"Cambrian" and withdrawal pain of medical investment

"Cambrian" and withdrawal pain of medical investment

With the capital investment boom of the society, the shadow of the capital winter is quietly fermented in the medical health industry. It is not uncommon for the big health industry to invest in escaping from the cold. There are still many problems behind it.

The situation of medical insurance control fees is severe, the reform of medical insurance payment methods, the total amount of control, the payment by disease type, and the point method are strengthened. The non-profit hospitals and for-profit hospitals will treat each other equally.

China's medical industry has experienced continuous growth for many years, but still has a lot of room for development. However, it should be noted that although the total health expenditure can reflect the level of medical and health financing in a country, it does not necessarily reflect the efficiency of the national health system.

Nowadays, China's health efficiency is not low, and it has already embarked on a path of health and healthy development with lower input and more people. However, China's medical efficiency still needs to be greatly improved to cope with and improve the practical problems of insufficient supply of medical resources and unbalanced resource allocation structure.

As the first-time “base”, the grassroots community general practice clinics are rapidly deployed in the country through capital blessing, and the medical commercial complex is also in the first- and second-tier cities. In the field of intensive care, the tertiary hospital has benefited from the strong strength of the past and has always been the first choice for patients. As the market division of labor has become more specialized and refined, the market demand of private specialist hospitals has increased day by day, which has become the focus of capital investment.

Medical treatment has begun to become specialized and refined. Specialized hospitals will become the most suitable segment for the medical market in the future. The construction period, opening cycle and profit cycle of specialist hospitals are shorter than those of general hospitals. It is effectively operated by market-based methods, and breakeven is usually achieved in about five years.

In the process of social medical development, China Resources Phoenix, Peking University Medical, Fuxing Medicine, CITIC Medicine and other major medical groups have taken shape, with investment from community medical clinics to tertiary hospitals.

The unified operation and management in the form of a group has become an extremely efficient business model. On the one hand, it can concentrate funds and talents to promote medical research and technological breakthroughs; on the other hand, intensive, standardized, precise, and brand-oriented, highlighting the advantages of management and control.

This makes the medical service market appear to be regional, branded, and incubator-like by capitalization.

At the same time, the new trend of medical reform has brought investment opportunities in investment in public hospitals. The formulation of policies will further open the door of public hospitals. The reform of public hospitals may become a breakthrough for capitalists to quickly obtain high-quality targets. It will often become the first echelon of transformation. The high-end medical service industry will enter a large scale in China's first-tier cities (Northern Guangzhou-Shenzhen).

医疗投资的“寒武纪”与退出之痛

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This is more complicated than investment in other areas, investment in the medical field.

High professional barriers, complex industrial chain, high supervision, and strong diversity, comparability, opaque information, and always in the process of dynamic evolution, which requires investors to have more professional, more complete knowledge reserves and The industry and policies in the sub-sectors have a profound understanding and understanding. This is often the strongest investment barrier in the medical field from other industries.

Li Qiushi, a partner of PIPE, a high-tech investment group, publicly stated: "In the past two years, the primary market for medical health investment has poured in a large amount of capital, and the valuation has bubbled up. I often see leading companies in some industries. The value is not even higher than the fourth-fifth valuation of the primary market. The leading enterprises in the secondary market have obvious head advantages, the moat is deep, and the investment risk-to-earning ratio is good, which is the ideal value investment target."

In between, the valuation of medical service projects has become a headache for investors. The value of services has no way to reflect specific values, and simply evaluating fixed assets is not a good idea.

Faced with this problem, a medical field investor said to the "polypeptide chain": "The original investment valuation is a comparison of the same type of project, comparing companies of the same volume, income, and data to price. As a result, the overall price has been “high” by the market. However, starting from the second half of this year, more investment institutions have paid more attention to the business model and calculated the overall proportion of revenue.”

Because the capital market will eventually consider the exit path, and the medical service faces a particularly big problem, it is particularly difficult to exit the A-shares. The listing of the Hong Kong stocks is the only feasible exit path.

Zeng Zhiqiang, the managing partner of Huagai Capital Medical Fund, once said: "The most painful point of medical care is not the efficiency problem, the pain point is the shortage of medical resources, or the imbalance of medical resources. Artificial intelligence can free doctors from high-intensity labor and improve Efficiency, we are looking at more in this area. The entire business model, at least for the current long period of time, is still dominated by traditional medical services."

In recent years, under the influx of capital, how many social doctors have not understood the key technologies, just for an industry dividend period, non-standard social medical treatment is very common, and the medical service level will be greatly reduced. .

For the high investment and low return of social medical treatment, it is necessary to look at the demand and development of medical services from the perspective of social responsibility and the whole industry chain, instead of just looking at the short-term cost-benefit situation, it is necessary to see the social medical market necessary. Sex and needs.

Medical care is a special industry. Only a professional medical management team, high-quality medical staff, and a medical brand as a whole can obtain a socially recognized medical institution to survive. The investment in capital operation will naturally be eliminated in the future.

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