. For example, the proportion of medicines in public hospitals is about 36%, and it should be reduced to 30%. About 6% of prescriptions will flow out. According to the current market quota, at least one hundred billion market. .
It is foreseeable that there will be more and more Internet medical attempts in IPO in 2018, which is also a process of turbidity for the entire Internet medical treatment. At least at this stage, Ping An’s doctor has refreshed the perception of Internet medical care with a valuation of 5 billion US dollars. The micro-medicine ready to go has left a larger imagination with the “four carriagesâ€, whether it is the whole Or spin-off listing, or will set a new record for Internet medical care.
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