Dr. Subramaniam (Subbu) Ramanarayanan

Senior 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 chairs NERA’s Healthcare Antitrust practice and is an adjunct Associate Professor of Competitive  Strategy at UCLA Anderson School of management.  Dr. Ramanarayanan has extensive experience advising clients on antitrust reviews of proposed mergers and acquisitions before the Federal (FTC and DOJ) and State antitrust agencies across a variety of settings in health care including hospital services, health insurance, physician services, medical devices, and Healthcare IT services. He is particularly experienced in the analysis of large and complex healthcare provider transactions, including addressing horizontal, vertical and cross-market issues raised by antitrust agencies in such matters.

Recently, he testified on behalf of the merging parties in the FTC’s challenge of the merger between Albert Einstein Health Network and Thomas Jefferson University, which was the first time the FTC lost a hospital merger challenge in nearly two decades. He was also the lead economist retained by counsel for the merging Parties in the formation of Beth Israel Lahey Health, a complex multi-billion dollar transaction involving five merging hospital systems that was ultimately cleared by the Federal Trade Commission after an in-depth investigation. 

Dr. Ramanarayanan also has an active practice focused on litigation around liability and damages issues in health care antitrust, and has analyzed issues pertaining to market definition and market power, alleged monopolization, monopsony, exclusive contracting, price-fixing, tying, bundling and alleged foreclosure.

Dr. Ramanarayanan is recognized as one of the “most highly  regarded” Future Leaders in Who’s Who Legal: Competition, and was nominated as one of five finalists for “Competition Economist of the Year” by Global Competition Review in 2019. He 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, and Antitrust Magazine, 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 potential competition mergers (2017) and innovation effects of mergers (2019).  

Title Type Author
Novel Privacy Concerns in Health Care Antitrust Published Article Dr. Andrew Stivers, Dr. Emily Walden, and Dr. Subramaniam (Subbu) Ramanarayanan
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 Jennifer Cascone Fauver, Dr. Subramaniam (Subbu) Ramanarayanan, and Dr. Nicola Tosini
Expert Witnesses in Competition Disputes Published Article 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 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