Financing continues to explode frequently, are Internet medical companies such as Kuaiyao "healthy"?

Is it reliable to prescribe online medical treatment?

This question seems to have been questioned all the time, and the answer has never been clear
.

Internet medical services have sprung up like bamboo shoots after the rain, but it seems that the thunder and the rain have been small, and there is no real momentum to change or subvert people's lives as expected
.

Even in 2020, due to the epidemic, the users of major Internet medical platforms have surged and ushered in a wave of climax, but as the epidemic has become normalized and traffic has declined, the industry still has not developed rapidly, and many problems have returned to the starting point
.

Nowadays, a large number of companies have been eliminated.
The surviving veteran Internet medical companies have ushered in Internet giants such as Ali and JD.
com, as well as more powerful opponents such as veteran chain pharmacies, pharmaceutical companies, and circulation companies
.

With the industry still in a period of exploration and business prospects unclear, under the pressure of giants, whether these Internet medical companies are still developing "healthy" has become the focus of attention
.

It is also worth noting that in the years of betting on Internet medical care, many gold prospectors have come back, and many capital has turned into a bubble.
Now that the boom is over, we are also very curious about what future the new capital is betting on
.

       Raising funds under the Dingdang fast medicine storm

       On June 8, Dingdang Kuaiyao announced that it has received a new round of financing with a scale of 220 million US dollars, led by TPG Capital Asia, which aims to accelerate the implementation of Dingdang Kuaiyao’s “medical + inspection + medicine + insurance” Healthy home strategy
.

       Prior to this, Dingdang Kuaiyao had received more than RMB 2.
2 billion in accumulated financing from well-known investment institutions such as Softbank China Capital, CMB International Capital, CICC Zhide, Sinopharm Zhongjin, Taikang Life Insurance, Longmen Investment, and Haier Medical
.

       Dingdang Kuaiyao is a pharmaceutical e-commerce company founded by Yang Wenlong, the chairman of Renhe Pharmaceuticals, an established OTC pharmaceutical company.
In 2014, Renhe Pharmaceuticals invested 5 million yuan in angel round investment to establish Dingdang Kuaiyao, starting with O2O drug delivery business
.

       From 2015 to 2016, a number of O2O drug delivery platforms such as fast delivery of medicines, medicine to force, and medicines quickly emerged, and quickly fell
.

       It is worth noting that before the announcement of Dingdang Kuaiyao’s new financing, there was a storm of "shareholders withdrawing collectively and halving the registered capital"
.

       According to the public account "Caijiandao", on May 20, 18 institutional shareholders including Dingdang Kuaiyao Taikang Life Insurance and others collectively withdrew.
In addition, the company's registered capital was halved from 99,476,800 yuan to 52,941,200 yuan, and the company's business scope Newly added property management and leased office space
.

       Some industry insiders pointed out that “the institutional shareholders and directors and supervisors have retreated, the registered capital has been halved, and the office space has been rented out.
” These signs that sound sensitive may be due to the cash flow crisis of Dingdang Kuaiyao.
There are not many speculations and reports about these.
, Dingdang Kuaiyao related staff said it was all false information
.

       Personnel turmoil broke out on the eve of the Medical Federation IPO

       In April 2021, just before the time when the Medical Federation plans to submit the prospectus for the IPO, news of the company's layoffs of thousands of employees and internal conflict among the executives broke out.
As soon as the news came out, it triggered a big discussion in the industry on whether Internet medical services are false prosperity
.

       According to data, the Medical Federation was established in June 2014 as a chronic disease management platform
.

       The main focus of the Medical Federation is to center on doctors.
It is to expand the entire industry chain of services around doctors.
It has formed cooperation with many well-known pharmaceutical companies in the industry such as Gilead, and has achieved certain results.
There have been many bright moments:

       ● In August 2017, the Medical Federation signed a contract with the Yinchuan Municipal Government and became the first batch of enterprises to obtain an Internet hospital license
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       ● In February 2020, the Medical Federation opened up online medical insurance payment in the Chengdu area, and medical insurance payment is regarded as one of the most critical pivots for the trillions of Internet medical markets
.

       ● In early 2021, the Medical Federation completed the merger with Penguin Almond
.

       .
.
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       Some people in the industry said that the personnel incident of the Medical Federation not only exposed its internal management problems, but also a microcosm of the sequelae of the Internet medical rush.
It goes faster and has to go far.
Internet medical companies have to find out the needs of the industry.
The pain point is to balance the relationship between scale and profit
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       Ping An Health has lost nearly 4.
7 billion yuan in six years

       In May 2020, Ping An Good Doctor (renamed: Ping An Health) experienced an "earthquake level" adjustment in its senior personnel, and the company's former chairman Wang Tao was dismissed
.

       In addition, Lin Yuan, the joint company secretary of Ping An Good Doctor, was also removed.
Later, it was reported that the company’s COO Baixue, CFO Wu Zongxun, and CTO Wang Qi had also left their positions and were replaced by new managers
.

       "Continuously unable to turn the company's performance back into profit"-is the main reason why Ping An Good Doctors changed coaches as analyzed by the industry
.

       According to data, from 2015 to 2019, the net profits of Ping An Good Doctors were respectively -324 million yuan, -758 million yuan, -1.
01 billion yuan, -911 million yuan and -734 million yuan, respectively, with consecutive losses
.

