Qiao Jiying of BlueRun Ventures: Mobile Healthcare Still in High-Growth Phase with Five Key Investment Areas Emerging

On February 27, at the “2016 China Online Consultation Industry Forum (Beijing Session)” hosted by Unicorn Studio, Qiao Jiying, Investment Director at BlueRun Ventures China, delivered a keynote speech titled “Where Are the Investment Opportunities in Mobile Health in 2016?” Qiao Jiying stated that China’s healthcare industry is still within its “golden decade.” In recent years, the mobile health sector has seen substantial growth in investment and financing volumes, the number of startups, and user base, indicating robust industry development. Compared with the United States, China’s mobile health industry is expected to maintain a period of high-speed growth for another three to five years.

Key Views of Qiao Jiying:

1. China's healthcare industry is currently in a golden decade of development, with an average annual growth rate exceeding 22%;




2. The healthcare industry is not an evergreen or counter-cyclical sector; its market performance is closely tied to the prevailing economic conditions and the industry’s development trends in any given year.




3. Between 2011 and 2015, the growth rate of investment in mobile health in the United States reached 30%, indicating that the mobile health industry was experiencing a period of rapid expansion, a trend similarly observed in China. In 2015, total domestic investment in mobile health accounted for 7% of overall investment in the healthcare sector.




4. As the new healthcare reforms continue to advance, the traditional medical industry chain is undergoing transformation, with internet-based healthcare, as an emerging force, gradually permeating every segment of the medical industry.




5. In addition to specialized venture capital firms, listed companies, real estate developers, and insurance providers have all entered the sector, keeping investment in mobile health consistently hot;




6. Medical challenges are not insurmountable; by breaking down a complex problem into smaller, manageable issues and addressing each one individually, viable solutions can be identified. “User-centricity” is the core of internet healthcare and the key to its success.




7. Entrepreneurship requires not only passion but also a viable business model;




8. Mobile healthcare still holds many potential market opportunities, such as in the fields of diagnosis and prevention, electronic medical records and data digitization, and nursing and services. Entrepreneurs must have the courage to be pioneers, as such companies are more valuable.

China's Healthcare Industry Is in Its Golden Decade of Development

In 2010, the Southern Institute of the China Food and Drug Administration (CFDA) released a report predicting that 2010–2019 would be the “Golden Decade” for China’s healthcare industry, with an average annual growth rate exceeding 22%. What was the rationale behind this projection? Three key drivers were identified: First, China had entered an aging society. In 2010, the elderly population already accounted for 13% of the total population; generally, a society is considered aged when more than 10% of its population is over 60 years old. The elderly consume the largest share of pharmaceuticals and bear the highest disease burden, and this proportion is expected to grow further as the population ages. Second, chronic diseases were projected to account for 60–70% of China’s healthcare burden in 2010. Third, the expansion of health insurance coverage: once universal health insurance coverage is achieved, healthcare expenditure rises significantly. Thus, it can be said that China’s healthcare industry entered its Golden Decade starting in 2010.



The healthcare industry is not an evergreen, counter-cyclical sector.

International statistical data indicates that the global prescription drug market has been consistently expanding. However, it actually experienced negative growth in 2012, primarily due to the particularly poor economic conditions at that time. Governments implemented cost-containment measures, which were mirrored by health insurance payers. As the economy deteriorated, corporate spending on social benefits was constrained, and employee incomes were also limited. A second factor was that many large pharmaceutical companies faced the “patent cliff.” Additionally, a decline in New Molecular Entity (NME) applications contributed to this trend. Therefore, is healthcare an industry that experiences uninterrupted growth? Not necessarily; its performance depends on the economic climate and the state of industry development in any given year.



The mobile healthcare markets in both China and the United States are in a period of rapid growth.

What is the current state of the mobile health industry in the United States? We can assess the level of enthusiasm and the development stage of the mobile health sector by examining investment amounts. As shown in the figure, from 2011 to 2015, annual investments in the U.S. mobile health industry ranged between $1 billion and $2 billion during the first three years; however, in both 2014 and 2015, annual investments exceeded $4 billion. The industry achieved a 30% growth rate over this five-year period, indicating that mobile health is a rapidly growing and highly significant sector.

