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Wen 丨 vb arterial network
Internet medical treatment has gone through ten years, produced a number of head enterprises, and also carried out a large number of innovative attempts and business model exploration. Although these attempts have not yet yielded large-scale profit returns, this has not stopped the footsteps of latecomers, especially as there is still a steady flow of money from all sides.
In the comprehensive Internet medical platform, after experiencing the highlight moment of the epidemic, in 2021, Yuanxin Technology, WeDoctor, and Dingdang Fast Medicine obtained financing, of which Yuanxin Technology received two rounds of financing. Of course, most of the single financing of comprehensive platforms takes 500 million yuan or 100 million US dollars as the "starting price", and most of them reach billions, which as a whole shows the characteristics of high amount and low frequency. Correspondingly, the financing of sub-classified or small and medium-sized platforms is active, but due to the size of the business, the amount of single financing is lower.
In the past, we have continuously tracked and interpreted a number of comprehensive large platforms. In order to have a more comprehensive understanding of the state of the industry, we have sorted out a number of small and medium-sized platforms for analysis based on the standard of a single financing amount of less than 500 million yuan.
Since 2021, there have been 26 small and medium-sized financings, involving 21 companies and 49 investment institutions. Among them, 5 companies have obtained two rounds of financing within one year; among the investment institutions, there are still many star institutions such as Northern Lights Venture Capital, Qiming Venture Capital, and Matrix Partners China.
Most of the single financing amount of these companies is in the order of tens of millions of yuan and hundreds of millions of yuan, and the total amount of 26 financing is 1.95 billion yuan, which is only equivalent to a single financing fund of some large platforms. From the perspective of financing activity and scale, Internet medical care seems to be telling the story of "small and beautiful".
Since 2021, "small and medium-sized" financing in the field of Internet medical treatment (statistics of technology companies laying out Internet medical care), source: arterial orange, arterial network mapping
Segment, or subdivide again
Most of the Internet medical leading enterprises have carried out a comprehensive layout in terms of medical, pharmaceutical, insurance and technical services, and the types of specialties and diseases involved are complete, and most of them are comprehensive platforms.
The small and medium-sized platforms that have obtained financing in the past year are mainly based on the layout of subdivisions, or focus on a certain link of medical, pharmaceutical, insurance, and technical services, or on the construction of services from medicine to medicine in a certain specialty field. Overall, the 21 companies can be divided into four categories: specialty services, digital infrastructure, health insurance and medical science; among them, the number of specialty services and digital infrastructure companies is the largest.
Segments of the 21 companies that received financing, Source: Public Report, Arterial Network Mapping
In terms of specialist services, it is mainly based on specialties with long courses of psychosocial and tumor diseases or easy to carry out Internet follow-up.
In the field of spiritual psychology, Good Mood and One Point Spirit will receive two rounds of financing in 2021 respectively. The interval between the C round and the C+ round of financing is only one month, and the total financing amount reaches 300 million yuan. At present, Good Mood has built an online diagnosis and treatment platform, a service network of offline psychiatric hospitals and psychological clinics, and will increase investment in business expansion, intelligent supply chain construction, offline chain psychological clinic laying, artificial intelligence product research and development, and psychiatric and psychological science popularization. From the previous mental health services to mental health services, Yidian Ling has expanded to mental and psychological health services, and will enter internet medical care in 2021.
In addition, Manlang Medical, Simple Psychology, Heartscape Technology, Dr. Zhaoyang and Xiaoyi Health have also completed a new round of financing. The intensive acquisition of funds shows the positive attitude of capital to the spiritual and psychological field.
In the field of oncology, Liangyihui completed the C round and C+ round of financing within one year; the B1 round of financing in 2022 of Haixin Zhihui was only more than a year apart from the previous round of financing, with a total of 400 million yuan in the two rounds. In view of the current opportunities for innovation in the field of oncology, as well as the pain points of the lack of efficient and continuous management of cancer patients, both companies are exploring digitally empowered diagnosis and management models, while also serving doctors and pharmaceutical companies.
In terms of digital infrastructure, this paper mainly refers to the provision of technology and related resource services around Internet medical care, which also shows significant segmentation characteristics.
Left-handed doctors have been developing and validating the application of AI to all aspects of the consultation process, providing a variety of solutions such as listening robots, intelligent online consultation, intelligent post-diagnosis management, intelligent pharmaceutical management, and artificial intelligence Internet hospitals.
