皮肤科新药的发展

Vinod Nambudiri，医学博士，MBA, FAAD

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你需要知道的护发趋势

朗达·s·法拉医学博士

皮肤科和美学市场:新常态下的保留价值

了解新的趋势有助于加强皮肤科和美容市场，并为未来的实践决策。

克林特·邦迪

在过去的18个月中，由于大流行，皮肤病和美容市场被新的相关因素所定义。这包括暂时关闭诊所，重新开放和恢复皮肤科和美容手术，以及采用替代的实践方法和解决方案。无论面临何种挑战和变化，消费者仍然重视皮肤病学和美学提供商提供的服务。这些行业的实力和吸引力体现在这些医疗领域的强劲并购和资本配置活动中。了解新趋势有助于加强皮肤病学和美学市场，以及塑造未来的实践决策。《大流行：调整与解决方案》新冠病毒-19于2020年初春入侵北美，对大多数行业产生了负面影响，皮肤科和美容市场也不例外。国际皮肤镜学会完成了一项针对678名皮肤科医生的关于大流行影响的调查，334名受访者表示，在大流行期间，新冠病毒-19导致日常工作活动减少了75%以上。1 Dan Rodgers，位于中西部的多地点皮肤病学组织皮肤和美容中心总裁，评论：“为了在这场大流行中生存下来，我认为每个行业都面临着挑战，需要提高效率并重新设计他们的市场方法。很少有行业像美学空间那样受到严格的考验，因为强制性关闭选择性程序迫使重整容的行业快速转向，以保持甚至最小的现金流。”为了应对这些挑战，皮肤病学和美学团体必须采取创造性的手段为患者提供服务并提高绩效。图1：下一位患者：平均每月在线预约使用新技术和服务表明，供应商可以接受“需求是发明之母”的格言。罗杰斯先生进一步评论，野心勃勃的整形外科医生开始为卫生部和整形手术进行复杂的关闭，而皮肤科医生则倾向于远程医疗，甚至通过视频会议提供美容咨询在技术解决方案方面，正如国际皮肤镜学会调查所强调的那样，近20%的皮肤科医生首次使用远程健康解决方案。1 NextPatient是一家与皮肤科和美容实践合作的技术公司，允许患者在线预订，该公司见证了On的加速采用NextPatient的联合创始人凯尔·莫勒姆（Kyle Morham）说：“出于必要，这场大流行促使患者开始以类似消费者的方式评估他们的医疗服务提供商，包括提供商的日程安排是否在线。”。“作为患者行为变化的结果，我们已经看到医疗机构的购买态度和在线日程安排的采用发生了不可否认的转变。”第三个技术支持提供商的例子是MedShift，它为皮肤科和美学提供商提供设备、监测和数据分析解决方案。MedShift首席执行官布赖恩·菲利普斯（Brian Phillips）表示：“医疗机构和设备制造商都无法亲自为患者和提供商提供服务，他们调查并购买了解决方案，以技术领先、面向远程的方式继续开展业务。”。“在新冠病毒强制停机期间及之后，MedShift的电子商务和支付促进平台需求激增740%，这使得医疗机构能够在线向患者销售重要产品，并使制造商能够向医疗机构销售产品，而无需与销售团队进行亲自互动。”他补充道。如今，许多皮肤科和美容实践的表现表明，大流行的影响正在发生变化，医疗机构看到了更可预测的表现的证据。患者就诊量大幅增加，这进一步说明，拜访皮肤科医生仍然是一项关键的医疗支出。许多医生OUP继续使用创新技术和解决方案为患者提供服务，并提高利润率。很明显，这些细分市场的价值非常强大，并且在未来处于非常有利的地位。皮肤病学和美学并购市场：尽管der在全球大流行、整合和投资，但势头依然强劲材料学和美学市场一直保持稳定。过去十年来，这一收购和投资活动主要由金融赞助商推动，包括私人股本集团和家族理财办公室。虽然新冠肺炎可能为这些投资者带来了一个暂停的时刻，但他们对这些细分市场及其gro的乐观情绪机会并没有被打破。这些成熟的资本来源发现皮肤科和美学市场是一个投资的避风港，包括在一个不确定的时期。2020年春季，皮肤科并购市场经历了一次“反思”n moment” for buyers. This occurred as buyers had to assess the impact of the shutdowns on the state of potential dermatology investment candidates and their respective financials. With the uncertainty of the pandemic still active in summer 2020, the ability of most practice buyers to value, underwrite, and close transactions remained somewhat unsettled. However, in parallel with practices quickly learning how to operate in this new normal and the reopening of health care facilities with increasing patient visit counts, the financial performance of many were regaining their footing by fall 2020. As a result, the ability of buyers to close on transactions was revitalized. “Our team, backed by Abacus Investments and Citibank, was deep into diligence on our first tranche of partnerships as COVID peaked. It was amazing to watch these physician groups adjust, and it was clear that the dermatology and aesthetic sectors were illustrating that resilience that inspires investors,” says Mr. Rodgers. “Skin and Aesthetic Centers closed on three partnerships between December of 2020 and May of 2021: Skin Care Doctors, Minneapolis; Skin MD, Chicago; and Juva Skin and Laser Center in New York City. Not only have these practices bounced back, but all are tracking to exceed pre-COVID revenues.” With 2021 now over the halfway mark, and with many practices either back to normal performance or within striking distance of normal, there is continued M&A and investment momentum in the dermatology and aesthetics markets. A number of high-profile dermatology transactions closed from mid-2020 through Summer of 2021, proving the continued lure of capital to these segments (see Figure 2). Examples include Pine Tree Equity’s investment in Suncoast Skin Solutions, ADCS’ acquisition of Dermatology Associates of Montgomery, and the expected sale of Forefront Dermatology, one the largest national dermatology and aesthetics groups, in the near future. In short, the buyer’s market and robust valuations have returned to pre-pandemic levels, and one might argue the overall value of these segments, and the physician