The executives and IPOs become a mystery, and the medical federation is difficult to go on the market

With the continuous growth of market demand and the support of many policies, the Internet medical industry is growing rapidly. In 2021, the market size of China’s Internet medical industry reached 223 billion yuan, an increase of more than 43%year -on -year, and the number of mobile medical users exceeded 600 million. As a result, the Internet medical industry also ushered in a wave of “listing”.

A number of Internet medical companies such as pharmacist gangs, Ark Kenkens, Mess Health, Dingdang Health have submitted the prospectus or successfully landed in the capital market. Due to the “financial audit issues” and “IT audit issues”, the prospectus has not been submitted as scheduled, and no news related to the listing process has been puzzled.

Public data shows that the Medical Federation was established in June 2014 and is committed to becoming China’s leading Internet medical platform. Up to now, the Medical Federation has more than 1.4 million registered doctors and more than 70 stores offline, covering Beijing, Shanghai, and Shanghai Shenzhen and other 16 cities. Since its establishment, the Medical Federation has completed a total of 7 rounds of financing, of which there are many star investment institutions such as Yunfeng Fund, Tencent Investment, Sequoia China.

As early as August 2021, sources pointed out that the Medical Federation plans to go public in Hong Kong and raise about 300 million to 400 million US dollars. However, after the Medical Federation has repeatedly adjusted and merged with future doctors (formerly Penguin almonds), its listing was still a mystery, and in the end, it was left.

As a “unicorn” of the Internet medical care invested by Tencent and Alibaba at the same time, what is the commercialization of the Medical Federation? How to build a long -term competition barrier? Where will the future be driven? 01.

Investment institution chase

The Medical Federation is one of the few companies in the Internet medical industry that has been chased by investment institutions.

In the early days of the establishment of the Medical Federation, it was positioned as a pure doctors’ social platform, which mainly provided a community for doctors to provide cases of sharing, academic discussions and clinical exchanges. Due to the two hottest air outlets of medical treatment and social networking, the Medical Federation was within one year of its establishment. I got 3 rounds of investment, and the financing amount was close to 50 million US dollars. Investors include Tencent Investment and Yunfeng Fund. Among them, Yunfeng Fund is a private equity fund co -founded by the founder of Alibaba Group Ma Yun and the founder of Julin Media Yu Feng. Essence

According to the data disclosed by the Medical Federation, in November 2016, the number of real -name authentication doctors on the platform reached 400,000. After integrating doctors’ resources, the issue of commercialization was quickly put on the table. At first, the main source of income from the Medical Federation was to help doctors on the platform docking the diagnosis service and carried out multi -point practice to earn information service fees.

However, the business model of the Medical Federation obviously did not have any competitive barriers. The data of the “2019 Chinese Doctor Group Blue Book” shows that there are only two doctors group in China in 2014, and there are 852 doctors groups in 2018. The market environment faced by the Medical Federation became worse, so it began to turn off the direction and embarked on the road to the establishment of a self -built general department.

In June 2016, the Medical Federation and Tencent established a jointly established Dr. Penguin. Through the self -built high -quality general clinic network, and the convenient family doctor service and the Internet health management service system, it provides users with a one -stop combination of online and offline integration. -Style medical and health services.

After obtaining a license to the Internet hospital, the Medical Federation has shifted to the management of chronic diseases and positioned as “the leading slow disease management platform in China”. In December, the Medical Federation once again received round C financing invested by Tencent.

The spring breeze of the policy has pushed the medical federation to the fast track of development. In April 2018, the State Council issued the “Opinions on Promoting the Development of” Internet+Medical Health “, which clearly pointed out that Internet hospitals must rely on physical hospitals, patients’ first consultation must be offline, and the clinic can be transferred to online.

With Dongfeng, the Medical Federation reached strategic cooperation with Huaxi Stomatology Hospital, Rizhao Chinese Medicine Branch, and Yinchuan Second People’s Medicine. “Medical+Diagnosis+Medicine” service closed loop.

In July of the same year, the Medical Federation completed the 1 billion yuan D round of financing invested by the Sequoia China and China Investment Cai Cai Fund. In August 2019, the Medical Federation completed another round Jingyou’s strategic investment, but did not announce the specific financing amount.

In 2020, the medical treatment re -disclosed a total of more than 800,000 real -name authentication doctors on the platform, of which more than 50,000 signed doctors called the Medical Federation, and cooperated with more than 6,000 pharmaceutical companies and pharmacies. In December of the same year, the Medical Federation completed a $ 514 million round E financing invested by China Biopharmaceutical, and Chinese biopharmaceuticals also received 13.09%of the former’s equity. According to this calculation, the medical federation was estimated to reach 4 billion U.S. dollars after investment. As the valuation is too high, it is difficult to meet its financing demand in the first -level market, and it seems that listing is imperative. 02.

