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At the organizer’s roundtable forum for the “Medical Partnership Innovation Collaboration Proposal Competition,” themed “Growing Together in Healthcare, Winning Through Collaboration,” held on the afternoon of March 19, Legend Capital’s Qi Fei, serving as moderator, invited four distinguished leaders—Pfizer China President Dr. Wu Xiaobin, Ping An Pension Insurance Vice General Manager Zhang Lin, Tencent Investment Executive Director Mu Yifei, and Legend Capital Managing Director Ouyang Xiangyu—to discuss the unique merits of the competition entries, share their in-depth insights on the development of healthcare in China, and express their hopeful visions for the future.

Four Industry Leaders Comment on the Project

Dr. Wu Xiaobin, President of Pfizer ChinaCompared with the previous Medical Partners Competition, I believe that this edition has seen some excellent projects in the technical domain, such as those focused on glycated hemoglobin testing and early cancer screening, which can indeed bring substantial benefits to a large number of patients. Moreover, these projects have the potential to activate the “tri-medical linkage,” integrating insurance, healthcare services, and pharmaceuticals. Therefore, I consider this a significant highlight. In terms of service-oriented projects, I find “Famous Doctors Performing Surgeries” quite impressive. Going forward, I hope to see more service-based projects emerge that reflect the major development trends in healthcare.

I recently encountered President Wang in the restroom. He remarked that physicians currently have many excellent ideas and expressed his hope that more doctors will participate in the next Medical Partner Competition. For instance, Professor Huo Yong and Professor Ge Junbo in the field of cardiovascular medicine are planning to unite cardiovascular specialists across China. Amidst the growing trends of physician entrepreneurship and the rapid development of physician groups, they aim to enhance cardiovascular care for patients and improve medical services, thereby maximizing the professional value of physicians.

Mr. Zhang Lin, Deputy General Manager of Ping An Pension Insurance: In the past, I engaged with numerous startups and observed that the healthcare industry is characterized by significantly longer cycles compared to other sectors. This is due to the multitude of challenges involved, spanning deep professional expertise in medicine and pharmaceuticals, specialized technical domains such as AEDs and diagnostic testing, as well as information technologies like the internet and big data, resulting in an exceptionally long value chain.

In my view, the most critical issue remains the business model. Dr. Wu just mentioned the “Three-Medical Linkage” (integration of medical insurance, healthcare delivery, and pharmaceuticals). Each component behind this linkage is highly specialized—whether it be medical insurance, healthcare services, or pharmaceuticals. Ultimately, it is the business model that truly enables their effective integration.

Therefore, this competition showcased considerable innovation in business models. If I were to make a recommendation, I would particularly commend service-oriented projects for demonstrating the aforementioned “three-medical linkage” (integration of medical care, health insurance, and pharmaceuticals) and for effectively integrating their business models. It is evident that participants have developed profound insights into their business models. Taking service-oriented projects as an example, “Zhangshang Tangyi” has clearly articulated its strategy across every stage of the patient journey and the entire B2C value chain, including collaborations with insurance companies and offline medical institutions, as well as the overall service experience.

For technology-driven projects, I still believe the business model is crucial. However, if your technology is exceptionally strong—such that hospitals simply cannot operate without it—the relative importance of the business model diminishes. Nevertheless, in today’s macro environment, I consider the purchasing mechanism and how to address the buyer’s needs to remain critically important. Zhongke Natai’s “Tumor Catcher” boasts impressive technological capabilities, while New Horizon Health demonstrates both technological depth and thoughtful consideration of its business model. Therefore, I am particularly optimistic about these two companies.

Mr. Mu Yifei, Executive Director of Tencent Investment: In fact, Tencent is an outsider to the healthcare sector. As we are not industry insiders, we have always maintained a learning mindset. We hold several perspectives on healthcare investment:

First, this industry comprises numerous segments and features a highly complex supply chain. It is difficult for any single entity to integrate all links across the entire value chain. Therefore, we hold in high regard those who conduct in-depth exploration within a specific niche. Just as medicine is a profession that requires lifelong learning, startups in this field must also engage in continuous, real-time learning and updating.

