Ray Yang: pioneering China’s digital health—and what comes next | Eps. 5
Intro:
In this episode of Medtech Circle, I sit down with Ray Yang, founder of Marathon Venture Partners—a fund that was early to digital health in China, launching nearly a decade ago at a time when the sector was just beginning to take shape. Long before “digital health” became an investment theme in China, Ray was already building one of the few funds solely dedicated to this space, backing the conviction that healthcare delivery, financing, and access would be fundamentally transformed by technology.
At Marathon Venture Partners, Ray and his team focus on three core pillars that define their investment strategy: improving access to care, driving efficiency across healthcare systems, and innovating around payment models. These pillars not only reflect the structural challenges within China’s healthcare system, but also serve as a lens through which to evaluate digital health opportunities.
What makes this conversation particularly compelling is Ray’s deep, cross-border perspective. Having closely observed both the U.S. and China healthcare ecosystems, he breaks down how differences in payer structures, and data environments shape the adoption of digital health in each market. From the rapid rise of digital health adoption in the U.S., to China’s advantages in digital access, data aggregation, and implementation speed, Ray offers a nuanced view of how two fundamentally different systems are evolving—and what each can learn from the other.
We also dive into one of the most debated topics today: whether China’s digital health companies will follow a similar path to biotech in contributing to the global ecosystem. Ray brings a fresh perspective, arguing that while commercialization pathways differ, the underlying dynamics—particularly around partnerships and “out-licensing”—are more similar than they appear. Drawing from the history of Chinese pharma, he emphasizes channel capability, rather than innovation itself, often determines global success.
Finally, we explore how leading Chinese digital health companies are thinking about international expansion today, and what they look for in U.S. partners—from clinical validation to commercialization.
Ray remains deeply optimistic that, much like biotech, China’s digital health sector will increasingly play a meaningful role on the global stage. This episode is a thoughtful and strategic look at where digital health stands today in China—and where it’s heading to next.
To reach out for this episode: https://www.linkedin.com/in/ray-yang-11018a/; tiffanyxu@seasaltpartnersllc.com
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