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Read more about our membershipsThe distinctive characteristics of healthcare investing
Tell Media Group recently sat down with Christian Fay, senior portfolio manager at BNP Paribas Asset Management in Boston, to discuss the distinctive characteristics of investing across healthcare, health technology and biotechnology.
Healthcare investing is distinctive because value creation depends on the interaction of scientific validity, clinical evidence, regulatory approval, physician adoption, patient benefit, reimbursement, intellectual property and commercial execution. In most sectors, an investor can begin with established revenues and relatively observable demand. In biotechnology, by contrast, a substantial proportion of enterprise value may rest on a treatment that has not yet reached the market. The central analytical question is therefore not merely whether a company can grow, but whether its science works, whether regulators will approve it, whether clinicians will use it and whether the resulting cash flows justify the
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