Second, many startups adopt the mindset of “bold hypotheses, careful verification.” A major distinction between internet healthcare and more familiar sectors such as social media and PC-based products is that its business models are not driven by intuition but are instead developed through countless hypotheses and iterative validation. This approach is familiar to those of us with medical training, as it essentially constitutes a systematic method of thinking. Therefore, I believe that, in these two respects, entrepreneurship in the healthcare industry exhibits distinct characteristics compared with other industries.

Returning to today’s projects, we have actually had extensive prior engagement with many of them. For instance, with “Mommy Knows,” many employees, including its Product Director, are former Tencent staff, and our collaboration has become deeply integrated. Another example is “Famous Doctors Perform Surgery,” which boasts a highly robust and elegant business model that addresses needs across multiple dimensions; we have consistently maintained a close watch on this sector. This afternoon, we also discussed technology-driven companies, including one specializing in Automated External Defibrillators (AEDs). Notably, Tencent has previously invested in an AED-related project. However, the company we invested in approaches the market from a different angle—rather than manufacturing devices, it focuses precisely on the areas highlighted by Dean Wang, such as device resource allocation and personnel training.

Mr. Ouyang Xiangyu, Managing Director at Legend Capital: From my personal observations on healthcare investment, it is fair to say that current attention is focused on several key breakthrough areas. One of these is improving efficiency and addressing the distortions in the current healthcare structure. While this issue cannot be resolved overnight, technological advancements can significantly reduce testing costs, gradually leading to a convergence of solutions. Today represents a pivotal moment; for instance, New Horizon Health’s tumor diagnostics and Hisky Medical’s liver disease diagnostics are both highly distinctive.

Another key area is internet technology. This morning, the first project presented by Gerui Technology left a deep impression on me. Several attendees at the conference, including Dr. Wu from the Bill & Melinda Gates Foundation and Robert from Mayo Clinic, separately discussed this project with me during breaks, all expressing that they were highly impressed. They showed strong interest in initiatives that make healthcare accessible to the general public, and these projects clearly resonated with them. I believe they have recognized the substantial demand within China’s tiered diagnosis and treatment market.

How Pharmaceutical Companies Collaborate with Startup Partners

Host Qi Fei: A review of the shifts in internet healthcare entrepreneurship over the past year: In early 2015, many companies claimed they would partner with pharmaceutical firms, identifying pharma companies as their payers and adopting a B2Pharma business model. A few months later, another wave of companies emerged, stating that their focus was on insurance providers, with insurers being their primary payers. Then, after several more months, yet another group appeared. With both B2Pharma and B2Insurance models already widely discussed, could these new ventures possibly be targeting venture capital (B2VC)? These companies denied this, asserting instead that they were aligning with BAT (Baidu, Alibaba, and Tencent). So, what kind of judgment and demands should guide healthcare enterprises and industry development?

First, from the perspective of the pharmaceutical sector where Dr. Wu Xiaobin of Pfizer operates, China’s healthcare and pharmaceutical industry is undergoing significant transformation. Changes such as the elimination of drug price markups, reforms in centralized procurement and tendering, and a series of innovations in pharmaceutical e-commerce and distribution channels have profoundly impacted the operating environment for pharmaceutical companies. As the world’s largest pharmaceutical company—and likely the one with the highest sales revenue in China—Pfizer has achieved numerous breakthroughs in medical innovation. How does Dr. Wu Xiaobin view the transformation of China’s pharmaceutical industry? How will Pfizer adapt and improve its strategies? And what kinds of exchanges and collaborations will it pursue with entrepreneurial startups?

