I have spent much of my professional life evaluating investments. As a former banker who is now a strategist in the not-for-profit healthcare sector in Pakistan, the asset class I look at has changed, but the fundamental question remains the same: where does each rupee earn its highest risk-adjusted return? The answer to this may surprise some. The healthcare provider that generates the highest value at lowest risk is not the tertiary hospital with specialized treatment options for advanced stages of disease. It is the modest primary healthcare clinic: the system’s least glamorous asset and, rupee for rupee, its best…
