APRIL 23 2026
Healthcare and pharma continue to attract significant investment, but the environment is becoming more demanding. Scientific innovation, regulatory complexity and the need for scalable business models are raising the bar for both companies and investors.
In this edition of Voices of Nordic Capital, Christian Hedegaard, Partner, shares his perspective on the role of private equity in healthcare today, the trends shaping investment activity, and what differentiates the most successful platforms in an increasingly competitive market.
What role does private equity play in healthcare and pharma today?
“Private equity plays a key role in scaling healthcare and pharma businesses by building strong platforms through investment in innovation, targeted acquisitions and hands-on operational development. Beyond capital, investors bring operational expertise to accelerate organic growth, as well as access to networks that support platform development, international expansion and stronger commercial execution. In a complex and highly regulated sector like healthcare, that combination of long-term capital, active ownership and deep sector connectivity is critical to building resilient businesses and delivering sustainable growth.”
What key trends are currently shaping investment in the pharmaceutical and healthcare sectors?
“We are seeing improved deal momentum, particularly in biotech and pharma M&A, as companies look to offset patent cliffs and strengthen growth runways. Capital is gravitating toward pharma platforms that combine therapeutic area leadership with strong operational and commercial execution, as well as toward emerging opportunities such as radiopharma and more direct, data-driven routes to patients.
Growth is firmly on the agenda, but it needs to be scalable and resilient. Assets that can perform through regulatory, reimbursement and integration complexity are attracting the strongest interest, reflecting a shift toward actively managing risk rather than avoiding it.”
What differentiates the most successful healthcare and pharma platforms in today’s investment environment?
“Execution and scalability have become increasingly important. Investors spend more time understanding how companies operate day to day, how they integrate acquisitions and how resilient their revenue base and business models really are.
Platforms with repeatable operating models, diversified revenue streams and a proven track record in business development and M&A tend to stand out. Capital is available for high-quality healthcare assets, but it is deployed with greater discipline and a clear focus on long-term value creation. Companies that combine resilient base revenues with compelling innovation and strong operational capabilities are increasingly best positioned.”