3500 results and no keyword from 
To access over 4,000 articles you need to be an HBI Deals+Insights member. This gives you up-to date news, case studies of new business models, interviews with business leaders and investors and a record of recent private equity investments. To get access, contact us on 00 44 207 183 3779 or memberships@healthcarebusinessinternational.comHealius sells Lumus Imaging to Affinity
Australian diagnostics group Healius has sold its imaging division, Lumus Imaging, to pan-Asian PE firm Affinity Equity Partners, for A$965 million (~$655 million). [+]
Civitas acquires Katharinenhof’s 27-site propco whilst Alloheim acquires opco
Civitas Investment Management, a UK-based investment firm focused on real estate and social impact investments, entered Germany for the first time, buying 26 elderly care and assisted living properties from Deutsche Wohnen, a German property management and development company. [+]
HBI News Round Up, Friday 4 October 2024
In this HBI News Round up we cover Spanish health insurer Sanitas’ new hospital in Barcelona, Indian eye hospital chain Dr Agarwals Health Care filing a draft red herring prospectus with the Securities and Exchange Board of India (SEBI), Delhi-based hospital CK Birla Healthcare’s plans to raise $150 million to expand in India, and insurer AXA Health launching an online dermatology and digestive health platform in partnership with HBSUK. [+]
Bupa expands subscription offerings with launch of Well+Silver
The UK branch of British multinational healthcare company Bupa has expanded its health and wellbeing subscription services with the launch of the Well+Silver tier for self-paying customers.
This new tier follows the bronze subscription introduced in June and is available to UK residents over 18 without Bupa insurance. [+]
Key insights from industry experts on the healthcare workforce crisis
In this week’s blog, we take a look at the critical workforce challenges in healthcare and explore strategies for attracting and retaining employees.
Protests over pay have erupted recently in France, Germany, the UK, and South Korea. In June 2024, thousands of private hospital and clinic workers in France went on strike, while in February, healthcare professionals in Germany called for better wages. In February, In South Korea, junior doctors protested against plans to increase medical school admissions, citing overwork and inadequate pay. [+]
UK's private health insurance market is consolidated, yet opportunities rise due to strained NHS
Private Medical Insurance (PMI) is now the most sought-after employee benefit in the UK, as shown in a recent study by Zest, a technology provider.
Among 2,000 UK adults surveyed, 33% ranked PMI as the top benefit, ahead of increased pension contributions (32%), employer support on energy bills (24%), and a wellbeing allowance (20%). [+]
Huma acquires eConsult as part of its mission to ‘accelerate the adoption of digital solutions across healthcare’
Huma, a London-based global health tech company, has announced its acquisition of eConsult, a digital triage platform that allows patients to make medical or administrative requests to their NHS GP practice. [+]
Extens announces acquisition of majority stake in Medicore
Extens, a France-based investment fund exclusively dedicated to healthcare software, has announced the acquisition of a majority stake in Medicore, a Netherlands-based provider of electronic patient and client records, and data-driven applications, for the healthcare sector. [+]
HBI News Round Up, Friday 27th September 2024
In this HBI News Round up we cover one of India’s top for-profit hospital providers Aster DM Healthcare launching a new hospital project in India, the Ministry of Health in Spain restricting who can perform cosmetic surgeries, the UK’s second largest private ophthalmology group Optegra’s latest NHS eye clinic, Spanish for-profit hospital group Grupo Recoletas buying two new fertility clinics and Dutch-African CarePay raising €10 million to expand.
We also look at French drugmaker Sanofi receiving two bids for its consumer health unit, PE firm LeapFrog investing $120-30 million in India’s healthcare and Bulgarian courts overturning healthcare regulations. [+]
Alan’s $4 billion valuation signals growing investment opportunities in France's digital health sector
French digital health insurance startup Alan raised $193 million in a Series F round led by Belgium's second-largest bank Belfius, marking the largest European insurtech deal this year, Bloomberg reported.
The investment raises Alan's valuation to $4 billion, up from its $2.9 billion valuation in 2022. Alan reported $388 million in 2023 revenue and aims for 40% growth in 2024. [+]
The role of the private sector in healthcare systems
This week I attended a meeting of the European Health Policy Group (EHPG) at the London School of Economics. There was a panel entitled ‘Private sector in health care - opportunity or fallacy?’ on which HBI’s founder Max Hotopf spoke. [+]
Inflexion considering taking Advanced Medical Solutions private
Mid-market PE firm Inflexion is reportedly considering a take-private of Advanced Medical Solutions (AMS), a listed UK-based medtech firm that produces technology for healing wounds and has a market cap of almost £500 million. [+]
Malaysia emerges as a preferred hub for healthcare PE investments
The Southeast Asian country Malaysia has recently witnessed a surge in private healthcare investments. This is particularly evident in the country’s top for-profit hospital provider IHH Healthcare’s latest acquisition of Island Hospital, a 600-bed private facility in Penang, Malaysia, for £970 million from the private equity (PE) firm Affinity Equity Partners. The Malaysian healthcare sector ripe for healthcare PE investments. [+]
As healthcare cyber attacks rise, what key questions should PE investors ask?
On September 20th, Reuters reported that Star Health, India’s top health insurer, suffered a massive cyber attack, exposing sensitive data—names, addresses, phone numbers, and medical records—of over 31 million customers on Telegram chatbots.
With a market capitalisation exceeding $4 billion, Star Health and Allied Insurance has a significant presence in the industry.
Star Health has not responded to an HBI request for comment. [+]
Interview: Phil Frame, NorthEdge
NorthEdge is a regionally focussed UK PE firm, headquartered in Manchester and with presence across the North and Midlands. It invests in lower mid-market companies across the healthcare, technology and business services sectors, and currently has £900m of assets under management.
In an interview with HBI, Phil Frame, Partner and Healthcare Investment Lead at NorthEdge, discussed some of the areas of healthcare innovation the firm is currently most excited about, and the abundant opportunity in the UK regions. [+]
Interview: Dr Oliver Harrison, Koa Health
Dr Oliver Harrison is the founder and chief executive of Koa Health, a UK-headquartered digital mental health company. He spoke to us about what makes Koa Health different and about the company’s new employer-funded mental health platform which he describes as the culmination of the work the company has been doing to date. [+]
A look at the top 5 imaging services (outpatient) providers across Europe - Infographic
This infographic examines the top 5 outpatient imaging services (for-profit) in Europe for 2023, with a comparison to 2022. The ranking is based on companies' outpatient imaging services revenues, sourced from HBI Intelligence. [+]
Czech government transfers responsibility for emergency care to insurance companies
The government of Czechia, commonly known as the Czech Republic, has approved a major amendment to the Act on Health Services, a law that regulates the provision of healthcare in the country. Several changes to the Act have been made, including a transfer of responsibility for funding and organising emergency care from the country’s regional authorities to healthcare insurers. [+]
EQT beats out Hillhouse to buy US BPO provider GeBBS in $850m deal
Swedish PE firm EQT will acquire US-based healthcare business process outsourcing firm GeBBS Healthcare Solutions from Indian PE firm ChrysCapital, and will reportedly pay more than $850 million for the deal. [+]
IHH Healthcare Malaysia may see corporate restructuring as shareholders seek greater control
IHH Healthcare, a leading Malaysian for-profit hospital group, may undergo corporate restructuring as key shareholders explore increasing their stakes, according to The Edge Malaysia.
Mitsui & Co Ltd, shareholder and a global trading and investment company seeks to increase its holding from 33% to 49%. Malaysian institutional funds and Luxembourg-based private equity firm CVC Capital Partners together look to gain a hold on the remaining 51% stake. [+]
India’s hospital merger between Aster DM Healthcare and Blackstone-TPG backed Care Hospitals: here’s what we know
On August 9, HBI reported on a potential merger between Aster DM Healthcare, a Dubai-based multinational hospital group with operations in Bengaluru, and Hyderabad-based Care Hospitals, owned by PE firms Blackstone and TPG. If completed the merger may lead to the creation of a new entity — possibly named Aster DM Quality Care Pvt. Ltd. — jointly managed by Aster DM’s promoters and executives from Blackstone and Care Hospitals. Both organisations currently operate approximately 4,000 beds each, with any merged entity commanding a network of over 9,000 beds. Any deal would make the new entity India’s third-largest hospital network, behind only Apollo Hospitals and Manipal Health Enterprises. [+]
How occupational health captured the interest of private equity
Europe’s occupational health market is seeing growing interest from investors as employers across the continent become increasingly amenable to taking a proactive approach to supporting their employees’ health. The sector is beginning to see significant M&A and PE acquisitions. [+]
Spire’s revenue surge hints at rising private sector opportunities delivering NHS services
On September 12, Spire Healthcare, one of the UK’s top for-profit private hospital groups, reported a rise in revenues and profits. The company stated that this surge was partly driven by increased NHS outsourcing and higher private insurance uptake among working-age individuals.
The hospital’s pre-tax profits rose approximately 12% to £23 million in the first half of the year, with revenues increasing about 13% to £763 million. Spire expects annual underlying profits to range between £255 million and £275 million, having already achieved £130.6 million in the first six months. [+]
Navigating the double-edged sword of medical AI
The question, “Can artificial intelligence make healthcare more efficient?” is a hot topic of debate. If you haven’t heard the buzz about AI in healthcare, you must be living under a rock. [+]
Cinven sells 15% stake in medical diagnostics provider Synlab to US-based investor Labcorp for €140 m
Cinven, a global private equity firm headquartered in London, has sold a 15% stake in Synlab, a medical diagnostics provider based in Munich, to US strategic investor Labcorp for €140 million (US$156 million). With this acquisition, Labcorp will join the board of Synlab alongside Cinven and other co-investors. [+]
Zerenia buys digital pain management platform Leva Clinic
Zerenia Clinic, a UK healthcare provider specialising in medical cannabis treatment, has acquired Leva Clinic, a digital health company specialising in pain management that offers a variety of behavioural self-help tools via an app as well as cannabis medication. [+]
Livi launches new employer-funded online GP service
UK telehealth company Livi (a subsidiary of Swedish telehealth company Kry) has launched an employer-funded GP service targeted at small and medium sized businesses. The new service gives employees of companies that sign up access to on-demand online video consultations with a GP via Livi’s app. We speak to Jamie Griffin, Head of Commercial (NHS) at Livi, to find out more. [+]
Alantra acquires majority stake in 13 dental labs, forming Spain's second largest platform
Alantra, a Spanish private equity firm specialising in mid-market transactions, has acquired a majority stake in 13 dental laboratories, forming the second largest dental laboratory group in Spain with €20 million in sales. [+]
Who are Europe’s top 10 for-profit elderly residential care providers? - Infographic
This infographic looks at the top 10 for-profit residential elderly care providers in Europe, ranked by country. [+]
Portuguese hospital and clinic provider CUF to invest €45 million in a new Braga hospital
CUF, Portugal’s largest private hospital group by revenue, is set to invest €45 million to build a new hospital in Braga, aimed for completion in 2027. [+]
China opens up healthcare sector to foreign investment in major policy shift
China’s Ministry of Commerce (MOFCOM) has announced the government’s intention to open up China’s hospital and healthcare market to foreign owners and operators.
[+]
UK Prime Minister Starmer stakes out position on NHS reform following Darzi Report release
UK Prime Minister Keir Starmer has unveiled plans for a decade-long reform programme for the National Health Service, potentially opening up new avenues for private sector involvement in the UK’s creaking public health system. [+]
UK Government’s ‘Darzi Review’ released, pointing to an NHS in crisis
Lord Ara Darzi's eagerly anticipated independent review of the National Health Service (NHS) paints a stark picture of a health system in "critical condition" but with "vital signs" that remain strong. [+]
Privately owned companies and PE have actually done well over the past two and a half years
This week I attended the conference of HBI’s sister company, IPEM, in Paris. The event is a meeting place for private equity GPs and LPs, and featured many interesting panel discussions on the current state of the industry. [+]
IHH strengthens hold on Malaysia’s private hospital market with Island Hospital acquisition
Listed pan-Asian hospital group IHH is acquiring Island Hospital, a 600-bed private hospital in Penang, Malaysia, for MYR 4.2 billion (~$970 million). The acquisition will bring IHH’s total Malaysian hospital footprint to 18. [+]
Aedifica buys four “futureproof” UK care homes
Belgian pan-European healthcare real estate investor Aedifica has bought four new UK care homes for a total of £61.5 million (~€73 million). Aedifica describes the homes as “futureproof” due to being highly energy efficient. [+]
Inflexion manages to raise over €1 billion in tough PE fund raising environment
London-headquartered European mid-market PE firm Inflexion has raised £975 million (~€1.15 billion) for its new fund, Inflexion Enterprise Fund VI. [+]
Bioprinting could revolutionise medicine — an interview with Vidmantas Sakalys, CEO of Vital3D Technologies
Bioprinting is an innovative 3D printing technology that can create artificial organic structures such as tissues and organs. The technology has the potential to revolutionise healthcare because the ‘printed’ structures, despite being man-made, are composed of real living cells. [+]
Enterprise Investors Fund IX acquires Polish digital dental laboratory Scan_Lab
Enterprise Investors Fund IX (EI Fund IX) has announced its acquisition of Scan_Lab, Poland's largest digital dental prosthetics laboratory. While the deal value remains undisclosed, Enterprise Investors will partner with Scan_Lab’s CEO, Damian Waliłko, to acquire 100% of the company from domestic investors, whose funds were managed by Forum TFI. [+]
Optegra buys private-pay-focused eye clinic in Yorkshire
Optegra, the UK’s second largest private ophthalmology group, has bought a new clinic in Yorkshire, bringing its total number of facilities across the country to 25. [+]
New Dutch Health Minister u-turns on promise to ban private equity investment in healthcare
Minister of Health, Welfare and Sport, Fleur Agema, has found herself following the same journey as that taken by her predecessor, Conny Holder, and has abandoned plans to prohibit private equity investment in Dutch healthcare.
[+]
Poland and CEE’s healthcare spending patterns diverge from those of Western European countries - Infographic
This infographic focuses on Polish and Central and Eastern European healthcare expenditure patterns, revealing significant differences from Western European counterparts. [+]
Australian private hospitals in crisis — dubbed ‘uninvestable' in leaked government report
An Australian government report has branded the country’s private hospitals “uninvestable" in another blow to a sector in crisis. [+]
Bupa UK launches GP subscription service for £200 per year
The UK branch of British multinational healthcare company Bupa is launching a new direct-to-consumer subscription service for primary care, giving customers access to same-day appointments with a private GP, starting at just over £200 per year. [+]
Remote patient monitoring can cut chronic disease care costs by 40% — an interview with Lasse Rousi, Medixine
Over the coming years and decades an increasing amount of care will be delivered to patients in their homes. New devices and wearables that can collect health data from people whilst they’re at home and healthcare’s digitalisation trend are opening up new possibilities, both for prevention and for providing better and more efficient care to those with chronic conditions. [+]
Paris in the springtime
Watching Paris host first the Olympic Games and now the Paralympic Games has been a pleasure that I’m sure many of you will have enjoyed this summer. The Games, which have been organised to be the most sustainable ever, have proven the ultimate showcase for a city which will always be synonymous with enlightenment and of course romance. [+]
With rising interest in green hospitals, what do investors need to know about sustainable infrastructure?
Private equity (PE) is increasingly investing in healthcare due to high returns and societal impact. HBI recently reported on the rebound in European healthcare investments, with ~€9 billion across 154 deals by August 2024, signalling renewed sector momentum after 2023’s decline. [+]
HBI News Round Up, Friday 30th August 2024
In this HBI News Round Up we cover the investment summary of pan-European firm Affidea's Romanian branch the first half of 2024, global leader in RNA-based genomic diagnostics BioNexus Gene Lab Corp’s investment into a pioneering Malaysian healthcare technology firm, Ascension Innovation Sdn Bhd, and Portuguese hospital group CUF's profits results for the first half of 2024. [+]
Siemens Healthineers to acquire Novartis’ diagnostics division
German multinational medtech firm Siemens Healthineers is going to acquire the diagnostic division of Swiss-based multinational pharmaceutical company, Novartis AG. [+]
Global medtech company Getinge to acquire organ transport products and services company Paragonix Technologies
Sweden-based global medtech company Getinge is going to acquire 100% of US-based organ transport products and services company Paragonix Technologies, for approximately $477 million. [+]
Mubadala and CBC Group acquire Belgian biopharma UCB’s China operations
UCB, a Belgian biopharma company, plans to divest its business in China, to CBC Group, a Singapore-based investment firm, and Mubadala, a global investment company from Abu Dhabi, for $680 million.
The deal, pending regulatory approval, is expected to close in Q4 2024 and includes UCB’s neurology and allergy portfolios, as well as its manufacturing site in Zhuhai, China. [+]
UK launches £400 million public-private partnership to address critical need in pharmaceutical testing
The UK’s Department of Health and Social Care (DHSC), NHS England, and the Association of the British Pharmaceutical Industry (ABPI) have launched a £400 million initiative to improve the country’s pharmaceutical testing capabilities.
Termed the ‘Voluntary Scheme for Branded Medicine Pricing, Access and Growth’ (VPAG), this public-private investment will create up to 18 new clinical trial hubs across the UK, speeding up the development and availability of new medicines, as detailed in the August 28 press release. [+]
France's top 10 for-profit healthcare providers and their sectors - Infographic
This infographic looks at the top 10 for-profit healthcare sectors and the respective providers in France. The list is based on the operator revenue for the year 2022, drawn from HBI Intelligence. [+]
NY-based PE firm Warburg Pincus exits India’s pharmacy chain MedPlus
Warburg Pincus, a global private equity firm based in New York, exited Indian pharmacy chain MedPlus Health Services on August 26, selling its entire 11.4% stake for approximately $100 million through an open market transaction. The sale was carried out by its Mauritius-based unit, Lavender Rose Investment Ltd. [+]
Interview: Dom Longford, Cog ADHD
Cog ADHD is a digital platform for people with ADHD. The company officially launched its new app on iOS and Android earlier this month. Dom Longford, the company’s founder, explained to HBI how the platform's holistic approach to supporting people with ADHD can help fill the gaps left by failing public mental health systems. [+]
Affidea Group to acquire Poland’s Nu-Med to improve local and European cancer care
Affidea Group, a pan-European diagnostics and specialist healthcare provider headquartered in the Netherlands, has signed a binding agreement to acquire Nu-Med, a Polish cancer care group, from Polish PE firm Enterprise Investors. [+]
Dallah Health signs ~$176m million share purchase agreement with minority shareholder Ayyan Investment
Listed Saudi hospital group Dallah Health has signed a binding share purchase and subscription agreement with minority shareholder Ayyan Investment to acquire its shares for approximately SAR 660 million riyals (~$176 million). [+]
Singapore Medical Group acquires leading Australian IVF group City Fertility
Leading Southeast Asian medical group. Singapore Medical Group has acquired a controlling stake in Australian IVF group City Fertility. [+]
Interview: Dr. Guillermo Moreno-Sanz, Zerenia Clinic
Zerenia Clinic is a UK-based private healthcare provider specialising in treatments with cannabis-based medicinal products (CBMP). Last year it attained the UK’s first ever NHS reimbursement for cannabis flowers. In an interview with HBI, Dr. Guillermo Moreno-Sanz, Scientific Director at Zerenia’s parent company, Khiron Europe (a pharma company producing CBMPs), spoke about the growing opportunity in Europe’s medicinal cannabis space. [+]
ADHD care and the growing occupational health market
ADHD is a prime example of why it’s in employers’ interest to support — financially and otherwise — their employees' health and wellbeing. [+]
CVC Capital acquires major stake in Indonesia’s Siloam Hospitals, signalling rising PE interest in Southeast Asia healthcare
CVC Capital Partners, a Luxembourg-based private equity firm, has acquired an additional 45% stake in Indonesia's chain of multi speciality hospitals, Siloam Hospitals, from the country’s conglomerate Lippo Karawaci for 16.6 trillion rupiah ($1 billion), making CVC the majority shareholder. This transaction, involving 5.85 billion shares, was announced on the Indonesia Stock Exchange. [+]
Rumours of European PE firm mulling Ramsay buyout in Aussie press
A buyout of listed multinational Australian hospital group Ramsay Health Care is rumoured to be under consideration by a European PE firm. However, an analyst we spoke to doubted whether there was substance to the rumour. [+]
Caresyntax secures $180 million in Series C extension
Caresyntax, a Berlin-based vendor-neutral surgery technology platform, has successfully raised $180 million in a Series C extension and growth debt expansion round. The financing comprises $80 million in equity and up to $100 million in a growth debt facility. [+]
Challenges in German healthcare system present opportunities for tech-focused investors
Germany's healthcare system, known for its efficiency and quality, is currently facing substantial challenges, as highlighted by a recent McKinsey survey.
The survey, conducted from November 2022 to January 2023, involved 201 physicians from various specialties and ages across Germany. While not representative, it included a diverse group of doctors. [+]
Bain Capital eyes controlling stake in India’s HCG from CVC Capital
Bain Capital, the American private investment firm, is the leading candidate to acquire a 60.4% controlling stake in India-based cancer care provider HealthCare Global Enterprises (HCG), from CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, CNBCTV18 reported.
The stake is said to have been valued at approximately $356 million, while HCG’s market value stands at $589 million despite a 3% drop in its share price this year. Negotiations are ongoing, and the deal is not yet finalised. [+]
Germany’s pharmaceutical company STADA expands its presence in MENA region
STADA, a European pharmaceutical company based in Germany, has acquired the FITO™ trademark from Leo Pharma, a multinational Danish pharmaceutical company, to expand its consumer healthcare presence in the Middle East and North Africa (MENA) region.
International law firm Bird & Bird has advised STADA Group on acquiring the FITO business from Leo Pharma in an asset deal. [+]
European healthtech investor MTIP leads investment in radiology platform Hexarad
Swiss-based European healthtech investor MTIP is leading a €13 million investment in radiology platform Hexarad through its MTIP Fund II. [+]
PE firm Cinven to become largest investor in Swedish healthy drinks and snacks company Vitamin Well
PE firm Cinven will become the largest investor in Swedish healthy drinks and snacks company Vitamin Well, pending completion of the transaction in the second half of this year subject to regulatory approvals and other customary closing conditions. [+]
The UK is a growing destination for international patients seeking private healthcare - Infographic
This infographic looks at the growing trend of medical tourism in the UK, showcasing the rising number of international patients seeking private healthcare services. The data is sourced from the Private Healthcare Information Network (PHIN) database. [+]
Swiss’s Unilabs and US-based C2N Diagnostics team up to improve Alzheimer’s diagnosis in Europe
Unilabs, a Swiss diagnostics company, has partnered with US-based medtech C2N Diagnostics to exclusively distribute C2N’s Alzheimer’s blood tests across the EU, including Norway, Switzerland, the U.K., Peru, Saudi Arabia, and the UAE. [+]
How CRISPR and HiBiT can accelerate drug discovery
CRISPR has been called one of the most exciting developments in genetic engineering. It is opening up new possibilities in medicine, particularly for discovering new types of drugs for genetic diseases and new ways of repairing and replacing organs and tissue in regenerative medicine. In an interview with HBI, Philip Hargreaves, Director of Strategic Marketing & Business Development at Promega UK, the UK branch of US biotech company Promega, spoke about how CRISPR, when combined with Promega’s innovative HiBiT technology, can accelerate the drug discovery process. [+]
HBI Diagnostics Special Report 2024
The HBI Diagnostics Special Report 2024 is an indispensable guide for business leaders and investors seeking to understand and navigate the dynamic diagnostics landscape.
The report, in a compendium format, spotlights emerging opportunities in automation, AI, and innovative service models, while addressing critical industry challenges, from workforce to regulation. It features exclusive insights from industry experts, real-world case studies, and forward-looking perspectives on market trends.
Whether you are an investor exploring emerging opportunities, or a business leader seeking operational innovations and efficiencies, and strategising for growth, this report provides the overview and intelligence you need. Gain a competitive edge by understanding the emerging themes and forces shaping the future of diagnostics, and discover how to position your business for success in this rapidly evolving sector. [+]
We are about to release a Special Report on diagnostics
For many of us, August is the time of year to take a breather, whether that is jetting off for a break at the beach, or taking some time to relax at home.
Alas, not so for us in the editorial and data teams here at HBI! [+]
Blackstone eyes landmark private healthcare merger in India
Aster DM Healthcare, a Dubai-based multinational private hospital group with operations in India’s Bengaluru, is said to be negotiating a merger with Hyderabad's Care Hospitals, one of India’s largest hospital groups. This potential merger could create India’s third largest hospital group. [+]
CVC DIF acquires medneo UK
Netherlands-based infrastructure fund CVC DIF (formerly DIF Capital Partners) has acquired medneo UK, a UK-based imaging services company. [+]
UK’s ICO moves to fine NHS software provider £6m
Advanced Computer Software Group Ltd, the company that provided IT and software services to the NHS during the 2022 ransomware attack, may face a £6 million fine from the Information Commissioner's Office (ICO), the British data and privacy watchdog. [+]
HBI News Round Up, Friday 9th August 2024
In this HBI News Round Up we cover global private markets manager CVC’s acquisition of diagnostic imaging company medneo UK, NHS and self-pay healthcare services provider Provide Community Group’s acquisition of Mind Professionals, Skanray Partners collaboration with Tata Elxsi to develop surgical imaging and healthcare innovation and wellness technology company TRIPP’s launch of an AI-powered meditation guide. [+]
Palamon considering sale options for mydentist
European PE firm Palamon Capital has hired US investment bank Morgan Stanley to advise on a potential sale of mydentist, the UK’s largest dental chain. [+]
Siemens Healthineers introduces India's first AI-enhanced eco-friendly multi-testing diagnostic analyser
German multinational medtech firm Siemens Healthineers has introduced the first AI-enhanced eco-friendly multi-testing diagnostic analyser in India at diagnostic centre Mahajan Imaging & Labs. [+]
Orchid develops first-of-its-kind virtual note taking tool for mental health
Orchid, a US-based, behavioural health electronic health record vendor, has developed a first-of-its-kind generative AI-enabled note taking tool to support mental health providers who are struggling with the burdens of administrative tasks and help patients get the care they need faster. [+]
Livingbridge sells rehabilitation provider Habit Health to Five V Capital
London-based mid-market private equity investor Livingbridge has sold Habit Health, a leading provider of integrated rehabilitation and mental health services in New Zealand, to Australasia-based PE firm, Five V Capital. [+]
Assura buys Northwest’s £500 million UK hospital portfolio
Primary care-focused UK REIT Assura has bought the entirety of multinational hospital-focused REIT Northwest Healthcare Properties REIT’s UK portfolio. The portfolio comprises 14 hospitals with an average of 36 beds each and is worth £500 million (~€583 million). [+]
Interview: Duncan Leggat, Cymphony
Cymphony is a UK company that provides customer communications solutions such as telephone answering and appointment booking to private healthcare providers. In an interview with HBI, Duncan Leggat, Cymphony’s Finance Director, argued that high quality, personalised customer service is an essential part of a good healthcare service, and that, for providers focused on the premium/private-pay part of the market, the good old fashioned telephone is generally the most effective tool for achieving this. [+]
Egypt opens door to private sector in healthcare
In May 2024, Egypt approved a law permitting private management of public hospitals, aiming to improve services. While the new law represents a potential opportunity for new investors and international operators, there are a range of factors prospective partners need to consider before entering the Egyptian healthcare market. [+]
India’s Bajaj Group eyes healthcare expansion with a chain of hospitals nationwide
Bajaj Group, a 98-year-old Indian multinational conglomerate established in 1926, is eyeing an expansion in the healthcare sector with a chain of hospitals in metropolitan areas across India, according to Indian business-focused newspaper The Economic Times. Investment plans are still being finalised. [+]
Women in the UK have higher out-of-pocket healthcare spending than men - Infographic
In this infographic we look at the out-of-pocket health spending among the UK’s working population, highlighting gender differences. [+]
Are PE firms guilty of ‘asset stripping’ hospitals?
