A global private equity firm with healthcare sector coverage across Asia Pacific was conducting due diligence on a potential platform acquisition in Malaysia's private hospital services space. The deal scope covered both hospital-based care and the pharmaceutical distribution layer feeding it, two sub-sectors with distinct dynamics that the firm's internal team had limited current exposure to in the Malaysian market.
The fund's preliminary IC materials were due within three weeks. The team needed validated primary research covering market structure, payer mix economics, utilisation trends, and the competitive positioning of the target's key brands. Standard sell-side research on Malaysia's private healthcare market runs 12 to 18 months behind actual conditions. Operator-level intelligence, sourced quickly, was the only viable path to conviction.
Before engaging Konnect, the investment team had reached out to two legacy expert networks. Both returned profiles of healthcare executives based in Singapore or globally, individuals with historical familiarity with Malaysia's market but no current operational exposure. The fund's lead analyst described the output as "directionally useful, but not what we needed for conviction."
Within 24 hours of receiving the brief, Konnect's research team identified a shortlist of 11 candidates across two target profiles: current senior operators within Malaysia's private hospital groups, and active brand and commercial leaders within the pharmaceutical distribution channel. The search focused explicitly on individuals with current, or commercial responsibility, not advisory or historical roles.
All candidates were screened against the fund's compliance requirements and a structured set of criteria provided by the investment team. Screening covered payer mix exposure, inpatient vs outpatient revenue splits, referral network dynamics, and pharmaceutical channel economics.
Five expert calls were conducted across five business days. Two sessions featured current senior executives at one of Malaysia's largest integrated private hospital operators, covering commercial strategy, utilisation growth, and payer mix evolution across its flagship hospital brands. Two further sessions covered current pharmaceutical brand and commercial leaders at a leading pharmaceutical distribution company in Malaysia, addressing pricing dynamics, government tender channels, and private market competition.
Payer mix across the operator's flagship brands had shifted meaningfully toward higher-margin international patients and corporate insurance in 2024 to 2025. This shift was not visible in publicly reported revenue figures. It was material to forward EBITDA margin assumptions, and it strengthened the fund's confidence in the organic revenue growth thesis.
The same expert confirmed that patient acquisition costs through referral networks had declined as brand reputation compounded. Occupancy rates at key facilities were operating near capacity, validating pricing power assumptions without requiring additional greenfield capital.
Government tender channel margins had compressed approximately 3 to 5 percentage points over 24 months, driven by renegotiations with the relevant health authority. Private channel growth had more than offset this pressure, but the net effect on blended margins was not reflected in consensus estimates.
This nuance fundamentally changed how the team modelled the target's pharmaceutical distribution exposure. The finding also pointed toward a broader dynamic: private healthcare demand in Malaysia was absorbing government channel pressure across the supply chain, not just at the hospital level.
"We've used multiple expert networks for Asia Pacific due diligence. What stood out with Konnect wasn't just speed. It was relevant. Every expert they put in front of us was currently operating in the market, not advising from the sidelines. For a deal with our timeline, that distinction was the difference between conviction and uncertainty."
Vice President, Healthcare Coverage, Global Private Equity Firm
Five expert calls, completed within one week, gave the investment team the primary intelligence needed to finalise IC materials ahead of the three-week deadline. Three of four key unknowns in the diligence checklist were resolved directly through Konnect sessions: payer mix trajectory, pharmaceutical channel margin dynamics, and regulatory supply constraints.
The deal team proceeded to exclusivity. Two of the five experts were subsequently re-engaged for a second round of calls as diligence advanced toward signing. Insights from the Konnect sessions were cited directly in the preliminary IC memo.
Total time from initial brief to final expert call: 7 business days.
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Konnect is a global expert network connecting organizations with experienced industry professionals across 500+ sub-verticals to access real-world insights and informed perspectives. With strong expertise across Southeast Asia and global markets, Konnect facilitates structured conversations that help decision-makers better understand industries, market dynamics, and emerging opportunities.
