PwC: Building a Health Tech Value Chain for an Acquisition Brief

During his investment banking internship at PwC, Arjan was tasked with supporting a client evaluating the acquisition of a health tech startup in India. The brief required mapping the sector before any target could be identified, because health tech in India spans a wide range of service models: hospital management, medication management, online diagnostics, appointment booking, and telemedicine.

He built a full value chain of the sector, categorizing companies by the actual services they provided, their clientele, pricing, and investor base. A key challenge was distinguishing genuine health tech companies from those that used the label without meaningful technology in their operations. He verified each company's actual service layer by going through websites, LinkedIn profiles, competitor analysis, and customer reviews.

He filtered the universe on multiple dimensions: niche versus broad clientele, stage of growth, and investor profile. The resulting value chain was shared with the partner and the broader team as the basis for deciding which segment of the market to target.

In parallel, he built a database of private equity funds across Asia and the Middle East, cataloging each by ticket size, target sectors, key deals, and key personnel. This database was used by the team for future deal sourcing and outreach.