Private medical care started, but capital did not lead the way.

The medical service field is an important core link in the entire big health industry. Connecting products, payment and consumers, and mastering important voices is also the focus of the capitalists.

At the same time, the profit-seeking nature of capital has led to the original big health investment fund to focus more on the high-margin space projects of medicine and medical equipment, leading to the current secondary market, the number of pharmaceutical listed companies far exceeds medical services. Listed company.

However, with the rapid growth of medical resource supply in recent years, hospital revenues have also increased rapidly, and policy-related benefits have been frequent. Private capital has entered the medical service industry. Today, the opportunities in the medical service industry outweigh the risks, so the capital has seen this. The film "Blue Ocean" has a bigger imagination in the future.

And often an industry tends to mature with several important factors. In summary, for areas with high technical barriers, such as innovative drugs and high-end medical devices, their research and development capabilities are the most important factors, while industries with mature technologies or low barriers, such as generic drugs, Chinese herbal medicines, etc., operate, Sales and brand strength are the main influencing factors, and for the medical service sector, the orientation of national policy is the most critical factor.

From the perspective of policy, the “Healthy China” strategy promotes a series of specific measures to promote the reform of the medical industry . From the demand side, China's population structure under the 1.3 billion population base is gradually “aging”, consumer demand is escalating, and demand for medical and health-related products and services is strong; from the supply side, medical resources are unevenly distributed, leading to China. The medical health industry has always been a relatively closed industry, and the market is weak.

Traditional medical services, with public hospitals as the main body, gather a large number of high-quality medical resources, including scarce doctor resources, and have long dominated the medical service market. According to the official data released by the Health and Health Commission, in 2017, 12,000 public hospitals took 2.65 billion medical treatments, while 18,000 private hospitals only took 420 million medical treatments.

In contrast, another data, as of the end of September 2018, 12,000 public hospitals, 20,000 private hospitals, compared with the same period in 2017, the number of public hospitals decreased by 158, private hospitals increased by 2,361, and only 2018 The number of diagnoses in the third quarter was 770 million in public hospitals, up 2.6% year-on-year; 130 million in private hospitals, up 10% year-on-year.

From this, private hospitals are gradually catching up with the pace of public hospitals, and the medical industry, which is related to people's livelihood issues, is a heavily branded industry. The emphasis on brand and service quality can continue to form a virtuous circle.

As far as private medical institutions are concerned, the formation of brands is mainly due to technical strength for departments with higher technical difficulty. For departments with lower technical difficulty, they can differentiate themselves from public hospitals and use services to form high-end services. Cognition.

At present, in addition to the investment of private hospitals, more investors have also paid attention to the fields of relatively lighter clinics, doctors' groups, medical examination centers, and third-party medical diagnostic centers.

Lu Gang, a partner of Lenovo Star, once said that investment in the health care sector is a “slow job.” Medical investment is a long process and requires a “long-term mentality”. And given a data, the medical health industry company needs an average of 20 months from the initial stage of the venture to the financing to the A round. In the past two years, it takes 5 years and 2 months to grow to the C round. 8 years and 8 months.

Medical care is recognized as an industry with high barriers, high professional barriers, strict supervision, and long investment cycle. Both internal and external industry funds will encounter many challenges when they want to enter this industry. At the same time, the diversified fields are full of opportunities. Coupled with the promotion of policies and the continuous expansion of the market, it has been difficult to form a clear investment model in this industry with many relationships.

Shan Junyi, general manager of Zhongjin Zhide Investment Management Co., Ltd. once said: "For the investment in medical and health fields, it is the situation of increments and stocks, and opportunities coexist. The so-called increment is the rapid expansion of various drivers in recent years, making investment The field is becoming more and more active. I believe that in the long period of time in the future, the medical and health field is still a hot spot. In terms of stocks, it is mainly related to the imbalance of medical structure and creating a large number of investment opportunities."

And considering the livelihood attributes of medical care, it is necessary to judge whether public systems or resources in this potential market are unable to provide effective and adequate supply due to certain institutional bottlenecks in the foreseeable future. This is the decision on the investment opportunities and operational space of private capital.

Concerned about the statistics of investment institutions in the medical sector (Source: Maoshu Medical Investment Report)

At this time, the way in which social capital enters the medical service industry depends entirely on the resources and the ability of the enterprise itself.

Investing in hospitals, the following four modes are common: self-built new hospitals, mergers and acquisitions hospitals, joint hospitals with other institutions (including large public hospitals, overseas medical groups, medical colleges, financial institutions, etc.) to manage hospitals in the form of custody or alliances. And when participating in public hospital mergers and acquisitions, cooperation, social capital often needs to be exchanged for government stock resources.

From the perspective of investment, “high barrier” investment can usually bring better investment income to capital. However, “high barrier” also hinders the entry of capital. Any investment behavior is the consideration of time and energy cost. How much time and patience to learn and study this industry is a problem facing every investment institution.

A senior medical investor once disclosed to the "Peptide Chain": "In the current medical investment circle, investors with more than 5 years of experience in the pharmaceutical industry and medical device industry are rare. It is difficult to ask for medical services at the same time. Industry experience."

In the face of investment in medical services, while facing a variety of uncertain factors, more "leaders" in the industry are needed to judge the feasibility of capital investment.

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