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Crossing the product/service divide

It has been five months since the first HealthInvestor and PwC supplement, titled ‘Uncharted territory: What deals are telling us about healthcare in the “new normal”’. As the commentary on pages 3-5 illustrates, PwC was pretty much spot on with its analysis; overall market activity leapt 20% and Medtech and Pharma deals (excluding trade to trade) provided most of the impetus.

This shift in emphasis begs the question as to whether deal activity in the “traditional heartland of healthcare services” is truly picking up. And while the number of done deals in social care and specialist services has remained flat (14 in 2012 H2, 14 in 2013 H1), there have been a number of eye-catching transactions – such as Bridgepoint Capital’s acquisition of Oasis Healthcare, or Care UK’s purchase of UK Specialist Hospitals – that suggest a degree of confidence is returning to the market.

As PwC’s analysis shows, however, investment in healthcare businesses appears to be moving towards a “new sweet spot”, targeting trends such as the delivery of care in the home, or exposure to emerging markets and new technology. Whether this increase in investor activity will lead to increased investor returns remains to be seen, but what’s clear is the market is moving.

Crossing the product/service divide
Crossing the product/service divide

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