At the 2025 Aegis Summit, Nick Richitt, Global Co-Head of Healthcare Services at J.P. Morgan, delivered a clear-eyed assessment of where the healthcare industry stands today—and where it’s heading next. Drawing on more than two decades of healthcare investment banking and over 250 transactions, Nick unpacked the widening valuation gap between healthcare and technology, the macro headwinds pressuring the sector, and why deal activity has remained muted despite healthcare’s underlying resilience.
He explored how AI is reshaping the investment landscape as both a catalyst and a complicating force, why productivity and administrative efficiency have become the true “ground zero” for value creation, and where capital is still flowing—from deep-discount buys and private-pay services to selective health tech platforms that can harness data at scale. Nick closed with a historical perspective, reminding the audience that healthcare has weathered similar cycles before—and that once strategic clarity returns, capital tends to follow.
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