A new study published in The Journal of the American Medical Association examines what happens to the total value of assets held by hospitals after they are acquired by PE firms, finding that it typically drops. Does this suggest PE firms are guilty of ‘asset stripping’ hospitals to enrich shareholders at the expense of hospitals’ long term interest? [+]
India’s GVK Group enters diagnostics and specialty healthcare with AI-enabled facilities
GVK Group, a diversified Indian conglomerate based in Hyderabad, plans to launch GVK Health Hub facilities nationwide, marking its entry into diagnostics and specialty healthcare. This initiative is supported by EMRI Green Health Services, a not-for-profit emergency provider within the GVK Group. [+]
Period tracking app Flo reaches unicorn status
London-based Flo Health, a menstrual cycle and ovulation tracking app, has raised over $200 million in a Series C round led by General Atlantic, a New-York based private equity firm. The funding values Flo at over $1 billion, making it the “first purely digital consumer women’s health app to achieve unicorn status”, as well as the first European femtech company to. [+]
emeis’ share price falls 26% as it downgrades 2024 EBITDAR projection
Multinational listed French nursing home giant emeis has reported strong revenue and occupancy growth for the first half of 2024. But the company’s H1 results also included a downgraded EBITDAR forecast for 2024, causing the company’s share price to fall 26%. [+]
Daily GP appointments can be capped in work-to-rule decision
The British Medical Association has announced that from 1 August 2024 GPs across England can start capping the number of patients they are willing to see under an immediate work-to-rule action. [+]
Germany's Fresenius records 8% organic growth in Q2 2024, led by Kabi and Helios
Germany-headquartered healthcare conglomerate Fresenius reported strong revenue growth in its second-quarter results on July 31. But net profit for the quarter was negative, mainly due to discontinued operations at the group's Vamed subsidiary. [+]
Indian conglomerate Peerless Group invests $120 million to expand healthcare presence
Peerless Group, India's Kolkata-based diversified conglomerate, plans to invest about ₹1,000 crore (~$120 million) into its healthcare and mixed-use real estate projects over the next three years, according to a report by The Hindu Business Line on August 1.
The group is working on the development of a 160-bed cancer care centre, the SK Roy Institute of Oncology Services (SRIOS), with an estimated investment of around ₹500 crore. [+]
How software can help hospitals improve their knowledge management and save them millions — an interview with Galia Schwarz, CEO of C8 Health
C8 Health is a software company founded two years ago to solve healthcare’s pervasive knowledge management problem. In an interview with HBI, Galia Rosen Schwarz, C8 Health’s CEO, explained why inefficient knowledge management is such a big issue in hospitals and how C8’s software addresses it. [+]
IHH ready to explore move to outcome-based payment models
Pan-Asian hospital group IHH is ready to explore the feasibility of outcome-based payment models. [+]
PureHealth announces latest revenue results
UAE-based healthcare group PureHealth has announced a 53% year-on-year increase in revenue to DH 12.5 billion (~$3.4 billion) for the first half of 2024 compared to the first half of 2023. [+]
HBI News Round Up, Friday 2nd August 2024
In this HBI News Round Up we cover the continued expansion of Caser Dental in Spain, the prospective sale of Hospital da Cruz Vermelha in Lisbon, European Commission approval of a Dutch proposal to support medical radioisotopes production for cancer diagnosis and treatment, US-based PE firms General Atlantic’s and KKR’s bid for Faridabad-based Asian Institute of Medical Sciences, pharma company Roche’s acquisition of Point of Care technology from LumiraDx, healthcare service provider’s MedNjoy Clinics’ expansion into London and Munich and PE firm, LDC’s investment in leading provider of diagnostic imaging equipment Medray Group. [+]
Government offers junior doctors in England £17.60 per hour, up from £15, to end strike
On July 29, following a prolonged junior doctor strike in England, the government proposed a 22% pay rise over two years.
This offered deal includes a backdated 4% raise for 2023-24, in addition to an existing increase of around 8-10%. For 2024-25, a further 6% raise is proposed, plus an additional £1,000 payment, bringing the total increase over two years to an average of 22%. [+]
Transform’s journey from cosmetic surgery to weight loss services company — an interview with CEO Dr. Sayani Sainudeen
UK cosmetic surgery company Transform Healthcare has gone through quite a journey in the past 15 years. In an interview with HBI, Dr. Sayani Sainudeen, Transform's new CEO, explained how the company is moving increasingly into holistic weight loss services, covering a broad range of treatments, from new injectable weight loss drugs, to surgery, to talking therapy. [+]
HBI News Round Up, 26 July 2024
In this HBI News Round Up we cover the impact of a global IT outage on UK hospitals and GP practice, reports that bankrupt Dutch primary care chain Co-Med has been raided for suspected healthcare fraud, a capital increase for Moroccan hospital group Akdital Group, investment details for private science and innovation hub owner Deeplabs, and loan-based expansion for hybrid retirement communities operator Untold Living. [+]
Australian private hospital sector in crisis: what is happening and how can it be fixed?
The Australian private hospital sector is in crisis, with approximately 80 hospitals closing in the past five years and another 12 discontinuing maternity or mental health services. Many doctors warn that private maternity services might completely close down within the next five years. The growth in private admissions has fallen significantly short of expectations, primarily due to rising healthcare service costs, increasing out-of-pocket expenses, and unaffordable health insurance. [+]
CapMan Growth leads tender offer for Innofactor
An investment consortium led by leading Nordic private asset expert CapMan Growth has made a public tender offer for all of the shares of Innofactor, a listed Finnish software provider. [+]
Stonepeak to buy New Zealand retirement village operator Arvida Group for $1.25 billion
Alternative US investment firm Stonepeak is buying out New Zealand retirement village operator Arvida Group Limited in an all-cash deal valued at $1.25 billion. [+]
US hospital operator HCA Healthcare revises annual profit forecast
HCA Healthcare, the world's largest private hospital group, has revised its annual profit forecast following strong demand for medical care and higher admissions. [+]
Aedifica divests three Dutch care homes for €31.5 million
Belgian healthcare and care home real estate investor Aedifica has announced the successful sale of three care residences in the Netherlands for €31.5 million.
[+]
Carrot and stick: Greek government offers cash incentives and threatens prescribing access amid regional workforce crisis
The Greek government, facing severe staffing shortages in its National Health System (ESY), has unveiled a series of measures aimed at enticing private doctors to fill critical gaps in rural and underserved areas. [+]
Spain’s largest cosmetics chain Centros Unico goes bust
Centros Unico, the largest chain of cosmetic clinics in Spain with clinics in Portugal and Italy as well, has filed for bankruptcy. [+]
Mumbai's Thyrocare acquires Punjab's Polo Labs for $613 million
India’s diagnostic market was around $8.66 billion in FY21, with the pathology sector accounting for ~60%. It is projected to grow to $25 billion by FY28, driven by attractive margins and growth potential. The sector has also seen considerable deal activity, including fundraising and mergers and acquisitions. In the latest acquisition, Mumbai-based Thyrocare, a fully automated diagnostic laboratory, has entered into a Business Transfer Agreement with Polo Labs, a Punjab-based pathology diagnostic company, to acquire their pathology diagnostic business. [+]
India’s 2024-25 healthcare budget leaves private sector disappointed
India’s Finance Minister, Nirmala Sitharaman, presented the new coalition government’s first budget on July 23. The Bharatiya Janata Party (BJP) won the 2024 General Election, but fell short of securing an outright majority as they had hoped. The Union Budget for 2024-25 allocated ₹ 90,958 crore ($11.09 billion) to the Ministry of Health, an increase from ₹ 89,155 crore ($10.87 billion) in the previous fiscal year. This budget replaced the interim budget previously presented on February 1. [+]
Maven invests in UK consumer healthcare company Covestus
UK PE firm Maven Capital Partners has invested in Covestus, a UK company that owns consumer healthcare brands. [+]
Health tech venture investment may also be through the bottom of its cycle
Last month we reported that healthcare M&A investment may be through the bottom of the cycle, after two years of downturn.
But it’s not just M&A of healthcare services providers that has been negatively impacted by the increase in interest rates over the past two years. Venture capital investment into health tech start-ups and scale-ups has also been affected, but now may be about to rebound. [+]
India increases public health spending, but out-of-pocket costs remain high - Infographic
In this infographic we look at the healthcare budget allocation in the world's most populous country, India. [+]
Use of AI and robots in cancer diagnosis and surgeries — an interview with Dr. T. Manohar of Apollo Institute of Urology, India
The healthcare sector is increasingly relying on AI and robots, from diagnosis to surgeries. HBI spoke with Dr. T. Manohar, Director & Chief of Urology Services at Apollo Institute of Urology, Uro Oncology, and Kidney Transplantation, about the use of AI in cancer diagnosis. [+]
Learna’s new postgraduate course on AI for healthcare workers
Online medical education platform Learna has put together a postgraduate programme on AI use in medicine, aimed at healthcare professionals who want to brush up their understanding and skills in how AI works and how they can make use of it. Dr Anish Kotecha, Learna’s Head of Medical Education, spoke to us about the motivation for creating the course and what it covers. [+]
EU Artificial Intelligence Act comes into law
The European Union's Artificial Intelligence Act (EU AI Act), was published last Friday in the Official Journal of the European Union, the final step in bringing the Act into law. [+]
UK’s largest plastic surgery group SK:N goes bust
SK:N, the UK’s largest plastic surgery provider, has gone bankrupt. [+]
Synlab finally taken off stock market by Cinven
Shares of Synlab, Europe’s largest labs group, stopped trading on July 12, marking the official completion of PE firm Cinven’s take-private. [+]
HBI News Round Up, 19 July 2024
In this HBI News Round Up we look at Indian healthcare financing startup Icanheal’s latest fundraising, Maidstone and Tunbridge Wells NHS Trust’s acquisition of a hospital currently run by UK private hospital operator Spire, the suspension of a surgeon by Spire for patient harm, French nursing home giant emeis’ sale of €24 million of real estate agreement in Portugal, funding house Unicorn India’s partial exit from medtech startup Sascan, London-based healthcare startup Huma’s fundraising to expand its AI-driven healthcare platform, and the construction of a new private hospital in Budapest, Hungary. [+]
Supermarkets and retailers enter out-of-pocket healthcare space — offer prevention, diagnostic, and screening services
While not a new trend, recent innovations spark debate on the efficiency and effectiveness of healthcare services in supermarkets.
Healthcare globally faces challenges, with the UK grappling with workforce shortages and increasing NHS wait lists. [+]
GE Healthcare partners with Cardiff's Intelligent Ultrasound to integrate AI and enhance ultrasound portfolio
GE HealthCare, the American multinational medical technology company, has signed a £40.5 million deal to acquire the AI-driven ultrasound business of Intelligent Ultrasound Group, a Welsh holding company specialising in ultrasound simulation devices for medical training.
The deal is expected to close in Q4 2024. [+]
What innovations are health tech investors most excited about in 2024?
Healthcare is a sector in which it can be hard to innovate. Regulations are tight and risk aversion is rife. This is understandable — justifiable, even — given lives are at stake. But it means the sector doesn’t see much creative destruction in the models it uses for delivering care. [+]
South Korea accepts resignations of over 10,000 junior doctors, fuelling concerns over low doctor-patient ratio
South Korea has lately made headlines due to ~10,000 trainee doctors going on strike. They are protesting against a government proposal to increase admissions to medical schools.
Following the July 15 deadline for junior doctors to return to work, the Ministry of Health and Welfare has started to accept resignations, as the doctors on strike have not responded, as reported by The Korean Herald. [+]
WHO launches European digital health transformation initiative
The World Health Organisation (WHO) has unveiled a new international and cross-sectoral initiative aimed at fast-tracking the digital transformation of healthcare systems across its European member states. [+]
Sanofi to Invest $437.24 million to expand and strengthen presence in India
Sanofi, the French drugmaker, plans to invest $437.24 million in its Global Capacity Centre (GCC) in Hyderabad, India, by the end of the decade, Reuters reported. China's low costs and speed previously made it a preferred pharma hub, but political factors are now shifting benefits to India. [+]
German hospitals in financial crisis with deficits across all ownership types - Infographic
In this infographic we look at Germany’s challenging hospital landscape. [+]
Four new growth avenues for healthcare providers — an interview with McKinsey
We sat down with Michael Morley, Partner at consulting firm McKinsey, at our annual conference last month, to discuss four new sources of revenue growth that healthcare providers are exploring. [+]
Duke Street acquires AGITO Medical from Philips amidst Europe's growing medical imaging market
On July 15th Duke Street, a leading European mid-market private equity group, has acquired AGITO Medical, the Danish based provider of used medical equipment, from Philips. [+]
Temasek to invest up to $10 billion in India, with focus on healthcare
Singapore state investor Temasek plans to invest up to $10 billion in India over three years, focusing on healthcare and financial services, Reuters reported on Monday.
Foreign investors are increasingly interested in Indian hospital chains and healthcare groups, which are expanding into smaller cities to meet rising demand as public hospitals remain overburdened and inefficient. [+]
Europe may see more healthcare providers IPO in the coming years
This week the UK’s Financial Conduct Authority (FCA), which regulates the UK’s financial markets, set out changes to the rules for publicly listing on the stock market in the UK. [+]
HBI 2024: The European lab sector has a workforce crisis — experts advance AI as a solution
The European clinical lab market has been moving towards consolidation for some time, a trend that is expected to continue.
During the final panel session of the HBI 2024 conference, "Laboratory Diagnostics – Growth Beyond Consolidation," the panellists agreed that the laboratory sector is already highly consolidated, and collectively debated as to whether there is still room for further consolidation within Europe. [+]
UK overhauls stock market listing rules
The UK’s Financial Conduct Authority (FCA) has set out new rules for companies listing on the stock market in the UK. The new rules aim to attract more IPOs to the UK and boost growth by simplifying the listing process and bringing it more in line with other countries. [+]
Rising NHS waiting lists drive UK patients to private cancer care
Cancer care in the United Kingdom is struggling, according to a recent paper in The Lancet Oncology, a medical journal covering clinical cancer specialties. Nine experts and academics in oncology warn that the NHS is approaching a tipping point, with survival rates lagging behind those of many other developed nations. [+]
Charme Capital Partners buys Italian veterinary chain Animalia
European PE firm Charme Capital Partners has bought a 56% stake in Animalia, Italy’s largest veterinary chain. The acquisition valued the group at €850 million. [+]
Chennai-based MGM Healthcare acquires SevenHills hospital in Vizag, adding over 1000 beds in 5 years
The hospital sector in India is experiencing rapid growth and acquisitions, with Indian hospital chains adopting a dual strategy of regional consolidation and expansion into Tier 2 and 3 cities. This approach strengthens their market presence in established areas while gradually extending into new regions. [+]
HBI News Roundup, 12 July 2024
In this HBI News Roundup, we look at prospective bids for French drug giant Sanofi’s consumer health division, retail giant Walmart’s options for loss recoupment after the sale of its 51 health clinics earlier this year, and Affidea’s prospective growth in Northern Ireland, among other stories. [+]
Germany seeks to reduce hospital beds, remains far ahead of other European countries
The EU’s healthcare workforce is in crisis, with health systems described as “underprepared, understaffed, and facing underinvestment.” Since the onset of the pandemic in 2020, healthcare in the EU has been grappling with significant challenges. [+]
How AI is improving diagnostic imaging
Diagnostic imaging faces similar capacity and workforce issues as other areas of healthcare. But hundreds of start-ups are developing AI tools to ameliorate the situation. According to Antoine Jomier, CEO & Co Founder of Incepto Medica, a platform for imaging AI applications, there is at least a 30-40% time-saving for radiologists and as much as a seven percentage point EBITDA margin increase for providers at stake. Patients, payors and health systems at large also stand to benefit. [+]
Northern Ireland’s largest hospital group Kingsbridge Healthcare Group bought by Exponent
UK PE firm Exponent has bought a majority stake in Kingsbridge Healthcare Group (KHG), Northern Ireland’s largest private hospital group which also has operations in the Republic of Ireland. The investment will help the group achieve its expansion ambitions across the island of Ireland. [+]
Private sector dominance in UK's diagnostics sector is increasing - Infographic
In this infographic we examine NHS wait times for diagnostic procedures and the role the private sector is playing in bridging the gap. [+]
Spanish pharma company Grifols in talks to go private
Spanish newspaper Cinco Días reported that Grifols is to be taken private in a deal involving Canadian investment management group Brookfield Capital Partners. [+]
Indian health insurer Niva Bupa files for ~$360 million IPO signalling robust activity in 2024
Niva Bupa Health Insurance, a top health insurer in India and ranked second on the country's stock exchanges, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹3,000 crore ($360 million) through an initial public offering (IPO). [+]
Surprise result in France’s national assembly elections as left wing alliance comes out on top
No clear path for the French parliament with no grouping capable of securing a majority, as the far-right National Rally unexpectedly falls to third.
The second round of the French National Assembly elections produced a shock perhaps even greater than that delivered by the National Rally’s successful European elections, as the left wing alliance defied earlier polling and emerged as the biggest grouping in the legislature. [+]
UK government and junior doctors open strike negotiations after 1.5 million appointments are cancelled
The new government frames negotiations as the first step to fix ‘broken’ NHS.
The new UK Secretary of State for Health and Social Care, Wes Streeting, has confirmed that the British government and the British Medical Association’s (BMA) junior doctors committee have re-opened negotiations to end the long-running junior doctors strike. [+]
Landslide win for Labour in UK general election
The UK’s Labour Party has won a huge parliamentary majority in the country’s national election. A labour government could mean greater opportunities for the UK’s private hospital sector, especially given the party has said it will not hesitate to use private sector capacity in tackling its “top priority” aim of cutting NHS waiting lists. [+]
HBI News Round Up, 5 July 2024
In this HBI News Round Up, we look at private equity firm TVM Capital Healthcare's investment into Saudi Arabia-based bio-generics provider Boston Oncology Arabia, French drug giant Sanofi's potential decision to invest more into its insulin production operation in Germany, a survey showing increased use of private healthcare in Hungary, UK real estate investor Impact Healthcare's sale of five care home, pan Asian private equity fund Everstone's merger of two of its healthcare companies, specialist healthcare software and data investment firm Extens' sale of software provider Must, multinational occupational healthcare provider Fullerton Healthcare Corporation Limited's launch of the first dedicated centre for executive health screening and advanced diagnostic imaging in the Philippines, medical supply drone deliveries being trialled in Ireland and healthcare logistics company UPS Healthcare's investment in more temperature-controlled vehicles. [+]
Co-Med files for voluntary bankruptcy
Troubled Dutch primary care chain Co-Med is filing for voluntary bankruptcy and closing all of its clinics, marking the end of a several month long saga in which the company faced severe financial difficulties, numerous quality complaints and legal challenges from former employees. [+]
Guest Blog: My Key Highlights from the Healthcare Business International Conference
Farid Fezoua — Global Director of Health, Education & Services, International Finance Corporation
Global healthcare is in flux. Amid shifting demographics, rapid technological transformation, climate-induced risks, and changing patient expectations in the face of widening disparities, traditional healthcare models are falling short. How do we reverse this trend and keep global development on course? What can we learn from emerging market contexts? [+]
Parties long on promises and short on detail as France holds its breath for election second round
French voters return to the polls this weekend for the second round of voting in the country’s legislative elections. 577 National Assembly seats are being contested. [+]
Private hospitals in India demand timely reimbursements under nation's largest health insurance scheme
India's Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY), the largest government-funded health insurance scheme, has enrolled 27,742 hospitals, 43% of which (11,973) are private hospitals, with 1.3 million beds. However, private hospitals are struggling financially under the scheme, citing delays and inadequate reimbursement rates. Introduced in 2018, PM-JAY aims to provide Rs. 5 lakh (~$6,100) per family annually for secondary and tertiary care hospitalisation, covering pre-hospitalisation and 15 days of post-hospitalisation expenses including diagnostics and medicines. Reports indicate that many private hospitals are lately reluctant to admit patients despite having available beds, primarily due to delays in government reimbursement of insurance claims. [+]
HCG strengthens cancer care in India with acquisition of leading south Indian hospital
HealthCare Global Enterprises Limited (HCG), an India-based cancer care provider, recently acquired the Mahatma Gandhi Cancer Hospital & Research Institute (MGCHRI) in Visakhapatnam (also known as Vizag) for Rs 414 crore (~$50 million). Veda Corporate Advisors, a mid-market investment bank, advised MGCHRI on the transaction. [+]
PMI's changing business model
Access to primary care is now the number one reason people in the UK want private medical insurance (PMI), according to data collected by UK health insurer Vitality. Other NHS countries have been seeing similar trends since Covid. Katie Tryon, Vitality’s Director of Health Strategy, spoke about how this has completely changed the PMI business model — for the better — at HBI’s conference last month. [+]
World Bank to aid Armenia with $110M loan for rising private healthcare costs - Infographic
Armenia faces high out-of-pocket (OOP) healthcare costs, primarily financed by households, which raise significant health policy concerns.
Recently, the World Bank approved a $110 million loan to help with Armenia's Enabling Universal Health Coverage Program. This initiative aims to enhance primary healthcare quality, improve government health spending efficiency, and lower financial barriers to healthcare access. [+]
Exploring 'dark labs', at-home testing potential, and the diagnostic lab sector's consolidation at HBI 2024
The global laboratory diagnostics market has grown significantly, with research estimating its value at around USD $210.58 billion in 2023. It is expected to reach approximately USD $284.38 billion by 2033, expanding at a CAGR of 3.05% from 2024 to 2033.
This growth is driven by rising chronic diseases, an ageing population, and the increasing demand for early diagnostics.
At HBI 2024, the panel 'Laboratory Diagnostics – Growth Beyond Consolidation' brought together industry experts. [+]
Healthcare innovation ETF set to launch in Europe
HANetf, a European exchange traded fund (ETF) provider with ~$4 billion assets under management, has announced a partnership with US-based asset manager Harbor Capital to launch a new UCITS ETF focused on the European healthcare sector. [+]
KKR acquires Kerala-based hospital fuelling surge in India’s healthcare PE deal activity
India saw a ~35% drop in private equity and venture capital deal activity in 2023, with investments falling from $62 billion in 2022 to $39 billion. However, healthcare investments hit a record $5.5 billion, driven by a tripling of provider investments, multi-specialty provider consolidation, and the rise of attractive single-specialty assets.
Reflecting this trend, on July 1, the US private equity firm KKR has announced an acquisition of a controlling stake in Baby Memorial Hospital (BMH), a multi-specialty hospital chain in Kerala, India. [+]
Number of PE deals in European healthcare services was 24% down in 2023 compared to 2021 peak - Infographic
In this infographic we look at the volume, i.e. the quantity, of European healthcare services M&A deals between 2019 and 2023, using data presented by Sharon Lamb, Partner at law firm McDermott Will & Emery, at HBI 2024. [+]
Bengaluru-based AI health startup secures $10.5 million, boosting India's health tech sector
Cloudphysician Healthcare, an online healthcare and technology solutions provider based in Bengaluru, recently secured $10.5 million in a Series A funding round led by Peak XV Partners, with Elevar Equity and venture debt firm Panthera Peak also participating. [+]
Eurofins’ share price falls after allegations it is “optimised for malfeasance”
Multinational French labs group Eurofins saw its share price lose almost a quarter of its value on Monday after US investigative research and investment firm Muddy Waters released a report highlighting numerous “oddities and contradictions” which it believes suggest the group is “optimised for malfeasance”. The share price regained most of its lost value after Eurofins published a rebuttal which addressed some of the issues raised in the report. However questions still remain, most pertinently over allegations that the firm’s CEO and founder, Gilles Martin, has been using real estate to “siphon” off money from the company. [+]
Healthcare — Europe’s electoral elephant in the room
“The ultimate election year” is how Time Magazine heralded 2024 in its new year coverage. 64 countries have or will be going to the polls this year, from the world’s largest democracy, India, to Kiribati, one of the smallest. [+]
Essential actions amid rising healthcare cyberattacks: all you need to know
A recent NHS cyber attack resulted in the postponement of over 1,100 operations, including nearly 200 cancer treatments, and exposed 400 GB of sensitive NHS and patient data. Cyber attacks on healthcare are growing more frequent, intensifying strain on the sector.
As healthcare undergoes greater digitisation and collects more patient data, preparing for and defending against cyber attacks is paramount for the sector's resilience. Since 2020, global healthcare data breach costs have surged by 53.3%. For the 13th consecutive year, healthcare recorded the highest average data breach costs at USD 10.93 million, according to IBM. [+]
What would a Labour government mean for private providers in the UK?
As the UK’s political parties enter the final straight for next Thursday’s general election, the outcome is all but certain, with polling strongly indicating that the Labour Party is set to return to power for the first time since 2010 — at current projections with the largest parliamentary majority in British history. [+]
NHS crisis has boosted private healthcare providers — UK general election 2024
As the UK general election of 2024 approaches, voters are contemplating their choices and the promises made by each political party. According to YouGov data, health ranks second among voter priorities, with 49% of voters believing that the UK government should increase spending on health care. [+]
Malaysia's KPJ Healthcare Bhd makes progress in bed capacity, medical tourism, and digitalisation
KPJ Healthcare Bhd, a Malaysia-based private hospital provider, recently announced plans to add up to 5,000 hospital beds by 2028 as part of its ongoing expansion efforts. During the hospital's 31st Annual General Meeting (AGM) on June 26, shareholders discussed KPJ's commitment to patient-centric care, health tourism expansion, and digital transformation. [+]
Understanding global healthcare M&A: a comparative analysis of deal volume and value (2015–2024) - Infographic
This infographic examines global M&A activity in healthcare, drawing on data from financial market intelligence platform Dealogic. [+]
IFM rumoured to be frontrunner in sale of Healius’ imaging division
Listed Australian primary care, pathology and diagnostics group Healius is selling its imaging branch, Lumus Imaging, as part of a restructuring plan to reduce the business complexity. According to local news sources, global institutional investment manager IFM Investors is now the frontrunner in the auction process. [+]
Intensification of existing hospitals as an alternative to newbuilds
Europe’s ageing population means capacity in both the hospital and nursing home sectors needs to be expanded over the coming years. But unsupportive regulatory and policy environments and unfavourable economics currently present major barriers to new developments, especially for hospitals. One alternative discussed by speakers at the ‘Investing in health care property’ panel at HBI 2024 is to get more out of existing facilities through ‘intensification’. [+]
Veterinary fundamentals as strong as human healthcare, with more consolidation opportunities and less regulatory risk
Speakers at HBI’s first ever panel on the veterinary sector made a compelling case for the sector’s investability to HBI 2024 attendees. Demand is resilient and growing, supported by a growing number of pets as well as greater expenditure from pet owners as the range of services expands. Demand growth is also supported by greater price flexibility than human healthcare typically has in most European countries. And almost all the continent’s markets remain unconsolidated. [+]
Top Indian university joins forces with Roche Diagnostics amid thriving diagnostic market
The Indian diagnostic market, predominantly driven by private players, is facing intense competition. Valued at approximately $9.59 billion in FY21, the market is projected to grow to $25 billion by FY28.
In recent news, the Manipal Academy of Higher Education (MAHE), one of India's top private universities, signed a Memorandum of Understanding (MoU) with Roche Diagnostics India, a leading biotechnology company, to establish a Centre of Excellence (CoE). [+]
European Council’s health council makes final recommendations of five-year strategic cycle — what comes next?
