Analyzing damages in healthcare antitrust cases involves many of the same elements as analyzing damages in other antitrust and complex commercial cases. However, the institutional differences and the complexities created by heterogenous products, differential pricing, and the agency relationship among patients, physicians, and third party payors can affect how these markets function. In this white paper, the authors argue that analyzing damages in healthcare antitrust cases must be regarded as a case-by-case issue requiring careful attention to the way in which competition has been harmed, if at all, and how this harm translates to injured buyers or competitors.