The Largest Unicorn to Date Emerges in the Online Healthcare Industry

Ping An Good Doctor App Set to Construct the Healthcare Ecosystem
Financing and Evaluation Both Break Records
Ping An
2016-05-20 19:32 3752

SHANGHAI, May 20, 2016 /PRNewswire/ -- Ping An Group has rolled out another unicorn company in its Internet sector portfolio, following the launch of Shanghai Lujiazui International Financial Asset Exchange ("Lufax"), which was evaluated to be as much as USD$18.5 billion.

The Online-to-offline (O2O) healthcare servicing platform, Ping An Good Doctor, as a part of the Chinese insurance and financial services firm Ping An Group, formally announced the completion of its Series A round of financing with capital raising of USD$500 million on May 19. The round of financing was warmly welcome by both international and Chinese investors, including several well-known international private equity funds, Chinese state-owned enterprises on the Fortune 500 list, finance corporations as well as internet companies. Currently, Ping An Good Doctor has been evaluated to be worth as much as USD$3 billion, which broke two records: one record was the largest amount of fund-raising through a single round by an online healthcare startup all over the world, and another was the maximum estimated value after an A round of financing. Ping An Good Doctor is the largest unicorn in the Chinese healthcare industry beyond all doubt.

The Chairman and CEO of Ping An Health Cloud Company Ltd. and founder of Ping An Good Doctor, Mr. Wang Tao said, "China's Internet healthcare industry is still in the preliminary stages of development." Mr. Wang further elaborated that, "Ping An Good Doctor expects to take the lead in the construction of the healthcare ecosystem through the improvement of the supply chain in healthcare, the integration of online and offline resources, the promotion of big data in healthcare, and the establishment of the closed circle in insurance payments. Apparently, the company contributes greatly to pushing the healthcare industry into the era of Internet Healthcare 2.0."

77 Million Users Sign On in the One Year since the Launch

Ping An Good Doctor was officially launched in April, 2015. As a healthcare and medical service platform, Ping An Good Doctor has played an indispensable role in the rapid development of the Chinese healthcare industry. Ping An Good Doctor focuses both on the integrated resources of doctors and the optimal experience of users; for instance, preventive nursery care, guidance for doctor's visits, post-diagnosis services, chronic disease management, medication alerts, and more. Up to now, Ping An Good Doctor has accumulated 77 million registered users, and the number of daily consultations has been as high as 250,000.

Mr. Wang stressed that Ping An Good Doctor is promising to become a pioneering Chinese app that completely conforms to the hierarchical medical system.

Collaboration with Different Parties to Build the Internet Healthcare Closed Loop

Besides the existing text, photo and voice consultation, Ping An Good Doctor recently added video consultation to the app and initiated a brand new model for online consultation. Medical experts at Ping An Good Doctor are available 24/7, communicating with users and providing suggestions based on users' health conditions. Users can purchase medication online in accordance with the advice and have it delivered to their home. Ping An Good Doctor highlights the importance of family doctors, as they are always a beneficial supplement to the current medical system.

Ping An Good Doctor attempts to construct a healthcare ecosystem with its greatest efforts, providing four fundamental categories of service: healthcare consultation (through text and photo, phone call, voice messaging and video), integration of online and offline medical services (including appointment booking, chronic disease management, health check-ups and DNA testing), health-by-mall (sale of over-the-counter medication, medical devices and other healthcare products), and assistance with medical insurance (including payment and cost control). Compared to other competitors in the online healthcare industry, Ping An Good Doctor not only aims to create a holistic closed-loop system, but it is also supported by its internal health insurance system.

Source: Ping An