BEIJING, Nov. 23, 2018 /PRNewswire/ -- Entrepreneur of the Year, one of the most highly regarded awards in innovation, was announced at the Annual Entrepreneurs Meeting held in Beijing today. With innovative achievements in healthcare sector, Mr. Wang Tao, Chairman and CEO of Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor", stock code: 01833.HK) stands out from hundreds of candidates and was awarded the "2018 Top Ten Entrepreneur of the Year" by Dark Horse Venture Technology, becoming the only entrepreneur in the healthcare sector to receive the honor this year.
The "Top Ten Entrepreneurs" candidates are selected by the media, previous annual entrepreneurs, investors, and the Dark Horse community. The professional jury is composed of famous angel investors, venture capital investors, business leaders, business school professors and journalists. The final ten nominees represent the most powerful transformation force in their industries, making the award highly regarded in the community.
Mr. Niu Wenwen, the Founder and Chairman of Dark Horse Venture Technology, said "Mr. Wang Tao is a great navigator in Internet healthcare field. With the insights, user advantages and 'Internet + AI' technology, he led Ping An Good Doctor to provide convenient and quality one-stop medical healthcare service for hundreds of millions of users. He led the company to be the No.1 listed internet health-tech company in the world when it joined the Hong Kong Stock Exchange in May this year."
At the Meeting, Mr. Wang also delivered a keynote speech entitled "Technology Makes People Healthier". He said: "The original intention of establishing Ping An Good Doctor is to leverage Internet and AI technology to make people more convenient when consulting the doctor, as well as providing patients with easy access to quality medical resources."
When talking about the current China medical and healthcare market, Mr. Wang summed up three long-standing pain points: lack and unevenly distribution of high-quality medical resources, poor medical service experience, and social security funds are gradually unable to make ends meet. "Generally, we now think that it is difficult to have medical consultation and the medical cost is expensive. The most important reason is those Class III Grade A hospitals account for only 8% of the total number of hospitals in China but must accept more than 50% of the patients. Everyone wants to see a good doctor, so the major Class III Grade A hospitals are overcrowded. Data shows that at present, the average queuing time for domestic medical treatment is as high as three hours, and the average consultation time is less than eight minutes," he said.
However, Mr. Wang believes that China's medical and healthcare market has great potential for development. It is estimated that the potential value for China's medical and healthcare will total RMB8 trillion by 2025, of which the potential transaction volume of Internet healthcare will exceed RMB100 billion. Domestic and international favorable policies for Internet medical treatment have also been promulgated continuously, which has played a positive role in propelling the market development.
Both challenges and opportunities rise from difficulties. Under the leadership of Mr. Wang, Ping An Good Doctor has become the largest unicorn company in the global medical and healthcare field in just over three years. It has built four core strengths in the industry including an in-house medical team of more than a thousand medical personnel, the world's leading AI medical technology, massive healthcare users and healthcare big data.
"Everyone wants to enjoy the best medical resources, but where do they come from? It is certainly not possible in the traditional way, and it is impossible to have enough finances, material and time to solve the problem. We will use AI technology to find a solution to the problem of the shortage of good doctors in China." Mr. Wang believes that with the big data of more than 300 million online consultations accumulated by an in-house medical team of more than thousand medical personnel, plus more than 200 of the world's top AI experts, Ping An Good Doctor has developed the most advanced AI Doctor in the medical profession. It can reduce the misdiagnosis rate of traditional medical care, improve the efficiency of medical resources, accurately match the needs of doctors and patients, and simplify the doctor's workflow.
At present, AI Doctor has already entered The People's Liberation Army No. 303 Hospital, Qingdao Eye Hospital, The First Affiliated Hospital of Jinan University, The Third Affiliated Hospital of Southern Medical University, and over 100 Class III Grade A hospitals nationwide, multiplying the efficiency and accuracy of hospitals and reducing operating costs. In addition, AI Doctor technology has entered Traditional Chinese Medicine (TCM), corresponding to the Chinese medicine consultation process of "observation, listen to breathing, ask about symptoms and pulse-taking". It can simulate TCM medicine practitioners to conduct inquiries before diagnosis, and through comprehensive analysis and inferential diagnosis, generate and transmit the analysis results to the doctor's workbench, intelligently recommend Chinese medicine prescriptions for doctors to choose, and effectively improve the patient experience.
"China's best medical resources are often gather in the first-tier cities such as Beijing, Shanghai and Guangzhou, while many county-level cities and mountainous areas suffer from a lack of medical resources. It is very painful for people to travel a long way for seeing a doctor. Now, we expect to solve the dilemma of uneven distribution of medical resources by using internet technology. This will help patients in small towns such as Guizhou could enjoy the same medical resources as well as those who live in Xujiahui District of Shanghai." Mr. Wang said.
Finally, Mr. Wang believed that the three major problems in China's healthcare market also exist in the overseas markets. Therefore, Ping An Good Doctor is proactively promoting its internationalization strategy, exporting its mature technologies and services to overseas markets, and coordinating medical resources around the world to create the world's largest healthcare ecosystem. It aims to use technology to make people healthier.
About Ping An Healthcare and Technology Company Limited (01833.HK)
Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor", stock code: 01833.HK) is the leading one-stop healthcare ecosystem platform in China. By combining "mobile health + AI technology", the Company strives to provide every family with a family doctor, every person with an e-health profile and everyone with a healthcare management plan. Ping An Good Doctor has established a comprehensive, one-stop healthcare ecosystem covering family doctor services, consumer healthcare services, a health mall as well as health management and wellness interaction.
As of the end of June 2018, there were 228 million registered users and the Company's MAU reached 48.6 million. Ping An Good Doctor is today the largest mobile medical application in China in terms of user scale. Ping An Good Doctor employs more than a thousand medical personnel (Assistant Supervisor Level or above from Class III Grade A Hospitals) in its in-house medical team and contracts with 4,650 renowned external doctors. This in-house medical team, empowered by our proprietary AI technology, provides users with 24 x 7 online consultation services. In our offline partnership network, Ping An Good Doctor collaborates with approximately 3,100 hospitals (including more than 1,200 Class III Grade A hospitals) to provide services such as hospital referral, appointment and inpatient arrangements. Ping An Good Doctor also partners with more than 2,000 healthcare institutions, including physical examination centers, dental clinics, cosmetic surgery institutions and more than 10,000 pharmacy outlets, to provide relevant health and wellness services to our users. By integrating our AI-empowered medical team, external doctors and offline network, Ping An Good Doctor has established a closed-loop healthcare ecosystem which enables our users to enjoy online consultations and online drug purchases, as well as online consultations and offline follow-up treatment, thereby providing convenient, high-quality and efficient family doctor services.
In April 2015, the App "Ping An Good Doctor" was officially launched. In May 2016, the Company completed an A round financing and raised US$500 million. In December 2017, the Company completed the pre-IPO financing from Softbank Vision Fund, during which it raised US$400 million. On 4 May 2018, Ping An Good Doctor became the No.1 listed internet health-tech company in the world when it joined the Hong Kong Stock Exchange, stock code 01833.HK. Our IPO cornerstone investors include Blackrock, Capital Group, GIC, Canada Pension Plan Investment Board, Khazanah Nasional Berhad, Swiss Re and CP Group.
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