As industries like pharmaceuticals, insurance, and the internet continue to converge and integrate, the healthcare sector is experiencing an unprecedented wave of innovation. How can the public's medical burden be effectively alleviated? How should individual health and well-being be redefined? How can the complex biological world be captured, interpreted, and calculated?Centered on the theme "Computing Life," the Fifth Future Healthcare 100 Summit, hosted by Artery Network and co-organized by the Wujiang District People's Government of Suzhou and the Zhong Nanshan Medical Foundation of Guangdong Province, grandly opened in Wujiang, Suzhou on April 16.
At this summit, Magnesium Health, a highly anticipated "future giant" in the healthcare industry, returned with two prestigious honors.Not only did it rank among the top 6 on the "China Innovative Healthcare Services Top 100" list, but Magnesium Health also powerfully clinched the "2020-2021 Future Healthcare 100 Pengcheng Award • Annual Innovative Healthcare Enterprise" for its comprehensive closed-loop ecosystem integrating "Internet + Healthcare + Pharmaceuticals + Insurance" and its outstanding contributions to innovative healthcare payments. This achievement garnered unanimous recognition and acclaim from both within and outside the industry.
Pioneering Innovative Healthcare Payments
Magnesium Health Secures Two Major Honors
The Future Healthcare 100 list, hailed as the "barometer" of the healthcare industry, is China's first ranking for innovative healthcare enterprises targeting non-listed companies, jointly launched by Artery Network and Eggshell Research Institute.Its mission is to identify truly innovative enterprises representing the future of healthcare, uncover the core forces driving China's future healthcare industry, and accelerate the innovation and transformation of the healthcare sector.
Magnesium Health has consistently dedicated itself to creating innovative healthcare payment models that connect patients, pharmaceutical companies, and commercial insurance providers. This approach promotes the deep integration of financial tools with the healthcare domain, advancing the company's vision of "Universal Coverage, Worry-Free Payment."As the pioneer of the "Internet + Healthcare + Pharmaceuticals + Insurance" ecosystem model, Magnesium Health secured strategic financing from China Reinsurance in March 2020, emerging as a rising star recognized by both the healthcare industry and financial markets. Within just one year, it swiftly completed a Series B financing round of 1 billion yuan. Its ranking sixth on China's Innovative Healthcare Services List is well-deserved.
Anchored by innovative payment solutions, Magnesium Health aggregates out-of-pocket patient needs on the consumer side while seamlessly integrating pharmaceutical companies, pharmacies, insurers, and hospitals on the supply side. This approach provides robust safeguards to alleviate users' medical payment burdens. Currently, Magnesium Health has established end-to-end value chain services across the entire healthcare ecosystem, building a diversified business system encompassing patient services, commercial insurance services, and pharmaceutical company services.
"We aspire for every Chinese citizen to have genuine medical payment protection beyond basic insurance, ensuring that 'payment capacity' no longer hinders access to quality healthcare resources." This ambitious vision and founding mission infuse Magnesium Health with dynamic energy, driving us forward.Receiving these two honors represents both recognition and expectation. It signifies industry acknowledgment of Magnesium Health's efforts in building a multi-tiered healthcare security system, where innovative medical payment models have tangibly benefited numerous patients.
Healthcare for All, Payment Made Easy
Magnesium Health's Forward-Looking Strategy Advances Multi-Tiered Medical Payment System
Focusing on four key areas—medical insurance technology, commercial health insurance, personalized diagnostics, primary care innovation, and digital therapeutics—this conference gathered nearly 100 industry executives, academic leaders, and investment experts to share insights.As a pioneer and leader in innovative healthcare payments, Feng Hao, General Manager of Magnesium Health's Innovative Payment and Patient Services Division, was invited to share effective explorations by healthcare payment service providers in supporting the construction of a multi-tiered healthcare security system.
Photo: Feng Hao, General Manager of Magnesia Health's Innovative Payment and Patient Services Division
According to 2020 data released by the National Healthcare Security Administration, China's healthcare expenditure reached 4.7 trillion yuan in 2019, comprising 1.85 trillion yuan in personal out-of-pocket spending and 2.09 trillion yuan in basic medical insurance payments.Despite recent efforts to align pricing of "flagship anti-cancer drugs" with income growth, the high costs of innovative cutting-edge medications remain "out of reach" for many ordinary families.Social insurance is positioned to meet the basic healthcare needs of the public. In the future, commercial insurance will play an increasingly vital role in healthcare financing.
Benefiting from strong support from provincial and municipal governments and effective multi-party cooperation models, urban supplementary medical insurance has experienced explosive growth since April 2020. Currently, over 20 million people have enrolled, with total premiums reaching approximately $170 million."Through continuous industry practice and innovation, urban insurance has eliminated age restrictions, enabled premium payments via social security accounts, and even broken commercial insurance conventions by covering pre-existing conditions and providing claims. This delivers genuine protection for citizens," Feng Hao remarked. His insightful assessment of urban insurance's advantages resonated with attendees and earned unanimous praise.
Notably, guided by the principle of "enabling ordinary citizens to access quality medications and premium healthcare services at lower costs," Magnesium Health has spearheaded the nationwide trend of inclusive urban supplemental medical insurance.By February 2021, Magnesium Health had successfully launched 21 city-level affordable insurance programs, covering 34 cities and serving over 20 million policies.
In the realm of personal healthcare payments, Magnesium Health's innovation continues unabated. Its pioneering medical payment and patient welfare platform—Yakangfu—aggregates resources across the pharmaceutical supply chain. Through diversified services including efficacy guarantees, remote consultations, remote prescriptions, medication scheduling and payment, drug delivery, and patient management, Yakangfu delivers comprehensive, one-stop solutions for patients.Currently, Yaokangfu has partnered with over 50 pharmaceutical companies, covering the largest DTP pharmacy network nationwide across more than 400 cities. It benefits millions of patients and has cumulatively saved them over 1 billion yuan in medical expenses.
Looking ahead to the future of commercial health insurance, Feng Hao stated, "As a powerful supplement to public insurance, commercial insurance will gradually expand in two dimensions: extending coverage from oncology to more therapeutic areas, and diversifying services from healthy individuals to meet the varied needs of patients." Committed to delivering tailored medical payment solutions for every demographic, Magnesium Health will continue to deepen its exploration and practice in pharmaceutical and medical professional services, forging ahead along the path of science and innovation.