Norton Global’s analysts believe that the driving force behind this digital healthcare shift has been the rapid rise of varying technologies that have been taken on board like, cloud computing and the increasing use of big data applications. The Chinese government has also relaxed their policies and regulation to assist in the efficiency of their national healthcare system; all this bodes well for the future of Digital healthcare in China.
There has been a large increase of venture capital and private equity funding entering the sector, with around $700 million pumped in during 2014. The money being invested is being spent on apps like physician-to-patient which is able to streamline communication and services to disease management apps.
Norton Global’s senior analyst said “we are currently looking at various investment vehicles in the digital healthcare market and we are aiming predominately in China due to the huge market potential there, we constantly looking to add value to our portfolios and maintain a healthy balance of diversity”. He also said “Due to China’s size, remote locations and its dire need to transform healthcare, digital platforms that enable doctors to see patients remotely are only scratching at the surface of what’s possible, and we expect many digital innovations in China to have an impact on the rest of the world”.
China has also recently gone through a major transformation with 95% of the population now paying for health care; it was only 30% back in 2003. There is a shortage of doctors and nurses to deliver the promised medical coverage, giving technology a big chance to fill the gap.
Companies like Alibaba, Tencent, Baidu and some more healthcare focused competitors see the gap between pledged health-care coverage and capability to deliver as a massive opportunity, with the Chinese government appearing to be giving the green light them to rush in, they may well have the jump on other companies already.
Current and emerging technologies have the power to change the way patients and doctors can relate to each other. The whole process of health care in China will be transformed. Every step will be touched by new technology, the initial diagnosis and how they are treated, the way pharmaceuticals and medical-technology devices are supplied and used will all be affected.
Even in China’s current economic climate the prospects look good, with new technology advances generating investment and the chance to build entirely new businesses.