Digital health
Engagement decays. The test is clinical evidence for the claim and a buyer who pays on a contract, whether employer, payer or provider. Software that is a device needs a clearance route too.
What we scoreEvidence for the clinical claim. Who pays and on what terms. Engagement and retention. Integration into the record system and workflow. Regulatory status. Privacy posture.
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Biotech and pharma
Value sits in the readout and the label. The phase a program is in says more than any projection, the science has to translate, and pricing is set in a negotiation the company does not control.
What we scoreEvidence maturity by phase. Mechanism validation. Endpoint relevance to the label sought. Regulatory designations. Exclusivity and patent runway. Capital need against runway. Payer pricing exposure.
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Medical device
The clearance route sets the clock and the cost. Reimbursement usually lags clearance, and a device without a code is a device without a market.
What we scoreClearance path and predicate strength. Clinical evidence for the labelled claim. Coverage and coding status. Quality system and manufacturing readiness.
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Diagnostics
A test without a coverage decision is a cost centre, whatever its science. Clinical utility, not accuracy alone, is what a payer and a guideline committee ask for.
What we scoreAnalytical and clinical validity. Clinical utility evidence. Regulatory route, from lab-developed test to cleared kit. Coding and coverage status. Referral sources and concentration.
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Life science tools
Customers are labs and manufacturers with capital budgets and long qualification cycles. Recurring consumables, not instruments, make the economics.
What we scoreInstrument-to-consumable mix. Installed base and switching cost. Customer concentration, pharma against academic. Gross margin. IP around the chemistry or the workflow.
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Care delivery
Margin rides on payer mix, staffing and the move from fee-for-service to risk. A contract that pays on outcomes changes what a practice, a clinic or a home-care business is worth.
What we scorePayer and contract mix. Utilisation and access. Labour model and agency dependence. Quality and readmission exposure. Licensing and survey standing. Unit economics per site or per patient.
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Mental and behavioral health
Demand outruns the clinician supply, so the model is the moat: who delivers care, at what cost, and whether outcomes are measured. Parity rules and network status decide who pays.
What we scoreCare model and clinician supply. Measured outcomes. Payer contracts and network status. Acuity handled. Retention and cost per episode.
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Neuro
Brain and nervous-system products carry the hardest endpoints in medicine. Trial design and the choice of endpoint decide more than the mechanism does.
What we scoreEndpoint validity and trial design. Evidence maturity. Regulatory route, device or drug. Reimbursement precedent for the indication. Specialist adoption path.
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Wellness and consumer health
The consumer pays out of pocket, so acquisition cost and retention are the business. A health claim still has to be true, and the regulator reads the marketing.
What we scoreAcquisition cost against lifetime value. Retention. Evidence behind the claim. Regulatory exposure on claims and ingredients. Channel and brand strength.
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Payer and admin
Plans, benefits, billing and revenue-cycle companies live on the rules of Medicare, Medicaid and employer contracts. A rate notice or an audit finding can move the whole book.
What we scoreProgram fit and regulatory exposure. Medical loss ratio or recovery rate. Network and channel leverage. Contract concentration. Compliance record. Claims and administrative cost.
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Specialty
Oncology
The most crowded field in medicine and the one with the clearest endpoints. Differentiation against the standard of care, by line of therapy, is the whole question.
What we scoreIndication and line of therapy. Comparator and endpoint. Evidence maturity. Biomarker strategy. Competitive density. Pricing and access precedent.
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Specialty
Cardiovascular
Large populations, established guidelines and entrenched incumbents. A product wins on outcomes data big enough to change a guideline, or on a procedure it makes cheaper and safer.
What we scoreOutcomes evidence against guideline care. Procedure economics. Clearance or approval route. Coverage precedent. Adoption path through cardiology and surgery.
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Specialty
Women's health
Long underfunded, now crowded in a few niches. Fertility, maternity and menopause each have a different payer, and the payer decides the model.
What we scoreWho pays, by sub-segment. Clinical evidence. Regulatory route. Provider adoption. Retention and unit economics.
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Specialty
Regenerative medicine
Wound care, tissue and cell-based products sit between device, biologic and drug rules. The regulatory classification decides the cost and the time to market.
What we scoreRegulatory classification and route. Manufacturing and supply. Clinical evidence. Coverage and coding precedent. IP and freedom to operate.
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Animal, Ag and Industrial Bio
Animal health (veterinary medicines, diagnostics, devices, vet software and care), agricultural biology (crop genetics, biologicals, plant and soil microbes, livestock biotech) and industrial or environmental biotech (synthetic biology, enzymes, fermentation, bio-based materials). Results come from field trials, animal and crop studies and process runs, not human trials.
What we scoreEvidence from field trials and efficacy studies. Regulatory path with FDA-CVM, USDA, EPA or the standards body that applies. Manufacturing and scale-up. Distributors, industry partners and offtake. IP and freedom to operate.
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