Good Doctor Cloud Medical is positioned in the primary medical care, forming an Internet diagnosis and treatment service platform that integrates IT technology development, cloud inspection, medical assistant training and output, characteristic therapy, pharmaceutical e-commerce, online diagnosis and treatment, medical education, etc.
Zhizhen Health takes eye health as a specialty field, and the in-hospital clinical medical product line includes in-hospital diagnosis and referral integrated services, and a medical association health service platform, which integrates in-hospital department resources and out-of-hospital medical service resources, respectively; the off-hospital health management product line provides one-stop health assessment solutions to help users conduct independent testing.
In terms of health insurance, Leyou Health and Youjia Health take health insurance as the starting point, combine with Internet medical treatment, and build a convenient service process from medical treatment to direct compensation, open up the information island between medical and commercial insurance for insurance companies, bring better patient experience to hospitals, and realize multi-party value output.
Obviously, among the 21 companies, there are almost no "all-round" players, and "one-specialty multi-functional" players are more popular. Subdivision, or even re-segmentation, is the model favored by capital.
Get a certificate, or on the way to get a certificate
Combing through the new dynamics of the 21 companies, it can be found that most of them have either obtained medical device registration certificates or Internet hospital practice licenses, or are on the road to "getting certificates", and "certificates" have become key projects.
>>>> take the medical device registration certificate and step into the threshold of digital therapy
In the past year, the high fever of digital therapy has driven the enthusiasm of enterprises to "get certificates".
Internet medical company has obtained the medical device registration certificate, source: State Food and Drug Administration medical device database, arterial network mapping
Between the two financings completed in 2021, the skin image management software (USKIN-001) jointly developed by Youmai Technology and the CSID expert team obtained the Second Class II certificate of medical devices. In the field of skin, Youmai Technology strives to open up the whole chain path of clinical data collection - doctor-patient education - market promotion - diagnosis and treatment services - special disease course management, skin image management software is based on Chinese group of skin image resource library, using Internet technology to make image data "flow", link "information islands", so that the use of medical resources to maximize the efficiency of use.
Zhizhen Health has obtained three class II medical device certificates, and will continue to increase the research and development of intelligent products, optimize and upgrade the core capabilities of AI algorithms, and will expand the clinical application of AI soft and hardware integration solutions in top three hospitals and primary medical service institutions, and accelerate the landing in education, insurance, pension and chronic disease management scenarios.
Relying on 22 virtual reality clinical application research and development centers, Heartscape Technology has applied VR/AR, AI and other technologies to psychological rehabilitation, brain cognitive rehabilitation, children's attention training, material dependence withdrawal and other fields, and explored VR medical digital therapy. While obtaining tens of millions of yuan of A round financing in 2021, Xinjing Technology has also received the blessing of Tigermed and Sunyard, and will accelerate the clinical registration of digital therapy products.
According to the Medical Device Catalog Classification, medical software is divided into treatment planning software, data processing software, decision support software, in vitro diagnostic software, and other software, including rehabilitation training software. Digital therapy products are seated in the number, taking the foreign development path as a reference and declaring the registration certificate. The approval of NMPA means that the product has obtained the recognition of safety and effectiveness from the application level, which is easier to "see and touch" than the simple model innovation that is difficult to directly show, and thus becomes one of the standards for measuring the strength of enterprises.
>>>> take the Internet hospital license to fully connect doctors and patients
Doctors' hospitals, patients, pharmaceutical devices, etc. have always been the key elements that constitute Internet medical treatment, and what can fully connect these elements is the Internet hospital. Therefore, taking the "certificate" of the Internet hospital license also allows enterprises to actively invest.
Enterprises that have been approved for Internet hospital licenses in 2021, source: National Health Commission official website, arterial network mapping
Among the 21 companies, in addition to some of which already have Internet hospital licenses, 7 companies such as Good Doctor Cloud Medical, Yidian Ling, and Youmai Technology have been approved to practice internet hospitals in 2021. Heartscape Technology and Simple Psychology both plan to promote the preparation of Internet hospitals after completing financing. According to the enterprise investigation data, Xinjing Technology has established Chengdu Shuangliu Xinjing Internet Hospital Co., Ltd. in December 2021, which shows that its construction work is accelerating.
For companies, when the business involves direct doctor-patient interaction, Internet hospitals can supplement the diagnosis and treatment links, provide compliant prescription channels, and avoid the problem of difficult to define medical behavior and non-medical behavior due to incomplete qualifications.
