Tens of Thousands of Healthcare Professionals Gather at VBEF 2024: Delivering on Promises of Innovation, Collaboration, and Global Expansion

At 18:17 on May 10, 2024, the three-day “8th Future Medical Ecosystem Expo” (hereinafter referred to as “VBEF”) officially came to a close.

It is reported that this year’s VBEF, themed “New Youth,” was organized by VCBeat, VB100, Eggshell Research Institute, and Artery Orange, with strategic partnership support from the Administrative Committee of Tianjin Binhai Zhongguancun Science Park and Beitang Bay Digital Economy Industrial Park. The Future Healthcare Ecosystem Exhibition Area was jointly presented in collaboration with Health Intelligence Valley.The conference attracted over 10,000 participants throughout its duration., including national academicians, experts and scholars, corporate founders, institutional partners, local investment promotion representatives, distributors, and “overseas buyer delegations,” who were extensively present over the past three days at various venues such as the Trend Summit, product launch events, specialized forums, project pitch sessions, exhibition booths, and matchmaking meetings.

 (The bustling VBEF venue)

Amid the bustling conference venue, we also pay close attention to actual “delivery,” especially against the backdrop of the current market winter and the resurgence of industry competition, where result-oriented approaches have become increasingly important. Thus, at this year’s VBEF, we witnessedThe Closing of Millions of Transactions; it also witnessed renowned Indonesian expert selection teams and major Russian pharmaceutical companies traveling from afar to attend the event, andSigned a letter of intent for cooperation with Chinese enterprises; In addition, during the project roadshow and innovative product launch, a university professor excitedly posted on his WeChat Moments that,Next Round of Funding Imminent; in terms of business collaboration, a high-end ophthalmic device company has reached an agreement with a local investment promotion team at its booth,We will subsequently accelerate the commercialization of the product.。

Certainly, we have also observed specific changes among the participants. In 2021, at the 5th “Top 100 Future Healthcare Companies” list, a certain founder was awarded “Young Entrepreneur of the Year in Healthcare.” This year, the company he founded won the “Promising Company of the Year” award. Looking ahead, he stated, “We strive to break into the ‘Top 100 Chinese Innovative Medical Devices and Intelligent Manufacturing’ list next time.”

In fact, these “deliveries” are just the tip of the iceberg; at this year’s VBEF, there were many more such transactions, partnerships, and growth stories.

At this VBEF, "achievement transformation" is undoubtedly a key word, with extensive participation from numerous research institutions and renowned scholars and experts.Additionally, nearly 300 innovative medical products were showcased at roadshows, press conferences, and exhibition booths.This perfectly validates the observation made by Wang Jingjing, Executive Director of the Global Health Industry Innovation Center, at a forum on the commercialization of scientific research achievements. She noted that over the next decade, the translation of scientific research into practical applications will yield substantial returns and experience robust development.

However, several challenges still need to be directly addressed. At the Cardiovascular Innovation Forum, Wang Yan, President of Xiamen University Affiliated Cardiovascular Hospital, remarked, “The integration of medicine and engineering, coupled with the research and development of innovative drugs and medical devices, saw strong momentum five to ten years ago, but has experienced a significant setback in the past two years.” This is partly because the demands for innovation continue to rise, shifting from “follow-on innovation” to “disruptive innovation.” It is also because the translation of scientific achievements has reached a critical stage where tangible outcomes must be delivered, thus requiring a more robust ecosystem for innovation and commercialization to provide support.

Following these two major lines of logic, we witnessed many highlight moments of the “translation” of medical achievements at this VBEF.

For instance, centered on the technologies themselves, research collaborations at the technical level are being comprehensively rolled out in cutting-edge innovation fields such as brain science, synthetic biology, cardiovascular medicine, AI-based medical imaging, regenerative materials, radiopharmaceuticals, and medical robotics. Taking a professor from Tsinghua University as an example, he has reached a preliminary cooperation agreement with a medical device company through the launch of an innovative product, and both parties will conduct further research in the area of high-end medical devices in the future.

 (Comprehensive collaboration on the commercialization of research achievements is underway)

Furthermore, in the realm of medical-engineering collaboration, the founder of a medical device company reached an immediate consensus with a clinical expert at the “China Medical-Engineering Collaboration Conference.” They plan to further upgrade and translate existing technologies, aiming to commercialize their products within the next three to five years to meet clinical needs in the field of cardiovascular disease. In fact, such medical-engineering partnerships are highly significant for the translation of scientific achievements. In this regard, Feng Xiaobin, Executive Deputy Director of Tsinghua University’s Digital Health Innovation Center, stated, “Engineering technology serves as a crucial driving force for surgery.”

