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Areas of Expertise:
  • Antitrust Policy
  • Competitive Strategy
  • Federal Government
  • Health Care
  • Management
  • Mergers and Acquisitions


Subramaniam “Subbu” Ramanarayanan chairs the health care antitrust practice for NERA Economic Consulting and is an adjunct associate professor of competitive strategy at UCLA Anderson School of Management. He has extensive experience advising clients on antitrust reviews of proposed mergers and acquisitions before the Federal Trade Commission, Department of Justice and state antitrust agencies across a variety of settings in health care that include hospital services, health insurance, physician services, medical devices and health care IT services. He is particularly experienced in the analysis of large and complex health care provider transactions, such as addressing horizontal, vertical and cross-market issues raised by antitrust agencies.

Recently, Ramanarayanan 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 multibillion-dollar transaction involving five merging hospital systems that was ultimately cleared by the FTC after an in-depth investigation.

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.

Ramanarayanan is recognized as one of the “most highly regarded” future leaders by 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 is a two-time winner of the Institute of Competition Law’s Antitrust Writing Award for his articles examining potential competition mergers (2017) and innovation effects of mergers (2019).


Ph.D. Managerial Economics and Strategy, Kellogg School of Management, Northwestern University

MBA, Indian Institute of Management (Calcutta)

B.Tech., Electrical Engineering, India Institute of Technology

Novel Privacy Concerns in Health Care Antitrust, By Dr. Andrew Stivers, Dr. Emily Walden, Dr. Subramaniam (Subbu) Ramanarayanan

Taking Stock of the Efficiencies Defense: Lessons from Recent Health Care Merger Reviews and Challenges, Dr. Subramaniam Ramanarayanan

The Increasing Cross-Border Importance of Innovation in Merger Review, By Jennifer Cascone Fauver, Dr. Subramaniam (Subbu) Ramanarayanan, and Dr. Nicola Tosini

Expert Witnesses in Competition Disputes, By Dr. David Blackburn, Nathan Blalock, Dr. Subbu Ramanarayanan, and Dr. Paul Wong

Reduced-Form Versus Structural Econometric Methods in Market Definition: Lessons from Aetna-Humana, Dr. Subbu Ramanarayanan and Dr. Paul Wong

Paper Trail: Review of a Recent Working Paper on the Effect of Copay Coupons on Drug Pricing, Bryan Ray and Dr. Subbu Ramanarayanan

Challenges for Economic Analysis of Mergers Between Potential Competitors: Steris and Synergy, By Jennifer Cascone Fauver and Subramaniam (Subbu) Ramanarayanan

Diversion Analysis as Applied to Hospital Mergers: A Primer, By Dr. Subramaniam (Subbu) Ramanarayanan

A Profile of Professor Martin S. Gaynor  (Director, FTC Bureau of Economics), By Dr. Subramaniam (Subbu) Ramanarayanan