Simple psychology, one point spirit originally started from online psychological counseling, after several years of development, gradually expanded from online to offline, from psychological counseling to psychiatric diagnosis and treatment, the layout of Internet hospitals is to complete the online diagnosis and treatment of measures.
Youmai Technology and Xinjing Technology focus on the research and development of digital therapy, and the future goal is to use digital therapy products as a means of disease treatment and management, which is prescribed or ordered by doctors and executed by patients through software and hardware. This involves prescriptions and medical advice, which is also the basic function of Internet hospitals, and it is especially important to apply for a license.
How to measure the value of Internet medical companies before achieving large-scale profitability? Internet hospitals are the basic carriers of output services, which can gather doctors, patients and other resources in compliance. The acquisition of medical device registration certificate is the embodiment of the company's technical research and development strength and product application value. From this point of view, "obtaining a certificate" has almost become a compulsory course for small and medium-sized Internet medical enterprises, and it is also two important weights.
It takes money, but it also needs resources
Star institutions and sufficient funds are indispensable for the development of the industry, and at present, the injection of resources is also very important. In the choice of investment and financing, the "two-way rush" is getting higher and higher in line with industrial investment.
Judging from the financing events sorted out in this article, the industrial synergy between investors and enterprises is mainly reflected in several aspects: traffic coordination, upstream and downstream collaboration, and service-payment collaboration, and investors bring resources that are difficult to accumulate in the short term and difficult to quickly replace for the industry.
Traffic collaboration is the most common approach.
In June 2021, Dr. Youlai received investment from Baidu, continued to increase investment in the creation of popular science content for doctors, focusing on promoting technological upgrades, content upgrades, and service upgrades, and continued to lead the development of the health science industry. Baidu continues to deepen its vertical vertical "medical health" layout, improves the operation ability of doctors, increases the innovation of diversified health services in the form of short videos and live broadcasts, and strives to strive for a dominant position in the traffic source of the health and medical industry.
Among investors in a good mood, ByteDance can bring online traffic to it. Good mood also introduced the Oriental Pearl Fund in the C+ round, which is an equity investment fund jointly initiated by Oriental Pearl New Media Co., Ltd. and a third party in the market, focusing on medium and late investment. After the introduction of this round of investment, Good Mood will make full use of the background resources of the media group of the Oriental Pearl Industry Fund to extend the spiritual and psychological science education work and tele-psychological medical health services from the smart phone terminal to the home TV screen.
Upstream and downstream collaboration contributes to the improvement of products and services of both parties.
After Haier Capital invested in left-handed doctors, it integrated the resources of Yingkang's Internet Hospital for it. Yingkang Life is an ecological brand incubated by Haier Group in the field of big health, which owns a number of physical hospitals and Internet hospitals relying on physical hospitals, which can become a practice platform for left-handed doctors. After Yingkang introduced the AI technology of left-handed doctors in his lifetime, it can rely on the core capabilities of technology-driven, smart medical, big data and online and offline comprehensive services to serve patients and improve the patient experience.
Hong Kong Tongyitang is a Chinese medicine pharmaceutical enterprise, after investing in Jinqi Health, it can also give full play to their advantages in professional technology, resource channels, brand image and other aspects to promote resource sharing and business linkage in the field of reproductive health.
Service-payment synergy has crucial exploratory value.
In the good mood of the C round of financing, Fosun Health is one of the investors. Fosun Health's health insurance sector can form a synergy with the services provided by Good Mood, and the two sides can jointly create online and offline medical solutions for psychiatry and psychology, and jointly explore innovative products in innovative payment and insurance business.
Previously, the imperfect payment system has always been a major reason hindering the sustainable development of Internet medical care, although there have been many attempts in the industry, but so far it has not explored a sustainable model. In the comprehensive platform, Ping An Health and Ping An insurance products form a linkage, and WeDoctor introduces the investment of AIA insurance to carry out the layout of combining Internet medical and commercial health insurance. The attempt at small and medium-sized platforms is also of necessary significance.
Industrial investment brings not only funds, but also resources, for small platforms, funds + resources have more realistic value.
Write at the end
According to incomplete statistics from the arterial network, since 2021, more than 110 Internet hospitals applied for by enterprises have been approved. According to enterprise investigation data, since 2021, a total of 694 companies named after Internet hospitals have been established, and 28 companies have been cancelled or revoked.
Going forward and following, never stopping. The road to listing large platforms is full of unknowns, and small and medium-sized platforms are still being born. Can the "small and beautiful" Internet medical care become a new force in the industry after obtaining high-frequency capital and resource injections? This also requires more answers in creating user value.