Certainly, collaborations centered on building the medical innovation and commercialization pipeline are also occurring on a large scale. For instance, the Greater Bay Area High-Performance Medical Device Innovation Center, which participated in this exhibition, has reportedly reached intent-to-cooperate agreements with multiple medical enterprises and investment institutions. In the future, it will explore greater possibilities in empowering innovation translation. Additionally, the Chinese Academy of Sciences’ Advanced Medical Devices Industry Incubation Alliance, through its “2024 Innovation Achievements Launch Event,” not only facilitated connections between numerous innovative technologies and industry players but also attracted many ecosystem partners, thereby gradually improving the innovation translation industry chain.

At this VCBeat Expo Forum (VBEF), the Tianjin Economic-Technological Development Area (TEDA) achieved significant results. According to relevant personnel, TEDA dispatched representatives from its specialized industrial parks, government-guided funds, state-owned asset operation companies, and industry-education consortia to engage with healthcare enterprises and investment institutions. Over the past three days, they have established connections with nearly 100 healthcare companies and investment firms. Several of these entities have explicitly expressed their intention to conduct on-site visits after the conference to further discuss project implementation and business cooperation. In addition, TEDA held exchanges with investment institutions, research universities, overseas buyer delegations, and various distributors, paving the way for multi-dimensional business collaborations aimed at promoting the development of Tianjin’s healthcare industry in the future.

In addition to Tianjin, industrial parks and investment promotion representatives from Beijing, Shanghai, Shenzhen, Foshan, Wuhan, Shandong, Hunan, Sichuan, and other regions also finalized numerous cooperation agreements at the VBEF. Commenting on this, a regional manager stated, “Participating in this VBEF has been truly worthwhile. On one hand, we gained insights into the latest industry trends, which provide valuable guidance for our subsequent strategic adjustments. On the other hand, we connected with many industrial resources, including enterprises and investment institutions. Among them, seven or eight have already scheduled face-to-face meetings next week for further discussions.”

Of course, collaboration is a two-way street. For many industry players, maintaining close communication with local governments is, in effect, a proactive move to seize opportunities for industry development.

Taking a medical device company as an example, it had planned to expand its business collaborations in Southwest China this year but struggled with a lack of appropriate connection resources. At this year’s VBEF, however, the founder had a direct meeting with the head of investment promotion from Chengdu. After exchanging their respective collaboration intentions and needs, both parties preliminarily drafted a cooperation framework right at the exhibition booth, with implementation expected to follow shortly.

In addition, there are investment institutions. Against the backdrop of widespread exits by US-dollar funds, local government guidance funds have become a vital source of liquidity in China’s healthcare investment market. Therefore, for many investment firms, it is essential not only to connect with more high-value innovative projects but also to establish ties with local government funds to facilitate future fundraising. As a result, interactions between investors and local government representatives were frequently observed at this VBEF, and related specialized funds are expected to be rapidly established in the near future.

Currently, global expansion has become a hot topic in the healthcare industry.

There are two underlying reasons: on one hand, overseas markets represent a significant source of incremental growth; on the other, continuous advancements in frontier innovation and import substitution have endowed many Chinese medical products with the technical prowess to compete head-to-head with the world’s leading players. Against this backdrop, global expansion is poised for takeoff, with numerous innovative enterprises eager to seize this opportunity.

VBEF has also made ample preparations for this—during the exhibition,Nearly 20 Country-Specific Units/Institutions Deeply Engaged in Global Expansion Discussions, a large “overseas buyer delegation” was also assembled on-site; meanwhile, “pioneers” in global expansion, including AstraZeneca and Legend Capital, participated extensively and engaged in in-depth exchanges on the latest practices and experiences in going global.

For example, at the “Medical Device Overseas Expansion Forum and Global Healthcare Innovative Product Selection Fair,” includingAustralia, Belgium, Ireland, Singapore, the United Kingdom, Germany, Indonesia, Spain, Russia...and other multinational institutions in China, international distributors, and industry-leading enterprises engaged in in-depth discussions on topics such as market trends, popular overseas expansion destinations, and technological innovation, jointly exploring new models and pathways for industry development while sharing successful experiences.

