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Subramaniam "Subbu" Ramanarayanan, PhD, MBA

Senior Managing Director

Splash of color


Subbu Ramanarayanan leads NERA’s antitrust team supporting clients in the healthcare industry 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 healthcare 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 healthcare 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 healthcare markets and its impact on healthcare 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).


  • 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