Dr. Wu Xiaobin, President of Pfizer China: When it comes to collaboration, we must first examine our ecosystem. Within China’s pharmaceutical ecosystem, there is now a cohort of innovative companies, many founded by returnees from overseas, particularly in the field of large-molecule therapeutics. For instance, BeiGene recently listed in the United States, and other companies specializing in areas such as tumor immunotherapy are also performing exceptionally well.

Another characteristic is that over 95% of medications currently in use are generics, which suffer from serious issues. As is well known, the National Medical Products Administration (NMPA) conducted verification inspections, resulting in the withdrawal of 80% of registered products due to problematic clinical data and inadequate testing rigor. Concerns have been raised: if 80% of current registrations are being withdrawn, what about the 200,000 products previously approved? Who will address this issue? Consequently, the state has recognized these significant problems and elevated bioequivalence to a position of utmost importance, with 2018 and 2020 serving as critical milestones. While all biopharmaceutical companies aspire to enter the medical sector, doing so presents substantial challenges.

What do these two aspects reveal? There are two models for collaboration between pharmaceutical companies and the partners present here. Some platforms, such as Haodf and WeDoctor, may have already accumulated substantial big data. For instance, in the field of cardiovascular disease, they can demonstrate a 5% reduction in myocardial infarction and stroke incidence. In China, although the sales volume of certain drugs is significant, we neither know who has taken these medications nor understand the magnitude of their therapeutic effects, leaving a large gap in real-world evidence. If this area were made transparent, it would be feasible for pharmaceutical companies to bear the cost; similarly, insurance providers could cover it, and even tech giants like Baidu, Alibaba, and Tencent (BAT) might be willing to pay, subject to negotiation.

Category II companies currently have this concept but have not yet accumulated big data, and they hope Pfizer will transfer its data to them. I believe we should first validate the business model on a smaller scale; only after proving its viability should we discuss the subsequent step of integrating data. Otherwise, it will be difficult to integrate data without a proven model in place.

How pharmaceutical companies plan to transform in the future is closely related to the first issue I just mentioned: the accessibility of high-quality drugs in our country remains extremely poor. County-level hospitals have a strong demand for our medications, yet our current reach fails to cover them. If insurance companies and major internet enterprises could step in to address this gap and drive up drug sales volume, we would be able to offer significantly lower prices. For instance, by integrating chronic disease management into a bundled service package per patient, we could pilot this model on a large scale in a selected province. Following implementation, we might be able to extend coverage to many primary-care physicians at merely one-half or one-third of current costs. This represents a monumental transformation for numerous pharmaceutical companies, with substantial opportunities available. It calls for industry colleagues to move in this direction; there is ample willingness to pay, but the critical question lies in whether we can successfully execute it.

How Insurance Can Become the Premier Payer

Host: Qi Fei: China's health insurance sector has received a series of policy incentives from the state over the past two years. Last year, the overall market size of health insurance reached nearly RMB 200 billion. However, compared with China's social security system, the health insurance segment remains relatively small. Ping An Insurance has made extensive strategic investments and deployments, whether through external investments or internal initiatives. How does Ping An view the developmental role of health and medical insurance? What specific initiatives does Ping An plan to undertake, and which areas offer opportunities for collaboration with entrepreneurs to create a closed-loop ecosystem?

Mr. Zhang Lin, Deputy General Manager of Ping An Pension Insurance: Looking back, it can be said that hospitals and medical services have undergone tremendous development over the past decade or so. As evidenced by cases such as Henan Province, where hospitals reportedly boast 10,000 beds, many hospitals across China have constructed new buildings, with rapid expansion in various areas including outpatient services.