“Ireland is the second-largest exporter of medical devices in Europe, with annual exports reaching €13 billion. In Ireland, 75% of multinational corporations (MNCs) choose to conduct their R&D locally, with key areas of strength including cardiology, cardiovascular, orthopedics, diagnostics, and ophthalmology. It is also worth noting that the largest overseas investment by a Chinese company in the life sciences sector is located in Ireland,” said Xiao Jia, Director of Life Sciences for China at IDA Ireland.

Han Rui, Consul for Life Sciences and MedTech at the British Consulate-General in Shanghai, stated, “The UK offers ample financing opportunities to help healthcare companies at various stages of development scale up quickly and smoothly. UK universities, research organizations, businesses, charities, and the government collaborate to create an enabling environment for R&D. Furthermore, the UK has reduced tax burdens through its R&D expenditure tax credit policy, aiming to continue working with Chinese investors to foster bilateral commercial cooperation.”

“Catalonia’s economic scale within Spain is comparable to that of China’s Yangtze River Delta and Pearl River Delta regions. Catalonia has established government-backed agencies to promote business development and trade exchanges, assisting enterprises from different countries and regions in conducting their operations. Currently, local companies in Catalonia are openly soliciting technical solutions globally, with a particular interest in digital solutions for mental health management,” said Zhang Shumin, Senior Trade and Investment Officer at the Catalan Trade & Investment Promotion Agency (ACCIÓ).

In addition, specialized matchmaking sessions dedicated to in-depth exchanges focused on a single region were another highlight of this year’s VBEF. On May 9, the “Going Global (Indonesia) Special Matchmaking Session” drew large crowds of attendees eager to learn about the Indonesian market, with forum panelists sharing insights and engaging in discussions on topics such as Indonesia’s market demand, policy regulations and investment climate, and strategies for establishing close collaborative partnerships with Indonesian enterprises.

Moreover, Indonesian enterprises have stated that they took this opportunity to gain insights into the technological capabilities, product advantages, and market strategies of Chinese companies, while identifying suitable partners. They plan to jointly promote bilateral economic and trade cooperation and accelerate the global development of their industries.

 (Overseas touring exhibition groups from around the world)

At the exhibition venue, professional overseas tour groups engaged in in-depth exchanges with exhibiting companies, focusing on and seeking products in cardiology, anesthesiology, hepatobiliary surgery, pulmonology, intravascular catheters, urology, dentistry, stomatology, raw materials for medical aesthetics, sleep medicine, and gene technology, thereby creating opportunities for further collaboration. Meanwhile, the independent pavilions covering Europe, North America, Australia, the Middle East, and Southeast Asia also attracted a steady stream of visitors.

“Extensive preparatory work, including needs assessment and recruitment, was conducted for this touring exhibition, ultimately attracting overseas delegation groups from nearly 20 countries,” said the staff member responsible for coordinating with the overseas touring delegations. “Based on extensive research, we clearly identified each exhibitor’s preferred international markets, documented and organized these preferences, and shared relevant projects with the overseas delegations in advance to gauge their interest. Once needs were matched, participants could engage in efficient and precise matchmaking upon arriving at the exhibition venue.”

Third-party service providers assisting Chinese enterprises in their global expansion also attracted significant attention at the exhibition. For instance, Lumina, located at Booth B19 in the New Cooperation Exhibition Area, drew a large influx of industry professionals seeking consultations.

“Going global is not only a priority that healthcare innovation enterprises must focus on at present, but also a long-term commitment, which requires the support of a comprehensive ecosystem. Therefore, moving forward, whether through VBEF serving as a bridge or through collaborative efforts among all stakeholders—including government, industry, academia, research institutions, healthcare providers, and investors—we must actively work together to build a robust ecosystem and jointly strengthen and expand our global expansion initiatives,” an investor present at the event told VCBeat.

At the VCBeat Expo (VBEF), innovative products emerged as one of the most closely watched topics within the industry. Throughout the duration of the exhibition,Over 500 companies and products participated in the exhibition., covering sectors such as medical devices, pharmaceuticals, digital health, consumer healthcare, and medical supply chain services. Over the three-day period, the new product exhibition area attracted a significant influx of visitors.

“Over the past few days, nearly 100 visitors to our booth have added us on WeChat., there was strong interest in the product, with many professional attendees expressing their intention to visit the company for further engagement.Estimated to have more than 20 potential prospective clients.” said a client manager from an exhibiting company. In fact, during the three-day exhibition, there were tens of thousands of matchmaking interactions for innovative products like these, including product inquiries, expressions of interest in collaboration, and on-site contract signings.

