Abstract: Online medical platforms can promote economic and social welfare development because they not only facilitate the efficient matching of medical resources but help alleviate social issues caused by local resource shortages. However, online consultation products can hardy grow in market share and revenue due to their nature as credence goods that are characterized by intangibility, heterogeneity and information asymmetry. This paper examines the impact of multi-stakeholder interactive behaviors on the commercial value realization of online medical consultation products. Based on value co-creation theory, a multi-stakeholder interaction model is constructed. Using data of 76,447 records on “haodf.com”, the study employs a negative binomial regression model to analyze the effects of relational feedback, economic feedback, payment price, response speed, and knowledge sharing on the sales of medical consultation products. The results indicate that these behaviors significantly and positively influence product sales. Platform recommendations enhance the effects of relational feedback, response speed, and knowledge sharing, while diminishing the effects of economic feedback and payment price. The study elucidates the mechanism of how multi-stakeholder interactions impact the commercial value realization of medical consultation products, identifies the relationship between price and value co-creation, and proposes a sustainable business value realization model for online medical platforms, thus providing theoretical and practical guidance for enhancing two-sided user participation and corporate performance on online medical platforms.

Key words: online medical platform, multi-stakeholder interactive behaviors, value co-creation, commercial value realization, medical consultation products