This area has received significant attention from the state. From a service perspective, a major driving force stems from the national initiative for overall health development. Prior to 1998, the healthcare security system primarily consisted of medical care for cadres, labor protection for workers, and rural cooperative medical schemes; these three components were all supported by the social security system. However, due to financial strains caused by state-owned enterprise (SOE) reforms, China attempted to establish a new social security system during the 1998 SOE reforms. For instance, the “Five Social Insurances and One Housing Fund” scheme for employees originated at that time, covering approximately 27% of the total population. Following the introduction of the New Rural Cooperative Medical Scheme in 2003, coverage increased by another half. After the implementation of the so-called “coverage for the elderly and children” policy under the Urban Resident Basic Medical Insurance in 2009, the coverage rate exceeded 90%.

Therefore, whether for farmers, retired employees, or urban residents, in the past when they fell ill without reimbursement coverage, they would often endure minor ailments or simply take some medication. Now, the situation is different. With reimbursement policies, particularly for hospitalization, and even outpatient coverage in some economically developed regions, higher reimbursement rates have led to greater health awareness among these groups. This serves as a significant driving force.

From an empirical perspective, what changes will the “Three-Medical Linkage” (coordinated reform of medical care, health insurance, and pharmaceuticals) undergo under the new wave of healthcare reforms? As the economy enters a “new normal,” the growth rate of funding has slowed. Previously, employee-based insurance contributions were linked to wages. In addition, the merger of urban and rural resident basic medical insurance schemes resulted in a unified system for urban and rural residents. In 2015, national regulations set the per-capita funding standard at RMB 500, with individuals contributing RMB 120 and municipal governments subsidizing RMB 380. With declining fiscal revenues, government subsidies are inevitably insufficient, yet the financial pressure persists.

I believe the state has paid special attention to people's livelihoods and increased investment, but whether the central government has indeed ramped up spending, and whether such investment has been equally extended to the grassroots level, remains questionable. Moreover, land sales are now facing constraints. From this perspective, there has been a shift in direction—what kind of shift? It is a shift toward increasing revenue and reducing expenditures. The key question is: where will the funding come from? Those of us in the healthcare sector must recognize this reality. In addition, to address the rapid growth of costs, we must certainly slow down the rate of increase while improving effectiveness. However, slowing the growth rate does not mean restricting hospital development; rather, it concerns how these funds are utilized. For instance, implementing tiered diagnosis and treatment and advancing precision medicine are approaches to reducing costs.

What are the benefits and strategic implications of these insights for startups and innovative companies? Consider a simple example: many years ago, a Hong Kong-based company engaged in what was termed “wholesale medical practice.” As Hong Kong’s largest distributor, it sold needles and various other medical consumables. The company proposed bundling needles, cotton swabs, and related items into comprehensive packages. This approach enabled precise inventory matching, as the bundled products could be managed in response to fluctuating demand, thereby reducing customer demand management costs. Although this solution appeared straightforward and lacked direct clinical value or medical depth, it generated significant operational value by improving hospital efficiency by 20%.

Furthermore, we are currently placing special emphasis on the future integrated reform of healthcare, medical insurance, and pharmaceutical services. For instance, we are collaborating with pharmaceutical companies to develop preliminary proposals. This includes adopting promotional strategies for rare diseases akin to last year’s highly popular Ice Bucket Challenge, as well as enhancing the management of chronic diseases and long-term medications. At present, chronic disease control relies primarily on pharmacological interventions; however, there is a need for more effective organizational approaches. Specifically, this involves coordinating pharmaceutical procurement, physician associations, and offline medical institutions. Only by integrating the entire value chain can we achieve substantial impact. We are also engaged in discussions with local health authorities and medical insurance administrations to explore how to achieve the aforementioned “interception” effect.

When it comes to open-source initiatives, it is essential to establish a multi-tiered support system. In practice, there are individuals whose needs extend beyond the basic level to higher-order requirements. By conducting thorough analysis and designing tailored solutions encompassing diagnosis, treatment, medication, and healthcare services, we can address these advanced needs, thereby introducing a novel payment stream into the healthcare sector.

