PaiFan Technology Files IPO Prospectus: Pioneering Smart Care with IoT-Enabled Integrated Healthcare Solutions

“In 2020, with the commercialization of 5G and the advancement of the ‘New Infrastructure’ policy, the Internet of Things (IoT) sector is undoubtedly poised to reach new heights. In hospital settings, IoT-based information systems will inevitably become the trend in hospital informatization,” said Chen Junjie, founder of Paifan Technology and a participant in the Fosun Star Future Entrepreneurship Camp.

In 2010, China designated the Internet of Things (IoT) as a key technology and announced its inclusion in long-term development plans. As policies serve as barometers for the market, the number of IoT enterprises rapidly increased, sparking a wave of IoT entrepreneurship. Paifan Technology emerged as one of the pioneers in this trend.

Founded in Shanghai in 2012, Paifan Technology is a system solution provider dedicated to leveraging Internet of Things (IoT) technology to deliver one-stop smart healthcare management systems. Its core team comprises professionals from renowned domestic and international enterprises and prestigious universities, bringing together high-tech talent from Shanghai, Sydney (Australia), and Silicon Valley (USA). Supported by this strong talent pool, Paifan Technology has secured more than 60 patents covering software, hardware, and system architecture, gradually establishing an intellectual property “moat.”

When discussing his original motivation for starting the business, Chen Junjie recalled a past incident. As an IoT professional, he was determined to develop healthcare products that would enable him to monitor the safety and health of his premature infant at all times. This led him to create solutions providing intelligent care services for infants and young children. He quickly launched smart wearable devices on the market, including the iCcur Xiao Ke Children’s Smart Thermometer and the Paifan Smart Posture Correction Device.

During the pandemic, Paifan Technology rapidly developed a continuous temperature monitoring system based on its “Xiao Ke” continuous temperature monitor and IoT cloud platform. By securing the Bluetooth-enabled continuous thermometer to the patient’s axilla with medical-grade adhesive tape, temperature data is automatically uploaded to a data communication gateway and then transmitted to the server. This enables contact-free, continuous monitoring of patients’ body temperature, thereby reducing the risk of cross-infection among patients and between patients and healthcare workers.

Over the past eight years, Paifan Technology has continuously enhanced its professional capabilities, focusing on one-stop smart healthcare solutions. The company has established a comprehensive suite of intelligent hospital care solutions that fully cover various hospital application scenarios, thereby minimizing the workload of medical staff and maximizing their safety and efficiency.

“Smart Nursing” is the core of Paifan Technology’s product offerings. Chen Junjie introduced, “Smart Nursing represents a revolution in clinical nursing. In traditional hospital settings, the collection and recording of vital signs—such as ear temperature, blood pressure, pulse, and blood oxygen saturation—still require nurses to perform these tasks manually, consuming significant manpower. ‘Smart Nursing,’ by contrast, leverages intelligent medical devices, Internet of Things (IoT) technology, and big data to enable real-time acquisition of patients’ physiological data. This significantly reduces nurses’ workload, allowing them to devote more time and energy to patient care and compassion. This constitutes a revolutionary upgrade in clinical nursing.”

In hospital settings, Paifan Technology has established a centrally monitored Smart Nursing Ward solution. The Smart Nursing Ward comprises a central monitoring nurse station, data communication gateways, Smart Nursing round PDAs, continuous thermometers, ear thermometers, and Smart Nursing physiological parameter monitors. The monitored data encompasses body temperature, heart rate, blood oxygen saturation, infusion monitoring, blood pressure monitoring, respiration, and sleep quality.

Taking nursing rounds as an example. “With vital signs data often reaching millions of entries, the workload is enormous, yet accuracy cannot be guaranteed.” To address this issue, Paifan Technology developed the SmartCare IoT Nursing Rounds System, significantly reducing nurses’ workload.

The SmartCare IoT Ward Round System includes devices such as smart tympanic thermometers and SmartCare physiological parameter monitors. The collected data can be uploaded to the IoT ward round system via the accompanying SmartCare ward round PDA, and then integrated with the Hospital Information System (HIS). This achieves full automation from data entry to aggregation, significantly freeing up nurses’ time and eliminating the possibility of manual entry errors.

In the community hospital setting, Paifan Technology’s cloud-based chronic disease management system connects home-bound patients, community hospitals, and family members. By deploying vital signs monitoring devices in patients’ homes, the system enables community hospitals to monitor elderly patients’ health status based on collected data and provide timely interventions. Currently, this system has been implemented in multiple hospitals across Guangdong, Zhejiang, Jiangsu, Shandong, and other provinces and municipalities.