So, what did investment in the mobile health industry look like in 2015? A total of 248 companies received 278 rounds of funding, meaning some companies raised capital at least twice within the year. The total amount raised reached $4.3 billion, averaging over $10 million per company. Investment in mobile health accounted for 7% of total investment in the healthcare sector, representing a significant proportion. Additionally, 336 investment firms were actively investing in mobile health enterprises. Therefore, it is reasonable to anticipate that investment capital from these firms into the mobile health sector will continue to grow in the future.



So, what types of capital are actually participating in investments in the U.S. mobile health sector? We can see that 20–30% comes from strategic/corporate funds. In fact, a similar phenomenon is observable in China: many publicly listed companies, such as listed real estate firms, have participated in investments, indicating that the industry has largely entered a mature stage. Late-stage investments accounted for 25%, and five U.S. mobile health companies successfully completed initial public offerings (IPOs) last year.

Here is another interesting phenomenon: the proportion of female CEOs has increased. Among established companies that received investment in 2015, 10% of CEOs were women, whereas among startups, the figure stood at 31%. Jack Ma once summarized this trend by noting that Taobao primarily generates revenue from female consumers. He stated that women possess unique advantages in the service industry because they tend to prioritize others’ needs before their own. In fact, the medical services sector also requires the ability to engage in perspective-taking and empathy, which is one of the reasons behind this intriguing trend.

In 2015, the primary investment areas in the U.S. mobile health sector included patient engagement, wearables and biosensors, personal health management and tracking tools, payment management, telemedicine, and collaborative care. Moreover, 2015 was a landmark year for mergers and acquisitions (M&A) in the U.S. mobile health industry, with the total M&A value surpassing the total investment amount. When does an industry enter an M&A phase? This typically occurs when market leaders hold a significant advantage, there is an excess of followers, or competition among the top two or three players becomes intensely fierce—examples in China include the merger of Meituan and Dianping, as well as that of 58.com and Ganji.com. In 2015, M&A activity in the U.S. mobile health sector was primarily concentrated in electronic health records (EHR) and clinical utility applications.

The Eight Major Changes in the Healthcare Industry

Next, let us examine China’s mobile healthcare industry in 2015. As previously mentioned, the period from 2010 to 2019 constituted the “Golden Decade” for China’s healthcare industry, and six years have already passed since then. So, what exactly has transpired over these past six years? As shown in the chart above, the number of pharmaceutical manufacturers in China has remained largely unchanged, while the number of medical device manufacturers, though still high, has declined somewhat. One might wonder why there are so many medical device manufacturers. This is because the barrier to entry for medical devices is relatively low, whereas that for pharmaceuticals is higher. With an increasing number of new drugs receiving clinical trial approvals, the previous landscape of over 5,000 pharmaceutical companies was excessively redundant. The national regulatory authorities aim to consolidate this number to between 1,000 and 2,000 companies, which reflects a broader industry trend. Generic drug manufacturers or those lacking competitiveness will increasingly be phased out.



In addition, in the pharmaceutical distribution sector, the number of chain pharmacies is increasing sharply, while the number of independent pharmacies is declining.

There are several phenomena within this sector that deserve attention, whether you are an industry entrepreneur or an investor:

First, antibiotics have dropped from the top spot in hospital medication usage. In reality, medicine should be a highly respected profession with significant barriers to entry. However, because doctors in China are constrained within the hospital system, their productivity has not been fully unleashed, and their value has not been properly recognized. Some hospitals and physicians have had to rely on specific channels to generate income, which led to antibiotics becoming the most prescribed medication. I consider this a highly abnormal phenomenon. At that time, regardless of the patient’s condition, antibiotics were routinely prescribed upon hospital visits, which was a deeply troubling practice. Fortunately, over the past few years, antibiotics have no longer ranked first in hospital medication usage.

Second, the elimination of drug markups and the implementation of pharmacy trusteeship. The previous model of subsidizing healthcare with drug profits is gradually changing;

Third, the awakening of the physician community. While much attention is currently focused on internet celebrities, Zhang Qiang and Yu Ying have emerged as prominent online influencers within the medical profession. Liberalizing independent practice for physicians is a crucial measure to unlock their professional productivity.

Fourth, tertiary Grade A hospitals remain the mainstay of medical services. Currently, China’s healthcare industry faces acute contradictions; while some criticize physicians for inadequate technical skills and low efficiency, these issues primarily pertain to primary care institutions, including first- and second-tier hospitals. Patient volume and revenue have consistently not been concerns for tertiary Grade A hospitals. This disparity highlights the uneven distribution of medical resources, which constitutes one of the significant challenges within the current healthcare system.