(VBEF saw a steady stream of attendees seeking on-site consultations, hands-on experiences, and networking opportunities)

Notably, the “Healthcare Industry Innovative Products List” was released to the industry for the first time. The evaluation criteria for these products were based on dimensions such as technological advancement, high value in domestic substitution, fulfillment of unmet clinical needs, global competitiveness, and prominent industry-leading effects. A total of 200 representative innovative medical products and solutions were included on the list, primarily spanning four major fields: biologics and biological products, high-end intelligent manufacturing and medical devices, digital innovation technologies and supply chain empowerment products, and the healthcare industry chain.Up to 80% of the products and solutions are global premieres or first-of-their-kind medical innovations., showcasing to the world the innovative strength of China’s healthcare industry.

For instance, the human MET gene amplification digital PCR detection kit, independently developed by Shanghai Yuanqi Biomedical Technology Co., Ltd. on the list, fills the gap in the application of digital PCR technology in lung cancer screening. Another example is Medis Medical’s “Electromagnetic Positioning Puncture Guidance Device for Ultrasound,” which has overcome critical bottlenecks in electromagnetic positioning technology. By integrating electromagnetic navigation with ultrasound imaging, it achieves full-process real-time visualization for interventional procedures.

A co-founder of a medical device company present at the event told VCBeat that it was a rare opportunity to view such a concentrated array of top-tier global innovative medical products. He noted that many products across multiple fields have mastered core technologies and delivered genuine clinical value, which has bolstered his confidence and expectations for China’s domestic innovation sector.

Moreover, cutting-edge new products from various research institutes were also showcased on-site. For instance, on May 8, the CAS Advanced Medical Device Industry Incubation Alliance unveiled its 2024 innovative achievements on the expo’s central stage; on May 10, outstanding scientific and technological innovations from Chinese universities and colleges were presented.

Amplifying the dissemination momentum of innovative products is also a key highlight of this VBEF. For instance, on May 10, at a VBEF parallel session, the “Medical Device Global Expansion Forum and Global Selection Event for Innovative Medical Products,” co-hosted by VCBeat, VB100, and GTJA Investment, garnered widespread attention from attendees.

As a key component of the forum, the Global Medical Innovation Product Selection Fair showcased China’s innovative achievements and high-quality products in the medical device sector. Professional attendees, including international distributors such as PT. Lumina Procare Meditech, MedRhein GmbH, PT. MBA Group, Access Tech, and Eco Medtech; hospital procurement representatives such as Susilo Chandra, Tommy Daindes, Ragil Nur Rosyadi, and Syarif Bakri; and cross-border expansion enablers such as ASK Health, MDCC, Guomaotong, Jianshang Chuhai, and Xiyi Medicine, visited the event to gain an in-depth understanding of the innovation capabilities and product advantages of Chinese medical devices.

It is evident that the concentrated showcase of highly pioneering and innovative products has amplified the voice of medical innovations first launched or originated in China, interpreted future trends for medical innovators, and truly demonstrated the power of innovation.

In 2016, the inaugural “Top 100 Future Healthcare Conference” was held in Beijing. Over the following eight years, the conference toured cities including Suzhou and Shanghai, witnessing not only the tangible transformations and industrial shifts within the healthcare sector but also the steady progress of tens of thousands of healthcare enterprises and investment institutions toward their respective milestones.

Eight years later, the Top 100 Conference has been comprehensively upgraded into the “Future Healthcare Ecosystem Expo” and has returned to Beijing, largely with the aim of using this event as a milestone to usher in a new cycle.

This holds immense strategic significance, as the continuous evolution of clinical needs and the profound transformations within the healthcare industry are giving rise to a new industrial revolution. New questions demand answers, new challenges must be overcome, and new opportunities certainly need to be seized. In his address at the conference, Li Datao, Founder of Danhuang Technology, remarked, “We stand at the threshold of a critical new era, whose growth momentum derives, on one hand, from novel solutions and paradigms enabled by emerging technology platforms, and on the other, from incremental market expansion.。”

Through this VBEF, we have witnessed many “promising young professionals” standing at the threshold of a new era, driving fresh and transformative changes across the industry. As such, in its role as both “guide” and “witness,” the “Future Healthcare Ecosystem Expo” will continue to unlock greater possibilities in the years ahead.

Therefore, I greatly look forward to our next meeting.