Host: Qi Fei: Regarding cost containment and revenue enhancement, many companies are currently exploring collaborations with commercial health insurers. What interests these insurers is the vast array of data they hold. We know that in the mature commercial insurance system in the United States, there is a well-established framework for economic accounting and for evaluating product effectiveness to control costs. However, within China’s healthcare system, it remains unclear how to implement such cost containment measures or to what extent, and few parties seem to take responsibility for addressing this issue. From Ping An’s perspective, how can we help our partners identify these key areas?

Mr. Zhang Lin, Deputy General Manager of Ping An Pension Insurance: This is particularly critical, namely data openness. To be honest, the commercial health insurance mentioned by the host just now differs from social insurance. The scale of true commercial health insurance has only reached slightly over RMB 100 billion to date. The aforementioned RMB 3.5 trillion refers to the entire market size, making the RMB 100+ billion segment relatively small. When commercial insurers attempt to negotiate with social medical insurance authorities, they are invariably ignored.

We have invested heavily in building healthcare infrastructure across numerous hospitals, including the development of health insurance information systems, so the data is already available. From a societal perspective, I believe the most effective approach would be for the government to establish a framework to open up this data.

Data security and privacy are concerns, but the concept is essentially the same as that of automobiles. Are cars risky? Accident rates have been far higher in the automotive era than in the age of horse-drawn carriages, yet people still prefer cars due to their greater convenience. Regarding healthcare reform, I believe its true foundation was laid during the Clinton administration. At that time, he introduced legislation that specified how chronic disease management should be conducted and determined the level of investment in health management, rather than relying solely on the government. Therefore, at this juncture, strong government promotion remains essential.

How Tencent Connects Internet Healthcare

Host: Qi Fei: Next, let’s have a conversation with Mr. Mu. Last year, healthcare suddenly became a hot sector in the “Internet Plus” initiative, with the BAT companies (Baidu, Alibaba, and Tencent) generating the most buzz—particularly Tencent, where Mr. Mu is based. Although Mr. Mu maintains a low profile, virtually every move he makes sends significant ripples through the healthcare industry. I would like to ask: How does Tencent view this development trend as it enters the healthcare sector, and how does Tencent plan to connect these partners in the future?

Mr. Mu Yifei, Executive Director of Tencent Investment: First, let me clarify a point. Many people have a misconception about Tencent’s investment strategy, believing that Tencent only invests in large-scale projects involving billions or even hundreds of billions of U.S. dollars. In fact, this is not the case.

The second clarification concerns the common association of Tencent with the term “deep-pocketed investor,” which we do not accept. Why? I can assure you that in all of Tencent’s investments in healthcare projects, our bids have never been the highest. Instead, Tencent offers a reasonable price. What truly resonates with companies is our shared vision for the industry, or rather, Tencent’s sufficient patience to grow alongside them. Moreover, our approach considers not only commercial value but also social impact. This is likely the most important reason why many companies ultimately choose Tencent.

A third point of clarification: The moderator just mentioned that many startups aim to serve pharmaceutical companies, insurers, and venture capitalists, with the ultimate goal of targeting the BAT giants (Baidu, Alibaba, and Tencent). We believe that Tencent will definitely not invest in projects whose ultimate objective is to be acquired by or integrated into BAT. Why? Most of our investments are minority stakes; we do not seek to replace the existing control structure of the company. It is impossible for founders to simply walk away, as the company remains theirs. Furthermore, Tencent has a strong track record: most of the companies we have invested in have increased in value. Their target is certainly not BAT—at the very least, not Tencent. Their focus must be on listing on NASDAQ or a main board exchange, or truly becoming a major player within the main board market.

Let’s return to the types of companies Tencent prefers to invest in. Although our investments in the healthcare sector have been limited—fewer than ten in total—we have evaluated hundreds of opportunities, covering virtually all the well-known players in the field. What kind of companies are we looking for? First and foremost, we seek companies that can continuously generate precise or scalable data. We firmly believe in the core principle that the internet world can fully leverage data, its most valuable asset. Therefore, we are highly interested in companies capable of sustaining data expansion.

