Cosmetic surgery platform SoYoung opens internet hospital
China's leading online cosmetic surgery platform SoYoung is foraying into internet hospital sector as part of its efforts to extend its presence in online consumer healthcare.
The Nasdaq-listed company announced earlier this week that it had officially obtained medical practice license for its internet hospital in Chengdu, capital of Sichuan province and one of the cradle cities of China's cosmetic surgery industry.
The company said it had got business license in as early as March from the government for internet hospital, and its co-founder and CEO Jin Xing said the company aims to become "a comprehensive online healthcare platform".
The internet hospital's nominal capital was 100 million yuan ($14.80 million), and its departments include plastic surgery, dermatology, medical aesthetics, stomatology, ophthalmology, obstetrics and gynecology, and traditional Chinese medicine, which are all highly marketized medical sectors in China.
Chinese people's demand for high-quality and well-regulated consumer healthcare services is huge, but there are illegal service providers on market that pose threat to consumers' health, the company said.
Although some specialist hospitals have achieved remarkable revenue growth through cooperation with internet hospitals, and some general hospitals and internet companies have entered the sector of consumer healthcare through establishment of internet hospitals, China market still lacks reputable and efficient internet platforms for consumer healthcare services, the company said.
According to research institute Frost & Sullivan, China's medical aesthetics market will hit 150 billion yuan in 2020; the ophthalmology market was 170 billion yuan in 2019 and will grow by 13 percent to 15 percent per year within the next five years.