The big health industry will welcome explosive growth, but how will society catch it?

On April 17, the opening ceremony of the 24th Harvard China Forum and the 12th China-US Business Leaders Roundtable Conference were held in Beijing.

In the roundtable dialogue on "Development and Challenges of the Big Health Industry in the Post-epidemic Era", Chen Dongsheng, Founder, Chairman and CEO of Taikang Insurance Group Co.
, Ltd.
, Chairman of Yabuli Forum, Founder of Yuanming Capital, Chairman of Maisheng Medical Group , Tian Yuan, Founder and Chairman of Yabuli Forum, Zhang Ligang, Founder, Chairman and CEO of Akcome Group, President of JuneYao Group, Chairman of JuneYao Health, Wang Junhao, Director of Yabuli Forum, and Liu Guoen, Dean of Peking University Global Health Development Institute, in-depth discussion In view of the development trend and policy development of the big health industry, Zhu Dan, a researcher at the National Institute of Development and Strategy, Renmin University of China, presided over this dialogue.

The following is the content of the conversation:

Zhu Dan: After experiencing the baptism of the COVID-19 pandemic in 2020, "life is first, health first" has become the consensus of the world, and the big health industry has ushered in an unprecedented window of development.
First of all, please have a chat: What are the trends in the big health industry in the post-epidemic era?

Chen Dongsheng: Last year I mentioned that human beings are entering the era of longevity, which means that a hundred-year-old life is coming, and at the same time, everyone will live for a long time with illness.
The age of longevity must be the age of health, wealth, and even the age of longevity economy.
If the industrial era solves the problems of "clothing, food, housing, and transportation", then the post-industrial era solves the problems of "entertainment, education, medical care, and support", and health has become the focus of attention.
Especially after the new crown epidemic, the entire country and society have paid more attention to health.
This trend is affirmative.

Liu Guoen: I understand the development opportunities of the big health industry in the post-epidemic era.
Although this epidemic has not been seen in a century, it is just a small wave from the perspective of the general development trend of the health industry.
Why do you say that? At the beginning of the new century, Robert Fogel, a Nobel Prize economist at the University of Chicago, based on the analysis of long-term historical data, pointed out that as income levels continue to increase, people will continue to increase R&D and production investment for health promotion and life extension.
Medical and health care is destined to become a sunrise industry that will dominate the economies of all countries in the new century.

Recent forecasting studies indicate that by 2050, China's medical and health service economy will likely reach 20% of GDP, surpassing the current US level of 18%.
Therefore, future research should pay more attention to the issue of efficiency, that is, how can up to 20% of the resources of the macro economy be invested in the health industry, how can the efficiency of resource allocation be improved as much as possible? If the efficiency is high, it is not a problem if China's medical and health services reach 20% or more of GDP.
On the contrary, if there is a huge inefficiency or waste, it is a big problem.

Tian Yuan: Dean Liu used statistical data to speculate that in the next 20 or 30 years, the health industry spending will reach a very large proportion of China's GDP, but he is more concerned about the efficiency of input and output, and I will respond.

If the medicines and equipment of the big health industry are imported from abroad, the efficiency will be relatively low.
In the past, many of the medicines and medical equipment used by the Chinese were imported.
If China’s medical and health expenditures are all imported, there will definitely be inefficiencies.

Fortunately, there has been great development in the past five years.
China has moved from the third echelon of global new drug research and development to the second echelon.
PE/VC investment has risen from more than 10 billion to more than 170 billion.
Biopharmaceutical companies are emerging in endlessly, and there are many more.
Innovative drugs are constantly being developed in the United States and Hong Kong for listing.
The same is true for medical equipment.
For example, CT and nuclear magnetic equipment in major hospitals in China are mostly foreign brands, and no Chinese company has entered the world's top 30 in this industry.
However, great changes have also taken place over the years, and a number of local medical equipment companies are emerging.
More policy support will improve efficiency and make big health investments produce greater social effects.

Zhang Ligang: The development of general health care must be inseparable from top-level medical care.
Organizations that provide medical services often advocate providing top-level medical services to customers and patients.
However, the scarcity of medical resources is an objective fact.
If a company depends on scarce resources for development, it is impossible to successfully build a large-scale medical service system.
The new crown epidemic has forced changes in medical service models around the world, catalyzing the development of the Internet, artificial intelligence, and medical big data in the healthcare industry.

Judging from the current increase in health investment in the whole society, the importance of my country's medical and health expenditure in the national economy has gradually increased, but there is still room for growth compared with developed countries.
How much of this is spent on prevention and how much is spent on treatment determines the quality of life of the Chinese population.
There are many methods of preventive medicine, the two most important of which are vaccination and physical examination.
Compared with traditional physical examinations, genetic testing and AI technology can help us better predict disease risks.

Especially through this epidemic, the big health industry has entered an era of strong public demand.
The Internet, medical big data, and artificial intelligence will accelerate the development of the industry and accelerate investors’ investment in this field.
The big health industry will usher in new opportunities.
Period and more "blue ocean".

Wang Junhao: The country's "Healthy China" strategy is very forward-looking.
As a food and beverage company, how to connect with the field of "Kang" is one of my thoughts.
We originally made lactic acid bacteria beverages and milk.
When JuneYao Dairy was preparing to go on the market a few years ago, we changed its name to JuneYao Health and switched to a new track such as probiotics.
People often say "prevent disease".
In the future, food is very important to people's health.
Everyone should think about how to industrialize the food industry.

The development in the post-epidemic era is also the development of "health + technology".
I have also been thinking about how entrepreneurs can transform scientific and technological achievements and how to integrate production, education and research.
These are important things we all want to do.
After the epidemic, consumers' perceptions and eating habits have been constantly changing and improving.
Therefore, China's big health industry will explode in the future.
I also hope that when our food is exported, the country will give more support.

Zhu Dan: Great health is a human-centered subject, involving at least four dimensions: the first is people and society, such as social mutual assistance and protection through systems; the second is people and nature, and only people can be under a good natural environment.

Chen Dongsheng: Taikang used to be a life insurance company.

China's success today is that it has given full play to the advantages of late-developing countries and has always encouraged innovation and technological development in various fields.

In the field of general health, I proposed the "Taikang Plan for Longevity Era".

Liu Guoen: In the "Outline of the "Healthy China 2030 Plan"" issued in 2016, the policy statement is actually very comprehensive.

The first is the involvement of the whole industry.

We still have many measures and great potential to better achieve the grand goal of a healthy China, especially the continued reform and opening up and institutional innovation, to further liberate personal productivity, and allow 1.

Finally, in the era of information civilization, data is the most important productivity.

Zhu Dan: Thank you, Dean Liu.