The Council of the European Union’s (European Council) Employment, Social Policy, Health and Consumer Affairs Council (EPSCO) convened on Friday to discuss critical aspects of EU health policy, investment in the healthcare sector, pharmaceutical reforms, workforce challenges, and health data utilisation. [+]
Four Seasons puts 46 care homes up for sale, fetching £300 million
Four Seasons Health Care Group, once the UK's largest care home provider, has put 46 facilities across England, Scotland, and Jersey up for sale. CBRE, a global real estate advisor, is overseeing the auction, which is expected to take place in the coming months. The sale is projected to raise approximately £300 million. [+]
Russian group responsible for Synnovis hack leaks NHS patient data
Qilin, the Russian group responsible for hacking Synnovis labs — a pathology services partnership between Germany’s SYNLAB Group and both the King’s College Hospital Trust and the St Thomas’ Hospital Trust — has leaked 394GB of what it claims is patient data on its darknet website and Telegram channel. [+]
HBI News Round Up, 21st June 2024
In this HBI News Round Up, we look at the outcome of Dutch primary care chain Co-Med’s bankruptcy hearing in the Netherlands, French real estate investor Transitions Europe’s entry into Spain’s care home sector, PE firm Columna Capital's latest €290m raise, Spanish hospital group Ribera Salud’s acquisition of Covadonga Hospital in Spain, the extension of the Greek government-backed EquiFund-2 programme to finance life sciences and healthcare start-ups, real estate investor PGIM Real Estate’s acquisition of UK senior housing provider Signature Senior Lifestyle, the first strike by public sector healthcare workers in Sweden in 16 years, and pan-Asian hospital group IHH's desire to enter Vietnam and Indonesia. [+]
Major topics and trends discussed at HBI 2024
HBI’s annual conference took place last week. Almost 600 attendees — comprising CXOs of healthcare providers, investors, suppliers and advisors — travelled from 40 different countries to London for the event. Over the course of three days of roundtables, workshops and panel discussions, they explored the big issues the sector faces, and the opportunities available to the private sector in helping to solve them. [+]
Finnish gym group Fysioline Fressi Oy makes first move into healthcare services
The health and wellness industry is rapidly evolving, with fitness companies expanding into healthcare services, a trend showing promise in an increasingly active market. [+]
Healthcare investment “through the bottom of the cycle” — Goldberg (Rothschild)
At last year’s conference Hedley Goldberg, Managing Director at multinational investment bank Rothschild, predicted healthcare M&A activity would begin picking up again in Q4 2023 or Q1 2024. But we’re now halfway through 2024 and there are still very few deals above €500m taking place. Goldberg is confident, however, that we have now passed through the bottom of the cycle. [+]
Addressing the healthcare workforce crisis: crucial insights from the HBI 2024 panel
Europe has faced numerous healthcare workforce strikes this year. On June 18, thousands of workers from private hospitals, clinics, and retirement homes in France went on strike. Earlier, in February, healthcare professionals in Germany protested in Berlin for better wages. [+]
Dentistry’s digital future — HBI 2024
At a fascinating HBI 2024 workshop on transforming the dental services industry, innovators outlined bold new business models designed to improve access to affordable, high-quality oral care for millions across Europe. [+]
Hospitals in South Africa make strides in reducing carbon footprint
Sustainability in healthcare featured heavily at HBI 2024. [+]
Dutch aesthetics chain Faceland exploits sector’s M&A opportunities by buying Italy’s largest chain Juneco
Pan-European Dutch aesthetics chain Faceland is taking advantage of the ample consolidation opportunities in Europe’s rapidly growing aesthetics sector by buying Juneco, Italy’s largest aesthetics chain. This marks Faceland’s first foray into the Italian market and will help the group achieve its plan to grow to over 50 clinics across its five European markets by the end of 2024. [+]
‘The Real Strike’ — France’s private healthcare sector faces fresh wave of industrial action
Tuesday June 18th saw the latest round of industrial action within the French healthcare industry, as thousands of workers across private medical settings, from private hospitals and clinics to retirement homes, went on strike. [+]
Paras Health expected to file for $120 million IPO
Northern India-based hospital chain Paras Health is set to file a Draft Red Herring Prospectus (DRHP), or offer document, with the Securities and Exchange Board of India (SEBI) by the end of June for an initial public offering (IPO) worth INR 1000-1200 crore (~$120-144 million) according to India’s The Economic Times. [+]
Change is the driver of opportunity — a new venue, new volume and new value
As an event organiser, there is always a growing sense of anticipation that builds to a crescendo before the start of an event. This is followed by the acute excitement during its delivery, and, all being well, a sense of achievement and value delivered to bask in (however briefly) afterwards. [+]
HBI 2024: New models for the new era — reflections on the conference
HBI 2024 brought together healthcare leaders, investors, and innovators from around the globe to make deals, build networks, and explore the rapidly evolving healthcare landscape. [+]
NMC Health considering sale and IPO
NMC Health, the UAE’s largest private healthcare provider, has appointed investment bank Rothschild to advise on options for its shareholders. The options under consideration include a sale and an IPO. The company was previously listed on the London Stock Exchange before it was placed into administration in 2020. [+]
HBI 2024 Day Three, Afternoon Briefing
The afternoon of day three of HBI 2024 included sessions on getting the most out of your data, elderly care, diagnostic labs, and medical aesthetics. [+]
HBI 2024 Day Two, Morning Briefing
The morning of day two at HBI 2024 included sessions on the healthcare M&A landscape, impact investment and the war for talent. [+]
HBI 2024 Day Three, Morning Briefing
The morning of day three of HBI 2024 included sessions on the right model for AI, ophthalmology, diagnostic imaging, nuclear medicine and occupational health. [+]
KKR makes AI investment in India's Infinx Services
AI continues to make inroads in healthcare. Digitalisation and the use of AI were prominent topics in nearly every panel discussion at the recent HBI 2024 conference, held from June 10 to 12, with 580 delegates from 40 countries in attendance. [+]
emeis sells portfolio of three nursing homes to Healthcare Activos
One month after selling eleven nursing homes in the Netherlands to Bouwinvest, the multinational French care home giant, emeis, has announced another significant transaction. They have entered into a sale and leaseback agreement with Healthcare Activos, a Spanish healthcare real estate investor, valued at approximately €56 million. [+]
HBI 2024 Day Two, Afternoon Briefing
The afternoon of day two of HBI 2024 included sessions on dental services, veterinary services the move to preventive healthcare, decarbonisation and the race to decarbonise. [+]
HBI 2024 Day One Briefing
HBI 2024 opened with a day of workshops, concluding with the HBI 2024 welcome reception hosted by medtech company Siemens Healthineers, and a dinner hosted by consulting firm McKinsey & Company. [+]
HBI News Round Up, 14th June 2024
In this HBI News Round Up, we look at Denmark’s new rules for foreign healthcare workers, healthcare-focused PE fund Tata Capital Healthcare Fund’s multi-million investment into pharma firm Orbicular Pharmaceutical to develop its R&D work, the awarding of a multi-million diabetes treatments contract to American pharma and medical devices group Abbott in Cantabria, Spain, and a partnership in Spain to establish a rare diseases research centre. [+]
UK private hospital admissions hit record levels in 2023 - Infographic
This infographic looks at the private hospital admissions in the United Kingdom, drawing on data from a Private Healthcare Information Network (PHIN) report. [+]
What does FCA's final anti-greenwashing rules mean for the UK healthcare sector?
In 2023, global temperatures soared to ~1.5°C above pre-industrial levels, making it the hottest year on record. As we enter mid-2024, extreme heat persists, with several Asian countries facing prolonged periods above 40°C. [+]
Modi's third term: what does it mean for India's healthcare sector?
India's Lok Sabha Elections 2024, conducted between April 19 and June 1, have concluded, with results announced on June 4, 2024. The NDA-led alliance emerged victorious, with Prime Minister Narendra Modi eyeing a third term. [+]
Saudi’s $1tn+ NEOM megaproject “poised to redefine the future of healthcare”
Saudi Arabia's $1 trillion + futuristic megaproject NEOM is not just aiming to build something unprecedented from an engineering, architectural and urban design perspective. Its plans for shaking up healthcare are equally radical. We spoke to Mahmoud AlYamany, NEOM’s Sector Head, Health and Wellbeing, to learn more about this. [+]
HBI News Round Up, 7th June 2024
In this HBI News Round Up, we look at the recent UK cyberattack that disrupted healthcare services at hospitals and GP clinics, Sweden's 'Care Recovery Plan', the plans for the Swedish island of Gotland propose the region become a pilot area for state intervention and Australia's five-year deal with pharmacists. [+]
DrDoctor partners with MBI to tackle waiting lists with AI
UK-based health tech companies DrDoctor and MBI Health have partnered to help hospitals better manage their elective care waiting lists. DrDoctor’s founder Tom Whicher explained to us how MBI’s patient stratification tools will help in the work they are doing aimed at transforming the way patients interact with secondary care and easing healthcare shortages. [+]
Healthcare Activos raises new fund worth €650m
Pan-European Spanish healthcare real estate investor Healthcare Activos has launched a new investment fund worth €650 million. This is the REIT’s second fund, and will, in contrast to the first fund, be primarily focused on making investments outside of Spain and Portugal. Jorge Guarner, Activos’ President and Founder, tells us more. [+]
UAE's Burjeel forms major joint venture with Colombia's Keralty
UAE-based Burjeel Holdings has joined forces with Colombian multinational Keralty in a cross-regional deal to establish a new healthcare enterprise aiming to deliver high-quality, affordable, and prevention-focused care. [+]
The UK’s missing middle market for dementia care
HBI recently reported on the looming dementia wave, which most countries are poorly equipped to tackle. In the UK in particular there is a huge gap in provision of care home places for people with dementia of medium severity. Eilert Hinrichs, Partner at L.E.K. Consulting, a strategy consultancy, recently co-authored an executive insight about this problem. He shared some ideas with us about what can be done about it. [+]
The future of elderly care — an interview with James Tugendhat, CEO of HC-One
With HBI 2024 now just a couple of days away, we spoke with James Tugendhat, CEO of HC-One, about the care home provider’s digitalisation and data utilisation work, which has helped it to bolster its position post-COVID and improve quality processes and outcomes. [+]
Moving the dial on sustainability — an interview with Ambika Jindal of ING
With HBI 2024 now under a week away, we spoke with Ambika Jindal, Group Head of Sustainability Integration & Implementation at ING, about the bank’s sustainability journey and the importance of sustainability generally in the healthcare sector. [+]
Guest Post: Embedding quality care into the culture of emerging market health
It is tempting to think of universal health coverage as a quantitative endeavour since, after all, the goal is to bring sustainable and accessible health care to more and more of the planet’s people. But while numbers and quantity matter, the mission is about quality at its heart. [+]
Guest Post: Building ethical governance into emerging market health care
Few relationships embody and require trust quite like the one between patients and doctors. Every minute of every day, all over the planet, people put their lives in the hands of health care professionals and the facilities they work in. [+]
TVM Capital raises $250m to invest in Saudi
TVM Capital Healthcare, an emerging markets PE firm based out of Singapore and Dubai, has raised $250 million to invest in the ongoing transformation of Saudi Arabia’s healthcare sector. The PE firm says that, when combined with co-investments from its partner base, it expects a total of $400-500 million to be mobilised by its Afiyah Fund, making it “the largest of its kind”. [+]
“Nice words, but less money” — new Dutch government announces healthcare prospectus
The newly-formed far-right Dutch coalition government of the PVV, VVD, NSC and BBB parties this month laid out its agreed policy programme in the document ‘Hoop, Lef en Trots’ (‘Hope, Courage and Pride’). While the agreement expresses the new government’s intention to improve healthcare accessibility and make the sector more attractive for workers, it also outlines substantial budget cuts that have raised concerns among healthcare industry groups. [+]
India’s journey from a nurse-surplus country to nurse-deficient country
The world is facing a major healthcare workforce crisis. The effects of shortages are already being felt across both developed and developing countries. By 2030, the World Health Organisation (WHO) predicts a shortage of 10 million health workers globally, predominantly in low and lower-middle-income countries. [+]
India's IVF market ripe for consolidation - Infographic
In this infographic we explore India's IVF market, which is ripe for consolidation. [+]
Workers in Finland’s private labs and imaging sector go on strike
Workers in Finland’s private diagnostic imaging and labs sectors have called a strike over wages. Major groups Mehiläinen, Terveystalo, Pihlajalinna, Synlab and Vita Laboratories will be affected. However, a Terveystalo spokesperson tells us the strikes “are not expected to have a material impact on providers nor risk the health of our patients”. [+]
Will Germany's hospital reform fix the sector’s problems?
Two weeks ago Germany’s cabinet government approved Health Minister Karl Lauterbach’s hospital reform. The current watered-down reform’s key feature is a proposal to move the sector’s reimbursement model away from fee-per-service payments, purportedly to reduce the incentive to overtreat. However, experts tell us the real motivation is still to shut down smaller unspecialised hospitals. Will it succeed in doing so? [+]
Labour targets 18-week maximum wait for UK NHS treatment, proposing opportunities for private sector
The UK Labour Party this week unveiled its latest election pledge — to clear the NHS backlog of patients waiting over 18 weeks for treatment within the first term of a Labour government. The party expects this to involve making greater use of the private sector. [+]
Junior doctors to strike days ahead of UK election
Junior doctors in England have announced a new round of strikes as their pay dispute with the government continues unresolved. The British Medical Association (BMA), the UK’s trade union for doctors, confirmed that junior doctors will stage a full walkout from 7am on June 27, 2024, to 7am on July 2, 2024. [+]
Careology partners with Evolent to provide digitalised care navigation for cancer patients
UK digital health company Careology has expanded into the US via a partnership with Evolent, a company that provides a care navigation service to cancer patients. Paul Landau, Careology’s founder and CEO, explained to us how the company’s digital platform will enhance the scalability of Evolent’s service, and how the care navigation model, which currently only exists in the US, could improve cancer care in Europe. [+]
How can patients be encouraged to become active consumers of healthcare?
Last week we reported on the UK government’s plan to increase the options available to NHS England patients for certain types of out-of-hospital care, in what it hailed as “the largest expansion of patient choice in the NHS in a decade”. [+]
Interview: Avinav Nigam, Co-Founder and CEO, Tern Group
Avinav Nigam and Krishna Ramkumar founded Tern Group to tackle healthcare professional shortages by harnessing the power of technology to make recruitment easier and more ethical for healthcare businesses and prospective employees alike. [+]
Slew of M&A deals expected in Germany as MVZ investment ban “off the table”
German Health Minister Karl Lauterbach’s intention to ban investors from owning outpatient facilities appears to no longer have any realistic chance of being passed. Investors and advisors are consequently gearing up for a flurry of deals in H2 from pent-up demand. [+]
UK government pushes for mandatory NHS work for new dentists
The UK government has launched a consultation proposing that new dental graduates either work in the NHS for a set period after qualifying or be faced with repaying a large proportion of their training costs. [+]
Interview: Rick Goud, Zivver
Zivver is a Dutch software company that provides solutions which help healthcare organisations improve the security of their electronic communications. The company is headquartered in Amsterdam, but its security tools are now being used all over the world. Rick Goud, the company’s founder, explained to us how they work. [+]
Fidelidade targets €500m RT1 green capital raise
Fidelidade, Portugal’s largest health insurer, is preparing a green bond sale that could raise up to €500 million, in what would be a first issuance of sustainable capital instruments by a European insurer. [+]
Spanish firms dominate Europe's fertility industry - Infographic
In this infographic we explore the top five fertility companies in Europe. The analysis is grounded in 2022 revenue data taken from our own HBI database. [+]
UK’s CMA launches inquiry into veterinary sector
The Competition and Markets Authority (CMA) has announced the launch of a full-scale investigation into the UK’s veterinary sector, following a sizeable response to its initial review in September 2023. The initial review generated 56,000 responses from pet owners and professionals, prompting the authority to launch a market investigation. [+]
Interview: Dr. Volker Wendel, Sanoptis
Dr. Volker Wendel founded Sanoptis in 2018 in Switzerland with Carsten Horn. Six years later, the group has grown to more than 400 locations across six European countries. The group was initially backed by PE firm Telemos Capital, who then sold it to Belgian holding company Group Bruxelles Lambert (in 2022). Wendel explains to us how the group is able to add value to ophthalmologists who join the network and shares which areas the group will be focusing on in the coming years. [+]
Mid Europa to sell Romanian provider Regina Maria for over €1bn
Mid Europa Partners, a central and eastern Europe-focused PE investor, is selling Regina Maria, Romania’s second largest private health care provider by revenue, after almost a decade of ownership. Turkish group Acibadem is rumoured to be likely to bid, although the group would not confirm this to HBI. [+]
How do you get patients to do what they say they will? Tastier carrots or bigger sticks?
The UK this week reported that people on long-term sick leave or classed as economically inactive has risen to 2.8 million, up 300,000 on the previous year. This statistic came fast on the heels of Prime Minister Rishi Sunak’s latest controversial speech calling for an end to the UK’s ‘sick note culture’ in a call to strip GPs of their power to sign people off work. [+]
UK NHS patients to get “largest expansion of patient choice in a decade”
Pilots to test offering UK NHS patients a choice of multiple providers, including private ones, for certain types of routine out-of-hospital care will begin in selected local areas in the autumn, in what the UK government is hailing as “the largest expansion of patient choice in the NHS in a decade”. The new options for patients could help reduce waiting lists and improve care, but risk being underutilised, as has been the fate of the NHS’ other choice-expanding initiatives to date. [+]
Ireland's nursing home bed availability declines, yet investment opportunities abound
A protest erupted last week in Nenagh, Ireland, as the Health Service Executive (HSE) and Department of Health decided to repurpose a newly constructed 50-bed community nursing home. Initially meant as a replacement for St Conlon's nursing home, the beds were redirected to ease overcrowding at University Hospital Limerick (UHL). While the HSE stated this aimed to boost bed capacity for 12 months, managed by a private operator until full staffing, residents and families expressed disappointment, anticipating a swift transition to the new nursing home. [+]
Sanofi bets on France with €1bn+ domestic biotech boost
French drug giant Sanofi has laid out plans for over €1 billion in new biotech manufacturing investments on home soil. [+]
Lauterbach’s German hospital reform set to launch
Germany’s cabinet government has approved Health Minister Karl Lauterbach’s controversial hospital reform. The draft law will now go to the Bundestag, where it is likely to pass. After several months of political wrangling, the final version is focused on moving hospital financing away from DRG-based fee-per-service payments. [+]
Flanders ban on for-profit care hits parliamentary roadblock
A proposed decree to ban profit-making in Flanders' elderly care sector has been halted in the Flemish Parliament. [+]
UK dental market is ripe for consolidation with single and dual practice dominance - Infographic
This week's infographic delves into the ownership within the UK dental market, and the key providers, with insights sourced from Christie & Co. [+]
UK government proposes sick leave reform
British Prime Minister Rishi Sunak last month unveiled plans to tighten rules surrounding sick leave. The government’s initiative aims to address what he has termed the UK's "sick note culture" by proposing a significant shift in responsibilities away from GPs to specialised work and health professionals. [+]
Examining recent M&A activity in India’s healthcare sector
It seems a week doesn’t go by without an M&A story involving India’s healthcare sector. Given this rapidly evolving landscape, what is the latest lie of the land? [+]
American Heart of Poland buys Scanmed
Two major Polish hospital groups are set to merge and become the country’s largest private provider. American Heart of Poland, the country’s second largest group by revenue, is acquiring Scanmed, a slightly smaller group. The price of the deal is reportedly around €400m. [+]
Are retirement villages still the future of elderly care?
Back in 2021 there was a definite sense amongst those involved in Europe’s elderly care sector that investment into retirement villages was set to explode. But in the last couple of years investment into new retirement village sites has stalled. Is this just a temporary blip, or are there more fundamental barriers preventing development in the sector? [+]
Quadria Capital boosts private sector's hold on India's dialysis market through NephroPlus investment
On May 6, 2024, NephroPlus, India's leading network of dialysis clinics, secured an investment of INR 850 Crores from Quadria Capital, the largest healthcare-focused private equity firm in Asia. [+]
Catalonia’s “Bioregion” booms – new AstraZeneca hub sparks 366% jump in FDI
Catalonia’s self-dubbed ‘BioRegion’ has received a significant boost in Foreign Direct Investment (FDI) following AstraZeneca’s establishment of an R&D hub in Barcelona, with 2023 FDI increasing 366% on the previous year, from €220 million to €1,025 million. [+]
Interview: Dr Tyson Welzel, Group Chief Innovation Officer, Mediclinic
With HBI 2024 now just weeks away, we spoke with Dr Tyson Welzel, Group Chief Innovation Officer at Mediclinic, about the company's focus on achieving carbon neutrality as part of its focus on innovation. [+]
Could New Zealand’s retirement village business model work elsewhere?
Paul Morgan, CEO of Wallacea Living, a luxury UK retirement village provider, recently went on a trip to New Zealand to see what could be learnt from its retirement village sector. He shared some of his findings with us. [+]
CRB Health Tech raises €20m, eyes €50m, for new digital health fund
CRB Health Tech (previously CRB Inverbio), a Madrid-based venture capital management firm specialising in health technologies, has successfully raised €20 million for its latest fund, CRB Digital Health III. [+]
emeis offloads 11 Dutch nursing homes to Bouwinvest
Multinational French care home giant emeis has finalised a deal to sell eleven nursing homes in the Netherlands to Bouwinvest. The transaction was valued at €97 million. [+]
Examining closure trends in for-profit care homes in England - Infographic
In this week’s infographic we look at the reported numbers of care home closures (voluntary and involuntary) in the UK from 2011 to 2023, as compiled by the Care Quality Commission (CQC) and reported by The Lancet, a medical journal. [+]
PAI Partners to acquire Vamed rehab clinics
French PE firm PAI Partners will become the new owner of Fresenius Vamed’s rehab business. Vamed is currently a subsidiary of German health care conglomerate Fresenius, who will continue to hold a minority stake. [+]
Far East Drug Co. acquires majority stake in Singapore’s Fullerton Health
Fullerton Health Corporation Limited (Fullerton Health), a multinational occupational health care provider in the Asia-Pacific region, confirmed on Tuesday that pharmaceutical company Far East Drug (B.V.I.) Co. Ltd (FED) is acquiring a significant stake in the Singapore-headquartered group. [+]
Supply struggles to meet demand in India’s rapidly growing mental health sector
India now surpasses China as the world's most populous nation with 1.44 billion people. The substantial population raises challenges across various fronts, notably healthcare, with mental health emerging as a particularly pressing issue. [+]
Optum and Walmart fail at telehealth and low-cost care — what does this teach us?
This week saw the news that retail giant Walmart is shutting down its 51 centres and its virtual care offering launched in 2020, and that insurer UnitedHealth’s Optum Virtual Care service was also being shut down after launching in 2021. [+]
Interview: George Murgatroyd, Medtronic
George Murgatroyd is General Manager & Vice President at the Digital Technologies division of Medtronic, the world’s largest medtech company. He explains to us how the AI-assisted video platform which Medtronic launched last month can improve the efficiency and effectiveness of the work surgeons do. [+]
Interview: Matt Williams, Group CEO & Director, Africa Healthcare Network
With HBI 2024 approaching, we spoke with Matt Williams, Group CEO & Director at Africa Healthcare Network (AHN), Sub Saharan Africa’s largest dialysis chain, about the company's pioneering work in underserved parts of the continent. [+]
Sha Wellness Clinic and IMKAN announce ‘world’s first wellness island’
Alicante-based Sha Wellness Clinic last week announced a collaborative venture with Abu Dhabi's IMKAN to develop ‘Sha Residences Emirates’, a luxury wellness residential complex located on the private island of AlJurf between Abu Dhabi and Dubai. [+]
UK sees collapse in overseas care worker applications following dependant visa ban
The number of overseas care workers applying to work in the United Kingdom has more than halved since the British government announced changes to immigration rules for those working in the care industry. [+]
PE firms buy UK care group Hartford Care with plans to double capacity by 2026
UK PE firm Foundation Partners and US PE firm Deer Capital have bought Hartford Care, a UK care home group with 21 homes across the south of England. The new owners plan to double the group’s size by 2026. [+]
DomusVi to sell Spanish mental healthcare provider Mentalia Salud
French nursing home operator DomusVi has initiated the sale of its specialised psychiatric treatment division, Mentalia Salud, according to reports from within Spain. The planned divestment follows both planned real estate sales by the group, and those completed as sales and leaseback transactions. [+]
Fidelidade announces 2025 IPO, cancels IPO of subsidiary Luz Saúde
Portuguese insurance company Fidelidade has outlined its plans for a 2025 initial public offering (IPO), following a strategic reassessment that includes the cancellation of the planned listing of its hospital subsidiary, Luz Saúde. The move signals a shift in strategy for Fidelidade, which is majority-owned by China’s Fosun International. [+]
Clariane vs. emeis: which is weathering the storm better? - Infographic
Shares of France's two listed pan-European nursing home giants, Emeis (formerly Orpea) and Clariane (formerly Korian) have both fallen precipitously since the start of 2022. Two years down the line, which group's finances are in better shape? [+]
Dutch primary care chain Co-Med faces financial stress and quality complaints
Co-Med, a Dutch primary care chain, is facing financial difficulty and possibly even bankruptcy. A part of the company that manages its call centre has already been declared bankrupt. The group has also been the subject of complaints regarding quality and (lack of) availability and timeliness of services, and being sued by former employees. [+]
Patients demand innovation, and health systems need it
A recent meeting with a private equity investor went down the path of minimally invasive surgery and the incredibly fascinating innovation in implantable medtech. [+]
HoloCare wins €8.9m to improve surgery with holograms
Norwegian Medtech company HoloCare has been awarded an €8.9m grant to continue developing its cutting-edge AI-assisted technology that can turn a CT scan into a 3D image in a matter of minutes. HoloCare’s CEO, Alison Sundset, explains to us how this technology has the potential to improve surgery. [+]
New regulations to help turn tide on health care cyberattacks
New regulatory frameworks aimed at improving cybersecurity are being introduced in both Europe and North America. This could lead to a step change in how the health care sector manages its colossal cybersecurity risks, by forcing medtech manufacturers and health care providers to make the necessary investments to improve the resilience of their tools and IT networks. [+]
The impact of changes to financial reporting rules in the Netherlands
Changes to the financial reporting and accounting rules for healthcare businesses in the Netherlands have come into force. But what will they mean in practice? [+]
Interview: Katie Tryon, Director of Health Strategy, Vitality
With HBI 2024 fast approaching, we spoke with Katie Tryon, Director of Health Strategy at UK health insurance firm Vitality, about why sustainable healthcare is so important, and key changes and surprises the sector has faced in the last 12 months. [+]
Fakeeh Care Group to list in Saudi Arabia
Fakeeh Care Group, Saudi Arabia’s fourth largest private hospital group by revenue, is going to list through an IPO on the country’s Tadawul Stock Exchange. [+]
Karl Lauterbach’s GP de-budgeting gathers momentum while his Health Kiosk programme stalls
Germany's healthcare landscape is shifting at a speed unseen in a generation, as the government confronts a series of challenges in modernising a healthcare market known for its strong interest and advocacy groups and its resistance to reform. [+]
South Korean government seeks doctor strike compromise following landslide election defeat
Following last week’s bruising parliamentary election defeat, South Korean President Yoon Suk Yeol has extended a compromise to striking junior doctors amidst industrial action that has put South Korea’s healthcare services under unprecedented strain. [+]
A new HBI for a new era
Last week I wrote about the inspiration behind the conference title “New models for the new era” and how it applies to our healthcare sector. As well as serving this market, HBI is a media business too. This week I’d like to share some thoughts about our journey and place in the market. Spoiler alert: we are branching out beyond the traditional health care services beat that has been our mainstay. Read on to find out more. [+]
Mubadala and Aster DM plan increased investment into Indian hospital sector
Abu Dhabi sovereign wealth fund Mubadala Investment Company and healthcare conglomerate Aster DM Healthcare have both declared interest in investing significant amounts in India's hospital sector. [+]
emeis (Orpea) emphasises non-financial metric improvement in 2023 results
Pan-European French nursing home group emeis (formerly Orpea) has emphasised non-financial metrics such as reduced accident rates and increased satisfaction rates in its 2023 results. The company also reported 11% revenue growth for the year, although EBITDA decreased. [+]
Indian government defends its health spending record as the country goes to the polls
The voting began in the world’s largest democracy today with 970 million eligible voters. Health ranks among the top three voter priorities in this general election. [+]
How digitalisation can add value
Hype over ‘telehealth’ is now largely a thing of the past. But there are ways that digitalisation can radically improve health care provision, and save significant amounts of time for both clinicians and patients. And many of the largest gains don’t require state-of-the-art software or advanced AI algorithms. [+]
New UK healthcare business data protection guidance published
The UK’s data protection regulator, the Information Commissioner’s Office, has published new guidance to provide regulatory certainty on how health and social care organisations keep people properly informed about the use of their personal information. [+]
UK ophtha market heating up, whilst Germany’s remains cool
The UK’s for-profit ophthalmology sector is heating up, with multiple groups likely to come up for sale this year. This is being driven by the long term increase in the amount of cataract surgeries the NHS is outsourcing. Meanwhile deal activity in Germany’s sector is still on pause, due to a decrease in cataract surgery post Covid. [+]
Spire apologises for NHS patient death
Spire, the UK’s largest for-profit hospital group by revenue, has apologised for the death of an NHS-funded patient that the company failed to transfer quickly enough to an NHS facility for intensive care. [+]
Top 5 European ophthalmology players - Infographic
This infographic showcases Europe's top 5 ophthalmology players by revenue in the reporting period 2018–2022: Veonet Group, Sanoptis, Artemis Augenkliniken, Clinica Baviera, and Optegra. [+]
Log My Care secures £3 million funding from Mercia Ventures
Log My Care, a digital platform care management platform, has secured £3 million in funding from Mercia Ventures. This new investment boosts the company's total funding to over £7 million, and is not Mercia Ventures’ first investment in the business. [+]
Neuroscience innovator Neurovalens secures FDA approval and a £2.1m funding boost
In a significant development for the Northern Irish health tech industry, Belfast-based Neurovalens has obtained medical device clearance from the US Food & Drug Administration (FDA) for their Modius Stress device aimed at treating anxiety. [+]
New models for the new era
This week I‘ve been thinking about 'New models for the new era', the conference title for HBI 2024, which will take place in London June 10-12. [+]
Manipal Hospitals to become India’s largest hospital group
India’s second largest hospital group by bed capacity, Manipal Hospitals, is set to become the country’s largest once it finalises its acquisition of Medica Synergie Private, a private hospital in Kolkata. [+]
Luz Saude IPO to finally go ahead
Luz Saude, Portugal’s second largest private hospital group by revenue, will become a listed company once again, six years after it was taken private by its insurer-owner, Fidelidade. The company has confirmed an IPO on Portugal’s Euronext Lisbon exchange will go ahead, almost a year after reports of plans to relist initially began circulating. [+]
Clariane exploring French homecare business disposal options
Pan-European listed French nursing home group Clariane is exploring disposal options for its Hospitalisation à Domicile and Services de Soins Infirmiers à Domicile (HAD/SSIAD) business in France with the members of the Comité Social et Economique Central d'Entreprise (CSEC). [+]
What can be learnt from Korea’s doctor strike?