It was also in the process of providing intelligent care services to hospitals that Chen Junjie came into contact with the hospital’s Infection Control Department, a “peripheral department,” and identified potential opportunities within it. By analyzing the hospital infection control market, Paifan Technology entered the niche segment of hand hygiene.

The key to hospital infection prevention and control lies in interrupting transmission routes, and hand hygiene among healthcare workers is the most important, simplest, most effective, and most cost-effective measure for preventing and controlling healthcare-associated infections.

The Pifan Technology SmartCare Hand Hygiene Compliance Monitoring System Solution consists of the SmartCare Hand Hygiene Compliance Monitoring Software, SmartCare Hand Sanitizer Dispensers, Bluetooth Badge Tags, and a Data Communication Gateway.

Smart badges equipped with Bluetooth tags are linked to healthcare workers. When a healthcare worker approaches, the sensor light on the Zhihu hand hygiene dispenser illuminates to remind them to perform hand hygiene. As the healthcare worker places their hands within the sensor range, the device automatically dispenses sanitizer for hand disinfection. Simultaneously, hand hygiene data—including the time of sanitization, badge information (i.e., healthcare worker details), device information, and volume of sanitizer used—is uploaded via a data communication gateway to the Zhihu Hand Hygiene Compliance Monitoring Software for compliance analysis and record-keeping.

Chen Junjie stated that IoT-enabled smart healthcare is a highly meaningful and valuable interdisciplinary field. By integrating the needs of refined hospital management, clinical practice, and nursing care with IoT-based information technologies, a series of innovative technologies and solutions have been developed that align with clinical workflows. Currently, Paifan Technology has established a comprehensive system spanning from clinical applications to product development. Through in-depth collaborations with hospital administrators, clinical experts, nursing specialists, and infection control experts in Shanghai, Zhejiang, and Jiangsu provinces, and by incorporating their feedback, the company has refined its offerings to develop products and systems that best meet clinical needs. To date, Paifan Technology has partnered with nearly 100 hospitals.

Compared to traditional hospital information systems represented by HIS, NIS, PACS, and electronic medical records, a distinct feature of IoT-enabled smart healthcare informatization is “centralized data and refined scenarios,” Chen Junjie further pointed out. IoT intelligent devices generate massive amounts of data daily. These multidimensional data include patient information, healthcare personnel information, diagnosis and treatment information, nursing information, device information, management quality information, and more. Such vast volumes of data generated by these devices are absent or lacking in traditional informatization systems.

Meanwhile, each scenario in IoT-enabled smart healthcare is highly specialized and refined. In addition to expanding the market reach of its existing mature products, Paifan Technology is actively exploring the application of IoT technologies in digital ICUs and in the treatment of radiation dermatitis. Chen Junjie candidly stated, “Only by specializing deeply in a specific industry, actively exploring deeper applications of IoT technology in smart nursing care, and continuously delivering innovative products can a company secure a foothold in the market.”

It is worth noting that all products from Paifan Technology are built upon its independently developed IoT platform. This platform primarily relies on an IoT infrastructure network, an IoT data engine, an IoT data integration platform, and a comprehensive IoT operations and maintenance (O&M) platform. It features strong scalability, allowing functional modules to be added directly without the need for repeated platform reconstruction.

It is reported that Paifan Technology will focus its business on two main areas: first, continuing to expand its market presence with the goal of increasing the number of partner hospitals to 200 by 2020; and second, further exploring the integration of technologies such as microwaves, sensors, and 5G with the Internet of Things (IoT) to enhance clinical application value. In addition, Paifan Technology plans to initiate a new round of financing.

Fosun·Xingweilai Institute is an incubation and investment platform focused on the broader healthcare sector, established by Xingweilai Capital in reliance on Fosun and Fosun Pharma. Adopting a “community + incubation + investment” model, it explores frontier innovation domains, focuses on entrepreneurial talent, and secures early-stage investments in future unicorns.

In 2020, the Big Health Entrepreneurship Camp launched its second cohort, targeting entrepreneurs in the medical and healthcare sector as well as aspiring innovators. It invited top-tier global mentors and introduced six core incubation modules, offering entrepreneurship courses with the most robust industrial background and practical experience in China.

Students interested in the Fosun Future Entrepreneurship Camp can add the author on WeChat.