Dialogue with Liang Yaoming of Jinyu Medical: In the period of high-quality development, enterprises should be down-to-earth, focus on professionalism and continuous innovation

On April 12, 2024, during the Harvard China Forum, Liang Yaoming, founder, chairman and CEO of Jinyu Medical, discussed in detail the development of China's medical laboratory industry, technological innovation, and prospects for the future during a conversation with Sina Finance.

He emphasized that medical innovation should not forget its original intention and effectively solve social pain points. In terms of the company's continuous evolution, Leung emphasized the importance of the integration of information technology and life science technology in the field of medical testing. He mentioned that through this convergence of technologies, medical tests can be more accurate and efficient, which is essential for early diagnosis and treatment of diseases. For example, he mentioned how digital technologies and big data can be used to predict diseases and monitor treatment outcomes, which have greatly improved the efficiency and quality of medical services.

Liang also discussed the potential of third-party medical testing agencies in China. He believes that with the deepening of China's medical reform, third-party institutions have provided more efficient and lower-cost services for medical institutions through scale effects and technological advantages. He pointed out that the enhancement of people's health awareness also requires the further development of the medical testing industry.

When talking about enterprise and technological innovation, Leung discussed the application of artificial intelligence in healthcare. He explained how AI can be used to optimize medical processes, such as improving the speed and accuracy of diagnosis through automated and intelligent diagnostic tools. In addition, he mentioned the application of AI and machine learning technologies to improve clinician, patient experience, and follow-up medical care, which make personalized medicine possible.

Leung is optimistic about the future of the medical laboratory and medical industry, believing that technological innovation will continue to drive the development of the industry, especially in precision medicine and preventive medicine. He encouraged young people to join the field and get involved in healthcare innovation to address the challenges facing global healthcare.

Attached is a transcript of the interview (with abridgement):

Insight Economy: What advice would you like to share with young students in terms of entrepreneurship and social value when you were invited to participate in the Harvard China Forum and deliver a keynote speech?

Liang Yaoming: Today's speech mainly focused on the themes of science and technology for good and medical examination innovation, and shared the development stories and future visions of the three enterprises, hoping to encourage young students who are aspiring to join the medical industry and work together for the growth of the global medical examination industry and the health and well-being of the public.

First of all, the ultimate goal of medical innovation is to serve human health, in order to solve social pain points and meet social needs, we must strengthen our beliefs and always keep in mind the original intention of entrepreneurship, and pursue it as a lifelong career. I encourage young people to go deep into society and at the grassroots level to uncover unsolved global healthcare pain points, explore new business models, and turn innovative ideas into practical solutions. Secondly, we must be professional and deep-ploughing, have the craftsman spirit of resisting external temptations, and do things in a down-to-earth manner, and do the main business finely. In addition, it is necessary to continue to learn and explore new knowledge and new technologies, and maintain sensitivity to industry dynamics. At the same time, the medical industry is a very professional and complex field, and it takes the joint efforts of many parties to overcome the problems related to life and health. I encourage young entrepreneurs to broaden their horizons and actively participate in interdisciplinary exchanges, such as data science and bioengineering, to promote the development of innovative projects through cross-border collaboration, keeping pace with the times.

Economy: You have been with Harvard Medical School for a long time, do you have any different feelings about coming to Harvard this time? What are your new plans for international cooperation and talent recruitment in the future?

Liang Yaoming: Jinyu Medical is striving to become the world's leading medical examination industry group, and has launched a comprehensive recruitment of overseas talents, planning to recruit a group of cross-compound talents and discipline leaders in technology and industry, that is, talents with deep professional knowledge and international work experience in the fields of medical laboratory, biotechnology, drug research and development, data analysis, etc. We will continue to focus on rare diseases and other diseases, deepen cooperation with multinational pharmaceutical companies, and help more innovative drugs and companion diagnostic technologies accelerate the implementation in China. In addition, through cooperation with overseas fund teams, we can link global high-quality innovation resources. The Harvard trip will also visit advanced companies in the field of biomedical and artificial intelligence in Boston to understand the latest developments and introduce new products, new technologies and new services to China.