Junior doctors in South Korea are striking in protest of the government’s decision to increase the country’s cap on medical school places by 65%, claiming it would negatively impact the quality of medical education and not fix the country’s health care shortages. With workforce being a major issue in health systems across the world — and one that is set to become increasingly pressing as populations age — this could be a portent of what is to come elsewhere. [+]
Interview: Sham Sokka, Chief Operating and Technology Officer, DeepHealth
Sham Sokka is Chief Operations and Technology Officer for DeepHealth, a digital technology subsidiary of RadNet, which is the largest provider of outpatient imaging services in the US, with almost 370 centres across the country. [+]
Guest Post: The new era in holistic health care delivery
In this Guest Post, Charles Dalton and Raju Narayan advocate for a shift towards a patient-centric, holistic healthcare delivery system to enhance efficiency and accessibility in emerging economies.
[+]
General Atlantic acquires majority stake in Indian-based Ujala Cygnus
US-based PE firm General Atlantic has acquired a majority stake in Indian hospital group, Ujala Cygnus. [+]
OMRON Healthcare completes acquisition of remote healthcare platform Luscii
OMRON Healthcare Co. Ltd, a global health monitoring and therapy medical equipment supplier, has finalised its acquisition of Luscii Healthtech B.V, a Dutch company specialising in digital health and remote patient monitoring platforms. [+]
Nordic Capital decides to hold onto Alloheim
PE firm Nordic Capital has decided not to sell German nursing home group Alloheim, and instead to refinance it. Nordic Capital says it wants to hold onto the group “for the foreseeable future”. [+]
French private hospitals to strike over measly 0.3% tariff rise
Private hospitals and clinics in France will go on strike from June 3rd, in protest of tariffs only rising 0.3% for 2024 - well below inflation. Public hospital tariffs are projected to rise by 4.3% for the year. [+]
Recare secures €3.2m for expansion of digital discharge management in Germany amidst healthcare digitisation push
Recare, a Berlin-based health tech company, has successfully raised €3.2 million in fresh capital to expand its digital discharge management marketplace in Germany. [+]
Kingdom Healthcare and Kingdom Medical merge in Northern Ireland
Specialist healthcare professional recruiter Kingdom Medical has been merged with homecare solutions provider Kingdom Healthcare. [+]
Aster DM GCC sale completed
The sale of the GCC division of healthcare conglomerate Aster DM has been completed for approximately $1bn. [+]
Terveystalo acquires SRK Group Oy to expand imaging service capabilities
Terveystalo (TTALO, Nasdaq Nordic), Finland's second largest private healthcare company, has announced its acquisition of SRK Group Oy, a provider of imaging services in the country. The acquisition, announced on April 3rd, represents a significant step for Terveystalo in its efforts to extend its range of healthcare services. [+]
Who are the UK's top 5 dentistry groups? - Infographic
Who are the biggest dentistry groups in the UK? In this infographic we look at the UK's top 5 for-profit dentistry groups, using 2022 and 2023 revenue figures. [+]
Interview: Mohit Kumar, Ultrahuman
Ultrahuman is a medtech company that provides cutting-edge health-monitoring tools. It currently has four products: a smart ring, a continuous glucose monitoring wearable, a device that monitors air quality in the home and a blood-testing product. [+]
Guest Post: Making Healthcare Affordable in Emerging Markets
In this Guest Post, Charles Dalton and Raju Narayan from the International Finance Corporation (IFC), shed light on the critical strategies required to ensure sustainable and quality healthcare for all in these regions. [+]
UK care home sector reaches strongest position in years
Whilst the care home market across much of continental Europe is still reeling from the triple hangover from Covid, the Orpea scandal and inflation, the UK’s care home sector is currently in the best state it's been in for years. [+]
Orpea rebrands to emeis amid turmoil
French care home operator Orpea has rebranded itself as emeis, in the wake of a tumultuous period marked by allegations of mistreatment in its facilities. The company's decision to change its name comes as it attempts to distance itself from the scandals that have plagued it since 2022, including accusations of abuse within its French care homes. [+]
UK dental and pharmacy staff to get new powers
Pharmacy technicians, dental therapists and dental hygienists will get new powers in the UK, following the conclusion of two government consultations. [+]
Auna becomes Latin America’s first US-listed healthcare services company
Peruvian hospital group Auna has become Latin America’s first healthcare healthcare services company to list in the US, after its IPO on the New York Stock Exchange last week. [+]
Norwegian GP platform Dr.Dropin goes international with London launch
Norwegian private GP platform Dr.Dropin has launched its first clinic outside of Norway, in Fulham, London. [+]
Italian doctor émigrés to be offered tax incentive to return home
Italian doctors who have emigrated abroad could be offered a huge tax incentive to return to Italy under a new proposal. [+]
Italy’s pharmacies to offer expanded range of services
A new draft bill has been proposed by the Italian government which will allow pharmacies to offer an expanded range of services including vaccinations, diagnostic tests and the ability to book outpatient visits to the hospital. [+]
NMC Healthcare settles with Dubai Islamic Bank out of court
NMC Healthcare, the UAE’s largest hospital group, has reached an out-of-court settlement with Dubai Islamic Bank, the UAE’s largest Islamic bank, for the last of the claims against it. [+]
European Healthcare Property Webinar: Unlocking Opportunities in the Cure Sector
This week we held the second webinar in a two-part HBI webinar series on Europe’s healthcare real estate investment landscape - European Healthcare Property Webinar: Unlocking Opportunities in the Cure Sector. The recording of the webinar is now available to watch for all HBI members. [+]
The 20-30% AI productivity boost available to health care providers right now
AI has the potential to boost productivity in health care in myriad ways. The most transformative applications will take time to be implemented, not just because of the nascent stage of the technology itself, but also because of lagging regulation and change-resistant clinicians. But there are applications which providers can implement right now that can provide huge productivity boosts. Oskari Eskola, CEO of BeeHealthy, a Mehilainen (Finland’s largest private health care group) spin-out that helps providers and insurers digitise, talks us through some of these. [+]
The best of both worlds for property investors?
Property investors are increasingly attracted to healthcare, in large part because tenants with government-backed income are a safe bet and 25-year leases are the norm. But when it comes to green or brownfield healthcare development it is generally the private sector, not the public sector with the most projects. As demand rises the private sector across Europe is taking up some of the slack with either an increased PMI or out-of-pocket spend or through public-private joint ventures. The combination of these two gusty tailwinds could prove very lucrative for property investors. [+]
RAD-x acquired by Swiss Life Asset Managers and Vesper Infrastructure Partners
Investment firms Swiss Life Asset Managers and Vesper Infrastructure Partners have acquired RAD-x, a diagnostic imaging platform operating in Germany and Switzerland. The deal is the latest in a series of major acquisitions by infrastructure funds within the diagnostics and medical imaging segment. [+]
Aster DM GCC sale nearly complete
The sale of the GCC division of Dubai-based listed hospital and pharmacy chain Aster DM, for just over $1bn, is nearly complete. [+]
Manipal looking to become largest Indian group with acquisition
Manipal Hospitals, India’s second largest hospital group by bed capacity, is in talks to acquire a smaller group in the east of the country. If the deal goes ahead it would make Manipal the largest hospital group in the country by bed capacity, knocking off rival Apollo Hospitals from the top spot. [+]
Recent PE exits with long holding periods - Infographic
We've analysed a selection of health care PE exits from the past few years, looking at cases where the company was held for longer than the typical five-year holding period. [+]
NephroPlus expands in the Philippines with acquisition
Indian dialysis group NephroPlus has solidified its position in the Philippines with the acquisition of Renal Therapy Solutions, a six-clinic provider. [+]
Is the future of care at home?
The centre of gravity of the health and care sector is shifting away from hospitals and nursing homes. Capacity and resource constraints combined with policy pushes for greater access in the community and advances in medtech mean that over the coming decades an increasing amount of care will be delivered in an outpatient setting and at home. But Joseph Musgrave, CEO of Home & Community Care Ireland, Ireland’s trade association for domiciliary care providers, warns us there is a major stumbling block: almost every country lacks a structured career pathway for carers. [+]
DaVita to become largest dialysis services provider in Latin America
Kidney dialysis services provider DaVita is going to become the largest dialysis services provider in Latin America following agreements with Fresenius Medical Care, a rival multinational group, to expand in Brazil and Colombia and enter Chile and Ecuador for the first time. [+]
Interview: Dr Anish Kotecha, Director of Education, Learna
Since online medical education platform Learna was founded in 2010 it has been helping healthcare businesses empower their healthcare professionals with continuous learning in partnership the University of South Wales. Putting his passion for educating into practice for Learna since 2023 is GP and medical education expert Dr Anish Kotecha, Director of Education. [+]
To spin or not to spin, that is the question
Success stories in digital transformation projects are likely to lead to a difficult decision for healthcare leaders: do we spin this out and build a new revenue stream and let the wider system benefit? Or do we keep it to ourselves? With the amount of investment and the number of projects underway, this dilemma will become much more common. For start-ups, could this be a worrying development? [+]
Affidea acquires two clinics in Switzerland
Pan-European imaging and diagnostics firm Affidea has expanded its operations in Switzerland with the acquisition of two clinics, a radiology centre and a gastroenterology centre. [+]
Is the future of care at home?
The centre of gravity of the health and care sector is shifting away from hospitals and nursing homes. Capacity and resource constraints combined with policy pushes for greater access in the community and advances in medtech mean that over the coming decades an increasing amount of care will be delivered in an outpatient setting and at home. But Joseph Musgrave, CEO of Home & Community Care Ireland, Ireland’s trade association for domiciliary care providers, warns us there is a major stumbling block: almost every country lacks a structured career pathway for carers. [+]
The rise of entrepreneurship amongst ophthalmologists
Last week Romesh Angunawela told us how doctors across a range of outpatient specialities are becoming increasingly interested in setting up their own businesses. This week we hear a bit more from him about how this trend applies to ophthalmology in particular, and why he co-founded OCL Vision, a three-clinic ophtha group in the UK. [+]
European Healthcare Property Webinar: How Can Real Estate Investors Improve Care?
Last week we held the first webinar in a two-part HBI webinar series on Europe's healthcare real estate investment landscape: European Healthcare Property Webinar - How Can Real Estate Investors Improve Care?
The recording of the webinar is now available to watch for all HBI members: [+]
Clariane exits the UK and makes progress on Dutch and Belgium sale
Pan-European listed French nursing home group Clariane has successfully exited the UK with the sale of its Berkley Care subsidiary. The group has also made progress on the sale of its Belgian and Dutch branches, but has not yet secured a buyer for these. [+]
How does revenue per bed compare across Europe's largest care home groups? - Infographic
How does revenue per bed compare across different nursing home providers? In this infographic we compare average revenue per bed for Europe's top for-profit nursing home groups. [+]
Advent, Carlyle and Ardian interested in buying German network Sanecum
US-based PE firms Advent International and Carlyle Group are reportedly interested in bidding for Sanecum, a doctor-led network of outpatient clinics focused on internal medicine in Germany. If it goes ahead the sale could value the group at around €1.5bn. [+]
Burjeel Holdings to triple PhysioTherabia network in Saudi Arabia
UAE-based specialty private healthcare services provider Burjeel Holdings is tripling the number of PhysioTherabia centres it operates in Saudi Arabia, as part of the company’s commitment to providing advanced physiotherapy services in the country. [+]
Meet the new generation of doctorpreneurs
Doctors are becoming increasingly interested in setting up clinics and running them as proper businesses. We spoke to Romesh Angunawela, who has recently completed an MBA especially for physicians in the US, and is the co-founder of OCL Vision, a three-clinic ophtha group in the UK. He shared his view on this trend and the factors driving it. [+]
Affidea acquires MedEuropa radiotherapy centres in Romania
Pan-European diagnostics group Affidea has continued to drive its position in Romania forward by acquiring MedEuropa Romania, a prominent cancer care provider. [+]
Interview: Michelle Westfort, Chief University Officer, InStride
InStride helps employers in the healthcare sector (as well as other sectors) to upskill their employees with workforce education programmes, which it provides to them in partnership with high-quality global academic institutions. [+]
Property investors’ role in rebuilding trust in the care sector
Reputational risk scares investors. So when a scandal over quality of care of a magnitude greater than any before hit the French nursing home sector in 2022, it sent shockwaves throughout Europe, and scared away many investors. [+]
AXA UK acquires HBSUK
Insurance company AXA UK has acquired healthcare services provider HBSUK. It shows how the group is pursuing a wider remit than traditionally expected of insurance companies. [+]
What does the new exit environment mean for portfolio companies?
The economic slowdown of the past couple of years has led to a fundamental shift in the exit environment. In healthcare services, this shift may stick. Worryingly, we are told that private equity has cooled on services, turning its attention to life sciences, pharma services and digital. The sky-high multiples paid over the past few years have scared many away, seeing a longer investment horizon and working harder on value creation to justify expected valuations. [+]
The new way to consolidate?
Consolidation has been the primary way that PE-backed private health care groups have grown in Europe. A lot of the low hanging fruit has now been picked. But canny investors are adopting new models to open up new consolidation opportunities. [+]
Dallah Health eyeing strategic expansion in Saudi Arabia
Listed Saudi hospital group Dallah Health is eyeing strategic expansion in Saudi Arabia as part of its dual aims of becoming the leading healthcare provider in the Kingdom and helping to position the country as a leading medical tourism destination. Its strategic expansion is part of its efforts to support the national Vision 2030. [+]
Ribera Salud improves EBITDA margins, contrary to reports
Contrary to reports in the Spanish media suggesting it is less profitable, Spanish healthcare group Ribera Salud’s president Alberto de Rosa tells HBI profits at the group are up. [+]
Medicharme enters liquidation
Medicharme, a medium sized French nursing home group owned by UK PE investor G Squared, has entered liquidation. The company became insolvent due to rising costs and low occupancy. The company's 43 facilities will continue to operate as normal for the time being. Takeover offers for the facilities will be examined by the courts on March 21. [+]
Ramsay Santé lags behind - but shareholders positive
Australia-based multinational hospital group Ramsay’s half year results have gained a positive response from shareholders. But the work is not yet done on the firm’s flagging European segment. [+]
San Donato may be preparing to IPO
Rumours are circulating that San Donato, Italy’s largest for-profit hospital group, is about to IPO. HBI speaks to an Italian market expert to see how likely this is. [+]
Atrys Health wins new public contracts in key hispanic markets
Listed diagnostics group Atrys Health has won three new public contracts to provide teleradiology services in Chile and Spain. [+]
Orpea issues reverse share split
Embattled French nursing home group Orpea has announced it will pursue a reverse share split on all outstanding company shares. This means current shares which are valued at around €0.01 each will be exchanged for new shares valued at €10 each, at an exchange rate of 1,000-for-one. [+]
AMEOS opens new medical campus in Germany
AMEOS Gruppe, Germany’s fourth largest hospital group by revenue, has opened a medical campus in Halberstadt, Saxony-Anhalt, to provide the clinical stage of medical degrees for 40 doctors a years, as part of a degree program which AMEOS has been running for the past three years in partnership with a Croatian university. [+]
Practice Plus Group joins Bupa UK network
Practice Plus Group, one the UK's largest private hospital groups, has partnered with multinational health insurer Bupa to give Bupa UK insurance customers access to treatment at its hospitals and surgery centres. [+]
A bright future for Finnish providers
Positive results from three Finnish healthcare giants indicate the market is on an exciting trajectory. Janne-Olli Järvenpää, CEO of Mehiläinen, the largest of the three groups, explains the opportunities for both outsourcing and private-pay - and how independent operators can make the most of booming demand in what may be Europe's "most advanced healthcare market in terms of private-pay". [+]
AXA buys minority stake in French imaging group Imdev
Capza, the PE branch of French insurer AXA, has bought a minority stake in Imdev, France's second largest radiology network. [+]
Who are Europe's biggest elderly care groups? - Infographic
Who are Europe's biggest for-profit nursing home groups in Europe? In this infographic we look at the biggest 16 for-profit nursing home groups in Europe, using both revenue and bed numbers as a measure of size. [+]
DomusVi to sell 37 Spanish and Portuguese nursing homes
Pan-European French elderly care group DomusVi is selling 37 care homes in Spain and Portugal to help shore up its finances. The portfolio is reportedly being valued at €350m+. [+]
KPJ to focus on Malaysia and exit other markets
Listed Malaysian hospital group KPJ Healthcare is selling non-core assets it holds outside of Malaysia to focus on its Malaysian hospital segment. It has already fully exited Indonesia and plans to fully exit Australia within the next two years, and may also exit Bangladesh. It still has a hospital in Thailand which it has no plans to sell, as it is focused on medical tourism - a key part of the company's strategy going forward. The company reported strong results for 2023, with revenue up 19% and core net profit up 61%. [+]
Affidea buys dental clinic in Spain and expands in Italy
Pan-European imaging and diagnostics firm Affidea has bought an advanced dental services clinic in Spain - the first such acquisition by the group - as well as two polyclinics in Italy. HBI understands the dental acquisition is part of the group's long-term strategy to move away from only providing diagnostic imaging to being more of an integrated care platform offering a range of outpatient services. [+]
What’s the solution for the looming dementia wave?
Currently there are no treatments for dementia. Money is flooding into drug discovery in the pursuit of greater understanding and a possible treatment, but in the short to medium term there is little that can be done but provide care and attempt to delay the severity. [+]
Future Fresenius plan "delivered" says CEO
The annual results of healthcare conglomerate Fresenius show CEO Michael Sen’s “Future Fresenius” plan is in full swing. So what next? [+]
Fullerton founders charged with bribing insurer
The three founders of Asia-Pacific occupational health care provider Fullerton Healthcare have been charged for paying bribes to the (now former) CEO of insurance and professional services firm Aon Singapore. A regional source tells us this is an example of the risks that come with having a more free-wheeling private health sector. [+]
Portugal's Socialist Party wants to force doctors to stay in NHS
Portugal's governing Socialist Party wants to force doctors who train in public universities to stay in the NHS for a minimum period if it wins the upcoming election. [+]
German hospital sector turmoil may ultimately benefit for-profits
For-profit hospital groups in Germany are not immune to the cost pressures which are causing many public hospitals to become insolvent. But the CEO of Germany’s fourth largest group, Ameos, tells us the restructuring of Germany’s hospital sector is necessary, and that for-profit groups may ultimately benefit by gaining greater market share. [+]
Kry continues to build health network
Livi, the UK and French brand of Sweden-based digital health and primary care provider Kry, has extended its contract with insurer Vitality. The group’s COO explains why partnering is key to digital-first providers. [+]
IHH scraps IPO plans for Indian lab
Pan-Asian hospital giant IHH Healthcare is aborting its plans to IPO its India-based indirect subsidiary Agilus Diagnostics - which was proposed in late summer last year - due to “commercial considerations”. [+]
New models for the new era
The conservative health and care services sector is in the process of being disrupted. Traditional models are being called into question. With the pandemic firmly in our rear-view mirror, the experimentation that it forced combined with gigantic leaps in technology and a shift in mindset from patient to consumer is setting the stage for fundamental change. [+]
Orpea raids ramp up
While inspections at facilities belonging to French multinational elderly care operator Orpea have been commonplace within France, news of Europe-wide police raids sweeping Belgium, Luxembourg, Italy, Portugal and Switzerland is now making headlines. [+]
EU's AI Act gets the greenlight from the European Commission
Despite opposition, the AI Act seems to be ploughing ahead right on schedule. This week, two key groups of lawmakers - the European Commission's civil liberties (LIBE) and internal market (IMCO) committees - gave their overwhelming support for the new law, which should come into force this summer. [+]
Interview: Loick Menvielle, Director of Management in Innovative Health Research Chair, EDHEC
Digital and artificial intelligence is poised to disrupt the healthcare sector, but is Europe prioritising regulation over innovation? HBI speaks to Loick Menvielle, director of management in innovative health research chair at French business school EDHEC, about the future of healthcare in France. [+]
The London Clinic opens rapid diagnostics clinic
The London Clinic, a large private hospital in London, is opening a new diagnostics centre just across from its main site in Harley Street, London, to deliver fast diagnostics services to patients wanting to skip NHS queues. [+]
Is Europe out of the inflationary woods? - Infographic
The past three years have been the most inflationary in decades for Europe. Price increases have now been brought back into a more normal range, at least for consumers. But tight labour markets and upwards pressure on wages are continuing to push up costs for labour intensive industries such as health care. [+]
Real estate matters for health care
This week we published our Healthcare Property Report 2024, an HBI Special Report delving deep into the challenges and opportunities facing real estate investors with a focus on the health care sector. [+]
Interviews: CCO and Wellbeing Director at Riverstone
Resting somewhere at the intersection between hospitality and care sits the burgeoning niche of luxury retirement villages. HBI sits down with the wellbeing director and chief commercial officer at London-based independent living facility Riverstone to learn more about this budding market. [+]
UK government's £20,000 golden hellos "not enough" to lure dentists back to ailing NHS
The UK government has announced plans to improve dental access, including offering dentists who set up NHS-serving practices in medical deserts £20,000 “golden hellos”. Five expert sources explain what this means – or doesn’t mean – for business. [+]
Cigna sells Medicare business for $3.3bn
Last week, US health insurer giant Cigna finally offloaded its Medicare business - which manages government-back health insurance for over 65s - to insurer Health Care Service Corp (HCSC). The $3.3bn cash deal finally putting industry rumours of a megadeal with rival insurer Humana to bed. [+]
Voyage Care names new CEO
A new CEO for Voyage Care - the UK’s largest provider of support for people with learning disabilities by revenue - has been named. The successor is current CCO at UK nursing home operator HC-One, Mike McKessar, who will assume the position early this summer. [+]
Affidea buys again in Romania, targets further expansion
Pan-European diagnostics group Affidea continues to consolidate Romania's diagnostics market with the acquisition of another three imaging clinics in the north of the country. It now has 53 clinics across Romania. [+]
Bupa buys chain of UK musculoskeletal clinics
Bupa, the UK's largest health care group, is buying Blackberry Clinics, a chain of 22 clinics that provide services to patients with musculoskeletal issues. [+]
EU states approve AI Act
In December, European policymakers gathered in Brussels to hash out the first framework for AI regulation. Despite threats to derail it, all 27 EU member states have now given it a collective thumbs up - but concerns around overregulation, bureaucracy, and the stifling of innovation remain. [+]
PureHealth continues investment streak
UAE-based healthcare group PureHealth has acquired a 25% stake in Sheik Shakhbout Medical City (SSMC), continuing its streak of recent expansions. [+]
How Italian hospitals are targeting private pay despite NHS flu season rush
As San Donato serves an influx of NHS flu patients, Italian groups are looking to capitalise on increases in private pay. An Italian market expert explains how they can have their cake and eat it too. [+]
Clariane sells in the Netherlands
French nursing home operator Clariane (formerly Korian) is selling half of its stake in its joint venture with European real estate investor Aedifica. The sale of the real estate for six Dutch homes for €25m follows Clariane’s plans to reduce its debt and also mirrors rival operator Orpea’s attempts to pull back from the country. [+]
HBI Special Report: Healthcare Property Report 2024
HBI’s Healthcare Property Report 2024 delves into the dynamics and opportunities in Europe’s increasingly exciting health care real estate investment market. The report includes deep dives into elderly care, acute care and primary care, as well as case studies where we interview specialist health care real estate investors who tell us about their investment strategy and share their understanding of the market. [+]
Indian medical school reforms could shrink candidate pool
The National Medical Commission (NMC) in India is pressing to improve the quality of private and government medical institutions, but a workforce expert tells HBI these changes may backfire. [+]
UK pharmacists given green light to prescribe as primary care can't cope
Pharmacists in the UK now have the right to prescribe for common ailments such as sore throats and earaches. In France, Ireland and Portugal pharmacists also have some prescribing rights and similar initiatives may be introduced in other European countries in the near future. Is this a solution to the GP workforce shortage? And will it be a good thing for private hospital and private primary care groups? [+]
IVI RMA completes Eugin to bolster North American fertility heavyweight
The sale of fertility group Eugin’s has completed, with international KKR-owned fertility heavyweight IVI RMA taking over the North American side of the asset formerly owned by conglomerate Fresenius to bolster its already impressive fertility empire. [+]
Croatian doctors threaten to strike, again
Relations between the healthcare workforce and the Croatian government appear to be souring. Having reached an agreement just nine months ago, the doctors' union is now complaining of ‘unfulfilled promises’, ‘propaganda attempts’ and ‘slave contracts.’ HBI asks, is more strike action likely to return? [+]
The case for renovating and expanding the UK's old care homes
Two weeks ago we wrote about the dire state of most of the real estate in the UK's elderly care sector, and laid out the case for investing in new builds. But another - cheaper - option for real estate investors is renovating and expanding existing buildings. [+]
HCA UK adopts Versius surgical robotic system in UK first
The rise of the robotic surgeon marches on. In a UK private sector first, hospital group HCA UK is adopting the Versius surgical robotic system. HBI speaks to an expert from UK-based consultancy Candesic to find out more. [+]
HR Round Up
January comes to an end, rounding off what has been a busy period in personnel changes. We review some of the senior appointments that kicked off the new year including at UK care home operator Cornerstone, property advisor Christie & Co, and healthcare conglomerate Fresenius. [+]
Ribera may still run PPP labs in Denia after return to public control
The Denia Hospital, a public private partnership (PPP) run by Spain-based group Ribera Salud, will return to public operations this week - but it seems this may not mark the end of Ribera’s involvement in it. [+]
Orpea opens business school
French nursing home operator Orpea is partnering with one of the top business schools in France - EDHEC - to launch a first-of-its-kind management school for the care sector. It plans to train 1,000 group managers within one year. HBI speaks to a market expert to learn more. [+]
Takeaways from IPEM in Cannes
Last week HBI was invited to chair the first ever healthcare summit at its cousin company’s flagship event IPEM in Cannes. The private capital community gathered on the Cote d’Azur to kick-off the year under the much appreciated January sun. As the sector continues to prove a safe harbour for investors despite various macro challenges, interest from private capital continues to gather momentum. Here are a few takeaways from the summit which featured speakers from EQT, Jeito, Keensight, Dementia Discovery Fund, Fremman, Pictet, Weight Partners Capital, TechLife Capital, Palladio Partners and Indefi. [+]
The rise of senior living
Elderly care is no longer what it once was. The time when more senior citizens (now, we understand, considered a pejorative term in some quarters) “retired” to a nursing home to see out their later but still healthy years is no more. Nursing homes increasingly cater only to the elderly ill. How then does one cater for the elderly well? [+]
Vamed and Median could merge to create rehab giant
Two of the largest rehab groups in Germany could be merged in what looks set to be one of 2024's biggest European health care services deals. Dutch PE firm Waterland Private Equity, which has owned Median Kliniken since 2014, is reportedly the front runner in the sale of Fresenius Vamed's rehab facilities. [+]
Bankrupt English councils a worry for care operators
As increasing numbers of local councils in England declare themselves bankrupt, fees are giving care home operators cause for concern. HBI catches up with two market experts to understand why more insolvencies are on the way, and what this could mean for the sector’s future. [+]
Who are Europe's biggest health care real estate investors? - Infographic
Who are the biggest health care real estate investors in Europe? As part of our deep-dive into Europe's health care real estate investment landscape we've put together a list of investors with over €500m health care assets under management. [+]
New entrants could disrupt "tough" fertility market
The cost-of-living crisis is having a huge impact on fertility patients, making the sector ripe for disruption. A fertility expert tells HBI cunning new entrants will be the winners while established PE could well be the losers. [+]
Ardian to buy France's largest pharmacy chain and make it multinational
French PE firm Ardian has entered into exclusive negotiations to buy France's largest pharmacy chain, Aprium Pharmacie, from North American PE firm Sagard. Ardian plans to develop Aprium's advisory and digital offering, and to expand the group outside of France. We speak to Ardian's head of growth to find out more. [+]
UK Home Office plans threaten overseas recruitment
The UK’s care sector has become heavily dependent on foreign nations for its healthcare workforce. With new proposals from the Home Office restricting whether families can accompany some workers coming to the UK, HBI speaks to two operators to hear what impact the plans could have. [+]
Interview: Alberto de Rosa, President of Ribera Salud
Have public-private partnerships had their day? Who better to answer this than Alberto de Rosa, president of Spanish hospital group Ribera Salud which was forced to pivot away from PPPs to fight off political opposition, and meet the demands of a shifting Spanish healthcare environment. HBI asks him how the model, in any form, might survive. [+]
Quadria investing $1.5bn into South and SE Asia
Singapore-based private equity firm Quadria Capital is set to inject $1.5bn worth of healthcare investments into South and South East Asian countries over the next two to three years. In line with growing trends, India stands to win big, earmarked to receive roughly 50% of the investment. [+]
Big Greek exits rumoured, despite strong market
Rumours of a big hospital sell-off have started circulating in Greece, with Farallon (formally main creditor of and now main shareholder in Euromedica) and Luxembourg-based PE firm CVC (Hellenic Healthcare Group hospitals) both potentially looking to exit. The moves could trigger a wave of deals. [+]
The dire state of (most) UK care homes
The UK's elderly care sector lags behind other major European countries when it comes to the quality of its real estate. Most of its care homes are old converted houses; purpose-built facilities built this millennium account for only around a quarter of care homes. [+]
Interview: Rebekah Cresswell, CEO, Priory
With a workforce on its knees, it is little surprise that the prospect of ‘care as a career' is becoming an increasingly difficult reality. HBI speaks to UK mental health and social care provider Priory’s CEO Rebekah Cresswell about the government’s latest reforms, and how staff retention can be improved even when times are tough. [+]
Gulf Islamic Investments acquires $160m stake in Abeer Medical Company
Gulf Islamic Investments (GII) has acquired an equity stake worth SR600m ($160m) in Abeer Medical Company, a large affordable healthcare provider in Saudi Arabia. [+]
Ribera president confirms Galician hospital losses
Alberto de Rosa, president of major Spanish healthcare group Ribera Salud, confirms the group’s hospitals in the region of Galicia have posted big losses. He said the tables will turn when a new contract is agreed later this year. [+]
KKR buys majority stake in Vietnamese eye hospital chain
US PE firm KKR has acquired a majority stake in Medical Saigon Group (MSG), one of Vietnam's largest eye hospital chains. [+]
Attendo increases market share in Sweden with 120 Team Olivia units
Pan-Nordic care group Attendo has acquired 120 facilities from Team Olivia, a rival Nordic care group. The acquisition will boost Attendo's already-dominant market share in Sweden’s for-profit disability, personal and family, and home care sectors. We speak to the company’s investor relations director to find out more. [+]
Europe looks to LATAM and emerging markets for solution to workforce crisis
A shortage of high-quality healthcare workers in Europe is causing countries to recruit from a more global pool. The Danish government is partnering with India and the Philippines, and HBI hears LATAM could be the new hotspot from which foreign workers will be enlisted in future. [+]
Bankruptcies of German care homes "will force reform"
As the threat of mass bankruptcies hits the headlines in Germany, HBI hears that residents are beginning to feel the sting of the country’s dwindling supply of nursing homes, and that 2024 could prove to be the tipping point when public pressure actually triggers political change - but things may get even worse before before they get better. [+]
The falling risk premium for investing in care properties - Infographic
Yields for elderly care properties have risen substantially since 2021 across major European markets, as property valuations have been pushed downwards due to falling demand from investors. But yields for government bonds have risen faster, meaning the risk premium for investing in elderly care real estate is now much lower than it was two years ago. [+]
PureHealth completes on Circle
UAE-based healthcare conglomerate PureHealth has completed its takeover of UK hospital group Circle Health. It acquired the asset in August for $1.2bn. [+]
NHS app: the opportunity for private providers
Nearly two-thirds (62%) of registered NHS app users are over 66. Does this present an opportunity for private providers and their own digital offerings? Three E-vangelists explain why pioneers should be cautious. [+]
Henry Dunant to take over Euromedica, not merge with it
Hemithea (formerly Imithea), the parent company of Greece’s largest private hospital Henry Dunant, is set to take over the secondary care activities of healthcare group Euromedica, as opposed to merging with it, among a flurry of possible Greek hospital sales. [+]
Are the regions right to oppose healthcare reform in Germany?
