In 2016, China launched its Healthy China 2030 plan, aiming at improving the overall health condition of its people and raising its average life expectancy from 76.5 years to 79 years. The 14th Five-year plan (FYP) specifically outlined policies to improve the funding of public health and long-term care, as well as expanding infrastructure in rural areas, to raise its average life expectancy by one year. Such an active policy initiative coupled with a rising average income, an expanding middle-income class, and a growing population of senior people indicates that China's healthcare market is expecting substantial growth in the coming decade. Economist Intelligence Unit forecasts that healthcare spending in China will rise to 5.6% of its GDP by 2025, from 5.3% in 2018, which implies a compound annual growth rate of 7.8% in local-currency terms in 2021-25 (9.3% in US dollar terms). The total healthcare spending in China will exceed 1.2 trillion US dollars by 2025, making it the world's second largest healthcare market.
A large and fast-growing healthcare market in China will bring ample opportunities for global healthcare companies. But with an increasing number of global and local players, more demanding consumers of healthcare service, and more thorough regulations, China's healthcare market is also becoming more competitive and challenging. In this breakfast event, we will bring industry experts and business leaders to share their insights on the outlook of China's healthcare market and the strategies to resolve the challenges and to seize the opportunities.
We will discuss topics that include but not limited to:
· Long term outlooks of China's healthcare market;
· Relationship between healthcare service and people's general well-being;
· Implications of demographic change and income distribution on China's healthcare industry;
· Innovation, technology adoption, and digitalization in China's healthcare industry;
· Localization of multinational healthcare companies in China.
Please note that this event is limited to senior-level executives and per invitation only. If you are not an existing member of The Economist Corporate Network, but would like to learn how you can attend our events, please contact us.