China is the perfect test bed for digital medicine
Waiting to consult doctors at their surgeries is becoming old-fashioned among China’s early adopters. Remote medical consultations via platforms such as JD Health have surged during the pandemic. Expect the trend to outlive coronavirus lockdowns. JD Health’s Hong Kong listing, in which it sold $3.5bn of shares, is well timed.
The stock rose 56 per cent on Tuesday, valuing the offshoot of ecommerce giant JD.com at more than $40bn. Hot money stacked up for the postponed Ant Group listing was one reason for the jump. The industry’s potential was the other.
China is a perfect test bed for digital medicine. Public healthcare is under-resourced. The private sphere lacks a restrictive US-style oligopoly. The large ageing population is prepared to pay for the best doctors.
The group’s healthcare revenues grew more than three-quarters in the first half to $1.3bn. It is already profitable.