German market experts are telling HBI that regional governments are gumming up any chance of meaningful hospital reforms. Controversial health minister Karl Lauterbach has been locked in long discussions with them, with regional governments wanting to retain hospital planning rights and fearing election-losing hospital closures being imposed on them if they don’t. [+]
German prospects in 2024: Twice the bankruptcies, half the investment
Between stark drops in investment, the prospect of mass nursing home bankruptcies, and the German Hospital Association warning insolvencies could double in 2024, Germany’s healthcare market is becoming the sick man of Europe. HBI asks a cohort of market experts how the patient is doing, and whether there is a cure. [+]
Goldman Sachs raises $650m for life sciences
Global investment banking firm Goldman Sachs has closed one of the largest first-time private life sciences growth funds. Its West Street Life Sciences I raised "$650 million in equity commitments from a global, diverse group of institutional, strategic and high net worth investors and meaningful commitment from Goldman Sachs employees" according to the bank. [+]
Medica CEO being replaced as he departs for GHO Capital
A new year brings a new wave of senior appointments. After four years of service at international teleradiology specialist Medica, CEO Stuart Quin is leaving to join London-based healthcare investment advisor GHO Capital as a new partner. Former Voyage Care CEO Andrew Cannon is lined up as Quin’s replacement, while mydentist executive chairman Tom Riall is Medica’s new chair. [+]
Headspace launches all-in-one mental health app
Digital mental wellbeing and mindfulness company Headspace has launched a new all-in-one mental health app, incorporating both its guided meditation tools and its coaching and therapy service. The app is initially being made available to Headspace’s corporate and insurer partners, but the company plans to make it available to its consumer members “over the coming quarters”. [+]
"Hard to bear" Orpea name to be replaced this year
Orpea will finally change its name this year according to the embattled French care home group’s CEO. [+]
Diaverum enters Greece, and plans expansion
Multinational dialysis giant Diaverum has entered the Greek market with the acquisition of six clinics. HBI hears the group has plans to consolidate more of the market and become the country’s best quality provider. [+]
Is 2024 the year of recovery?
As we kick off the new year, HBI speaks to healthcare market experts across a variety of countries and subsectors, and hears what they think is in store for 2024. An election-heavy year could herald changes – but will any be enough to stave off the challenges of workforce, inflation, and soaring costs? [+]
Four things to look out for in 2024
As we celebrate the new year, here are four predictions for 2024. [+]
Where in Europe are elderly care beds most needed? - Infographic
Looking at OECD data on the number of beds in residential long-term care facilities per 1,000 people aged 65 and over across 27 European countries, there is a very clear pattern: the richer northern and western European countries tend to have a more bed capacity relative to the size of their elderly population than the poorer Southern and Eastern European countries. But this correlation is far from perfect. There looks to be a significant opportunity for new elderly care developments in the European countries which have a much lower capacity than you would expect based on their GDP per capita. [+]
Threestones buys Spanish care homes from DomusVi
Spanish nursing home operator DomusVi has sold five of its Spanish homes to Luxembourg-based fund manager Threestones Capital Management for around €35m through its TSC Eurocare IV fund, marking Threestones largest acquisition in Spain to date. DomusVi will continue to manage the residences. [+]
Strikes and workforce malcontent set the tone for 2024
One week into the new year, and it’s already painfully clear that personnel problems persist. As a tide of industrial action by healthcare workers sweeps across the UK, HBI speaks to two market experts for their predictions about the workforce crisis going into 2024. [+]
Pakistani workers targeted by Saudi hospital groups
Recent reports have suggested that Saudi Arabian healthcare groups are increasingly uninterested in hiring foreign workers due to the policy of Saudization, but HBI hears this is not always the case, with two major hospital groups looking to increase their Pakistani workforces. [+]
ICG buys back Cura
Fresenius-owned Australian hospital provider Cura Day Hospitals is returning to familiar hands. Six years on from selling Cura, London-listed private equity firm Intermediate Capital Group (ICG) is now acquiring the group again, alongside a consortium. [+]
Emerging markets may have an AI advantage
‘Moore’s Law’ suggests that the number of transistors on a microchip doubles about every two years, while the cost of computers halves. It's an old observation, but the idea that computing power tends to increase exponentially over time still resonates. Today the idea is most frequently applied to artificial intelligence, and with rapidly advancing developments in generative AI, 2024 is poised to become one of the most transformative years on record. [+]
What Spire's 2023 primary care growth says about the market
UK hospital operator Spire has opened its 20th London GP clinic, one of at least five opened this year. Does this bode well for the state of the UK primary care market? [+]
Gilde Healthcare acquires stake in Swiss Dental Solutions
Capital investor Gilde Healthcare acquires a majority stake in Swiss Dental Solutions (SDS) through its private equity fund. SDS aims to accelerate its growth in both Europe and the US and become a world leader in the emerging market of ceramic dental implants. [+]
Interview: Kelly Hudson, Chief Strategy Officer, Lilli
The opportunities afforded by advances in technology to assist with caring for the elderly are huge, but much of the focus remains on reactive tools. HBI speaks to Kelly Hudson, chief strategy officer of UK remote technology company Lilli to hear why the focus needs to be more on proactive solutions. [+]
The protocol used in diagnostic imaging is highly vulnerable to cyberattack
The way images are digitally stored and transmitted in diagnostic imaging is highly vulnerable to cyberattack, because the protocol which the industry uses is very old and doesn’t require data to be encrypted. HBI chats with Christiaan Beek, senior director of threat analytics at cybersecurity firm Rapid7, to find out more. [+]
EU hospital markets comparison: A tale of squeezed margins and surgical delays
With ballooning energy bills still eating into profits, and workforce woes creating hospital staffing headaches, HBI speaks to experts from across Europe to ask how the big five EU hospital markets are faring as we look forward to 2024. [+]
The importance of ESG for health care real estate investors
ESG (Environmental, Social and Governance) is a somewhat nebulous concept, encompassing a broad range of feel-good notions. In the health care sphere, it is often emphasised that this involves more than just reducing emissions. Whilst the 'S' part is perhaps the most poorly-defined of the three concepts, saving lives must surely come under it! [+]
For-profit hospital stock in major European markets - Infographic
In last week's infographic we looked at the for-profit nursing home stock in major European markets. This week we look at the for-profit (as well as not-for-profit and public) hospital stock in the UK, France, Germany, Italy, Spain, Portugal, Poland and Ireland. [+]
New AI act could stifle EU innovation - but benefit the UK
After 38 hours of deliberation, a long-awaited deal has finally been reached in Brussels. HBI speaks to three market experts to understand what the AI Act - the comprehensive European framework for AI innovation and regulation - could mean for the future of healthcare in Europe. [+]
Max Healthcare expands footprint in India
Indian hospital group Max Healthcare is expanding its footprint through a 100% stake acquisition in the Starlit Medical Centre for RS 940 crore ($112.8m). The acquisition gives Max full ownership of the 17-storey, 550-bed Sahara Hospital - located in the city of Lucknow - on a slump-sale basis. [+]
New weight loss drugs to create $100bn+ private health care market
New highly effective weight loss drugs could create a market worth more than $100bn in annual revenue by 2030. Whilst the majority of this value will be captured by the pharma industry, HBI hears there will be a significant role for specialised clinical providers who can deliver these medicines alongside behavioural and lifestyle changes. [+]
Cigna and Humana deal off
Contrary to speculation that a deal would be announced by Christmas, two of the largest health insurers in the US - Cigna and Humana - will not be merging to form a $140bn giant insurer. After reportedly failing to agree on a price, Cigna is instead reportedly planning to buy back $10bn worth of shares. [+]
Fresenius rehab clinics for sale
Healthcare conglomerate Fresenius has reportedly hired multinational investment bank UBS to manage the sale of its rehabilitation clinics, as it continues to shed non-core business. [+]
Interview: Paul Landau, founder and CEO of cancer patient monitoring platform Careology
With a UK private sector growing in both patient monitoring and cancer care, there is a real opportunity for providers. But what happens if you combine the two? HBI speaks to Paul Landau, founder and CEO of Careology, to find out more. [+]
Operose set to sell
Primary care group Operose is being sold to HCRG Care Group, a UK healthcare provider. It is the last of the three major Europe-based groups to be sold off by US insurance company Centene. [+]
Interview: Misbah Uddin, how to take advantage of Saudi's PPP push
A 200-strong pipeline of public-private partnership projects is a mouth-watering prospect, especially in a Saudi market undergoing an unprecedented healthcare revolution. How can investors make the most of this? Misbah Uddin, managing director at Ankura Consulting Group, tells all. [+]
Orpea's Refoundation Plan - one year on
One year ago Laurent Guillot, the new CEO of French nursing home operator Orpea, presented ‘ORPEA CHANGE! WITH YOU AND FOR YOU’ to shareholders. After a turbulent time, HBI speaks to two market experts asking - is the recovery plan on track? [+]
For-profit care home stock in Europe's four biggest care home markets - Infographic
Care homes comprise the majority of investment volumes within health care real estate in Europe. There are tens of thousands of care homes across Europe, but it is typically only those in the for-profit sector that are available to be acquired by real estate investors. In this infographic we look at the care home stock in Europe's four major markets for health care real estate investment - Germany, France, Spain and the UK - and provide estimates of how much are operated by for-profits. [+]
Two French imaging groups invested in by PE
Two medium-sized French imaging operators, X-Ray Phocea and Cardinet, have been invested in by private equity firms, in what could be a signal that the long-awaited consolidation of France's imaging sector is about to take off. [+]
The risks and challenges of regulating AI
A crescendo - in equal measure hype, hope and concern - about the use of artificial intelligence in a range of situations including healthcare is reaching unprecedented levels. [+]
UK tightens foreign recruitment visas
This week, the UK’s Home Secretary James Cleverly announced government plans to tighten health and care worker visas. HBI speaks to a global workforce expert to understand what this attempt to prioritise ‘British talent first’ will mean for operators already facing a workforce crisis. [+]
What's next for Aster DM?
A GCC expert tells HBI the next step for Aster DM’s GCC division is to expand in Saudi Arabia – but not how you might expect! [+]
Fresenius bans bonuses and ditches dividend for energy payout
Healthcare conglomerate Fresenius has suspended dividends and bonuses for the management board as a result of legislation which gives it €300m in energy price relief. The conglomerate has stated it will “examine” legal options as it believes the law is “unconstitutional”. HBI speaks to two expert sources to find out more. [+]
Affidea solidifies presence in Spain and Romania
Pan-European imaging and diagnostic firm Affidea is expanding in Spain and Romania. Its acquisitions of Clinica Atenea in Valencia and Odelga Imagistics clinic in Bucharest bring the number of Affidea’s centers in Europe to 340, cementing its influence in the region. [+]
IHH considers entry into Vietnamese and Indonesian hospital markets
The new CEO of listed pan-Asian hospital giant IHH says it is looking to move into new markets like Indonesia and Vietnam. Meanwhile, it is also planning to expand its offering in India and Turkey, and turnaround its underperforming China assets. [+]
NHS queues creating cancer care opportunities in UK - but not yet in Italy
The UK is seeing a boost in private cancer care provision driven by the state of the UK NHS, expanding offerings and a wider availability of convenient drugs – but a radiotherapy source tells HBI not all NHS markets are so lucky. [+]
Aster DM sells majority stake in Gulf business for $1bn
Dubai-based listed hospital and pharmacy chain Aster DM is selling a majority 65% stake in its Gulf business for a shade over $1bn to a consortium led by PE investor Fajr Capital. HBI investigates the thinking behind the deal, what this means for the group's expansion plans, and looks at the future of the GCC market generally with the help of expert commentary. [+]
Propco deal activity has been as muted as opco in 2023
We’ve written a lot about the slowdown in M&A activity over the past year or two. But rising interest rates haven’t only adversely impacted opco acquisitions. They’ve had a similarly negative impact on propco investment. [+]
Fertility: Cost of living crisis makes finding patients harder and TFP sale struggles
With a recent survey announcing 49% of fertility patients questioned are suspending their treatments, three fertility experts tell HBI it’s becoming increasingly difficult to attract patients. Meanwhile, fertility group TFP looks no closer to sale. [+]
VIDEO INTERVIEW: Walter Shekman, CEO, Dobrobut
HBI’s Lee Murray recently caught up with Walter Shekman, CEO of Ukrainian private hospital and clinic group Dobrobut. In this video, they explore Ukraine’s ~$16.4bn healthcare recovery need - and what this means for private providers in the country. [+]
Cigna and Humana "in talks to merge"
Two of the US’s largest health insurers - Cigna and Humana - are reportedly in talks to merge. A stock-and-cash megadeal could be announced by the end of the year, but any deal will likely attract the interest of the regulator. [+]
Fremman Capital buys Spanish imaging group HT Medica
HT Medica, Spain's third largest private imaging provider by revenue, is being bought by pan-European PE firm Fremman Capital, reportedly for around €100m. [+]
Fresenius Medical Care deconsolidation completed
The deconsolidation of multinational dialysis giant Fresenius Medical Care (FMC) from German health care conglomerate Fresenius Group has been completed. This means FMC is now a regular limited liability stock corporation; Fresenius Group still holds the largest minority stake (of 32.2%) in it but no longer has control over, nor unlimited liability in it. [+]
Medicharme tells HBI it is not on the brink of bankruptcy
French nursing home operators have been under scrutiny since Orpea ran into well publicised difficulties two years ago, and the current economic climate has added to their woes. Facing persistent rumours it may be facing financial difficulties, elderly care group Medicharme tells HBI it is not on the brink of bankruptcy. [+]
The sorry state of EMRs
Many operators have bemoaned the state of electronic medical records (EMRs). If only the data was more readable and transferable, then we would have a data revolution, they say. But there’s more to this complex landscape than first meets the eye. [+]
The tricky Belgian nursing home market: Why Orpea is staying, and Clariane likely to leave
Last week French nursing home group Clariane (formerly Korian) announced the sale of assets totaling €1bn, with its Belgian assets tipped to be top of that list. Within days, the Belgian CEO of rival operator Orpea revealed that - contrary to some expert predictions - Orpea will remain in the region. What does this mean for the market? [+]
NHS struggling to fund outsourcing needs
HBI hears financial pressure on the UK NHS is making it increasingly difficult to outsource to the private sector – but with waiting lists worse than expected, there are still opportunities for for-profit operators. Who is most likely to take advantage? [+]
Interview: Ty Greenhalgh, Healthcare Industry Principal at Medigate by Claroty
Hospitals have thousands of electronic devices - devices which increasingly are all connected to one another on one big network. The number of devices is so vast that most hospitals have very limited knowledge about what all of them are and what they are all doing at any given time. Ty Greenhalgh, healthcare industry principal for Cybersecurity firm Claroty’s Medigate platform for health care operators, explains to HBI why this is such a big problem, from both a cost management and a cybersecurity perspective, and how technology can help. [+]
The state of Spain's NHS driving patients to go private - Infographic
Spain's Ministry of Health has released its annual NHS report. HBI looks at three key indicators which show where demand for for-profit healthcare is coming from. [+]
PureHealth set to IPO
UAE-based healthcare provider PureHealth looks set to IPO in the coming months, with multiple sources suggesting it will list on the Abu Dhabi Securities Exchange. [+]
Billionaire activist investor takes stake in Synlab as Cinven's offer period ends
Billionaire activist investor Paul Singer has acquired a minority stake in pan-European diagnostic labs group Synlab, just before the deadline for shareholders to decide whether they want to sell to PE firm Cinven, which is trying to take the group private. Singer appears to agree with Synlab's board that Cinven's €10-per-share offer doesn't reflect the true long-term value of the company. [+]
Dutch regulators clamping down on M&A
The Dutch competition authority is looking to expand its influence over the healthcare sector, having already attempted to block some smaller M&A deals. HBI speaks to Rune Aresvik, founder of Dutch consultancy firm Vardetun, to understand what tighter regulations could mean for operators in the region. [+]
Interview: Jim Easton, CEO Practice Plus Group
Jim Easton is the CEO of Practice Plus Group, one of the UK’s major hospital operators. In June, HBI reported the group planned to offer a middle-market self-pay option – delivering elective surgeries like knee and hip replacements at around 75% of the usual price. Has the market's changing attitude to PMI shifted its focus? [+]
VIDEO INTERVIEW: Richard Banks, chief strategy officer and European managing director, Virtus Health
Watch this exclusive interview with Richard Banks, chief strategy officer and European managing director of global fertility company Virtus Health, as he shares valuable insights into the evolving market landscape. [+]
German hospital market facing an uncertain future
The future of the German hospital market still hangs in the balance. As winter approaches and energy prices remain high, politicians still cannot agree on what to do about Federal Health Minister Karl Lauterbach’s proposed reforms - but whatever the outcome there are opportunities as well as challenges ahead. [+]
The declining profitability of UK care homes - Infographic
Profitability in the UK's care home sector has been declining pretty consistently over the past 15 years. This trend has continued over the past four years - although not as dramatically as you might expect given cost increases - according to data collected by real estate consultancy Knight Frank. [+]
Reasons to be cheerful
Given the turmoil of recent years – the pandemic, soaring inflation, soaring energy costs, supply chain issues, a work force crisis, and war – it is good to bring you some good news for a change. There is a real feeling among industry leaders that the tide is set to turn. [+]
EDG sale predicted for Q1 2024
Multiple sources tell HBI that Nordic Capital-owned multinational European Dental Group (EDG) will be back on the market in Q1 ’24. HBI also hears Mehilainen could be back in the shop window soon too. [+]
Jefferies: M&A climate to improve, but lack of funding the biggest threat
Multinational investment bank and financial services company Jefferies published its 2023 Healthcare Temperature Check report this week, to coincide with its healthcare conference which ran between Tuesday and Thursday this week. [+]
Clariane to sell €1bn of assets and possibly exit Belgium and The Netherlands
Pan-European French elderly care giant Clariane (formerly Korian) plans to sell over €1bn worth of assets to help shore up its finances and get its debt-to-equity leverage ratio under 3x by 2025. Its Belgian and Dutch nursing homes are top of the list of potential assets to sell. A real estate investor with close connections to the company tells us this will involve the sale of the opco as well as the propco, but a Clariane spokesperson declined to confirm this for us. [+]
Saudi focus on "value health" will change the way for-profits are paid
Value health is a key proposition in the Saudi 2030 transformation plan. But previous attempts in other markets have met with questionable results. What exactly does value health mean in this burgeoning market - and how is this set to change payor-operator contracts? [+]
Dutch dental deals have gone dry
It seems Dutch dentistry consolidation could be over before it had really begun, with a consultant source telling HBI the pool of top targets is drying up. [+]
Ramsay Sime Darby sold to Columbia Asia for US$1.3bn
Multinational Asian hospital chain Columbia Asia is buying Ramsay Sime Darby, a rival SE Asian hospital chain, for US$1.3bn. This marks Australian hospital group Ramsay's exit from SE Asia, as well as Malaysian trading and logistics company Sime Darby Berhad's exit from health care. [+]
No Cleveland Clinic hospital in Saudi for "near future"
HBI understands that US hospital group Cleveland Clinic is currently unable to open a hospital in Saudi Arabia, due to a deal struck in Abu Dhabi. [+]
Why is an essential sector not a more appealing investment?
