The O2O platform has ambitions to build a healthcare ecology, starting from medical aesthetics.
Medical aesthetics is the next consumption pole. Image credit: Arseny Togulev/Unsplash
SoYoung International (SY:Nasdaq) is to open an Internet hospital based in Chengdu, one of the first few recognized companies to be so approved. The approval is taken as one critical step in further deploying SoYoung’s strategy for General Health.
General Health is a concept pivoting around three ‘Ps’: Provider, Patients and Payer. As early as in March this year, SoYoung already received the business license and obtained the Practice License of Medical Institution. This implies recognizing medical professionalism and the Nasdaq-listed company’s ambition – to be a comprehensive Internet-based healthcare platform.
SoYoung’s first Internet hospital is registered at CNY 100 million and will provide seven primary departments: plastic surgery, dermatology, medical cosmetology, stomatology, ophthalmology, gynecology and Chinese medicine. A systematic service system across these seven consumable healthcare brackets indicates that SoYoung has made an attempt at a wide early business spread.
Frost & Sullivan forecasts that the market size of China’s medical cosmetology is expected to reach CNY 150 billion in 2020. The consumable healthcare market can expand at least 7.6 times based on the current scale if considering it with reference to the US per capita density.