       After the change of coaching, Ping An Good Doctor launched a "comprehensive strategic upgrade" and launched four new businesses: family doctor services, consumer medical care, health malls, and health interaction and management.
However, the effect of the strategic upgrade does not seem to be apparent
.

       The financial report shows that Ping An Good Doctor still has a huge loss of 949 million yuan in fiscal 2020
.

       It is worth noting that, with the backing of big trees, Ping An Health still has some gaps in profit models compared with JD Health and Ali Health
.

       The revenue structure and business model of JD Health and Alibaba Health are very similar.
Both are based on self-operated e-commerce.
The core revenue comes from the sales of medicine and health products.
The remaining revenue comes from other services such as online open platforms, advertising, and online medical care
.

       At the time when Ping An Good Doctor continued to suffer huge losses, Alibaba Health had already turned losses into profits in the first half of 2020.
Alibaba Health’s financial report for 2020 showed that the net loss narrowed to 15.
7 million yuan, which was 82.
9% smaller than the same period last year.
After adjustment Net profit reached RMB 260 million, a year-on-year increase of 114.
8%
.

       JD Health's first performance announcement after its listing showed that its revenue in 2020 will greatly increase its net profit by 750 million yuan
.

       WeDoctor's listing has been delayed

       As the "China Internet Medical Leader", it seems that there will be news about the listing of WeDoctor every once in a while
.

       As early as May 2018, when the US$500 million Pre-IPO financing was completed, WeDoctor announced that it planned to list its three HMO-related businesses: Micromedicine, Micromedicine, and Micromedicine as a whole in Hong Kong
.

       In early January 2020, WeDoctor, a listed A-share listed company Yi Lianzhong, increased its holdings and became the second largest shareholder.
It was interpreted by the market as wanting to log in to the capital market through a backdoor method, but WeDoctor did not continue to operate since then
.

       In March 2020, WeDoctor went to Hong Kong for an IPO, but nothing happened afterwards
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       The latest news is-in April 2021, WeDoctor officially submitted a listing application to the Hong Kong Stock Exchange, and the results have not yet come out
.

       WeDoctor started from the registration network established in 2010.
It is the first batch of Internet medical companies and has many pioneering achievements and achievements
.

       As early as 2015, WeDoctor established the first domestic Internet hospital, Wuzhen Internet Hospital, pioneering Internet medical services such as online diagnosis and treatment, prescription circulation, and medical insurance online payment
.

       It is worth noting that WeDoctor and the three currently listed Internet medical companies Ali Health, JD Health, and Ping An Health are called the "Four Kings", but WeDoctor has taken a completely different route from the other three
.

       Alibaba Health and JD Health mainly rely on selling medicines and health products, and Ping An Health also sells medicines and medical services, but WeDoctor’s income is mainly through health services, WeDoctor mobile medical platforms, etc.
, providing patients with triage guidance and appointment registration , Medical payment services, health maintenance and other medical services and services
.

       The prospectus shows that in the past three fiscal years of 2018, 2019, and 2020, WeDoctor’s operating income was 255 million, 506 million, and 1.
832 billion yuan, respectively, and the corresponding net profit was 4.
052 billion and -19.
37 billion, respectively.
Billion and 1.
914 billion yuan
.

       At present, continuous losses and profitability problems remain unsolved is still one of the biggest pain points of WeDoctor
.

       Some analysts say that although WeDoctor has its first-mover advantage and rapid revenue growth, its sales and marketing expenses are relatively large.
If the profitability problem remains unsolved, it will become increasingly difficult for IPOs to capture the favor of investors, especially Compared with peers that have large platforms to provide traffic support and technical support, WeDoctor's first-mover advantage is being consumed.
In the future, both business development and profitability will face greater challenges
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       The chaos of Internet drug sales: prescriptions are proliferated in seconds, and audits are in vain

       On the whole, most of the Internet medical giant platforms rely on the business of re-selling drugs.
The gradual liberalization of online prescription drugs has brought huge market space for these platforms, and has also created many chaos.
Among them, "prescriptions in seconds are flooded.
" The chaos such as "audit is in vain" brings many hidden dangers
.

       Prior to this, many media have exposed the chaos of prescription drugs prescribed by the Internet medical platform in seconds, and the People's Daily has publicly criticized it by name
.

       When we tried to buy drugs through Meituan, Dingdang Kuaiyao on Meituan, JD Health and Ali Health to buy the same prescription drug-"Sunflower Liver Pills", we found that the prescription review was still effortless, like a formality
.

       Among them, Meituan buys drugs and Dingdang Kuaiyao on Meituan are paid first and then submitted.
If you don’t have a prescription, you can choose to ask for an online consultation.
The exaggeration is that after choosing an online consultation, the user has not yet spoken.
The doctor said everything in one breath, sent us the prescription, and ended the conversation
.

       Ali Health and JD Health need to fill in the information before buying the medicine, then pay, and submit for review.
Similarly, if you don’t have a prescription, you can choose to ask for an online consultation, and you can prescribe in seconds after consultation
.

       Regarding such chaos, some experts said that prescription drugs are inseparable from the diagnosis of professional doctors and the guidance of pharmacists during the use process.
Internet medical platform logistics can pursue fast, but health should not only be fast, but more consideration should be given to drug safety.
And effectiveness
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       Reference material: Caijiandao "18 shareholders collectively withdrew, the registered capital was halved, what happened to Dingdang Kuaiyao"