practice groups within it, has increased post-COVID. Technology Solutions for Physician Practice Groups Physician practice groups will continue to be the backbone of the dermatology and aesthetics markets. Buyers and financial sponsors are expanding their interest in technology-oriented firms that provide solutions to physician practice groups. The rapid adoption of new technology-oriented services to physicians include telehealth, virtual bookings, and data analytics. The investment community is responding in-kind, as daily transaction announcements in the health care technology are occurring. A recent example of capital flowing into technology-oriented companies focused on the dermatology and aesthetics market is MedShift. The company recently received strong interest in a minority equity capital raise, resulting in an oversubscribed funding round at a company valuation of $150MM. Further evidence of interest is observed by M&A trends in the telehealth segment, which witnessed an increase from 22 transactions in 2018 to a projected 81 in 2021.2 From Bundy Group’s continued health care technology-oriented firms, we see an escalation in financial sponsor interest in any firm that offers proprietary technology solutions for health care providers. The marriage of physician practice services and technology results in highly attractive value drivers and a magnet for both strategic buyers financial sponsors. We expect these health care technology firms to continue to demand great value and interest from the investment community. Figure 3: Telehealth M&A Activity (2016 – YTD 2021) The Future of the Dermatology Market Dermatology and aesthetics practices have proven they can weather a major storm and generate continued buyer and investor interest, as evidenced in the 2020/2021 rebound and resurgence. From Bundy Group client engagements in the dermatology and aesthetics industries, we have seen firsthand the continued growth of these markets and the corresponding premium valuations that can accompany independent physician practices. Not only has the value been retained by most dermatology and aesthetics independent practices, but it looks to be stronger than ever. Furthermore, technology-oriented firms servicing the health care and physician practice management markets are also demanding significant attention. Any independent physician practice group, or technology-focused health care firm, considering a sale or recapitalization, will have plenty of options and be in a great position to demand value—especially with the use of competitive pressure on buyers in a structured process. Bundy Group represented Catawba research and Dermatology Associates of Montgomery in transactions and has provided advisory services to SkinMD. Clint Bundy is a Managing Director with Bundy Group, a boutique investment bank with an extensive track record in the dermatology and health care markets. Since 1989, Bundy Group has specialized in representing practice and business owners in business sales, capital raises and acquisitions. www.bundygroup.com; clint@bundygroup.com 1. Conforti C, Lallas A, Argenziano G, Dianzani C, Di Meo N, Giuffrida R, Kittler H, Malvehy J, Marghoob AA, Soyer HP, Zalaudek I. (2021, January) Impact of the COVID-19 pandemic on dermatology practice worldwide: results of a survey promoted by the International Dermoscopy Society. Dermatol Pract Concept. 2021;11(1):e2021153. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7875667/ 2. CB Insights. (2021, May 6). Telehealth cos are seeing a wave of consolidation. Here’s what that means for the future of virtual care. CB Insights Research. https://www.cbinsights.com/research/telehealth-healthcare-mergers-acquisitions-trends-analysis/.

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