IPO’s duct in the evening

Martian, founded by the Australian returnee doctor Martin and Tencent veteran employee Xu Lin, is a professional and efficient doctor -patient communication management tool. Doctors can establish a deeper and close connection with patients through Dr. Almond. , AC and retrieval function are important medical auxiliary tools for doctors.

However, Dr. Almond’s operating conditions are not optimistic. According to the data disclosed, the single -month surgery of public hospitals is almost two years of surgery for Dr. Almond.

In August 2018, Dr. almond and Dr. Penguin announced the merger and organized an organizational structure. The name of the new company is set as “Penguin almond”. In contrast, Penguin CEO Wang Shirui once said: “Dr. Almond After the merger, the ends of the online and offline, doctors and patients constitute a high degree of complementarity, and the rapid constitutions form a high -quality health service system that radiates national and crowds in the country. ”

In April 2019, Penguin almonds received $ 250 million in financing from Country Garden Venture Capital and Tencent Investment, with a valuation of more than $ 1 billion after investment. However, due to the lack of commercialization, penguin almonds were upgraded to “Future Doctors” in April 2021. Only 8 months after the brand upgrade, the future doctor was incorporated into the Medical Federation to become a business department. After the merger, the Medical Federation mainly focused on the line, and the doctor will focus on offline.

In fact, the Medical Federation has adjusted the organizational structure more than once. The initial organizational structure adjustment began in August 2020. The amplitude adjustment, the original person in charge was also downgraded to varying degrees.

In April 2021, the Medical Federation once again conducted organizational adjustments, including the reorganization of the core department, the adjustment of senior personnel, etc., and eventually led to the forced executive Li Yue to leave, and the person in charge of some departments left. Throughout 2021, a total of more than 10 executives left the Medical Federation.

Frequent organizational structure adjustments and high -level personnel have made the medical union turbulent inside. In January 2021, some medical federations gathered in front of the office of the medical federation in front of the office of Shanghai and Guangzhou, and even pulled up the protest banner of “Medical Federation Unscrupulous Enterprises and His Employees”.

There are three continuous organizational structure adjustments and adjustment of senior personnel, and the medical federation is still exploring sustainable profit models.

Public data shows that the total revenue of the Medical Federation in 2017 was 600 million yuan, and the total revenue in 2019 was 1.3 billion yuan. However, according to the operating conditions of the listed Internet medical companies, the medical federation may still be in a loss. For example, the net loss of Ali Health in the first half of 2022 was 232 million yuan; The net loss was 424 million yuan; Dingdang Health’s net loss in the first half of 2022 was 586 million yuan.

The medical federation, which was originally scheduled to submit the prospectus in June 2021, has no news about the listing process related to the listing process after the adjustment of some organizational structure adjustment and high -level personnel. 03.

Does the Medical Federation still have a chance?

The imagination of the Internet medical industry is huge. According to the “2023-2029 China Internet Medical Industry Industry Chain Panorama Research and Development Strategic Consultation Report” released by the Communist Research Network, it is expected that the market size of the Chinese Internet medical industry will reach 309.9 billion yuan in 2022.

As a segmentation of Internet medical care, the market size of chronic disease management is also considerable. According to the “White Paper of China Internet Slow Disease Management in 2020”, the size of China’s Internet chronic disease management market will reach 26.8 billion yuan in 2020, with an penetration rate of 11%. It is expected that by 2025, the market size will reach 235.7 billion yuan, and the penetration rate will grow. To 37%.

However, at this stage, users’ use of Internet medical treatment still stays at a relatively shallow level. According to the “Insightment of China’s Smart Medical Industry 2022” released by Observatory, in the services and products provided by consumers directly for consumption, consumers still have a lot of use at the shallow levels such as “information query” and “online registration” In terms of services, the penetration rate of disease management is only 10%. The penetration rate of deeper smart medical services at the consumer level needs to be further improved.

As the new development direction of the medical industry, Internet medical care is conducive to solving the contradiction between the imbalance of medical resources and the increasingly increasing demand for health care, and thus has been strongly supported at the policy level.

The 20th National Congress of the Communist Party of China proposes to promote the construction of healthy China, in -depth reform of the medical and health system, and promote the development and governance of medical insurance, medical and medical cooperation. Specific content includes five aspects: first, to promote the expansion of high -quality medical resources and regional balanced layout; the other is to adhere to prevention of prevention, strengthen the health management of major chronic diseases, and improve the ability of grassroots prevention and treatment and health management. The third is to deepen The reform of public hospital -oriented public welfare -oriented public hospitals; the fourth is to develop and strengthen the medical and health teams, focusing on communities and rural areas; fifth, focusing on key diseases, such as psychological health and the development of Chinese medicine.

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At present, Internet giants including Alibaba, Baidu, JD.com, etc. have entered the game, and the medical federation can be described as stressful. Although the industry is still a blue ocean and clear policies, for the Medical Federation, only by improving its own products and service systems, creating a high -quality medical experience, and solving the pain points in the traditional medical system, can we get the opportunity to highlight the siege.