Fifth, the tiered diagnosis and treatment system that has been widely discussed. The implementation of tiered diagnosis and treatment cannot be achieved solely through national policy; it is a complex process involving resource allocation, a process of self-selection by both patients and physicians, and a systematic engineering endeavor encompassing various aspects.

Sixth, a very significant phenomenon in recent years has been the immense pressure on the medical insurance system. I believe we have now reached a situation similar to that seen abroad. Retired workers, who are predominantly elderly, bear a heavy disease burden and are still required to contribute to medical insurance premiums; consequently, the current medical insurance fund is no longer sustainable. The elderly must make additional medical insurance contributions to access state-provided healthcare. Another notable trend is observed within hospitals: whereas hospitals previously settled payments with suppliers within a few months, many hospitals are now unable to pay pharmaceutical and medical device manufacturers for two to three years. This delay stems from severe fiscal constraints, as cost containment in medical insurance has become an increasingly critical issue.

Seventh, doctor-patient conflicts are prominent, a reality widely perceived by the public. Furthermore, patients’ awareness and engagement have increased; this primarily means that individuals can now evaluate physicians and choose their doctors independently—a highly positive development brought about by the internet.

8. Finally, another positive trend is the rise of internet-based healthcare.

More Capital Players Enter the Arena as the Mobile Health Industry Remains Hot

So, what stage has China’s internet healthcare reached? There are varying statistical scopes and methodologies. From an investor’s perspective, we prefer to focus on actual data. We believe that estimating market size is not very practical. Instead, we tend to look at the scale of investment and financing—for instance, how much capital the capital markets have actually invested in the mobile health sector, and how many users are actually using mobile health products. As shown in the chart, user growth was modest from 2012 to 2013; however, after 2013, growth accelerated dramatically, with a 50% increase in 2014 and a 109.7% increase in 2015.



In terms of the number of mobile health users, the figure reached approximately 150 million in 2015, which truly reflects the actual number of users utilizing mobile health products.

In terms of financing scale, there were only sporadic investments in 2011 and 2012, likely driven by a few visionary entrepreneurs and investors exploring mobile health. However, investment data from 2012 and 2013 reveals a significant increase in both investors and entrepreneurs. Therefore, considering industry growth and financing volume, we believe that the period from 2012 to 2013 marked the rapid launch phase of China’s mobile health industry. Since then, the industry has been developing rapidly. In 2015, the mobile health sector saw 221 investment deals, with a total value exceeding USD 1.5–1.6 billion, indicating that the mobile health industry was truly experiencing an explosive boom.

Next, let us examine the enterprises in the internet healthcare sector. The number of such companies is approximately 2,000 to 3,000, and the actual figure may be even higher, indicating that this industry has truly gained momentum with a large number of startups emerging. Which sectors were particularly hot last year? We can see that chronic disease management, pharmaceutical e-commerce, physician groups, telemedicine, vertical specialty care, and new medical media were all experiencing rapid growth and vigorous development.

From an industry perspective, the leading advantages of giants in sectors such as online consultations, appointment scheduling, physician communities, maternal and infant care management, and menstrual cycle management have become increasingly pronounced.

Furthermore, we can observe the diverse range of participants involved. In addition to professional venture capital firms, listed companies, real estate enterprises, and insurance/strategic capital are all entering this sector. This indicates that entrepreneurs will have access to an expanding pool of capital sources, with more funds and stakeholders coming forward to support the industry.

Business models remain a major challenge for startups and investors. Given the longstanding emphasis on free services in China’s internet sector, monetization strategies have been particularly perplexing. In my view, the mobile health sector in China faces significant challenges. From an investment perspective, it has only been two to three years since the industry experienced its true boom. A few companies have emerged as leaders, offering preliminary solutions to certain issues—solutions that hold substantial significance.

Some professionals in the healthcare industry argue that online appointment registration is meaningless, as patients already prefer visiting offline tertiary Grade A hospitals, which are inherently overcrowded; moving registration online would not alleviate congestion, so what is the point? I believe this perspective is overly simplistic and one-sided. Shifting appointment registration from offline to online allows patients to avoid physically visiting hospitals, offering a fundamentally different experience. Moreover, it holds deeper significance. For instance, by accumulating patient data—such as tracking individuals who frequently register with different departments—we can predict potential insurance fraud. Additionally, it facilitates tiered diagnosis and treatment, which is highly meaningful. Therefore, from an investor’s perspective, mobile healthcare companies, regardless of how many years they have been operating, have made substantial contributions, exerted significant influence, and played a major role in shaping the industry.

