Digital Solutions Bank Serving The Growth Of The Chinese Market
Foreign pharmaceutical companies are rapidly joining the digital trend in China. It is believed that digitalization will drive their future growth in one of their most important markets.
Stephane Mascarau, general manager of Servier China. A subsidiary of French pharmaceutical giant Servier, said that industry digitization is a trend that the entire pharmaceutical industry is accelerating through incubation, empowerment and cooperation with local start-up companies.
The company launched the WeHealth Digital Medicine Demo Day in China in 2016. Aiming to promote the digitalization of the medical field through cooperation with local technology startups.
Under this plan, the company selects and provides startup companies with innovative technologies and high-potential concepts. And provides comprehensive support to promote digital innovation. Up to now, more than 20 Chinese digital medical startups have selected from more than 120 applicants.
Mascarau stated that the company is now committed to providing Chinese patients with better treatments for chronic venous diseases and hemorrhoids through digital methods.
“We plan to identify the best digital solutions and services for chronic venous diseases and hemorrhoids. Which can create synergy with our existing products and provide patients with combined solutions rather than stand-alone solutions,” he Say.
The 2021 varicose vein health insight report released by Servier and Ali Health stated. There are an estimated 120 million patients with lower extremity venous diseases in China of which more than 80 million are women. The data shows that young patients are on the rise.
Servier said that it has also promoted online medical education. However, focusing on chronic diseases in China through strategic cooperation with digital platforms such as Alibaba, JD.com and Tencent.
In terms of turnover and prospects, China is a strategic country for our group. It considered a very important market for our future development. Mascarau said, adding that China is in the group before the United States and Russia. The first position.
The pharmaceutical company has been investing continuously to strengthen its footprint in the country. The company has invested 40 million euros (46.3 million U.S. dollars) to expand its plant in Tianjin. There is expected to increase its annual pharmaceutical production capacity from 40 million boxes to approximately 100 million boxes after the project is completed later this year.
Servier is not the only foreign industry player to bet big on China’s digital wave. British pharmaceutical giant Astra-Zeneca announced in July that its East China headquarters is located in Hangzhou, Zhejiang Province, where the Chinese e-commerce giant Alibaba is located.
The company said it will use the city’s advantages in the Internet and e-commerce to promote the application of digital technology in the field of healthcare.
In the same month, Eli Lilly and Chinese Internet giant Tencent cooperated the two vowed to use cloud technology, big data analysis, and artificial intelligence to promote innovative medical services, while building a patient-centric smart medical ecosystem.