As for the issue of international students, I think that China's current promotion of high-quality development requires enterprises to be down-to-earth, professional, and innovative, and also provides new opportunities for young people. It is important for young people to pay attention to the development of industry trends, find the right platform, and see whether the company's values are in line with them. I also believe that in the future, companies that can integrate different talents will be able to continue to innovate and have more opportunities.

Economy: Let's talk about the opportunities in the industry, how big is the third-party medical testing market in China? Germany and Japan have more than 50% and 67% market shares, respectively, while in China they have less than 10%. What are the main reasons for this difference in industry acceptance, and what are the new opportunities?

Leung Yiu-ming: First of all, the reason for this difference is that the development time is different. Second, from the perspective of the medical environment, China's medical examination and pathological diagnosis are mainly based on public hospitals, and the laboratory pathology department is a key component of the hospital. Third, in the United States, Japan and other countries, government and commercial medical insurance have greater control over medical insurance costs, further amplifying the cost advantage and scale effect of ICL.

The potential for the future is huge. First, the process of medical reform will bring about the development of the market. The state continues to deepen the reform of the medical and health system, and accelerate the expansion of high-quality medical resources and the balanced distribution of regions. In 2016, the state proposed a shift from "treatment-centered" to "people's health-centered", with opportunities for early screening, early diagnosis and early treatment. In 2018, the National Health Commission officially issued a document encouraging medical testing, pathological diagnosis, imaging, dialysis and disinfection to be completed by a third party. The price of medical tests has come down without compromising on quality, and it can also feed back to medical staff. Second, China is a public medical structure, and third-party testing institutions can ensure quality while reducing costs through scale effects and promoting digital technology. Third, the enhancement of people's health awareness and awareness of early screening and prevention also require the further development of the medical testing industry.

Economy: From the perspective of industrial layout, what are the focus points of Jinyu Medical in the next 3-5 years in terms of general inspection and special inspection, and what are the new changes on the demand side?

Liang Yaoming: The new changes from the demand side are mainly due to the growing health needs of the people, which has given rise to the market of early screening and accurate diagnosis. The mainland's medical and public health undertakings are changing from "centering on disease treatment" to "centering on people's health." People's growing demand for health management, precision diagnosis and treatment driven by precision medicine, and the extensive exploration of a new generation of information technology in the medical examination industry are all promoting the development and application of cutting-edge detection technology. In addition, the demand for monitoring under the strengthening of the public health system has increased. After a number of public health incidents, the state attaches great importance to the construction of infectious disease surveillance. The increasing demand for rapid identification of infectious agents and strengthening the construction of intelligent multi-point trigger infectious disease monitoring and early warning system is also promoting the expansion of the medical examination market.

In terms of layout, Jinyu Medical is laying out new product research and development through automation and intelligent technology, and improving medical examination service capabilities to better meet clinical needs. In addition, it will also promote the implementation of automated and intelligent medical examination laboratories through "AI + Internet of Things + cloud technology", improve laboratory production efficiency, and provide more efficient, intelligent and inclusive medical services for the people.

Insight into Economy: How AI, large models, etc. can drive the transformation of medical examination. What did Golden Mile try?

Liang Yaoming: At present, artificial intelligence represented by large models is becoming the core driving force leading the transformation of the new generation of medical examination industry, through the development of big data mining, AI-assisted diagnosis and other technologies, on the one hand, to make the detection more efficient and more accurate, on the other hand, to solve the problems of uneven distribution of medical resources, heavy burden of doctors' diagnosis and treatment, and low diagnostic efficiency.

First of all, AI can improve operational efficiency, for example, after the negative ones are excluded in the screening of cervical cancer, the suspected positive ones are seen by professional doctors, which greatly improves efficiency. Second, it also improves the customer experience and enhances pre-sales and after-sales services, such as making it easier for medical workers or patients to understand the test report, and reducing the inefficiency of diagnosis and treatment caused by uneven medical care. Third, we also have further innovation in the platform of bioscience and technology.