Because mobile healthcare will not remain an abstract concept; it must be implemented in practice. We are all closely watching where exactly these medical services will take root, as this is precisely what Tencent cannot do on its own. We can provide the foundational infrastructure—like utilities—and serve as a connectivity platform, but it is our entrepreneurial partners who ultimately deliver these services to end users. Therefore, we are keen on facilitating this practical implementation and have a strong interest in doing so.

The third category to gain traction comprises companies that deliver core services to pharmaceutical firms, insurance companies, physicians, hospitals, and patients, thereby addressing their fundamental needs. For instance, providing physicians with slippers in exchange for installing an app certainly does not constitute a core service. The critical question is whether you can truly address their most foundational requirements: What do physicians actually need? We remain focused on identifying companies that solve these underlying needs.

Host Qi Fei: Tencent is building an ecosystem for the healthcare industry. What position will this Tencent-led ecosystem occupy within the overall healthcare system?

Mr. Mu Yifei, Executive Director of Tencent Investments: I believe we play a supportive role. We have never believed that doctors will be displaced; doctors remain the core of healthcare. Internet companies like Tencent are, as Ma Huateng often says, the “water, electricity, and coal” of the industry—we provide the infrastructure. Once the roads are built, what kind of cars run on them, who runs the fastest, and who wins the F1 championship are not for us to decide.

What Types of Companies Does Legend Capital Prefer to Invest In?

Host Qi Fei: Everyone here represents industrial capital, but Ouyang Xiangyu is a typical VC. Having spent many years in the investment industry, he has witnessed the ups and downs of the healthcare sector. So, how exactly should we build an industrial ecosystem with healthcare industry partners?

Mr. Ouyang Xiangyu, Managing Director of Legend Capital: Among the participants here, we have the least amount of capital, so venture capitalists are unlikely to target us. We share many similarities with other panelists in that we focus on solving very specific problems. As long as we meet market needs and address these concrete issues, there will definitely be customers willing to pay. From a consumer psychology perspective, education and healthcare are the two areas where people are most willing to spend money; the key lies in whether we can effectively fulfill those needs.

In the early stages, we have primarily focused on two areas. One is technological innovation, such as liquid biopsy and gene-related technologies mentioned by several guests today. The expansion of these technologies will indeed generate significant social impact. We are very willing to make early-stage investments and strategic layouts in these technologies, whether from the payer side or the supply side.

The second category involves business model innovation, particularly addressing current or future community healthcare needs in the Chinese market, such as tiered diagnosis and treatment systems and the integration of medical care with elderly care. We are particularly inclined to make early-stage investments in this area, where we can identify a closed-loop ecosystem. The Aier Shidai project introduced this morning serves as an excellent example. It features a clear business model that addresses underserved market demands while demonstrating strong humanistic care. By effectively implementing its O2O (Online-to-Offline) concept, the project is highly scalable. It facilitates robust interaction with physicians and ensures close collaboration with hospitals. Following her presentation this morning, Mr. Pan from United Family Healthcare expressed strong interest in partnering with them. Much like the collaboration for this competition, this represents a win-win outcome rather than a confrontational one. We highly favor such innovative, practically implementable solutions.

PPT Jun Will Carry Medical Partnerships Through to the End

Host: Qi Fei: We have just heard from the four distinguished “PPT Masters,” who shared their perspectives on healthcare from four different angles. While their overarching goals are aligned and they agree on the general direction of healthcare trends, their focal points differ. This is precisely a hallmark of our Healthcare Partners Competition: we aim to bring together diverse projects and resources across the healthcare industry to drive transformation in the sector from a shared vision. Next, I would like to share another topic with you all. As many of you know, the “Healthcare Partners” initiative has been well received, largely because the healthcare industry is highly specialized and demands close collaboration. What motivates participants to join such events? What are their expectations, including their aspirations for the future of the healthcare industry as a whole? This time, we will take a different approach by first inviting Mr. Ouyang Xiangyu to provide insights from an investment capital perspective.

