Jasmine Health Files for IPO, Leveraging Partnerships with Omron, WeDoctor, and China's Top Telecom Operators to Tap into the $1.3 Trillion Household Healthcare Market

Jasmine Health CEO Wei Junya

As increasing capital and entrepreneurs flood into the home healthcare industry, homogeneous products have become ubiquitous. Faced with limited medical resources, where should these entrepreneurs turn?

Jasmine Health’s answer is: integration and precision recommendations. Developed by Shanghai Zicai Information Technology Co., Ltd., this health management app is designed for home-based scenarios and was launched in April 2016. To date, the “Jasmine Health” platform has integrated appointment registration, intelligent patient guidance, specialist consultations, free inquiries, online access to renowned physicians, and physical examination services from more than 5,000 hospitals across China, providing timely and efficient one-stop healthcare solutions for family members at any time.

“Since its launch seven months ago, we have seen month-on-month growth in both paying users and cash flow,” Wei Junya, CEO of Molly Health, told VCBeat.

The rapid growth of Molly Health is attributed to its team’s strong integration capabilities and personalized service offerings.

According to relevant data, the market size of China's healthcare industry reached 9 trillion yuan in 2020, with the chronic disease management sector accounting for 3.7 trillion yuan.

From a user-centric perspective, Molly Health has defined two primary target segments. The first comprises individuals aged 30 to 50 who live away from home and are concerned about their parents’ well-being; they seek to monitor their parents’ health in real time through wearable devices or health management software. The second segment consists of retirees aged 55 to 65 who possess sufficient knowledge and financial means, exhibit high acceptance of emerging technologies, and have a primary need to effectively manage their existing medical conditions or chronic diseases.

Although a wide variety of health supplements and medical devices continue to emerge on the market, many of these supplements are unregulated products lacking proper labeling, manufacturer information, and quality certification. As a result, elderly consumers often fall victim to fraud while simultaneously suffering harm to their health. Among China’s 260 million patients with chronic diseases, disease indicators can currently only be controlled and maintained through passive medication adherence. The field of health management based on chronic disease data is characterized by high frequency of interaction and clearly defined pain points; however, demand remains far from being met for the following reasons:

Pain Point 1: Chronic diseases involve numerous complications, and products targeting a single disease fail to meet the needs of most users;

Pain Point 2: 50% of patients with chronic diseases are elderly individuals aged 50 and above, who are unable to use Bluetooth-enabled products and smart devices;

Pain Point 3: Merely a recording tool without solution-oriented features, failing to meet user needs.

To this end, Molly Health has collected data on more than ten disease types and integrated a variety of CFDA-certified wearable devices related to chronic diseases, providing users with an aggregated solution platform for health management. As seen in the Molly Health APP, service offerings include personalized health indices, thoughtful reminders, family discussions, health plans, health services, appointment registration, online consultations with renowned specialists, and telephone medical consultations, thereby offering a one-stop solution for personalized healthcare needs within home settings without leaving home.

Relying solely on Molly Health is insufficient to deliver a one-stop service solution. Therefore, it has partnered with multiple B-side institutions, such as Omron, Lifesense, WeDoctor Group, Health Road, Quyi Network, and Hao Rensheng, to integrate the entire healthcare ecosystem. This strategy enables monetization for B-side partners by facilitating the sale of their products and services to users. For instance, through its collaboration with Omron, users can purchase Omron products directly on the Molly Health platform. Molly Health jointly manages user health with Omron and provides corresponding solutions for product usage inquiries and follow-up medical services. To date, Molly Health has integrated with dozens of high-quality manufacturers of smart health hardware.

Users upload their vital signs data on a daily basis. Data collection is facilitated via SIM cards, allowing elderly users to upload data with a single click as long as there is signal coverage, resulting in broad applicability. Consequently, within just seven months, Molly Health acquired 2.72 million users, with approximately 670,000 registered users and over 70,000 paying subscribers.

Jasmine Health boasts a high-quality user base with strong willingness to pay, which is one of the key reasons why many B-side clients are willing to collaborate. For instance, it has already signed partnerships with over 4,000 elderly care institutions, 53 community hospitals, multiple chain pharmacies, pharmaceutical e-commerce platforms, and smart communities.

By partnering with renowned B2B vendors both domestically and internationally, we not only avoid the need for costly subsidies but, more importantly, enhance our service to end users, becoming a trusted assistant for their healthcare needs. For ordinary users, this means easily addressing an entire family’s medical consultation requirements without having to download multiple apps.

For instance, if the father has hypertension and the mother has diabetes, managing the family’s health would require the user to first download a diabetes management app, then a hypertension management app. If medical consultations are needed, multiple appointment-booking apps may also be required. In this scenario, at least four apps must be installed on the smartphone to address the healthcare needs of the entire family.

Jasmine Health has linked more money-making opportunities for users and institutions through its improved service process. So, how does the platform itself make a profit?

Step one involves leveraging the telecommunications carrier ecosystem and integrating revenue-sharing partnerships with carrier plans. These include project-based income, monthly service fees, or a combination of monthly service fees and smart hardware packages. This model is highly replicable, with an average conversion rate of 0.3% per province.

The second step involves the health and chronic disease management industry chain, where revenue is shared through collaborations with elderly care institutions, insurance companies, and chain pharmacies. Revenue streams include project-based income, monthly service fees, or monthly service fees bundled with smart hardware packages. A key advantage is the ability to collect high-quality health data, medical records, and case histories.

Step three involves integrating health events with brands, engaging in revenue-sharing partnerships with FMCG brands and public events, and conducting self-brand operations.Enhance core value and stickiness.

It is already quite impressive for a startup to achieve such strong performance, as Molly Health boasts a team of like-minded partners. Take the company’s core leadership team, for example: Wei Junya, the CEO, formerly served as an Account Director at the 4A advertising agency Publicis. She is also a serial entrepreneur; her first company, founded eight years ago, was sold last year. She has long specialized in marketing and consumer insights, leveraging big data analytics and resource integration.

Yao Zhihong, Chief Scientist, is a scientist specializing in informatization for chronic diseases and health management, and formerly served as the Chief Architect of Wanda’s Full-Cycle Health Software. Zhao Jihua, Technical Director, is primarily responsible for integrating the company’s software and hardware, building backend infrastructure, developing chronic disease management systems for chain nursing homes, and implementing China Telecom’s Health Kiosks. Zhu Pengliang, Director of Product and Operations, is a senior mobile internet operations expert who previously managed operations for Zhengtu and Plants vs. Zombies.

“In the future, we will strategically focus on seven key areas, including the integration of medical and healthcare resources, optimization of search technology, ensuring the completeness of health records, establishing authoritative health management, streamlining transaction channels, and monetizing precision wellness services. Our goal is to build a fair, comprehensive, one-stop family medical and health service platform powered by precise data, aiming to become the ‘Ctrip’ of the medical and healthcare sector. We are currently launching a new round of financing and hope that more individuals will join the medical industry to contribute to the growth of the health management service sector.”