Which is the least investable sector in health care services at the moment? A few years ago, answers would have differed, but increasingly – and contrary to rising demand – HBI hears it is nursing homes. [+]
Eugin sells for €500m
Healthcare conglomerate Fresenius has sold Eugin, its Spain-based fertility business, to KKR-owned fertility group IVI RMA and Spain-based asset management firm GED for €500m including earn-outs. [+]
Saudi's biggest recent transactions - Infographic
Vivek Shukla, interim chief commercial officer at SEHA (Abu Dhabi Health Services company), gave a presentation at a webinar HBI recently hosted in which he listed some of the biggest mergers and acquisitions that have taken place in the Saudi Arabian health care market in recent years. [+]
Clock ticking on Cinven's offer as Synlab management sits on the fence
Multinational labs group Synlab has left it up to shareholders to make up their own mind about whether to sell their shares to UK PE firm Cinven. Cinven has already secured 79% of the shares, but remaining shareholders have until November 20 to decide whether to accept Cinven's €10-per-share public acquisition offer. [+]
Affidea tightens its hold on Romanian imaging
Pan-European diagnostic giant Affidea has increased its dominance in the Romanian imaging market with the acquisition of Biomed Scan, a two-clinic imaging provider in Bucharest. This is the second acquisition it has made in the market in 2023, after its acquisition of a seven-clinic group in Teleorman at the beginning of the year. It now has 48 Romanian clinics, by far the most of any private provider. [+]
Ireland’s economic miracle hasn’t spared it from workforce woes
Ireland has seen significant wage inflation as its economy has grown over the past decade, which is attracting talent from overseas. But local imaging operators tell us this isn’t happening quickly enough to fill workforce gaps. There are significant shortages of radiologists and radiographers, as well as most other categories of health care workers. [+]
Interview: Nabil Fawaz, Multilateral Investment Guarantee Agency - a subsidiary of The World Bank
HBI speaks to Nabil Fawaz, sector manager for World Bank member MIGA. MIGA promotes cross border investment in developing countries by providing guarantees (political risk insurance and credit enhancement) to investors and lenders in sectors including healthcare. [+]
Orpea’s PR push in the Netherlands
As French nursing home operator Orpea polishes its public image in the Netherlands, HBI catches up with Rune Aresvik, founder of Vardetun consultancy, to hear how the operator is proactively stepping out of the shadows to promote itself, and why its subsidiary Dagelijks Leven is emerging as something of a success story. [+]
Interview: Kalle Conneryd-Lungren, chief operating officer, Kry
Sweden-based telehealth firm Kry is growing fast in France. After a series of layoffs and a German exit, HBI catches up with COO Kalle Conneryd-Lungren to talk about the appeal of the French market, profitability in the Nordics, and Kry's plans in general. [+]
Four Seasons slow sale continues
The prolonged breakup, sale and demise of what remains of former UK nursing home giant Four Seasons Healthcare continues, with a further nine care homes sold for over £16m in cash. Will anyone claim the rest? [+]
Opportunity in Saudi dialysis
In a rapidly opening up Saudi market full of opportunities, how attractive is the dialysis sector? HBI hears the answer is less straightforward than you might expect. [+]
Blackstone buys CARE Hospitals and KIMS Health
Global private equity firm Blackstone has entered the Indian hospital market with two big acquisitions. It is acquiring a 75% stake in Hyderbad-based CARE Hospitals. In a separate deal, CARE is buying a majority stake in rival group KIMS Health. The plan is to merge the two groups and create one of India's largest hospital chains. [+]
Workforce woes beckon in a winter of discontent
Winter is coming, and for the health care sector the end of the year could see a weary workforce and soaring costs push some groups to breaking point. HBI speaks to a selection of operators, analysts and advisers to understand how groups are planning for the potentially difficult months ahead. [+]
Is Ireland’s diagnostics scheme a good model for queue-busting?
Queues for accessing publicly-funded health care are a feature of almost every country that has an NHS system. In most of these countries they have worsened since Covid. There is one very notable exception to this. [+]
How advanced is Saudi's Health Sector Transformation Plan? - Infographic
Vivek Shukla, interim chief commercial officer at SEHA (Abu Dhabi Health Services company), laid out the three key phases in the transformation of Saudi Arabia's health care sector at a webinar HBI hosted entitled ‘Saudi Health Transformation – The Real Opportunity’ last week. [+]
UK Health Minister looks for further collaboration with independent sector
The UK's Secretary of State for Health and Social Care has told for-profit operators collaborations between the NHS and private players have paved the way for them to have an increased role going forward - and that patients will be given greater opportunity to be referred to independent sector providers. [+]
AXA completes the acquisition of Irish insurer Layla
Global insurance company AXA has completed the acquisition of Irish health insurer Laya Healthcare Limited. [+]
Staff "threaten to quit" UK care home giant over pay
UK nursing home operator HC-One faces a potential staffing disaster with reports that nearly 40% of its workforce is threatening an exodus over “poverty pay”. The GMB union demands a real living wage for all staff at the ‘kind care company’, however, HC-One disputes this survey figure. HBI investigates. [+]
Fresenius transformation "on track", as it sells Peruvian asset
German health care conglomerate Fresenius is pushing ahead with its restructuring plans, selling its 70% stake in Peruvian hospital Clínica Ricardo Palma. The company says that focusing on hospital group Helios and drug/nutrition/devices subsidiary Kabi “is paying off” - but is this reflected in its most recent results? [+]
Three things we learned at Global Health, Riyadh
HBI attended the Global Health Exhibition in Riyadh, Saudi Arabia, and saw first-hand how the country is changing ahead of its 2030 transformation plan. Here are our three key takeaways from the event. [+]
Two bidders left for Ramsay Sime Darby, as CVC buys Filipino hospital chain
South East Asia is continuing to see much more large-scale M&A activity than Europe. The sale of Malaysian and Indonesian hospital group Ramsay Sime Darby is reaching its final stages, with only two bidders reportedly left in the running. Meanwhile, Luxembourg-based PE firm CVC Capital Partners has bought a controlling stake in The Medical City (TMC), the Philippines' most expansive hospital group in terms of outpatient clinic footprint. [+]
Bankruptcies, closures, and scandals: the bleak state of European nursing homes
Across Europe, nursing homes are in crisis. Between scandals in France, insolvencies in Germany, the threat of regulation in Spain, and fair fee woes in the UK, HBI hears that the nursing home sector is the least attractive healthcare services sector for investors. Are things really that bad - and is the threat of mass bankruptcies real? [+]
What do Europe's looming elections mean for for-profit healthcare?
Voters in the Netherlands, Belgium, and the UK will take to the ballot box in the next 12 months or so, and make their voices heard. HBI asks what this might mean for the future of the for-profit healthcare sector in those countries. [+]
Cerba to enter Saudi Arabia
Multinational French labs group Cerba is to enter the Saudi market, via a joint venture with Nexus Gulf Healthcare (an investment firm in the region) that will be headquartered in Riyadh. [+]
Lapland council votes to keep Mehilainen outsourcing contract - just
Councillors in Finland’s Lapland region decided by a majority of just one vote on Monday to keep an outsourcing contract with the country's largest for-profit health group, Mehilainen. This comes after a board of regional civil servants decided the contract should be ended, while almost 7,000 locals signed a petition in favour of keeping it. HBI speaks to Jussi Rantanen, a senior advisor to Mehilainen, to find out more. [+]
UK doctors demand higher fees from insurers for private work
UK doctors have been warned this week they could breach competition law if they take collective action over fees, following concerns about the actions of some private medical insurers (PMIs). [+]
Voyage Care seeks new CEO and CFO
Voyage Care, the UK’s largest provider of support for people with learning disabilities by revenue, is on the hunt for a new CEO and CFO. Andrew Cannon - who has served as CEO for the last eight years - will remain in position until a successor has been found. [+]
Key takeaways from 'Saudi Health Transformation - The Real Opportunity'
On Wednesday HBI hosted a webinar on the huge opportunities for health care services providers and investors in Saudi Arabia, as the country privatises large swathes of its health care system as part of its Vision 2030 plan to reform and diversify its economy. What were the key takeaways? [+]
Spain's access problems bleed into private sector
Spain has a record low number of primary care centres, and is splashing €1bn+ over the next two years to try and stop the rot. HBI hears that more value health initiatives, video triage and AI chatbot usage could be part of the solution. [+]
Saudi dentists fired for cheaper replacements
Saudi dentistry is seeing significant revenue growth, but HBI hears there are teething problems with significant numbers of experienced clinicians being kicked out in favour of less qualified - and cheaper - new graduates. [+]
Should new Slovakian government worry investors?
Robert Fico has formed a government in Slovakia. The former prime minister, who leads the centre-left populist party SMER, has formed a coalition with Hlas and the nationalist SNS Party. Given his track record, this could worry investors. Should it? [+]
Why the EU won’t become the global standard-setter for AI regulation
Last week HBI attended a breakfast event hosted by international law firm BonelliErede on the impact of AI in health care. Vincenzo Salvatore, an expert on EU law and the former head of legal at the European Medical Association (EMA), gave a presentation in which he discussed the EU’s plans for regulating the use of AI. [+]
Is a mountain of excessive NHS paperwork costing lives? - Infographic
A survey of over 200 NHS and social care managers in the UK to understand how much time is spent on admin tasks instead of patient care, and the impact this is having, has uncovered surprising results. [+]
Record breaking backlog offers further opportunities for UK providers
Four months on from the results of the Elective Recovery Taskforce which promised to bust the UK’s record-breaking backlog with the help of the independent sector, the number of patients waiting 65 weeks or more for treatment has risen to nearly 110,000 people. With the situation even worse than predicted, where are the opportunities for private providers - and who is most likely to benefit? [+]
Election raises hopes for for-profit prospects in Poland
Poland’s elections have ousted the populist Law and Justice (PiS) with only a coalition of opposition parties able to form a majority. With the defeat of such a controversial platform and a leftward lurch what can healthcare operators and investors expect next? HBI speaks to four expert sources to find out more. [+]
Advent to bankroll Donte Group expansion
Advent International, the PE firm which owns a majority of Spain’s largest dentistry group by revenue Donte Group, is reportedly injecting €70m of financing to boost the group’s growth. [+]
Interview: Mostafa ElSayed, Automata Technologies
HBI speaks to Mostafa ElSayed, CEO of Automata Technologies, a London-based start-up offering robotic systems to lab operators. Automata’s machines are designed to automate lab processes that were previously difficult to automate, especially in genomics and microbiology. ElSayed tells us that Automata’s machines can increase throughput by up to 5x for certain types of tests and are already being used in the UK, the Netherlands, Belgium, and the US. [+]
Spire Healthcare acquires Vita Health
The UK’s largest for-profit hospital group by revenue, Spire Healthcare, this week acquired London-based mental health specialist Vita Health Group in a £74m cash deal. HBI hears there are significant opportunities in outpatient areas like mental health for for-profits to fill the gaps left by a struggling UK NHS. [+]
HC-One acquires luxury care home group
Last week, large UK nursing home operator HC-One announced its acquisition of Ideal Carehomes. An additional 36 homes in England will be added to the provider's growing portfolio with another facility expected to open up in Cheltenham next September. [+]
A good or a bad year for the Top 100?
This week we publish this year's Top 100, a list of the top 100 health care groups by 2022 revenue in EMEA. Was it a good or a bad year for them? [+]
Stocks of €1bn+ groups almost all down since start of 2022 - Infographic
This week we are publishing our third edition of the Top 100, a list of the 100 largest health care services groups in EMEA by revenue. Out of the 100 companies, 33 are listed entities whose primary operations are in EMEA health care services, and 16 of those have over €1bn revenue. In this infographic we look at how the share prices of those 16 groups have fared since the start of 2022 (since the Top 100 is based on 2022 revenue figures). [+]
The Top 100 largest groups in EMEA by revenue
Who are the biggest health care services companies in EMEA? For the third year running we have compiled a list of the Top 100 companies by revenue from HBI Intelligence's database, which includes 5,000+ health care services operators across Europe, the Middle East and emerging markets across Asia and Latin America. The Top 100 shows these companies’ sales relating to health care service activities in EMEA only. [+]
Prospective sale of Indian division sees Aster DM's shares soar
The Indian division of UAE and Indian hospital group Aster DM Healthcare is reportedly proving popular with buyers - with multiple suitors purportedly valuing the business at around $1.5bn. [+]
Belgian crackdown after Orpea's French folly
Outside France, nursing home group Orpea has largely escaped scrutiny in the countries it operates in following its well publicised difficulties, except in its French-speaking neighbour - Belgium. HBI catches up with two operators in the region to hear what the knock-on reputational impact has been like for Belgian businesses. [+]
German threat to bonuses and dividends over energy price cap
Germany-based healthcare groups are assessing whether government aid on energy prices will prevent them from paying dividends or bonuses. [+]
PMI revenue up in Spain as inflation cripples insurance scheme
The MUFACE system which insures Spanish civil servants is at serious risk of collapse as it fails to keep pace with inflation, and concerned for-profit operators are starting to close their doors to its insured at a time where revenue is on the rise for PMI. [+]
Kenyan healthcare continues to attract overseas investor interest
Global private equity firm Alta Semper is injecting millions into MYDAWA, a primary and digital healthcare platform based in Kenya. It aims to solidify the group’s position as a key player in developing Africa’s healthcare industry at a time when Kenya is attracting a lot of interest from overseas investors. [+]
iCON buys Alliance Medical
The longstanding bidding war for pan-European diagnostic firm Alliance Medical Group is over, with iCON Infrastructure confirmed as the new buyer. The £910m deal ends months of speculation. HBI asks a UK-based consultant what this means for the market. [+]
Temperature-check on whistleblowing cultures
In the UK, the conviction of neonatal nurse Lucy Letby for the murder and attempted murder of numerous infants has shaken the healthcare industry. Many co-workers have since spoken publicly about how their suspicions, although raised, were dismissed by the very institutions meant to prevent harm. [+]
Why KKR is set to buy Eugin - and Fresenius wants to sell
Global investment company KKR is set to buy Eugin, the Spain-based fertility subsidiary owned by Germany-based conglomerate Fresenius, for €500m. We ask why KKR might want it, and whether it makes sense for Fresenius to sell. [+]
Record fines are putting care homes at risk
With UK for-profit group Cygnet Health Care being fined £1.5m last month following the death of an inpatient at Ealing Hospital in 2019 - the largest ever penalty imposed on a mental health provider - we speak to four European experts to consider how punitive fines from regulators are impacting providers’ bottom line. [+]
Hungary: high risk, high reward
The Hungarian hospital market is growing at 10% per year nominally, with some of the biggest players outstripping this. With such rapid growth and growing demand the potential reward for investors is great – but with this also comes big risks. [+]
Italy's nursing crisis causes wage spike as government looks abroad for help
Italy has historically been less affected by the health care workforce crisis gripping much of Europe, but HBI hears post-Covid pressure has created a nursing crisis which has seen wages shoot up, and led prime minister Giorgia Meloni to look abroad. Most recently she has signed an agreement with the Caribbean island of Cuba to fix her growing workforce challenge. This is the latest in a series of deals and rule relaxations designed to help funnel talent into Western Europe. [+]
Interview: Howard Podolsky, Group CEO, Cambridge Medical
Last week, Amanat Holdings announced the return of Howard Podolsky to Cambridge Medical Rehabilitation Center. HBI caught up with the ‘new’ group CEO to hear about current challenges and opportunities in the Middle East and what is different this time around. [+]
Key takeaways from the HETT 2023 London Conference
Last week, HBI joined thousands of delegates at the Health Excellence Through Technology (HETT) 2023 conference in London, where exhibiters congregated to explore how digital innovation can be leveraged to address record-level NHS waiting lists - something keynote speaker Vin Diwakar, medical director for transformation dubbed “the greatest crisis since the Second World War.” [+]
Fico returns in Slovakia - should investors be worried?
Just in time for Halloween, Robert Fico is back. The former Slovakian prime minister who tried to renationalise insurer Dôvera has led his populist centre-left party to win the most seats in Slovakia’s 2023 elections. But a Slovak operator source tells HBI the private sector need not worry as even if Fico forms a government, it is unlikely to be the horror show some fear. [+]
For-profit oncology being held back by stingy tariffs and licensing in Portugal
HBI speaks to an oncology operator in Portugal who tells us that whilst there is no risk of public referrals running dry any time soon, the sector is being held back by stingy tariffs for publicly-funded care and a licensing system that favours the public sector. [+]
Where has for-profit hospital bed capacity grown most since 2010? - Infographic
Where has for-profit hospital bed capacity grown the most in recent years? To answer this we look at OECD data on hospital bed capacity in 26 countries between 2010 and 2021. [+]
KKR set to buy Eugin for €500m
US-based global investment company KKR looks set to buy Eugin, the Spain-based fertility group owned by Germany-based conglomerate Fresenius, with which it is reportedly in exclusive talks. The deal values Eugin at around €500m. [+]
Panic rush to do deals ahead of Lauterbach reforms
HBI hears that a glut of M&A deals are being rushed through, with panicking investors and operators competing for buyers before Federal Health Minister Karl Lauterbach's controversial reforms pass - though it remains unclear exactly what those reforms will be. HBI asks whether the panic is merited, just how low have multiples dropped, and who will benefit from this? [+]
Do you need a health care background to be a great health care CEO?
Anyone who’s been paying attention to new appointments in the for-profit healthcare sector will have picked up on an interesting emerging trend: executives being poached from outside industries. It raises an interesting question: do you need to have a background in healthcare to be a healthcare leader? [+]
Cinven goes ahead with Synlab take-private
UK PE group Cinven is pushing ahead with its €10-per-share acquisition of multinational labs group Synlab by launching a public acquisition offer to all shareholders. This comes after several months of slience after Cinven made an initial non-binding offer to take the group private back in March. [+]
Median expands into third major European market
Waterland-owned Germany and UK rehabilitation and mental health specialist Median has expanded into a third major market with the acquisition of Hestia Alliance in Spain. HBI asks "why Spain?" [+]
Controversial care cuts in the Netherlands on hold following fall of government
Elderly care in the Netherlands has been stuck in a state of limbo for a while now. Political upheaval over the summer and the collapse of a four-party coalition government after 18 months in power has only made the future of care - and the implementation of planned budget cuts - harder to predict. HBI chats to a consultant to find out more. [+]
Healthcare Activos rediscovers its appetite for M&A, targets Germany
Madrid-based REIT Healthcare Activos has rediscovered its appetite for M&A. HBI speaks to the group to find out why now was the right time for it to reenter the M&A arena - and why Germany is the market it plans to target next. [+]
Which sub sectors does PE invest most in? - Infographic
HBI has been analysing its investment database and asking "who is investing in what?" It may not be the most attractive sector financially or reputationally at the moment, but elderly care has the most active PE+* investments in EMEA, with 17% of all active investments. Hospitals is the second most invested-in sub sector, with 14% of all active investments. [+]
Why it pays to do the basics when building a patient pathway
A German outpatient operator tells HBI how providers are attracting and keeping patients within their businesses throughout the patient pathway, with as many as 50% of complex ophthalmology referrals coming from internal sources. HBI hears it pays to do basic (less profitable) work and even consider retail early in the patient journey so when they really do need help, they already have a provider of choice. [+]
Hungary's health care sector boosted by new state-of-the-art TritonLife lab
TritonLife, Hungary’s largest private hospital group, has significantly boosted the country’s diagnostic testing capacity by opening a new state-of-the-art laboratory in Budapest. The group tells HBI it will eventually have the capacity to process 10 million tests per year, including many which previously had to be sent abroad to be processed. As well as providing an in-house diagnostics service to the group’s own patients, TritonLife has agreed to provide testing services to more than 20 other private health care providers in the country. [+]
How to run a hospital in a warzone
For-profit hospital groups do not always enjoy the best reputation, especially in countries where an NHS system is revered and protected. Profit, not patient focused, is the accusation. But as recent events have shown, they readily put profit aside for the greater good. Just look at Ukrainian hospital group Dobrobut, and what it has been doing on the frontlines. [+]
Alliance Medical sale "imminent"
HBI hears that the longstanding sale of UK diagnostic firm Alliance Medical Group is imminent, with two bidders left in the process and pan-European operator Affidea tipped to be the front-runner. We speak to three market experts to find out more about the deal which is being valued at around $800m-$1bn. [+]
German for profits' growing influence in the healthcare sector - Infographic
Germany's for-profit hospital sector has a growing role in the market's provision. Between 2014 and 2021, the percentage of German hospitals which were owned by the for-profit sector rose 2.3 percentage points to 44.5% and the number of beds controlled by the for-profit sector rose 0.9 percentage points to 24%. [+]
Interview: Jim Kean, CEO, Molecular You
HBI speaks to Jim Kean, CEO of Molecular You, a North American start-up that does tests which analyse patients' proteins and metabolites (small molecules produced during metabolism) to predict what diseases they are at risk of having. Kean tells us that through the use of hundreds of biomarkers and with the help of AI, they are able to achieve a 98% predictive accuracy for certain conditions. [+]
Interview: Michal Tzuchman Katz, CEO and founder of Kahun
The possibilities of AI in medicine are seemingly boundless, with many talking about its labour saving potential. Yet concerns persist, particularly with Chat GPT, and its black box LLM (large language model) system which is designed to mimic conversation but is not always factually accurate nor able to spot signs of acuity. By their nature, black box systems also cannot explain the conclusions they reach. [+]
Optimo acquires Abbeycare
UK Homecare group Optimo Care is acquiring specialist supported-living provider Abbeycare, the deal marking the group’s eighth acquisition in the last year. HBI speaks to Ben Hales, Optimo’s group project director to find out more about its run of M&A in what, for most, has been a quiet year. [+]
Fresenius to sell Curalie after De Meo's discreet departure
Fresenius’ digital health subsidiary Curalie is reportedly up for sale, as the conglomerate’s CEO continues to win over investors, streamline the group, and replace management. Meanwhile HBI hears former Helios CEO Francesco De Meo may be unhappy with the circumstances of his departure - and could seek legal advice. [+]
Four Seasons revives portfolio sale, selling 11 homes
After a dragged-out sales process lasting over a year, UK care home operator Four Seasons Health Care (FSHC) has finally confirmed the conditional sale of some of its remaining homes. Eleven are due to sell for a total of £41.3m in cash. The deal is expected to be completed later this year. [+]
Hospital groups' battle for northern Portugal heats up
The battle for the for-profit hospital market in the north of Portugal is heating up, with CUF buying small group Arrifana de Sousa. [+]
International hospital market holding firm against inflation and workforce crisis
Hospital groups across Europe are looking at the best ways to deal with inflation and the workforce crisis – and new payment models are helping. HBI looks at the half-year results of three listed groups this week to find out what this looks like in the UK, Italy and Switzerland. [+]
Private pay: Rising - but not as fast as you think - Infographic
Data from the Private Healthcare Information Network (PHIN) shows the self-pay bubble in the UK seems to have reached its peak. While private pay admissions are still rising across the country, self-pay is out while private medical insurance (PMI) is in. [+]
The massive potential generative AI offers for health care
The AI Revolution in Medicine GPT-4 and Beyond is an unusual book because it is made up of conversations with Open AI, the research lab part-owned by Microsoft. So the loudest voice in the book is GPT-4. It is a voice which leaves you slack-jawed with amazement. [+]
Post Covid regulations in Spain could lead to care home closures
New regulations designed to protect an aging Spanish population post-Covid could see older, outdated care homes forced to close. HBI speaks to Alberto Fernandez, CEO of Madrid-based REIT Healthcare Activos to find out more about the risks and opportunities this presents. [+]
Helios CEO Francesco De Meo leaves with little fanfare
Fresenius Helios has a new CEO. Germany’s largest hospital group by revenue and subsidiary of Germany-based conglomerate Fresenius announced the news in a press release which ignores outgoing Francesco De Meo’s significant and longstanding contribution to the group. [+]
Interview: Walter Shekman, CEO, Dobrobut
Against the backdrop of the Russia-Ukraine war, HBI speaks to the CEO of the Ukrainian hospital group Dobrobut, Walter Shekman, to understand the day-to-day challenges it is facing, and how the private sector can assist the sector. [+]
Major outside hires at Orpea and AXA Health
This week, two major personnel changes were announced, one at the top of the French nursing home group Orpea and the other at UK health insurer AXA Health. Both names are outside hires, Fabienne Dulac from French telecoms company Orange France, and Heather Smith from financial service provider Allianz respectively. [+]
Interview: Simon Bain, CEO of Omnilndex
How can patients, providers and researchers create records which are usable by patients, aid research, but also protect patient anonymity and protect from cyberattacks? HBI speaks to Simon Bain, CEO at data platform Omnilndex, to find out more. [+]
Donte Group expansion could be prelude to sale
Spain’s largest dentistry provider Donte Group plans to have 420 clinics by the end of the year, possibly indicating its owners are looking to offload the group soon. [+]
Ramsay Sime Darby sale shortlist - Santé might be next
The sale of Malaysia and Indonesia-based hospital group Ramsay Sime Darby marches on, with a shortlist of candidates reportedly jostling for the $1.5bn purchase. Reports suggest French hospital group Ramsay Santé is next. [+]
The near-universal dominance of public and not-for-profit hospitals - Infographic
Inpatient health care is dominated by the public sector in most countries. In the few where this isn't the case, not-for-profits tend to dominate. Out of 32 OECD+ countries, the only exception to this rule is Colombia. Even the US has far more beds in hospitals classed as not-for-profit entities than it does in its for-profit sector. [+]
Aster DM set to sell GCC business
Listed hospital group Aster DM’s share price has rocketed in anticipation as the group’s long-awaited sale in the Gulf looms closer. [+]
People-friendly models will be the winners
Anyone can put up a building. The key is staffing it with the right people, particularly in health care. This means the next decade will see the rise of new people-centric models and the demise of businesses that rely on more traditional employee/employer relationships. [+]
Portugal's hospital market: IPO, reform and intrigue
The growth of PMI makes Portugal an exciting market for hospitals. With the IPO of a major hospital group on the cards, reform looking to change the way public-private partnerships are paid, and political intrigue which rivals Game of Thrones, HBI digs into what’s making the market tick. [+]
San Donato remains in family hands, plans international expansion
In July, prior to its proposed acquisition of American Heart of Poland, there was a big reorganisation at Gruppo San Donato, Italy's largest hospital group. This pours some light on the relationship between Tunisian entrepreneur Kamel Ghribi, whose GKSD vehicle is now intertwined with San Donato, and the Rotelli family. [+]
Interview: Andrew Chadwick-Jones, CEO, Welbeck Health Partners
Few £50m revenue healthcare companies can report growth of 30% a year - at least not in Western Europe. Yet this is exactly what UK-based Welbeck Health Partners (WHP) claims to be achieving. Since 2019, the outpatient day surgery group has built practices with nine teams of specialist doctors covering 14 practice areas, all operating from its plush six storey OneWelbeck facility in London’s West End. HBI speaks to Welbeck's CEO Andrew Chadwick-Jones about the group's plans for regional development in Oxford, followed by a national chain, with international expansion also on the cards. [+]
Commissioners hurt UK care homes
UK nursing homes are facing record fines and the prospect of financial failure, but one market expert argues that providers shouldn’t be shouldering the burden alone. HBI investigates who or what exactly is to blame and what more can be done to alleviate pressures and improve the quality of care. [+]
HC-One closes all Cambridgeshire homes
Large UK nursing home operator HC-One has confirmed the closure of its three remaining Cambridgeshire homes following extended embargoes placed on the operator by the council in the spring. The homes have been deemed “no longer operationally and financially viable”. HBI investigates. [+]
End of Covid windfall sends Sonic's share price to six-month low
Sonic's share price has been hovering around the A$32 mark for the past three weeks, after falling 5% in response to FY23 results released on August 16, which showed declining profits due to Covid testing winding down. This is the lowest the share price has been in the past six months. [+]
Top two Portuguese hospitals grow around 20% in first half
Portuguese hospital operator CUF released its H1 2023 results on Friday, with the group reporting increased activity and improved financials despite its large acquisitions and building projects. [+]
German dentistry buyers nervous of Lauterbach reforms
Despite dentists being eager to sell, new entrants in German dentistry are hesitant, as the spectre of the Lauterbach reforms hangs over the market. [+]
Why won’t British PMs admit to using private healthcare?
