Within the framework of the 1st Intersectoral Health & F/I Forum, organized by BASQUEFIK – the Basque Financial and Investment Cluster – in collaboration with the Basque Health Cluster, Fernando Cabos, Partner at Albia, participated in a session that included a roundtable discussion focused on the relationship between the healthcare sector and the investment ecosystem in the Basque Country.

According to Fernando, there has never been so much capital seeking investment opportunities in Healthcare, and yet many companies still feel that “there is a lack of investors.” He highlighted a key barrier: the difficulty of aligning priorities and understanding the needs of both companies and investors.

During the session, a central point of friction became clear: the challenge of aligning expectations and fully understanding the priorities on each side of the table. While many companies believe that financial investors do not always properly grasp the risks associated with scientific and technological innovation, investors emphasize the need for projects that combine technical excellence with a clear business vision, execution capabilities, and financial discipline.

This gap is particularly evident in the early stages, where start-ups face greater challenges in accessing specialized financing. In this context, the role of the “anchor investor” becomes especially relevant, particularly for innovation-driven companies. Their continued participation across successive funding rounds not only provides stability but also acts as a validation mechanism that builds confidence among new investors.

Despite these perceptions, the data reflects a more dynamic reality. In 2025, 48% of M&A transactions in the healthcare sector in Spain involved the direct or indirect participation of financial investors, highlighting the growing interest of capital in this space.

The discussion also pointed to some of the key dynamics currently driving deal activity in the sector:

• Consolidation processes in areas such as hospitals, specialized centers, and distribution
• A strong focus on innovation and product portfolio expansion in the pharmaceutical segment
• The convergence of technology and healthcare in the medtech space
• The need to expand technological capabilities and market access in CDMOs and CROs

Ultimately, events like this are essential to strengthening the dialogue between the healthcare sector and the financial ecosystem. In an environment where capital is actively seeking Healthcare opportunities, the ability of companies to connect innovation with a solid business vision will be critical to driving growth and long-term consolidation.