Healthcare is a cross-cutting industry that impacts multiple areas of national development: infrastructure, education, legislation, scientific research, public financing, technological innovation, and, of course, the economy. Its need to adapt to demographic changes, pandemics, and technological disruptions keeps it in constant transformation.

In recent years, this has become especially evident. Globally, the pandemic forced countries to dramatically increase healthcare spending, adapt infrastructure, and accelerate digitalization processes. Far from representing a structural boom in terms of investment or financial sustainability, this period instead marked a phase of operational pressure and forced expansion, followed by an adjustment. Only recently, since 2024, have more stable signs of recovery begun to emerge. For example, global healthcare transaction volume, including mergers and acquisitions involving insurers, clinic networks, and biotechnology companies, exceeded US$115 billion in the past year (Global Healthcare Private Equity – Bain & Company, 2025), the second-highest figure in history.

In Chile, the healthcare sector represents 10.5% of GDP, operating under a mixed public-private financing model (Health Economic Information, 2025). Within this system, there are two main players in healthcare coverage: Fonasa, which serves 83% of the population, and Isapres, which cover approximately 15%. In recent years, both subsystems have operated under a highly demanding environment, marked by financial pressure, regulatory uncertainty, and limited visibility for investment.

Between 2019 and 2024, Isapres lost more than 800,000 affiliates and faced a series of court rulings that forced them to reformulate their healthcare plans, directly impacting their financial sustainability. In May 2024, the Short Law (Law 21,674) was enacted, legislation aimed at complying with Supreme Court rulings regarding pricing and healthcare plan conditions. Its main objectives are to ensure reimbursement for excess charges to affiliates, strengthen oversight through the Health Superintendency, and modernize the public system through new coverage modalities. This helped significantly reduce the sector’s regulatory uncertainty.

On the other hand, in May 2025, a massive fraudulent medical leave scandal came to light, initially involving more than 25,000 public sector employees who used medical leave to justify absences while traveling or engaging in other activities. This group was later joined by more than 80,000 private sector workers, according to SUSESO. Since then, according to data from the Ministry of Finance, the number of medical leave claims has fallen by nearly 15%. This reduction could translate into significant financial relief for both Fonasa and the Isapres, considering that medical leave payments account for between 70% and 75% of the use of resources coming from mandatory healthcare contributions. In this context, a sustained decline in this expense could reduce part of the pressure currently facing the system.

These developments are beginning to translate into concrete signs of recovery. The combination of cost control, clearer regulations, and a more predictable economic environment is unlocking investments. The monetary policy rate is at its lowest level since May 2023, facilitating more favorable financing conditions for new projects.

These changes are being reflected in concrete milestones that have taken place over the past year, including new investments and merger and acquisition processes within the sector. Some examples include:

• The sale of 55.75% of Clínica Las Condes to Indisa and EuroAmerica.
• Clínica Las Condes raising US$64 million through a capital increase.
• ACHS announcing a high-complexity clinic in La Serena with an investment of US$25 million.
• RedSalud acquiring Clínica Sanatorio Alemán de Concepción, the largest private healthcare center outside Santiago, while projecting further expansion through new regional centers.
• British group Bunzl acquiring Hospitalia, a Chilean distributor of healthcare products.
• Clínica Alemana announcing the expansion of its Vitacura campus and a new outpatient clinic in San Carlos de Apoquindo.
• Clínica Santa María building an outpatient surgical center in Las Condes with an investment of US$30 million.
• Construction of the largest clinic in the Maule Region, Clínica Andes Salud Talca, representing an investment of more than US$30 million.

Today, the healthcare sector is once again showing signs of confidence. With clearer rules, better cost control, and a pipeline of ongoing projects, the industry may be entering a new expansion cycle. A growth process that, as expected, will need to adapt to structural challenges: Chile already exceeds 81 years of life expectancy, more than 14% of its population is aged 65 or older, and the country faces one of the world’s lowest birth rates. Healthcare will continue to be an industry in constant transformation, forced to innovate in response to the demands of an aging society with ever-growing needs.

Camila Warnken
Investment Analyst