Breakthrough at a Single Point: Existing Medical Challenges Can Be Solved

 



This is an image circulating online. Is the healthcare dilemma truly unsolvable? If appointment booking is easy and doctors are highly skilled, costs will inevitably be high. It is impossible to have easy access, highly skilled doctors, and affordable care all at once. If doctors are highly skilled and care is affordable, you won’t be able to secure an appointment. If appointment booking is easy and care is affordable, the doctors are likely less competent. Thus, from these three perspectives, this appears to be an intractable problem. Is that really the case? If we remain trapped in this mindset, we will never break free. This vicious circle conflates many different issues.

In fact, we can break this down. For instance, if a patient has already consulted a chief physician who diagnosed them with varicose veins and advised that regular medication and observation are sufficient, there is no need to schedule another appointment with the chief physician for follow-up visits. Instead, the patient could see an associate chief physician, a general practitioner, or even a junior doctor under the chief physician’s supervision. I believe this approach offers a viable solution. If your goal is to reduce healthcare costs and secure appointments more easily, it is unnecessary to seek out a chief physician, as their expertise is not intended for minor ailments like the common cold. I think many people are stuck in this mental impasse.

From my perspective, China’s healthcare sector faced numerous significant challenges in its first five years. Prescription drugs were prescribed indiscriminately, and intravenous infusions were routinely administered to virtually every patient—a deeply concerning practice that carried the risk of medication errors. In the past, I would visit Peking Union Medical College Hospital even for a common cold; now, I can simply go to a neighborhood clinic and specify the appropriate medication. This shift reflects transformations both within the industry and among patients themselves. It is not solely driven by economic factors or health insurance cost-containment measures. Once problematic practices such as “funding healthcare through drug sales” and drug markups are eliminated, it becomes unnecessary for every patient to seek care at tertiary Grade-A hospitals. We can implement tiered diagnosis and treatment or patient triage systems, thereby breaking this vicious cycle. This issue is, in fact, not so difficult to resolve.

To reallocate medical resources, the internet now enables more effective matching. Second, patient participation should be encouraged; for instance, I believe that patient reviews on platforms like Haodafu are indeed highly valuable. Third, medical services should be standardized, regulated, and made transparent. The clinical competence of physicians in China’s primary and secondary hospitals needs improvement; lacking proper diagnostic skills, they often resort to prescribing more expensive medications. This issue can be addressed through professional education. If we lump all problems together, they appear insurmountable; however, by breaking them down into smaller, manageable issues, we can identify viable solutions.

The diagram above illustrates that healthcare is a highly complex ecosystem. From an entrepreneurial perspective, it suffices to view the various participants as stakeholders, each with their own interests and demands. Previously, hospitals served as the central node connecting all stakeholders, which created gray areas and opportunities for rent-seeking. This system features a long value chain, numerous elements, and a highly intricate interest structure. To address the myriad issues within this system, the solution, as mentioned earlier, lies in reconstructing and streamlining resource allocation, adopting a user-centric approach, and focusing on value delivery.



We now advocate a user-centric approach, which is also a core tenet of the internet. The internet enables more efficient resolution of information asymmetry and resource matching issues. Therefore, we should start with our users, identify their needs, and provide corresponding solutions.



Let us first enumerate the participants and stakeholders, as each stakeholder has distinct demands. Patients’ needs are straightforward: when visiting a hospital, they want to know their diagnosis. For instance, if a patient actually suffers from gastroenteritis but the hospital fails to diagnose it, this constitutes a failure on the part of the hospital. Secondly, once diagnosed, patients seek convenient, efficient, and affordable solutions rather than facing long queues, difficulties in registration, and high fees.What are the needs of physicians? For a significant proportion of doctors, they desire tools that can enhance their clinical capabilities. Confidence in one’s medical expertise is the prerequisite for providing quality service and realizing self-worth. In foreign countries, physicians and lawyers are highly respected professions with substantial incomes. In contrast, Chinese doctors lack transparent channels to obtain their due compensation, and they also need avenues to realize their professional value.Regarding pharmaceutical companies, there are two primary demands. First, they aim to achieve strong drug sales. Many patients with chronic diseases, such as hypertension and diabetes, discontinue medication after two years. Pharmaceutical companies prefer patients to maintain adherence to their medication regimens, as this ensures better disease control. Thus, the key issue is whether patient medication adherence can be effectively addressed. Second, when facing the “patent cliff” with no new drugs in the pipeline, companies confront huge R&D costs—developing a single new drug may require an investment of up to $1 billion. Therefore, there is a strong interest in leveraging internet technologies to accelerate development and reduce costs.In the insurance sector, many Chinese insurers are expressing significant distress. I personally purchased an insurance product from one of China’s top three insurance companies, and my experience was extremely poor. The core issue was a lack of transparency; the insurer assigned me the highest premium tier without considering my actual health status. Today’s consumers are increasingly sophisticated. They are willing to accept slightly higher prices if the service is high-quality and transparent. However, they will not tolerate services that are both opaque and substandard. Each stakeholder group has its own unique set of interests and demands.