Mr. Ouyang Xiangyu, Managing Director at Legend Capital: Participating in this startup competition, I heard a new acronym, “Mr. PPT,” which is excellent; I hope it will endure over the long term. The greatest insight we gained from this event is that the scope of our collaborative alliances should be further expanded. In fact, there are numerous stakeholders within the healthcare system, including pharmaceutical companies, insurers, service providers, hospitals, and government entities, representing a broader realm for potential alliances. Today, both on and off the stage, we have seen how inter-enterprise alliances contribute to building an ecosystem, which will undoubtedly create more opportunities for all.

Mr. Mu Yifei, Executive Director of Tencent Investment: As Ouyang Xiangyu often says, this Partner Competition provides an excellent platform for us to learn from pharmaceutical companies, insurance firms, and capital investors. Just as Dr. Wu mentioned earlier regarding his needs—specifically where to access first-hand materials—we truly had an enlightening experience. This includes Tencent and DXY leveraging this platform to help address certain pain points, while also hoping that the moniker “Mr. PPT” will continue to be embraced.

Mr. Zhang Lin, Deputy General Manager of Ping An Pension Insurance: We have extensive collaborations. As mentioned earlier, cost optimization and revenue enhancement, as well as the introduction of new insurance products, all require substantial support from technology companies. Ping An is neither a healthcare provider nor a pharmaceutical company. Although we have made numerous attempts, our core competency lies in financial services. Therefore, for major diseases such as cancer, there is significant room for collaboration in screening, disease management, clinical pathways, and guidelines. It is impossible for us to achieve this alone. Thus, we strongly desire in-depth partnerships with startups, healthcare institutions, and pharmaceutical enterprises to integrate the aforementioned elements, creating a truly multi-party win-win scenario for the government, patients, and pharmaceutical companies alike.

Dr. Wu Xiaobin, President of Pfizer ChinaWhy is Pfizer so enthusiastic about participating in this event? I believe that after today, “Mr. PPT” may even register it as a trademark. I am confident that the Mr. PPT forum will become a long-standing platform and play a significant role in China’s healthcare transformation and reform.

China’s healthcare sector holds immense potential. As previously mentioned, the market size stands at RMB 35 trillion; in fact, within the next five to six years, it is expected to reach a normal level of RMB 8 trillion, representing nearly a twofold increase. None of us here are striving merely for basic subsistence; rather, the primary demand in China will increasingly shift toward health and wellness. Currently, there is significant misalignment in the health sector, with the supply side failing to adequately meet public demand.

We recognize the immense size of this market and the significant misalignment within it. Therefore, no single enterprise can tackle this challenge alone. Not even Pfizer, the world’s largest pharmaceutical company, could do it on its own; nor could all pharmaceutical companies combined. We must involve healthcare institutions and insurance providers. We also need financial resources, capital, and the collective intelligence of all of you.

Host Qi Fei: The final segment invites four industry leaders to share a message with entrepreneurs currently working on the front lines, as well as with those striving to drive change in China’s healthcare industry.

Dr. Wu Xiaobin, President of Pfizer China: The healthcare industry is driven by inelastic demand and boasts boundless prospects; let us all continue to strive for excellence.

Mr. Zhang Lin, Deputy General Manager of Ping An Pension Insurance: Technology is important, and so is funding; consider how to persuade your payers.

Mr. Mu Yifei, Executive Director of Tencent Investment: Endure solitude, uphold perseverance. Every entrepreneur on this path secures victory with each step, ensuring a bright future ahead.

Mr. Ouyang Xiangyu, Managing Director at Legend Capital: Healthy China, Together We Go.