Eyeing the future: Dennis Lam

Founder and President of C-MER Medical Dennis Lam has led this highly innovative healthcare provider from its initial ophthalmic area of expertise into an exciting new phase of development, as it rapidly expands into dental, old age care provision and the development of an anti-cancer drug.

China’s healthcare industry has undergone vast structural upheaval in recent years. The COVID-19 pandemic, a turbulent global economy, the government’s volume-based procurement rules – they have all impacted the status quo, forcing providers to re-evaluate their long-term growth strategy.

"The pandemic years really changed the way China looks at healthcare provision," Lam tells The CEO Magazine. "Policy change was already happening, but the pandemic accelerated the government’s ambitions to rapidly improve access while reducing prices. Tough business circumstances, and the changing rules, forced us providers to think outside the box."

For Hong Kong-based C-MER Medical, thinking outside the box meant looking north and west, toward the Chinese mainland and, specifically, the Greater Bay Area (GBA).

A megatrend in the making

Almost every weekend, upwards of half a million people cross from Hong Kong into major Chinese GBA cities, including Shenzhen and Zhuhai. They go to enjoy significantly lower prices on retail, dining experiences and, increasingly, non-urgent medical services such as dental care.

"Hong Kong’s public healthcare is excellent and heavily subsidized, but its population density means waiting times are often long," Lam says.

"Private healthcare gets you faster service, but the cost is often prohibitive. So, we decided to cater to this growing consumer segment, giving them a third option."

This increasingly attractive third option takes the form of newly built hospitals and clinics that are on the Chinese mainland but placed conveniently at the border between Shenzhen and Hong Kong.

Currently, C-MER experiences 15,000 dental visits from the Hong Kong population every month. With prices at roughly 50 percent of what they would expect to pay in Hong Kong, plus the convenient travel factor, the appeal of this offering is plain to see.

"We’ve been a pioneer in the cross-border medical services space for just over a decade. Now we’re playing comfortably in the dental, oncology, an anti-cancer drug and aged-care home spaces." Lam says.

"We’ve adapted to survive, and this transition has placed us in a strong position to leverage new trends regarding medical technology and how patients plan and budget for their health."

Graciousness over greed

Having weathered the difficult years of 2020–2023, Lam feels that the next phase of C-MER Medical’s development is in sync with that of China’s medical services industry.

"We’re ready to reinforce our recent successes across the GBA, and then replicate them wherever there is scope to improve access and cut waiting times for Hong Kong residents," Lam says.

C-MER Medical’s Founder also places great stock in the company’s growing ability to anticipate, support and develop novel drugs and medical devices. Its recent laser technology investment of US$3 million is likely to net the company a six-to-seven-fold return, while its oral anti-cancer drug is due for another fundraiser round, with an initial planning for public offering in late 2026.

Once established as a purchasable product, Lam estimates this could represent US$1 billion a year in sales for C-MER Medical.

When asked about his business values, and how they tie into this remarkable turnaround story, Lam insists that long-term success in the healthcare industry is only achievable with the right attitude toward fostering partnerships built on mutual respect.

"You think you’re smart, but most of your partners are at least as smart as you, if not smarter. At this level, your partners know if they are getting their fair share or not. If you constantly try to maximize your income at their expense, it sours the relationship to everyone’s detriment," he says.

"So be gracious, be generous, don’t be greedy and the value of the partnership will outweigh whatever marginal gains you might have achieved in the short-term."

This philosophy of innate fairness, empathy and respect extends to the consumer end of the business. Lam believes that healthcare has a uniquely psychological element that makes a provider’s reputation even more crucial.

"We’re not fixing mechanical problems here; we’re treating people’s bodies," Lam explains. "That automatically adds an emotional element to the conversation between provider and patient. You can present the subjectively best course of action, but if you can’t convince the patient that you have their best interests at heart, you have failed.

"Build a reputation for empathy, along with the business fundamentals, and the opportunities will come."