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Dr. Kai-Fu Lee of Sinovation Ventures Speaks to Zhang Xiaodong of MediTrust Health

 

On 11 May, a summit dialogue themed “Creating a smart future: Kickstarting the golden age of the medical industry” took place in Shanghai, whereby Sinovation Ventures’ Chairman and CEO Dr. Kai-Fu Lee spoke to MediTrust Health’s Founder and CEO Zhang Xiaodong about the new development trends in the medical big health industry against the backdrop of a new landscape.

 

As China welcomes the golden era of technology-driven industrial upgrades, Dr. Kai-Fu Lee and Zhang Xiaodong are of the opinion that the medical and life sciences industries hold huge potential among all industrial reforms. The “Internet+” movement is gearing medical services towards the direction of greater excellence, higher efficiency and stronger synergy with the needs of the public, while Big Data and Artificial Intelligence technologies are injecting new life into the fields of new drug development, precision medicine and diversified payment services.

 

In March this year, innovative medical payment brand leader MediTrust Health acquired series B funding worth RMB 1 billion, backed by joint lead investors Ant Group, Shanghai Biomedical Fund and Sinovation Ventures, co-investors Huaxing Growth Capital and Northern Light Venture Capital, and continued support from BioTrack Capital, Marathon Venture Partners and SAIF Partners.

 

Commenting on this matter, Dr. Kai-Fu Lee said that MediTrust Health has earned its place as the leader in the field of innovative medical payments in China, having successively launched a number of innovative services such as high-value pharmaceutical financial installments and efficacy insurance. “Currently, MediTrust Health has a significant advantage with its closed loop ‘Internet + Medical + Pharmaceutical + Insurance’ ecosystem.”

 

Ever since the establishment of the company, MediTrust Health has upheld its corporate vision of “Guaranteed healthcare for everyone; health for the whole family”, being committed to promoting the thorough integration of financial tools and the medical sector by linking up patients, pharmaceutical companies and commercial insurance companies through innovative medical payment methods made accessible by Internet+ technologies.

 

“We are the ecosystem builders of the medical and pharmaceutical industries. As we build this ecosystem, we hope to create key products and offer value to every patient and user.” Zhang Xiaodong has always believed that payment service providers should not just be dealing with payments. Instead, they should be offering citizens with high-quality medical treatment and pharmaceutical resources. “We hope that in the future, innovative medical payment services will ensure everyone is guaranteed to receive advanced medical and healthcare services, regardless of whether one is healthy or sick; young or old.”

 

In answer to the question on why he chose to compete on the “race track” of innovative payments, Zhang Xiaodong said, “When I first started out as an entrepreneur, this ‘race track’ did not even exist. In the beginning, many investors might not have really understood MediTrust Health’s innovative payment model. However, I’m glad that we took heart and kept at it. We have always been exploring ways on how to play a role in solving the complex puzzle that Chinese medical insurance companies have not been able to tackle, thereby addressing certain issues present in society.”

 

Commenting on the company’s future strategic landscape, Zhang Xiaodong said that MediTrust Health will launch fresh efforts to explore the fields of rare and chronic diseases while plotting out the landscape related to these fields. However, he also mentioned that the industry’s development from henceforth might not be limited to a single aspect. Instead, it would be about creating user-centric all-round healthcare services to support the building of a multi-level medical security system.

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