Differences in Mobile Healthcare Between China and the United States

Next, let us examine a comparison of mobile health startups in China and the United States. It is essential to note first that China’s healthcare system differs significantly from that of the U.S. In the United States, physicians practice independently, whereas Chinese physicians have only just begun to explore multi-site and independent practice. The U.S. healthcare system is insurance-driven, with hospitals affiliated with insurance providers; patients must seek care at hospitals designated by their insurers. In contrast, China’s system operates quite differently. Consequently, entrepreneurial directions in the healthcare sectors of the two countries are not necessarily aligned; it is not guaranteed that every successful U.S. model will have a comparable startup counterpart in China. For instance, while Facebook serves as a social networking tool in the U.S., Tencent’s WeChat fulfills a similar role in China, reflecting distinct national contexts and unique local characteristics. Nevertheless, these domains offer valuable reference points for comparison, as both China and the United States have corresponding companies operating in these areas.



First, the patient platform for self-care and mutual support is highly significant. Platforms like PatientsLikeMe primarily serve individuals with rare diseases—conditions where patients often struggle to locate appropriate physicians or medications due to their scarcity. However, the advent of the internet and patient communities has enabled such platforms to provide substantial assistance to a wide range of individuals.

Second, appointment scheduling: both the United States and China have appointment-scheduling applications; however, hospitals in China are increasingly launching their own proprietary appointment platforms. Third, physician tools. Fourth, doctor–patient interaction: this is the most active sector and the highest-frequency use case, whether viewed from the Chinese or U.S. perspective. Fifth, electronic medical records. Sixth, insurance: notable U.S. players include Castlight Health and Oscar Health. Seventh, chronic disease management. Eighth, oncology data: key companies include NantHealth and Flatiron Health. Ninth, hospital information systems. Tenth, pharmaceutical company user data.

Entrepreneurship requires not only passion but also a viable business model.

Business models became a particularly hot topic of discussion within the industry in the second half of 2015. This shift occurred because, while the investment market was extremely vibrant in the first half of the year, the latter half was impacted by the stock market crash and tighter liquidity. Consequently, companies began to reconsider their strategies in the absence of clear profitability models, recognizing that they could no longer rely solely on burning cash.

There are several critical factors in a business model. For instance, what exactly am I doing? My goal is to address the appointment registration challenges at children’s hospitals. This is my intended venture, driven by the current difficulty patients face in securing appointments. This constitutes my value proposition. Is this endeavor meaningful? Indeed, it is. The key question, however, lies in execution. Ultimately, profitability is determined by subtracting costs from the value you create. If solving the problem requires spending 5,000 yuan per appointment, it may resolve the issue but remains unprofitable because it is economically unsustainable. This involves how we mobilize resources and optimize processes. What resources do you have at your disposal? For example, if you come from an internet background, you may possess stronger expertise in digital marketing and online strategies. If you hail from the healthcare industry, you likely have richer access to medical resources. You must leverage your unique advantages and effectively organize these resources and processes. Achieving higher efficiency and lower costs compared to competitors establishes your competitive advantage, enabling you to secure a leading position in the market. While having passion is admirable for entrepreneurs embarking on a venture, passion alone is insufficient. Success and scaling a company require a balance of 50% passion and 50% business acumen.



