Advancement in science and technology to revolutionize medical sector, experts say

With the rapid advancement of science and technology, especially in the development of artificial intelligence and 5G technologies, China is approaching the "era of centenarians", and the health and medical industries will continue to grow as they converge with neighboring industries, according to a report released by CEC Capital on Thursday.

New players will enter the health and medical industry, and related industries. The focus will be on maintaining health and vitality as novel methods for identifying and curing diseases that were once unidentified or thought to be incurable are revolutionized, the report by one of China's largest investment banking platforms dedicated to the economic restructuring and new economy said.

Precision medicine and personalized treatments will become the biggest trends in the diagnosis and treatment industries around the world. The effects of many critical illnesses that were believed to be incurable, such as cancer, will be minimized. The global system for regulating and approving pharmaceutical products will become more synchronized and transparent, according to the report.

The white paper also suggested the aging of Chinese population over the next 30 years is a trend that needs attention, and that demographic shift will generate unprecedented opportunities within China's health and medical industry that will fuel the development of new medical and health services.

China is working to cooperate and synchronize its efforts with global industry leaders, and is redesigning outdated mechanisms for distributing medical services and pharmaceuticals so as to provide services to more patients, and at the same time, China's distinctively large streams of patient data could play an instrumental role as China takes an advantageous position within the global industry of digital health and diagnosis, it said.

The report said that breakthroughs in the field of biomedical technologies will minimize the impact of cancers and other diseases that were once considered incurable, so that these diseases can be recategorized as chronic or curable.

Multiple gene therapy programs have been approved overseas, and thus indicates the upcoming revolutionization in the treatment of certain illnesses and the advent of personalized precision medicine, which is key to improving treatment effectiveness and patient survival rates, it said.

Major regulatory organizations from around the world, including the US and China, are striving to speed up the approval process for new drugs, and thus, pharmaceuticals will be able to hit the market faster, while China's new science and technology stock board will also provide entrepreneurs of the innovative pharmaceutical industry with access to a new capital market.

In the field of medical technology and medical devices, the report suggested cancer-related mortality rates can be significantly reduced with the help of technologies that can detect, diagnose, and treat cancer early on, and the supervision of domestic and international medical device production is moving toward a stage of rational innovation that is meant to meet the fast-changing needs of clinical patients.

Regarding the sector of medical services, the report said the aging population and declining birth rate are fueling demand for medical services, citing there are currently 240 million people over 60 years of age in China, and the number will grow to 480 million by 2050, while the reforms related with the medical service system also aims to provide patients with increased access to the services they need at lower cost, as well as to prevent over-medication and unnecessary treatments.

Big data and other digital technologies that can provide increased insights and increased levels of transparency in medical services will boost digital medicine market, and will completely transform the connection between doctors and patients while making remote diagnoses, intelligent diagnoses, and intelligent treatments possible, the report said.

Entrepreneurs invited to a panel discussion during the release ceremony of the white paper included Gong Zhaolong, CEO of 3DMed, and former senior review expert of the United States Food and Drug Administration, and ChengZheng, chairman and president of Beijing Allcure Medical Technology Co Ltd, which focuses on providing services to hospitals regarding tumor detection and treatment.

They said the early detection market would probably become bigger than treatment market as technologies mature, despite various challenges such as overuse.