When asked whether he used private healthcare, British Prime Minister Rishi Sunak was widely criticised for his evasiveness. His response “I grew up in an NHS family” was deemed defective and unsatisfactory, and after repeated calls this year from politicians and journalists to answer the “not relevant” question, he finally caved in. [+]
Where PE invests in health care across EMEA - Infographic
The UK remains by far the largest recipient of health care PE investments across EMEA, with 25% of all active investments across the 23 most invested-in countries. [+]
Circle Health set to be sold for $1.2bn
PureHealth, an Abu Dhabi group which is effectively state-owned, is set to buy Circle Health, the UK's second largest hospital group by revenue, for $1.2bn. The deal follows PureHealth's acquisition of a minority stake in a major US hospital chain. It comes as revenue from both private pay and NHS outsourcing surges in the UK. [+]
Germany cuts red tape to recruit outside EU
This summer, a new immigration reform was passed to make it easier for workers from non-EU countries to relocate to Germany. An Indian organisation plans to train 2,000 nurses for the German market. HBI speaks to experts to find out who will make the most of the changes and if it’s the best course of action to combat labour shortages. [+]
HC-One pilots flexible working for carers
UK nursing home operator HC-One has launched FlexForce, a flexible working initiative that hopes to ease staffing shortages by improving the sector’s notoriously low retention rates. The scheme is being rolled out to 269 homes, following a successful six month trial this June across the north of England and Scotland. [+]
Third bolt-on for Phoenix
M&A in the UK's for-profit hospital market is back in full swing. As well as the sale of the UK's largest hospital group, Circle, August saw the acquisition of One Healthcare, a small group which operates two multi-speciality hospitals in Kent and Hertfordshire, by Phoenix Hospital Group, a slightly larger UK operator. [+]
Counting the Cost: The impact of inflation on Italy, Spain and Switzerland
Two weeks ago we published an article looking at how inflation has impacted the health and elderly care markets of the UK, France and Germany. In our second instalment of this series we look at inflation's impact on Italy, Spain and Switzerland. [+]
Babylon saga reaches end
Digital unicorn-turned-mouse Babylon Health has placed two of its UK divisions into administration and reportedly sold its clinical services business to US digital health firm eMed Healthcare. [+]
Orpea sells 22 Dutch homes
This week, French nursing home operator Orpea announced the sale of 22 nursing home facilities in the Netherlands to Amvest Living & Care for €85m. [+]
Hot summer may thaw M&A ice age fast
The M&A ice age may thaw after the summer, with sources saying a flood of deals could be on the horizon. [+]
Interview: Jonathan Broomberg, CEO of Vitality Health International, Global Head of Health Insurance for Discovery
For nearly 20 years Broomberg has been intimately involved in the development of one of the world’s most sticky health care apps. If you have life or health care cover from Vitality or one of its partners you have access to an app which can reward you for exercise, diet, online or physical check ups with a range of rewards, ranging from a weekly free coffee to 50% off gym membership and discounts on flights. And in South Africa, even cheaper healthy food! Just like airlines, Vitality has different levels of status. The difference is you can move from Blue to Platinum with Vitality without spending a penny - just by better diet and exercise. [+]
IHH makes two acquisitions but reports 51% drop in Q2 profit
Listed pan-Asian hospital giant IHH is continuing to grow through bolt-ons, having made two major acquisitions this month. For Q2 2023 the company reported a drop of 51% in net profit compared to Q2 2022, to RM302m ($65m). However, the company said this was mainly because the Q2 2022 figure was unusually high, and is continuing to grow organically as well as through M&A. [+]
Circle Health sells for $1.2bn
Circle Health, the UK's second largest hospital group by revenue, has sold for $1.2bn (€1.1bn) inclusive of debt assumed. The buyer was Pure Health, a healthcare conglomerate based in the UAE, effectively owned by the Abu Dhabi government. [+]
EMEA PE investment volume almost halved in 2022 - Infographic
Using data from HBI's Investment Database, we look at the volume of private equity investments in health care services between 2017 and 2022 across EMEA. [+]
When needs must: politics and healthcare
Back in May, UK politician Wes Streeting made national headlines when he said patient choice was underused. Waiting lists were at a record high so this comment seems so obvious it's barely worth reporting. Of course the private sector should get involved! And yet because this was the UK, it was worth reporting, not least because Mr Streeting is the health spokesman for the centre-left opposition Labour Party. [+]
Ramsay share price plummets as results released
Australia-based multinational hospital group Ramsay Health Care’s disappointing results have seen its share price drop by double digits since close Wednesday. It seems its European segment’s performance did not match that of its other divisions. [+]
San Donato set to buy American Heart of Poland
The largest Italian hospital group is set to buy a majority of American Heart of Poland, a fast-growing Polish hospital group, in its first serious move outside Italy, although it has also outlined expansion plans in the Middle East. This deal is also backed by GKSD Investment Holding, the vehicle of Tunisian entrepreneur, Kamel Ghribi. But what exactly is San Donato buying? [+]
Icon’s UK debut deal with Nuffield
The UK's largest healthcare charity Nuffield Health is partnering with Australian oncology care provider Icon Group to debut its cancer care radiotherapy services in the UK market. [+]
German doctors demand more money as outpatient sector "faces collapse"
Germany’s National Association of Statutory Health Insurance Physicians (KBV) has put a series of demands to the Ministry of Health. These include sustainable, inflation-linked financing, more training and digitisation and less bureaucracy. The group says that if its demands are not implemented the outpatient sector is at risk of collapsing. [+]
Orpea likely looking to sell in Belgium
Orpea Belgium’s 2022 results are public, and it doesn’t look good. Having suffered a historic loss approaching €400 million last year and with Orpea looking to sell its non core business, we ask a market expert whether and when divestment there looks likely. [+]
Garofalo's Roman return signals boost to Italian hospital sector
Listed Italian hospital group Garofalo Healthcare has re-entered Rome by acquiring rival Aurelia 80. Despite a difficult regulatory environment, HBI hears conditions are set up for the group to thrive. [+]
Scottish care homes "closing at the rate of one a week"
HBI hears care homes in Scotland are closing at a rate of one a week due to underfunding and an inability to find staff, sending alarm bells across the sector. HBI speaks to two market experts to find out more. [+]
UK private sector set to expand nursing degree apprenticeship programmes
The UK private sector is set to take a more active role in training nurses. As the market’s biggest group by revenue expands its nursing apprenticeship programme, HBI speaks to a workforce expert to find out more. [+]
Sell-side valuations jump in Italian dentistry
M&A in Italian dentistry is becoming less profitable for buyers, and sell-side valuations have jumped. [+]
Interview: Andrew Cowley, Impact Healthcare REIT
HBI speaks to Andrew Cowley, investment manager at Impact Healthcare REIT, a listed real estate investor that invests in UK nursing homes. [+]
Vox tries to force Alzira restoration
The far-right Vox party in Spain is trying to force Valencia’s regional government to restore the Alzira model. [+]
Counting the Cost: The impact of inflation on Europe's health care market
What impact has the high inflation of the past 18 months had on growth in Europe’s health care market? Have for-profit operators been able to pass on cost increases to payors? And have patients paying out of pocket, in the face of rising prices and squeezed budgets, cut back at all? In this first instalment to answer these questions, we focus on the for-profit hospital, imaging and nursing home sectors in the UK, France and Germany. [+]
Is domiciliary care really the answer to the nursing home crisis?
The sorry state of affairs in nursing homes across Europe has been making for troubling headlines for many months. Homecare and technology platforms claim to have the answer. But just how far can they really replace proper care in a purpose built environment? [+]
Four Seasons filing for dissolution, takes some homes off the market
Troubled UK care home operator Four Seasons Health Care Limited has filed notice at Companies House to move from administration to dissolution, but neither its administrators nor its PR representatives are willing to comment on this. HBI hears the lengthy sale of most - but not all - of its remaining business is still ongoing. [+]
Finnish outsourcing will drive double digit revenue boost
Finland’s for-profit health and care sector is ecstatic as an invigorated push for public-to-private outsourcing could see a double-digit boost to revenues. [+]
Blackstone likely buyer of KIMS Health
US private equity firm Blackstone has emerged as the likely buyer in the sale process of KIMS Health, an Indian hospital group which also has multiple hospitals and clinics in the Middle East. [+]
Buy or bust for Babylon UK?
Digital health unicorn-turned-mouse Babylon could still have buyers for its UK business, despite its recent difficulties. [+]
Germany can't save small hospitals from insolvency
German health minister Karl Lauterbach’s reforms may not save all small, struggling hospitals from a natural demise after all, despite previous claims to the contrary. [+]
Fresenius shares rocket to one year high
Germany-based healthcare conglomerate Fresenius SE is trading at its highest share price in over a year – and three high-profile investment banks predict things will get even better. [+]
Interview - Ingeborg Oie, CFO and Chief Strategy Officer, Huma
In this wide ranging interview we discuss the future of remote patient monitoring (RPM) software and government progress in ehealth. Through its RPM platform, Huma claims to massively cut costs and improve outcomes for patients with chronic conditions. [+]
Italian scoops up UK medico-cosmetic chain
Milan-based Quadrivio Group has bought 100% of UK-based cosmetic-focused The Private Clinic (TPC) from PE group Bluegem, and has added a further four smaller clinics. This is the second transaction from its Silver Economy Fund which targets "healthy longevity". We look at deal, fund and market size. [+]
Diagnostic imaging capacity by country - and its impact on mortality - Infographic
Diagnostic imaging capacity varies significantly by country, even amongst rich nations. Using OECD data, we look at how the number of CT scanners and MRI scanners per million inhabitants varies between 39 OECD+ countries, and whether this has an impact on avoidable mortality for 27 of those countries. We used 2019 data, to avoid any distortion from Covid. [+]
Emerging market providers make up half the Top 50
Half the top 50 listed health care service groups globally by market cap are now headquartered in emerging markets. What does that tell us about the sector internationally? We publish the top 50 with detailed analysis in Deals and Insights. [+]
Stalemate for the only solution to doctor shortages
An innovative distance learning platform that trains doctor for just €100,000 has frozen its 2023 intake thanks to the intransigence and obfuscation of the medical profession. Malta-based EDU, accredited by Maastricht University Hospital, has faced four years of delay in accreditation from the Medical Association of Malta despite being able to demonstrate that its doctors outperform those trained in university hospitals. [+]
American Heart of Poland set to sell before election
M&A is quiet in much of Europe but roaring in Poland where a series of groups are set to sell before the general and presidential elections late in the autumn of 2023. [+]
See the Global Top 50 by Market Cap
Who are the Global Top 50 Health Care Service Companies by market cap and what does this tell us about the industry? What is striking is how very few of the top 50 are now EMEA companies - just 13, and of those only four are headquartered in Europe, rather than the Middle East or South Africa. [+]
CUF given greenlight to acquire occupational health provider
Portugal’s competition authority has given the greenlight to CUF, the country’s largest hospital group, to acquire occupational health provider AtlantiCare. [+]
UK nursing home sector "still viable"
Despite their travails, good nursing home groups in the UK are still making decent money, according to OakNorth, a bank which has some half dozen on its books, and Impact Healthcare REIT, a listed UK-based nursing home real estate investment firm with 14 operators as tenants. The government deserves some of the credit for this, having increased fees above inflation and made it easier for foreign care workers to get visas. [+]
Beleaguered Babylon searches for UK buyer, closes in the US
Under fire digital health company Babylon is shutting down its US operations and looking to sell its UK business. Plans to merge with Swiss digital neurotherapy company MindMaze and be taken private by creditors have collapsed and it is now on the brink of bankruptcy. [+]
Ramsay teams up with Google Cloud to build data hub
UK-based hospital group Ramsay Health Care has announced its partnership with cloud computing service Google Cloud to build a centralised data hub as part of its 2030 digital transformation strategy. Ramsay will use Google Cloud’s AI and machine learning to give nurses, hospitals, and clinicians better access to patient data. [+]
Two Southeast Asian groups up for sale and an Indian group to IPO
In contrast to Europe, South and Southeast Asia are continuing to see significant deal activity. HBI hears that SAFE Fertility Group, one of Thailand’s largest IVF providers, and Qualitas Medical Group, a primary care chain with practices across Malaysia, Singapore and Australia, are up for sale. On top of this, Agilus Diagnostics, one of India’s largest labs groups, is set to IPO. [+]
Interview: Ewan Davis, Quadria Capital
HBI speaks to Ewan Davis, partner at Quadria Capital, a private equity firm headquartered in Singapore. With offices in New Delhi and Ho Chi Minh, it invests in health care companies across South and Southeast Asia. [+]
UK Government turns to for-profits to bust backlog
The UK independent sector is gearing up for an explosion in backlog-busting public outsourcing. The for-profit hospital, ophthalmology and imaging markets in particular look set for a significant boost according to wide-reaching government plans announced today (January 4). [+]
Is the term 'brain drain' fair and accurate?
There is a widely held view that brain drain - especially in health care - hits the country of departure hard. And yet there were dissenting voices to this popular view at HBI 2023. [+]
Does Europe need a more harmonised health care system?
HBI speaks with three Germany-based contacts at strategy consultancy L.E.K. about the case for a more harmonised health care policy across the EU. [+]
Fresenius half-year results get lukewarm reception
Investors had a mixed reaction to Fresenius’ half-year results, which saw the firm perform poorly on a group-level, but the core businesses highlighted by the restructuring plan perform well. The company did not confirm rumours of divestments. [+]
HBI 2023: Opportunities in ophthalmology
Ophthalmology continues to be a big area of interest for investors, with considerable scope for consolidation. An expert panel including the CEO of Europe's largest chain (Veonet) and the CEO of Latin America's largest player (Opty) discussed opportunities in the sector at HBI 2023. [+]
Elective care waiting times predict patient satisfaction - but not private pay growth - Infographic
Waiting times for hip replacements appear to have a significant impact on patient satisfaction, but don't reliably predict growth in private pay. [+]
Is Macron pushing for ‘stealth nationalisation’ of French nursing homes?
French president Emmanuel Macron is facing accusations of tacitly pushing a policy of ‘stealth nationalism’ in French nursing homes. HBI speaks to market experts to find out more. [+]
Aedifica finds buyers for Orpea's Brussels homes
Belgium-based real estate specialist Aedifica has confirmed the sale of five of its nine Orpea homes, all located in Brussels. The news confirms previous speculation that Belgium was next on the French nursing home’s divestment list from a €1.2bn chunk of its real estate portfolio. [+]
Dutch care staff awarded pay hikes to compete with temp agencies
In a bid to compete with temporary agencies, elderly care staff in the Netherlands as set to receive salary hikes of 5% this October - with another 5% increase again in 2024. HBI speaks to one Dutch sector expert to understand the reasoning behind the move and ask if will it have the desired effect. [+]
Max Healthcare appeals Care Hospital decision
Indian hospital group Max Healthcare is appealing a court decision to reject its claim concerning Care Hospital, another Indian hospital group which it tried to acquire, which it made after the latter accepted an alternative offer from US private equity firm Blackstone. [+]
French dentistry investors could be undermined if loopholes are closed
Investment in French dentistry could be undermined if the government closes legal loopholes, an orthodontics operator tells HBI. [+]
Orpea sells in Austria and the Netherlands
The ongoing sale of significant parts of French nursing home operator Orpea’s €1.2bn real estate portfolio has expanded to Austria and the Netherlands. As newly released H1 figures show low occupancy rates in France, HBI speaks to three market experts to gauge the current state of affairs for the French giant looking to bounce back from its recent troubled history. [+]
Does PE ownership improve care?
Do private equity-owned health and care providers perform better - on quality and cost efficiency - than their public, not-for-profit and doctor-owned counterparts? A new review of the scientific evidence suggests perhaps not. [+]
Are fertility add-ons a bad idea?
In a successful fertility market, add-ons remain a controversial subject. HBI speaks to two experts with differing opinions to find out why. [+]
Interview: Annabelle Neame, VP for new markets and innovation, HCA UK
HBI catches up with Annabelle Neame, vice president for new markets and innovation at top five UK hospital player HCA UK, and hears how HCA and others are using concierge services to help tourists navigate tricky foreign patient pathways as London is increasingly “more on the map” for health care tourism. [+]
Private pay grew in 2022 in NHS countries - despite cost of living crisis - Infographic
You might have expected the cost of living crisis to have halted the growth of discretionary private health care spending in 2022. But this wasn't the case in the UK, Portugal or Italy, all of which have NHS systems. By contrast, Germany, which has a Bismarckian system, did see a fall. [+]
Affidea expands in Portugal by buying two clinics
Pan-European diagnostics group Affidea has bought two outpatient clinics in Portugal, strengthening its market position in the country’s for-profit health care market. [+]
Spire boosts its imaging capabilities
Spire Healthcare, the UK’s largest for-profit hospital group, has extended its control over the patient journey with a new state-of-the-art MRI scanner worth £500,000. [+]
HBI 2023: Dentistry - what is the elixir of growth?
What is the best way to grow a dental business – is there an elixir of growth? Do you buy? Do you build? Or should you shuffle the pack and grow organically? HBI's dental partner Straumann, the world's largest implant and esthetic dentistry specialist, invited the leaders of three hugely successful businesses onto the stage at HBI 2023 to share their thoughts and expertise. [+]
Tracking health care expenditure growth - Infographic
In the following infographics we look at OECD data illustrating how health care expenditure has changed over the past few years across several European countries. These three examples show quite different patterns of expenditure growth. [+]
Cybersecurity: Four things operators must do
Cybersecurity is important for healthcare. Data and system breaches could take away patient privacy, destroy their trust in much-needed data collection, cost a bucketload of ransom money or even risk patients’ lives. So what can operators do to protect their data? Here are 4 things we’ve learned from talking to experts recently. [+]
$1.5bn Ramsay Sime Darby for sale (again)
Ramsay Sime Darby, the South East Asian branch of multinational Australian hospital giant Ramsay, is up for sale again. The owners are reportedly seeking a valuation of around $1.5bn, which would make it the largest health care deal in the South East Asian region since 2019. [+]
Saudi crackdown will shut businesses as new path paved for investors
The Saudi Arabian government is overhauling the regulatory regime governing its health care sector to make way for the huge amounts of private investment needed to deliver ambitious growth targets. As well as simplifying laws governing private ownership and foreign investment, it is increasing auditing checks on providers - and closing hundreds of sites that don’t meet health standards. [+]
Spanish hospitals embrace organic growth opportunities
The M&A market remain mostly shut and operators are looking to organic growth instead. HBI speaks to a Spanish analyst who explains how this looks in the hospital sector. [+]
Interview: Dr. Nadine Hachach-Haram, CEO and Founder, Proximie
HBI catches up with Dr. Nadine Hachach-Haram, the CEO and founder of global health technology platform Proximie to hear about how MedTech can improve surgical education and performance, address variations in quality of care, and bring the operating theatre into the 21st century. [+]
HBI 2023: Healthcare Data and the Emergence of Artificial Intelligence: What’s Next?
The hype around artificial intelligence may have reached a new high, but the tools certainly aren’t recent. At HBI 2023, L.E.K. Consulting’s digital health lead Klaus Boehncke and L.E.K. partner Guillaume Duparc shared their perspectives on concerns around privacy and the adoption of AI, as well as advice on how to leverage data effectively. [+]
What operators must do to protect against cyberattacks in the wake of HCA
In the aftermath of the cyberattack against US hospital group HCA, HBI talks to two cybersecurity providers to find out how worried operators, investors and patients should be. [+]
IK Partners completes take-private of Medica
PE firm IK Partners has completed its €271m acquisition of Medica, the UK’s largest teleradiology company, taking it off the stock market. [+]
HBI 2023 Panel: Building Population Health Management Solutions
University hospitals are helping to create a more holistic, 360° understanding of the patient experience. With increasing needs and static budgets, population health management could be the only way forward. A panel at HBI 2023 considered the options. [+]
HBI 2023 Panel: Opportunities in Nursing Homes
As ageing populations collide with a shrinking workforce, nursing homes face an uncertain future. Covid thrust this oft taken-for-granted sector into the spotlight and in the wake of recent scandals in France, three experts weighed in on opportunities and trends in nursing homes at HBI 2023. [+]
HBI 2023 Panel: This time it's personal: rethinking patient pathways
When we talk about personalised medicine, we often hear about the therapy component, but less so about the service element of care. In an HBI 2023 panel entitled ‘This time it's personal: rethinking patient pathways’ speakers argued that's exactly where personalisation should be occurring. [+]
HBI 2023: Predictive medicine and fear of the machine
“You wouldn’t manage your car by driving until it broke – so why would you manage yourself by waiting for pain and discomfort?” Ran Balicer asked at the HBI 2023 keynote ‘What is Possible Today?’. But while predictive medicine is common sense, there is still a fear of the machine. [+]
FMC shareholders vote to deconsolidate
Fresenius Medical Care (FMC) shareholders have voted in favour of the dialysis group’s deconsolidation by a 99.88% majority. [+]
HBI 2023: Managing your costs in challenging times
Rising costs from inflation, wages, and energy are indiscriminately hitting the health care sector and despite government support packages being pledged, the road ahead looks arduous. So how do providers control costs, and what are the strategies to keep costs at bay? [+]
HBI 2023: Models that cover more people
Insurers are making fundamental changes to health care delivery. A lively discussion at HBI 2023 explored the changing relationship between private medical insurance, the providers who are delivering new models, and the rise of employee paid insurance. [+]
75 years on: is the future of the NHS private?
The UK NHS was once globally revered, but cracks are showing as it marks seventy-five years and a question mark hangs over its future. HBI asks half a dozen experts what role for-profits have in its future - and whether it will it last another 75 years. [+]
Interview: Tom Whicher, DrDoctor
Tackling no-shows is a key part of better utilising NHS capacity. HBI speaks to Tom Whicher, founder of NHS-facing technology platform DrDoctor to find out how it can be done. [+]
Eugin sale "imminent"
Germany-based healthcare conglomerate Fresenius’ restructuring plans seem to be gathering steam, as HBI hears the sale of its Spain-based fertility clinic Eugin is imminent. [+]
Has the demand for self-funding recovered in UK care homes? - Infographic
Data from the UK office for national statistics (ONS) showed the percentage of residents self-funding nursing home care dropped in 2021/22 due to the pandemic. Recovery has been mixed. [+]
Fertility for sale - why profitable assets are coming to market
An ex-employee of hospital group Circle BMI described its former fertility asset as “a nice little profitable part of the business”. And yet all the UK hospital groups are selling them off. Why? [+]
HBI 2023 Panel: Opportunities in Mental Health
As the world faces a mental health crisis, a panel at HBI 2023 discussed the impact telehealth and digital therapeutics have on the sector. But with growing demand and a lack of capacity, to what extent can a crisis of global proportions be tackled? [+]
HBI 2023 Panel: The Homecare Technology Revolution
When election seasons roll around, reforming social care is often allegedly at the top of party agendas, yet care systems across Europe remain chronically underfunded and under stress. In an HBI 2023 panel entitled ‘The homecare technology revolution’, three business founders shared how technology and their business models are disrupting the home care sector. [+]
HBI 2023: AI and Big Data - cutting diagnosis to treatment times
AI and big data are primed to improve clinical outcomes and standards for radiologists as well as the health care sector as a whole, but how far along the journey to automated care delivery are we? In an HBI 2023 panel discussion ‘AI and Big Data: Outcomes and Automation,’ panellists explored how automation could speed up diagnosis to treatment from 2 weeks to 15 minutes. [+]
HM Hospitales reports strong FY22
Unlisted Spanish hospital group HM Hospitales’ announced its FY22 results which saw revenue up 7.5% to €617m, as groups battle for second place in the market. [+]
HBI 2023: The outpatient differential
For years there has been a trend towards using outpatient services wherever possible - to improve patient outcomes, to better use an increasingly scarce workforce, and to increase cost efficiency. On the “Outpatient differential” panel at HBI 2023, how this push looks across the world was a key topic for discussion. [+]
HBI 2023: Opportunities for integrated women's healthcare
“There are so many other areas in women’s health, beyond fertility, where funding isn’t developed”. Katya Zubareva, a partner at L.E.K. Consulting kicked off HBI 2023’s “Investment opportunity in fertility and women’s health” panel with a fascinating question: why is women’s health hyper focused on fertility? [+]
HBI 2023: Big opportunities in the UK and Ireland
Speakers at HBI 2023's 'Investing in the UK and Ireland' panel were hugely optimistic about the investment opportunities in the UK and Ireland. [+]
HBI 2023: Dental models that benefit both customers and clinicians
Outpatient models have the ability to lower barriers for customers through location, opening hours and convenience - but what do clinicians make of changes designed to keep patients happy - and how do operators keep key staff onboard? [+]
HBI 2023: Is self-testing the future?
During the Covid pandemic everyone had to get used to self-testing at home on a regular basis. Speakers on the ‘Laboratory diagnostics - where after Covid?’ panel at HBI 2023 said we will likely be doing a lot more at-home testing in the future, but that it won’t replace in-clinic testing. [+]
HBI 2023: The shape of things to come
In the future health care will be much more consumer-centric, personalised and outpatient-heavy. Speakers on a panel at HBI 2023 entitled ‘The shape of things to come’ explained how digitisation, data and new types of medtech are already beginning to move things in this direction. [+]
HBI 2023: The evolution in primary care
There is a unique opportunity in the primary care sector to build a more efficient, effective and prevention-oriented health care system. Panellists at HBI 2023’s ‘The evolution in primary care panel’, explained that many of the tools needed to do so already exist. [+]
HBI 2023 Panel: Opportunities in Oncology
Oncology has come a long way in just a few decades to the point where cancer care is increasingly understood as a chronic condition, but more capacity is still needed. At HBI 2023, oncology panelists debated where the best opportunities for growth in the sector lie. Here were some of the takeaways: [+]
HBI 2023 fireside chat: Women in Healthcare
A whopping 80% of the healthcare workforce is made up of women, but senior leadership level that figure drops down to 20%. As part of HBI’s Women in Healthcare initiative, partner at L.E.K. Consulting Katya Zubareva shared her experiences with an audience of attendees and addressed the unique challenges women in leadership often face. [+]
HBI 2023 Panel: Seeking Efficiency: How Tech is Impacting Operations
Between resource shortages and growing waiting lists, efficient operations are hard to maintain. In HBI 2023’s panel discussion, “Seeking efficiency: how tech is impacting operations”, a panel explored how tech is an invaluable investment in the future of care. [+]
HBI 2023 Panel: Investing in Healthcare Property
With energy prices soaring, material costs rising, and care increasingly turning digitised, panellists at HBI 2023 London explored what investment in brick and mortar looks like in the current climate as part of a session titled ‘investing in healthcare property’. Here we highlight the four key takeaways from the session. [+]
The fall of Babylon
Telehealth company Babylon will be merged with digital neurotherapy company MindMaze and taken private by its creditors. HBI catches up with two digital health experts to discuss what happened to Babylon and what the sorry saga means for the market. [+]
The families at the heart of Italian health care
Italian industrialists have a penchant for investing in health care services. And it is striking how many of the major groups in Italy are controlled by wealthy families. [+]
HBI 2023: Healthcare regulation - opportunities and risks
Regulatory changes are one of the major concerns among players in healthcare services. A busy panel of lawyers, operators and investors considered this thorny issue at HBI 2023, with a general feeling that even the strictest of regulations can provide some kind of opportunity, and that private funding is so essential a component in health care today, it cannot be legislated away. [+]
HBI 2023 Keynote: How to partner better
What does effective partnering look like? In a keynote session at HBI 2023 entitled ‘How to partner better’, Neil Wright, commercial director at Guy’s and St Thomas NHS Foundation Trust shared his experiences. [+]
How US university hospitals are buying or building primary care
In the US, firms like Amazon have been looking to dominate the patient journey, a move which seems unconscionable in Europe. To understand this culture shock, HBI spoke to a US-based university hospital operator. [+]
HBI 2023: Solving the workforce puzzle
The workforce shortage affects all types of service providers, but not all groups deal with it in the same way. HBI 2023 heard the views of operators from a radiotherapy group, a hospital group, and a social services organisation on "how to solve the workforce puzzle”. [+]
HBI 2023: Major opportunity in German dentistry despite reform uncertainty
Despite the uncertainty around regulatory reform, there are still significant opportunities in the German outpatient market, according to speakers on the ‘Investing in DACH’ panel at HBI 2023. Dentistry, which isn’t subject to the same regulatory restrictions as other outpatient specialities, presents a particularly big opportunity. [+]
HBI 2023: How the private sector can help Ukraine's health recovery
The private sector will be vital as Ukraine's health service is restored, but there are some caveats, as panellists as HBI 2023 discussed. [+]
Humana wins appeal against licence revocation
Pan-Nordic care company Humana Group has succeeded with an appeal against the decision by Sweden's health care inspectorate to revoke its licence. The company's share price shot up 48% after the announcement. [+]
HBI 2023: How to build a massive data platform
Building massive data platforms is a great way for university hospitals to take advantage of all their research – but how can they get the best value from them? The panellists on the “Building massive data platforms” session at HBI 2023 shared their thoughts. [+]
HBI 2023: Partnership challenges and value
Overburdened public health services are in dire need of help which the private sector could provide, but politicians can be hesitant. The ‘Building value through partnerships’ panel at HBI 2023 explored why. [+]
HBI 2023: How digital can add value
Digital tools can add value by improving operational efficiency and reducing costs, as well as by improving access and convenience for the patient. Panellists on the ‘Building the best model for digital’ panel at HBI 2023 stressed that it's important to get implementation right. Business leaders must have a clear vision of what they want to get out of the tools. [+]
HBI 2023: Saudi opportunity "best you could get"
The scepticism which used to exist about whether the Saudi government would follow through on its ambitious moonshot projects appears to be dissipating. Investors are now increasingly confident - and enthusiastic - about the opportunities presented by one of the most rapidly developing economies in the world. This was the overwhelming message from speakers on the ‘Investing in MENA’ panel at HBI 2023. [+]
HBI 2023 Panel: Investing in Emerging Markets
Emerging markets present opportunities you wouldn't find in more established geographies. In a panel entitled ‘investing in emerging markets’ at HBI 2023 in London, panellists explored where the most potential for investment in emerging markets lies. The main takeaways were: [+]
HBI 2023: Challenges and solutions in population health partnering
Partnering is all about finding the win-wins, and it seems obvious that population health management and genetic testing should be a win-win scenario. But the “Challenges and solutions” panel at HBI 2023 explored how difficult it can be to create a collaborative culture, get politicians to listen, and get systems to work effectively. [+]
Interview: Mark Ugbomah, Chief Technology Officer at AfyA Care and Co-Founder, CEO at Octosoft
Healthcare delivery in Nigeria is extremely fragmented. At HBI London 2023, we caught up with the chief technology officer of investor AfyA Care, and CEO of health-tech start-up Octosoft - Mark Ugbomah - to hear about plans to create more vertically integrated healthcare institutions in the region. [+]
Is Orpea set to sell up in Belgium?