2016Top Five Investment Directions in Mobile Healthcare

Finally, let us outline the mobile health investment opportunities we believe are worth watching in 2016. Population aging and chronic diseases remain significant challenges in the healthcare sector. While medical insurance was previously a driver of healthcare development, it has now become a source of pressure due to its pronounced financial strain. We consider the internet to be the third key driver, as it enables more efficient and cost-effective matching of healthcare resources, thereby reducing the need for all patients to flock to tertiary hospitals for treatment. Another positive development is that, with the advancement of the internet and rising health awareness among individuals, healthcare is no longer confined to hospital visits. Conditions such as diabetes and hypertension, often referred to as “diseases of affluence,” are closely linked to lifestyle factors. Can entrepreneurs extend disease treatment upstream by managing users’ health through health management approaches? This could involve preventing unhealthy eating habits and providing immediate alerts when abnormalities arise. Such strategies address healthcare issues at their root. Chronic diseases account for 70–80% of deaths in China and 50–60% of medication use, a long-standing unresolved problem. By shifting focus upstream toward preventive care—“treating before illness occurs”—the internet can help tackle these challenges effectively.

Healthcare expenditure growth has outpaced GDP growth, aging is intensifying, the burden of chronic diseases is severe, and effective diagnostic and therapeutic solutions remain elusive for many conditions. Mobile healthcare is moving closer to monetization. I need to identify where my consumers are. In the traditional healthcare system, funding follows a “three-thirds” model: one-third from the government, one-third from social spending, and one-third from individuals. Entrepreneurs will find it difficult to disrupt the social spending segment...

Specifically, the areas we deem worthy of attention can be categorized into five aspects. The first is diagnosis and prevention. In fact, many current challenges in healthcare can be addressed through early diagnosis. For instance, tumors are difficult to treat; however, if they can be detected at a very early stage, it not only benefits the individual patient but also alleviates societal burden. Therefore, I believe we should shift our focus upstream rather than waiting until the late stages to treat cancer, when therapeutic options are limited. Can we extend the timeline of intervention? If cancer is identified at Stage I, patients can undergo preventive measures and tumor resection. At this early stage, the success rate of resection is extremely high, with minimal risk of recurrence. If entrepreneurs can excel in this area, I consider it highly meaningful.

Third, electronic medical records and digitalization. China’s healthcare system lacks structured, digitized data; instead, information remains siloed. The implementation of electronic medical records and digitalization constitutes foundational infrastructure.

Fourth, we are particularly optimistic about the nursing and healthcare services sectors. While much attention has been paid to China’s 23 million physicians—who carry a heavy workload—the nursing profession has long been overlooked. It is often said that disease management relies 30% on treatment and 70% on nursing care. In developed countries, the physician-to-nurse ratio reaches 1:3, whereas in China, nurses remain undervalued; for instance, a nurse earns only one RMB per blood draw. This neglect persists despite the significant benefit that skilled nursing provides in disease management. In other service areas, many providers in U.S. “MinuteClinics” are nurses who, after several years of working alongside physicians, are fully capable of managing conditions in specialized, minor-illness domains. We should avoid falling into the aforementioned vicious cycle. In fact, there is substantial untapped potential in these resources. China’s healthcare service sector still suffers from significant standardization gaps, particularly in third- and fourth-tier cities. Many physicians there lack clear guidance on appropriate treatment pathways, leading them to default to prescribing the most expensive equipment-based tests and medications—approaches that are often unsuitable for patients. Could we establish robust clinical guidelines and practice standards to optimize service delivery workflows?

Fifth, we remain highly optimistic about high-tech solutions. Certain challenges cannot be fully resolved through resource allocation alone and ultimately require advanced technological interventions.



Regarding mobile health, there are currently polarized views: some believe it is entirely a bubble, while others see the situation as overwhelmingly positive. Both perspectives need correction. Mobile health can address certain issues but cannot solve all problems. Drawing comparisons from the United States, I believe that China’s mobile health sector still has at least three to five years of high-speed growth ahead. Many aspects remain underdeveloped, and numerous challenges are yet to be resolved. Although several “giants” have emerged in this field, they have only addressed partial issues, such as appointment registration and online consultations. Many deeper, more complex problems remain to be tackled. Whether the future landscape will feature a tripartite balance of power, resemble the Five Hegemons of the Spring and Autumn Period, or mirror the Seven Warring States remains uncertain; all scenarios are possible. Companies should focus on their areas of greatest expertise to create valuable products. In the U.S. mobile health sector, there are already five publicly listed companies, whereas none have yet emerged in China. The Chinese mobile health industry requires both idealistic vision and rational engagement. Its true value has not yet fully materialized, so we believe significant opportunities still exist. For entrepreneurs, we hope for courage and insight, a thorough understanding of their endeavors, and the willingness to undertake what others dare not—being the first to “eat crabs.” Such companies will hold greater value.

(Article reprinted from IYiou.com)