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Property investors fret over healthcare risks

Even as investors pour into this year’s sexiest asset class hunting attractive risk-adjusted yields, the backlash against healthcare property is beginning. “The operator risk in healthcare is so high that yields can’t fall much further,” Natalie Palladitcheff, executive vice-president and CFO of Ivanhoé Cambridge, told an audience at MIPIM, the world’s largest property conference. But operators insist the opposite is the case.
March 31, 2016

Abraaj close to $1bn target

Abraaj is close to its $1bn target for its mammoth Global Healthcare Fund. And its ambitions are becoming clearer.
March 31, 2016

CIR buys Kos stake

French private equity house Ardian has agreed to sell its 47% stake in Italian care group Kos for a 12x EBITDA multiple of €292m. Ardian had drag-along rights starting in September 2016 that could have forced majority shareholder CIR to sell to a larger bidder. This explains a higher price than the initial €230-280m prediction.
March 31, 2016

Medical drones by 2017?

Delivering medical samples by drone is faster, cleaner, safer and cheaper, claims Diego Cerutti, manager of the healthcare unit at Franco-Luxembourgois logistics group, Flash. It has developed its own packaging unit and attached it to a drone with a range of 20 miles that will be tested with real samples this summer. A consortium has come together to grow the project and Flash has already received calls from interested lab groups and hospitals in France, Belgium and Luxembourg. And this is not a pipe dream – Cerutti is talking about 2017 or 2018.
March 31, 2016

So what really happened at Bupa?

After four years, in which he transformed Bupa with a £1.8bn M&A drive, the company announced that CEO Stuart Fletcher is to leave after failing to meet expectations. His departure follows 2015 results which saw a fall of pre-tax profits of 39% to £347m. Where does that leave his plans to build an international brand with strengths in services as well as insurance? What really went wrong? With 2015 sales of £9.8bn, Bupa still has heft. Outside the USA, it remains one of the two largest international private medical insurers, the largest international dentistry player, one of the largest care home groups and, probably, the largest player in outpatient care – certainly the only one with scale in four continents.
March 30, 2016

How expensive are South Africa’s private hospitals?

February's explosive report from the OECD on the unaffordability of South African private hospitals may have political repercussions. Health Minister Aaron Motsoaledi told the South African press the study proves the market is broken – something he has “been telling South Africans all along, but no one wants to listen”. Here we look at the report and talk to the head of health at the OECD about its findings and also to Jonathan Broomberg, CEO of Discovery Health, the largest administrator of medical schemes in the country.
March 29, 2016

Bupa CEO quits

Bupa chief executive Stuart Fletcher has stepped down after four years after presiding over an ambitious M&A drive which saw the company spend over £1.6bn on buying healthcare service companies from Chile to Poland. Chief financial officer Evelyn Bourke will be appointed as acting CEO and the board will conduct an internal and external search for a successor "in due course", Bupa said in a statement.
March 24, 2016

Unilabs grew organic sales 5% in 2015

Despite all the price pressures on the lab sector, Pan-European lab group Unilabs achieved 5% organic growth in 2015 and saw sales rise in every country, apart from Spain. Costs have also been cut. CEO company doctor Jos Lamers claims to have finally persuaded the big three suppliers to agree to Pan-European pricing. Unilabs debt mountain meant that it still made a net loss of €8m for the year, but that is down from over €100m in 2014. We talk to Lamers.
March 24, 2016

Transforming public hospital labs

We talk to Dr Danielle Govaerts, lab director, Hôpital Civil Marie Curie in Charleroi, Belgium about how the hospital transformed its lab, how it is moving further into outpatient care and about competition with the private sector.
March 24, 2016
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