Dr. Subramaniam (Subbu) Ramanarayanan

Managing Director


New York City
Tel: +1 212 345 0745
Fax: +1 212 345 4650

Los Angeles
Tel: +1 213 346 3038
Fax: +1 213 346 3030

Email: subbu.ramanarayanan@nera.com
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PhD in managerial economics and strategy, Kellogg School of Management, Northwestern University
MBA, Indian Institute of Management (Calcutta)
B.Tech. in electrical engineering, India Institute of Technology


Dr. Subbu Ramanarayanan is a Managing Director in NERA's Antitrust and Healthcare Practices and Adjunct Associate Professor of Competitive Strategy at UCLA Anderson School of management. Dr. Ramanarayanan has extensive experience advising clients on antitrust review of proposed mergers and acquisitions before the Federal antitrust agencies across a variety of settings in health care including hospital services, health insurance, physician services, group purchasing organizations, dialysis services, pharmaceuticals distribution, and benefits management services. Most recently, he was the lead economist retained by the merging Parties in the formation of Beth Israel Lahey Health, a complex transaction involving five merging hospital systems that was cleared by the Federal Trade Commission. 

Dr. Ramanarayanan is recognized as a Future Leader in Who's Who Legal: Competition 2019, and was nominated as one of five finalists for "Competition Economist of the Year" by Global Competition Review in 2019. His areas of expertise and interest include industrial organization, health economics, applied microeconomics and econometrics. He joined NERA after spending six years on the faculty at the UCLA Anderson School of Management and continues to teach at UCLA Anderson as an Adjunct member of the faculty. He is an award-winning MBA professor and teaches courses on Business Strategy and modules on Healthcare Strategy to MBA students and Executives. He has also taught a course on empirical research methods to graduate students in the PhD program at UCLA Anderson.

Dr. Ramanarayanan is an Associate Editor of the Antitrust Law Journal and has written extensively on the nature of competition in health care markets and its impact on health care costs and quality. He has published articles in the Antitrust Law Journal, Antitrust Magazine, the Antitrust Healthcare Chronicle, Antitrust Source as well as leading peer-reviewed economics journals, such as the American Economic Review and the Journal of Law and Economics. Notably, he is a two-time winner of the Antitrust Writing Award from the Institute of Competition Law, for his articles examining the analysis of mergers involving potential competitors (published 2017) and examining the impact of mergers on innovation (published 2019).

Dr. Ramanarayanan holds a PhD in managerial economics and strategy from the Kellogg School of Management at Northwestern University, an MBA from the Indian Institute of Management (Calcutta) where he was a Silver medalist, and a B.Tech. in electrical engineering from the Indian Institute of Technology.

Title Type Author
Taking Stock of the Efficiencies Defense: Lessons from Recent Health Care Merger Revi... Published Article Dr. Subramaniam Ramanarayanan
The Increasing Cross-Border Importance of Innovation in Merger Review Published Article By Jennifer Cascone Fauver, Dr. Subramaniam (Subbu) Ramanarayanan, and Dr. Nicola Tosini
Expert Witnesses in Competition Disputes Published Article By Dr. David Blackburn, Nathan Blalock, Dr. Subbu Ramanarayanan, and Dr. Paul Wong
Reduced-Form Versus Structural Econometric Methods in Market Definition: Lessons from... Published Article Dr. Subbu Ramanarayanan and Dr. Paul Wong
Paper Trail: Review of a Recent Working Paper on the Effect of Copay Coupons on Drug ... Published Article Bryan Ray and Dr. Subbu Ramanarayanan
Challenges for Economic Analysis of Mergers Between Potential Competitors: Steris and... Published Article By Jennifer Cascone Fauver and Subramaniam (Subbu) Ramanarayanan
Diversion Analysis as Applied to Hospital Mergers: A Primer Published Article By Dr. Subramaniam (Subbu) Ramanarayanan
A Profile of Professor Martin S. Gaynor (Director, FTC Bureau of Economics) Published Article By Dr. Subramaniam (Subbu) Ramanarayanan