Multiple sources tell HBI that French nursing home operator Orpea is looking to sell up in Belgium, as it looks to sell off a chunk of its 1.2bn real estate portfolio. HBI also hears more speculation on the ongoing country-by-country review. [+]
Is it good business to do good?
At a session on ESG at HBI 2023 ('Building a robust ESG framework') all panellists appeared to be on board with the idea that adopting serious ESG strategies is not only good for society and the planet, it's also ultimately good for the business itself and its shareholders. Companies need to shift from thinking of it as a burdensome cost to thinking of it as a necessary investment. Is this true? [+]
Sonic buying Synlab’s Swiss operations
Australian multinational labs group Sonic is acquiring the Swiss branch of competitor Synlab, for 150m CHF (€154m). [+]
PP in Valencia defends Alzira model
For-profit hospital group Ribera Salud says that having won the May 2023 elections, the new Partido Popular (PP) administration in Valencia is keen to protect and grow the Alzira model that was being dismantled by the previous leftist government. Meanwhile, Ribera is growing in the Middle East. [+]
Penta's fight with Slovak government continues
The Slovak government is refusing to allow the state-owned National Health Insurance Fund (NHIF) to pay for any treatments at Bory Hospital - the new €250m, 400-bed facility that Penta Hospitals International (owned by Penta Investments) has recently opened in Bratislava. The refusal marks another round in the battle between Penta and the Slovak state. [+]
HBI 2023: Market conditions making minority stakes and public-to-private more attractive
Investors in Europe’s health care sector are increasingly looking at minority stakes and public-to-private deals in the face of market uncertainty and unfavourable debt financing conditions, according to speakers on the Investing in Europe panel at HBI 2023. [+]
Interview: Dr Marta Jansa Perez, Bridge Clinic
Demand for fertility is rising, but access can still be difficult. HBI speaks to Dr Marta Jansa Perez, director of embryology at low-cost UK fertility provider Bridge Clinic, to find out what can be done. [+]
Flagler seeks European investments
US-based healthcare real estate investment company Flagler Healthcare Investments is eyeing up opportunities in the big five European markets. Undeterred by high levels of regulation and hyper fragmentation, the German market is of particular interest. [+]
Health care real estate investors focusing on small all-equity acquisitions
High borrowing costs are making large scale health care real estate acquisitions funded by debt unprofitable in Europe, according to a consultant we spoke to at HBI 2023. Instead, investors are concentrating on smaller acquisitions financed purely by cash. [+]
EDG "will want to keep buying small clinics"
Pan-European dental group EDG will likely want to keep buying to keep the asset interesting once M&A markets resume, according to a banking source. [+]
HBI 2023: ESG initiatives can align with other business goals
“Doing good is good for business,” said Thomas Rajzbaum, partner at Swedish private equity investment firm EQT Partners, in a succinct summary of the overwhelming sentiment of all the speakers on the ‘Building a robust ESG framework’ panel at HBI 2023. [+]
HBI 2023: The arid M&A landscape
“Normally I begin by presenting lots of M&A activity over the past 12 months and a rosy outlook,” Hedley Goldberg, managing director at multinational investment bank and financial services company Rothschild & Co., told delegates at the M&A Landscape plenary session at HBI 2023, “but today is not that day.” [+]
Preventive health "needs good data, not more advanced AI"
The rapid advances in AI over the past year are not improving the predictive capabilities of health care providers delivering a preventive model of health care, according to Ran Balicer, chief innovation officer at Israeli health care group Clalit Health. New generative AI models have a lot of potential, but also a lot of issues. And older AI models provide plenty of predictive power. The key to unlocking preventive health care is access to good quality data. [+]
Diagnostic groups to take on the Greek government
The big Greek for-profit health care groups are forming a national association to take on the Greek government which continues after a decade to claw back yearly a percentage of their profits. Meanwhile an investor tells us that the French government is worried there may be similar moves in France where labs are seeking to negotiate a new three-year price deal. [+]
San Donato expands in the Middle East
San Donato, the largest Italian hospital group, continues to expand in the Middle East under the influence of Kamel Ghribi, the Tunisian entrepreneur who has deep links with the Rotelli family who own the business. But sources say moves to find a minority investor in San Donato have ended. President Paolo Rotelli said the group was taking a sabbatical from investing in 2023 after spending nearly €500m on new hospitals. [+]
Organic growth more attractive than M&A - Infographic
This week we share some fascinating data from Hedley Goldberg, managing director at Rothschild & Co, which was presented in the 2023 healthcare M&A landscape panel at HBI 2023. [+]
17 things we learned at HBI 2023: Our key insights and takeaways
Our annual conference took place earlier this week in London. Over a jam-packed three days of HBI 2023, an impressive array of delegates from across Europe and beyond gathered in the heart of London and shared their insights into the myriad challenges and abundant opportunities the sector faces, and offered their views on how some of them might be addressed. Here are some of our key takeaways. [+]
Mozaic launches sustainable healthcare fund
European real estate asset manager MoZaïC Asset Management announced the launch of its sustainable healthcare fund this week at HBI 2023 - the target value sitting at €500 million. [+]
Opportunities in Italian dentistry
Italian dentistry patients are seeking cheaper treatment abroad – but HBI hears there is a big opportunity for Italian consolidators who can push prices down at home. [+]
Public funding of fertility in Ireland imminent after six year delay
It has been a long time coming, but HBI hears that the Irish fertility market is set to open up in September of this year as the Irish government funds fertility treatment for the first time. [+]
Is there any need to panic over South African NHI?
Last week HBI reported on the South African parliament approving a national / statutory health insurance scheme, which would bring universal healthcare to the rainbow nation at the expense of private providers. HBI speaks to a South African operator to find out how this may affect them. [+]
Small practices in Germany looking for quick sale ahead of legislation
A glut of small outpatient clinics in Germany are coming to market as uncertainty grows over the nature of the reforms which federal Minister for Health Karl Lauterbach may be able to pass - but there are questions about the limits of Lauterbach's power. [+]
Why assisted living growth has stalled
Growth in the assisted living sector has stalled in the last year, as the cost of new developments has become prohibitively expensive. A delegate at HBI 2023 told us that many projects across Europe have been left half built. [+]
Interview: Dr Sridevi Kalidindi, Klip Global
HBI speaks to Dr Sridevi Kalidindi, a national award winning consultant psychiatrist and founder of Klip Global, a digital health startup in the UK which helps employees improve their wellbeing and reduce burnout through a mobile app. [+]
Why are countries ignoring the WHO ‘red list’?
In March, the World Health Organisation published an updated list of 55 countries that have reached a critical point when it comes to shortages in their health care workforces. The implication - or ‘recommendation’ - is that wealthier western nations in particular need to cool it when it comes to actively recruiting nurses and doctors from selected countries. [+]
Where to look for green shoots in health care M&A
M&A in European health care has been almost at a standstill in H1 2023, as the chasm between the price expectations of buyers and sellers has grown. HBI asks if the prospects look better for H2 and beyond, with the help of market experts. [+]
Which countries are spending the most on preventive care? - Infographic
In this week's infographic we look at OECD data for expenditure on preventive care across 41 countries. [+]
South Africa votes for SHI at expense of private care
South Africa's parliament has voted for a new health insurance bill which will pave the way towards universal healthcare – at the expense of private care. [+]
Ukraine Minister of Health Recovery to speak at HBI 2023
Ukraine has big plans to leverage the for-profit sector to rebuild its shattered health care system after the war. Oleksii Iaremenko, Head of Health Recovery at the Ukraine Ministry of Health is speaking at HBI 2023, June 19-21. Meanwhile we talk to fellow panelist Mark Hellowell, an academic at the University of Edinburgh who with the EBRD is sitting alongside Iaremenko on the Ukraine panel. [+]
Stockholm’s plan to reduce patient choice may increase queues and private pay
The government of the region of Stockholm in Sweden wants to reduce the choice of health care providers patients currently enjoy in secondary care. The government says the move will save money, but private providers are concerned it will be damaging to patient access and efficiency, and could force more people to take out private insurance. [+]
Orpea-tunity in Italian nursing homes?
As French nursing home operator Orpea considers which countries it might exit, sources are speculating that Italy could be on its hitlist. If that happens, opportunities could open up for middle size players to make their mark. HBI speaks to two market experts to find out more. [+]
Robotic surgery on the rise
Robotic surgery is on the rise and increasingly being deployed for less invasive and more precise surgery. HBI speaks to a consultant (and robot enthusiast) to find out more. [+]
Interview: Biju Mohandas, Partner and Global co-leader for Health Investments, LeapFrog Investments
HBI talks to Biju Mohandas, partner and global co-leader for healthcare investments at global impact investor LeapFrog Investments, about investment strategy, increased localisation of supply chains, and the opportunities and the risks of artificial intelligence. [+]
AXA IM Alts enters nursing home market in Italy
Global asset manager AXA's investment arm, AXA IM Alts, has entered the Italian market with the forward-purchase of a six-asset portfolio from real estate management company Namira. [+]
Markets in Middle East and India on brink of maturity
The private healthcare markets in major Indian and middle eastern cities are on the brink of becoming mature according to a consulting source, and this will require operators and investors to take a different approach. [+]
Bupa partners with Ascenti
Multinational insurance giant Bupa has partnered with Ascenti, a UK post-acute rehabilitation provider, to offer physiotherapy services for members. [+]
A tough first half
Deal volume in health care was massively down in the six months to June 2023. Will it get better and where? [+]
Silverline evicted after missing rent
UK-based Impact Healthcare REIT has ended a deal with care home operator Silverline Group after the latter failed to pay its contractual rent for two quarters. It is transferring the operations of all homes formerly let to Silverline to an affiliate of an existing tenant, Melrose Holdings Ltd, with immediate effect. [+]
Luz Saude's owner aiming to raise €300m+ in IPO
The owner of Portuguese hospital chain Luz Saude is looking to raise at least €300m in an initial public offering (IPO) of the group. [+]
How worried should we be about AI?
As public health experts, governments, and the WHO ask questions about the risks posed by AI, HBI speaks to two market experts. Should we be concerned or optimistic about its increasing use, specifically in health care? [+]
Sanitas and Generali face court action over Spain partnership
Spanish insurer Sanitas and Italian insurer Generali are facing court action over a patient-sharing partnership affecting Spanish providers, which allegedly violates Spain’s competition rules. [+]
UK middle market set to boom
The growing self-pay middle market in the UK is set to boom off the back of continuing NHS struggles, and patients' increasing willingness to pay for affordable alternatives. HBI speaks to multiple sources and hears groups accustomed to NHF tariff work could benefit most. [+]
German investor ban would have "huge impact" on radiotherapy
Plans to ban indirect private equity ownership of MVZ outpatient facilities in Germany would have a huge impact on radiotherapy according to an operator source and panellist at HBI 2023. [+]
Orpea draws €200m from new financing
Headline grabbing French nursing home giant Orpea has made a drawdown of €200m from new financing, as it tries to restructure after a difficult 18 months. [+]
India continues to boom
India is continuing to buck the global trend of slow deal activity in 2023, with multiple major health care services deals in process. [+]
Ribera CEO positive about Alzira future
Last week we reported how the result of the recent elections in Valencia means the Alzira model may yet survive in Spain. We speak to the CEO of the hospital group which pioneered that model to see what he thinks might happen next. [+]
AI is in dire need of regulation
From silicon valley to national legislatures, debates around the impact artificial intelligence could have on the future of humanity seem to have reached a new fever pitch in recent weeks. [+]
Interview: Jennifer Gendron, Koa Health
HBI speaks to Jennifer Gendron, Global Chief Commercial Officer at digital mental health company Koa Health. Gendron tells us about the digital well-being service Koa Health offers, the new partnership the company has made with global medical and travel risk services provider International SOS, and how this will advance the company’s long-term vision of making personalised, user-friendly mental health tools available for all. [+]
GenesisCare in the US files for bankruptcy
GenesisCare, the radiotherapy group with operations in the US, UK, Australia and Spain, has filed for voluntary reorganisation under chapter 11 of the US bankruptcy code and will look to sell off its US assets. HBI speaks to an advisory source to find out more. [+]
Sweden wants to bring health care system under national government control
Sweden’s government wants to place the country’s health care system under greater central government control. We speak to two Swedish health care experts to find out what this could mean. [+]
Valencian elections hint at the resurrection of Alzira
The leftist government of Valencia has been routed in regional elections. Could this mean a restoration of the out-of-favour Alzira model of public-private partnership (PPP) hospitals? HBI speak to a consultant source to find out more. [+]
Low key Latvia sale kicks off Orpea refocusing
Last week, French nursing home operator Orpea initiated the start of the partial sale of its €1.2bn real estate portfolio, commencing with its Latvian presence - a singular retirement home in Riva. This low key sale marks the first small step in a major three-year plan to refocus its geographies. HBI speaks to a market expert to find out more. [+]
Changes at the top of Runwood Homes
Three members of the senior leadership team at UK nursing home operator Runwood Homes departed the firm last month. COO Lorraine McGarry-Wall, CFO Phillip Thomas, and CEO Jeremy Richardson had all been appointed as directors of the company within the last 12 months. [+]
Market welcomes Apollo hospitals strong FY23 results
Indian hospital group Apollo had a strong showing for its FY23 results, which saw shares in the listed group surge. [+]
Interview: Rahma Samow, global head dental services organization, Straumann Group
Ahead of HBI 2023 next month, we catch up with dentistry panelist Rahma Samow, EVP dental services organizations at Straumann Group, to find out more about her role and the trends surrounding oral health and their impact on enterprise DSOs globally. [+]
Interview: Jason Powell, Co-CEO, UK Vein Clinic Group
We look at how to build a dynamic, low-cost outpatient chain which delivers high quality care and at the UK venous market more generally with Jason Powell, whose UK Vein Clinic Group looks set to grow revenue 50% in 2024, after doubling sales in 2023. [+]
Dutch competition authority gets reined in again
The Netherlands’ activist competition authority has been reined in again. The acquisition of dermatology specialist Mauritskliniek by hospital group Bergman Clinics is no longer barred, after another reversal by a judge. However, the decision is moot, as Mauritskliniek has already been bought by German cosmetic surgery provider Corius Gruppe. [+]
UK private pay growing, but self-pay declines slightly - Infographic
The Private Health Information Network (PHIN) has released its quarterly private market update, showing private pay admissions in the UK through to Q4 2022. [+]
UK outsourcing gets bi-partisan support
Outsourcing to the for-profit sector will become an increasing fact of life in the UK. The two major parties agree it’s necessary to reduce the record-breaking elective care waiting list. A detailed report has already been prepared and is ready for publication, yet HBI understands the long awaited Outsourcing Taskforce plan is set to be released in dribs and drabs. HBI investigates. [+]
Fighting back against brain drain
Western Europe is becoming increasingly dependent on importing talent to address its workforce crisis, but there are signs of resistance to the brain drain. With Nigeria looking to introduce a mandatory domestic five-year service for all doctors, HBI speaks to a global workforce expert to see if this kind of pushback could have any lasting impact. [+]
€1bn+ Luz Saúde IPO could mark return of European health care listings
Luz Saúde, Portugal’s second largest private hospital group by revenue, is set to become a listed company once again after five years of being privately held, in an IPO which could mark the return of European health care listings. The group’s insurer owner Fidelidade plans to retain a strategic majority stake. [+]
The German hospital reforms have become a farce
When German health minister Karl Lauterbach proposed his hospital reforms, he probably imagined himself as the hero of the drama, striding across the political stage and heroically redefining an oversupplied market. Instead, increasingly he looks to have penned a farce. [+]
Lauterbach's "plan to close hospitals" will prevent hospitals closing
German health minister Karl Lauterbach’s broad hospital reform may be dissolving into farce, as he acknowledges a plan which looked designed to close unneeded hospitals could actually save them. [+]
China's new elderly care guidance will create opportunities
China has announced guidance for all provinces to establish a basic elderly care system by the year 2025, according to state-run news channel Xinhua. As the government works to address the impending demographic crisis born largely out of the country's 'one-child policy', HBI speaks to two experts from global strategy firm L.E.K. Consulting to learn more. [+]
The AI revolution in oncology
The AI revolution is coming for oncology, according to CEO Ralph Hefti who helms pan-European radiotherapy group Stingray Healthcare. We catch up with the HBI 2023 panelist to find out more. [+]
Germany looks to emerging markets for care workers
As an aging population compounds Germany’s workforce crisis, the search for staff continues to expand outside Europe. With the government launching an initiative to attract skilled care workers from Brazil and beyond, HBI speaks to two market experts to find out more. [+]
TVM Capital opens Riyadh office to expand Saudi footprint
Emerging markets-focused PE health care firm TVM Capital Healthcare is opening a new office in Riyadh, Saudi Arabia, to assist the expansion of its portfolio companies in the country. [+]
UK patients paying up to £550 for GP appointments
As the UK NHS continues to struggle, increasingly patients are turning to private primary care. HBI understands some are paying up to £550 per hour. [+]
Are some private clinicians effectively licensed drug dealers?
This week the BBC released a panorama episode entitled ‘Private ADHD Clinics Exposed’, in which it went undercover to find that three private clinics in the UK are giving out ADHD prescriptions based on a short and potentially unreliable online assessment delivered by a non-psychiatrist. Is there a wider issue that there is a perverse incentive in private health care to over diagnose and over prescribe? [+]
WHO warnings of AI in healthcare
In a report published this week by the UN agency, the WHO has raised concerns about the patient safety and potential risks associated with the use of AI language platforms simulating human interactions in healthcare. Public health experts are also calling for a pause on developments until regulations have caught up. [+]
Private ADHD clinics in the UK prescribing after online assessment
The BBC’s Panorama team has found that there are private ADHD clinics in the UK that are prescribing for ADHD based on just a short and, it says, unreliable online assessment. [+]
Another German nursing home restructuring due to financial issues
Last month Berlin-based Dorea - a subgroup of European care homes Groupe Maisons de Famille - became the latest German nursing home operator to file for restructuring due to financial difficulties. As the number of companies financially struggling ramps up at an alarming rate and in quick succession, HBI speaks to two market experts to find out what’s going on. [+]
Interview: Stephane Pichon, Your Care Consult
HBI catches up with Stephane Pichon ahead of the Investing in Health Care Property panel at HBI 2023, to discuss the dramatic changes of the past year and how this has impacted health care real estate investment, and the long term outlook for the health care sector. [+]
Top destinations for holiday dialysis - Infographic
In its recent ESG report, multinational dialysis firm Diaverum revealed the top 10 countries in Europe and internationally where patients use the group's holiday dialysis treatment. [+]
Korian says name change is “not a rebrand”
Last month leading French nursing home operator Korian announced that as of July 1, it will be adopting a new name. Going forward, parent company Korian will be known as ‘Clariane’ - a name HBI understands is designed to evoke clarity and transparency. Is this a reaction to the recent scandals engulfing the sector? Korian claims not. Our sources disagree. [+]
EDG "pulled from sale"
HBI hears the sale of Nordic-owned multinational dentist-led European Dental Group (EDG) is no longer going ahead. Multiple well-placed sources tell us more. [+]
Blackstone acquires Care Hospitals, whilst rival bidder sues
US-based PE firm Blackstone is acquiring Care Hospitals, one of India's largest hospital groups, for around $800m. Meanwhile Max Healthcare, another one of India’s largest private hospital groups and a former front-runner in the sale process, is suing Care Hospitals and its PE owner TPG, for breaching an exclusivity agreement for the sale signed in March. [+]
Is Kursana a Cinderella?
Dussmann, the big European facilities management company which also owns Kursana, the fifth largest German nursing home group, saw revenue grow 20% to €2.8 billion in 2022. The company claimed that this was “almost exclusively organic.” But the Care & Kids division which is mainly Kursana didn’t grow at all. Is it a Cinderella? [+]
UPMC continues Irish expansion
US-based multinational hospital group UPMC (University of Pittsburgh Medical Centre) has bought Irish sports medicine hospital Sports Surgery Clinic. It is the US group’s fourth hospital in Ireland. [+]
Strong growth for Synlab in final quarterly results before going private
Multinational listed labs group Synlab continues to grow its core operations as Covid testing winds down and it prepares to go private, with a healthy 10% organic revenue growth in Q1 2023. [+]
Babylon to be taken private by creditors
Shareholders in Babylon, which was worth $4.2bn at listing in October 2021, face being wiped out as it reverts to private ownership as creditor Albacore takes over. CEO and founder Ali Parsa, whose remuneration totalled $7.1m in 2022, is likely to stay on, says a legal expert who says the group could face legal action. [+]
A bientôt Korian, bonjour Clariane!
When an organisation is marred by a reputational scandal so harmful that it jeopardises the bottom line, often a corporate rebrand is the only solution. This course of action is nothing new and there are countless examples of successful makeovers across industries, and health care is no different. [+]
Dutch nursing home consolidation infographic - Infographic
The Dutch nursing care market is highly consolidated, primarily by the top for-profit French operators - namely Korian and Orpea - who have been acquiring multiple smaller Dutch operators since 2018. Five years on, the two leading French giants control over 60% of the beds in the market under various different brand names. The big two have acquired the lower tier competitors so there aren't that many targets left to acquire. This infographic is kindly supplied by Dutch healthcare consultancy Vardetun. [+]
€1bn+ German outpatient group sale to shake up market
German out-of-hospital intensive care provider Deutsche Fachpflege is reportedly up for sale, in a deal that could value the company in excess of €1bn. HBI understands other players in the sector may also be coming up for sale in the coming months. [+]
Sales rumours make Fresenius' future clearer
Germany-based health care conglomerate Fresenius’ plans for its future are becoming clearer as rumours of subsidiary sales come to the fore. [+]
Catalonia ripe for investment
Catalonia has witnessed a string of promising health-focused investments in the first quarter of 2023. [+]
Ireland's ‘Fair Deal Scheme’ for nursing homes under fire
As an Irish nursing home is pulls one of its homes out of the public funding scheme citing “extreme financial pressure”, and elements in the government appear increasingly hostile to for-profits in the sector, HBI speaks to a market expert and asks if this is a blip, or a trend. [+]
Finnish outsourcing opportunities slow to materialise
The SOTE reform to the Finnish health care system has been in place since January 1, 2023, but additional outsourcing opportunities have been slow to materialise. Operators are nonetheless convinced they are on the way. [+]
NHS England to give pharmacists right to prescribe for common ailments
NHS England is giving pharmacists the right to prescribe antibiotics for seven common ailments, in a plan that is expected to free up 15m GP appointments. [+]
Orpea restructuring: What will it look to sell?
It has been almost six months since under-fire French nursing home giant Orpea announced plans to get its core business back on track, restructure its debt, and sell around €1.2bn worth of real estate over the next three years. As discussions separating the wheat from the chaff go on behind closed doors, HBI asks three experts where, and what it might sell, and reviews what other French operators like Korian are doing to repair reputation. [+]
Why there is no quick fix for German healthcare
At times, it can feel like healthcare reform moves at the pace of an oil tanker, and currently, nowhere is this more true than in Germany. Among the issues holding the EU5 market back are an allergy to digitalisation, an inability to make unpopular decisions, and the rigidity of roles in the medical profession. [+]
Finnish healthcare looks strong despite big groups' mixed results
On first glance the Q1 reports for Finnish groups Pihlajalinna and Terveystalo present a mixed look at the state of the for-profit market in Finland – but this couldn’t be further from the truth. [+]
Challenges and opportunities in Italian imaging
HBI catches up with an operator in the Italian imaging market to discuss some of the major challenges and opportunities the sector faces. [+]
CQC in UK ramps up prosecutions - and penalties - post Covid
UK healthcare watchdog the Care Quality Commission (CQC) has ramped up its prosecutions post Covid, with the average penalty increasing by 242% - from £160,000 pre-pandemic (2017-2019) to £550,000 post-pandemic (2020-2022). [+]
Inflexibility and data protection holding Germany back
Role rigidity in German hospitals and data protection laws are holding Germany back, according to a professor at a university hospital. HBI speaks to a workforce expert to find out more. [+]
More strikes on the way in Finland and Croatia
As the global health care workforce crisis shows no signs of slowing, HBI looks at what is happening in Finland and Croatia, where industrial action is underway. [+]
Activist Dutch competition authority gets reigned in
Last year we reported that The Netherlands’ competition authority was becoming increasingly activist in blocking health care mergers. But two recent decisions, one from the government and one from a judge, call into question the extent to which it can do this. [+]
Sonic continues consolidation of German labs with another acquisition
Multinational Australian labs group Sonic is acquiring regional German labs group Medical Laboratories Duesseldorf (MLD), in its second acquisition in the sector in the space of one month. [+]
German hospital reforms "breach constitution" - but some hospitals will close
German health minister Karl Lauterbach’s controversial hospital reforms have hit another bump in the road, with a new 144 page legal report stating the proposals are outside of the federal government's jurisdiction - and against the constitution. [+]
UK healthcare property market healthy, despite headwinds
According to global property consultant Knight Frank, the UK healthcare property market saw significant transaction volumes closing at circa £2.4bn in 2022 despite political instability, with overseas capital accounting for 31% of transaction volume due to a mix of European and American capital being deployed into various care assets. [+]
Spanish PMI boost as government tries workforce fix
Continued inefficiencies in the Spanish NHS continue to drive an increased uptake in private medical insurance (PMI), as the government tries to patch up an under par public workforce. [+]
Bismarckian systems tend to pay nurses better than NHS systems - Infographic
In this week's infographic we look at data on average nursing salaries across several European countries, categorised by whether they have Bismarckian/statutory insurance systems or NHS systems. [+]
UK CQC strike escalates - inspections could be delayed
Hundreds of staff at UK government watchdog the Care Quality Commission (CQC) have voted for further industrial action amid an ongoing dispute over pay. A one-day strike took place last week on Monday, April 17 and another is expected to happen next week on Tuesday, May 2. [+]
Flemish government wants to ban profit on care-giving
The Flemish government wants to ban profit-making from care-giving in the nursing home sector in the Flemish region of Belgium. [+]
Is any German nursing home truly safe from bankruptcy?
The nursing home industry in Germany has been rocked by a spate of bankruptcies in recent months. As another operator bites the dust, it has left many wondering - are more