Fertility Industry Analytics, from Manufacturer to Clinic

We have worked across the chain that moves the value

Private equity has moved fast into fertility clinics and specialty pharmacy. We look at margin, volume and leverage across the whole chain.

4% → 32%
US fertility clinics PE-affiliated, 2013 to 20231
52%
of 2022 US IVF cycles at PE-affiliated clinics2
From work we have done

We have done this work for a fertility drug manufacturer and a national fertility pharmacy, and are beginning to extend it to clinics.

Paul Karner
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Where we have worked in the fertility chain

We have seen the economics from the manufacturer, the pharmacy, the clinic and the benefits side.

Manufacturer
Volume, rebates, supply chain
Are the rebates you're owed the rebates you're paid?
Specialty pharmacy
Dispensing, margin, rebate strategy
Our deepest work in the chain
How close are you to the next market-share threshold?
Clinic
The point of care
Which clinics drive your volume, and which are drifting?Early-stage
Benefits & employer
Who sets the requirements
Seen through a pharmacy's benefits partner
What do upstream requirements do to your margin?Via partner
Figure 1. Our deepest work sits at the pharmacy, where manufacturer, clinic and payer economics all meet.

At the pharmacy, we have built daily dispensing dashboards by patient type and clinic, rebate strategy around manufacturer thresholds, and a single source of truth on drug costs.

Read the economics across the whole chain

A conversation is the quickest way to see what the chain-wide view means for your platform.

Paul Karner
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References

  1. Ke et al. "Trends in Private Equity Affiliations With Fertility Clinics in the US." JAMA 335(7):630–632, 2026. doi:10.1001/jama.2025.24516
  2. Ke et al., JAMA (2025 research letter), as summarized by PatientPay: 227,937 of 434,994 US IVF cycles in 2022. patientpay.com