Chinese technology groups are vying to lead the country’s fledgling online healthcare sector after the coronavirus pandemic boosted demand for platforms that provide virtual consultations and sell medicines.
Following a decade of tepid uptake for online pharmacies and consultations, Covid-19 has prompted a clamour for remote healthcare services by patients afraid to visit hospitals and investors keen to tap into the expanding sector. Digital alternatives could also potentially fill longstanding gaps in China’s healthcare coverage, where the best doctors and equipment are concentrated in top-tier hospitals in big cities.
The growing interest in the industry was underscored last week when shares in JD Health rose as much as 75 per cent on their debut. The healthcare unit of ecommerce group JD.com earlier raised $3.5bn in Hong Kong’s biggest initial public offering of 2020.