Sectors

Five markets we know from both sides.

HealthHow the same money could deliver more and better care.Where demand outgrows supply, and how a provider stands out.EducationHow the system could reach every child and teach each one better.Where families look for more, and how a private school or faculty earns its premium.ICT & digital infrastructureHow support could follow skills and adoption at home, not headcount.Where the market moves from hours to solutions, and which firms are worth backing.Manufacturing & exportersHow support could help domestic firms grow, not only bring new plants.Where domestic manufacturers can sell more, and what it takes to get there.Agri-foodHow farm support could raise what a hectare earns.Where land earns most, and who can capture the value.All sectorsOverview

Topics

Five questions that cut across every market.

SMEs & entrepreneurshipHow support could reach the small and mid-sized firms able to grow.Where domestic know-how sits, and which firms are worth backing.Competitiveness & investmentHow support could raise productivity, not only jobs.Where firms have underinvested, and what it takes to catch up.Public financeHow each dinar could be tied to a purpose, and pay to the value of work.Where the state will spend, and how to compete for it.Green & digital transitionHow carbon revenue and support could help firms measure and cut, not only pay.Where clean power and carbon data open a market, and who can serve it.Skills & labour marketsHow adults in work and out of it could keep learning what the economy needs.Where to find the people a plan needs, and how to train and keep them.All topicsOverview

Services

Economic analysis for governments, donors and international organisations: we diagnose sectors and public spending, design and cost programmes, and evaluate what they changed.Economic analysis for companies and investors: we size markets and plan entry, find and assess firms to buy, and model what a business is worth.

Sector & value-chain diagnosticsWhere a sector creates value, who leads it, and what holds it back.Public expenditure & functional reviewsWhere public money goes, what it achieves, and how the same budget could do more.Policy & programme designWhom a programme should reach, with what instrument, and how it will be judged.Cost-benefit & fiscal impactWhat a policy or project will cost, year by year, and what it returns.EvaluationWhat a programme changed, for whom, and what would have happened anyway.Market entry studiesHow large the market is, who buys, who competes and what it takes to win.Policy, regulatory & public-demand riskHow incentives, licences, rules and public spending move a business case.Market-entry programmesFrom a study to an operation on the ground: set-up, people, partners and first customers.Business plansA plan a board can approve and a lender or investor can fund.Target search & screeningWhich firms exist, who owns them, and which deserve a closer look.Due diligenceWhat a target’s business, clients and earnings really are, before the price is set.Financial models & valuationWhat a business or an investment is worth, and how it pays back under different scenarios.Surveys & primary dataThe evidence that does not exist yet, collected so that it can be trusted.Custom analytical & performance toolsModels, dashboards and indices, used every time a decision comes back.All servicesOverview

Case · Strategic investor, 2025

Private healthcare

Evidence

A private health market is first a question of who pays. In Serbia households pay thirty-two of every hundred euros spent on health out of their own pocket, mostly for medicines and for care they cannot get quickly in the public system; in the EU, fifteen.

Who payshealth spending paid by households out of pocket, of every 100 euros, 2023Serbia 32EU 15

Eurostat, health care expenditure by financing scheme, 2023

Question

A strategic investor looking at Serbia wanted to know whether private healthcare is worth entering, where in it the money is made, and which way in would fit.

Approach

No published source measures this market by what providers actually do. We took six years of the statutory accounts of every registered private provider, kept the firms that make most of the revenue in one stable panel, and classified them by hand into seventeen clinical niches that official activity codes do not show. Legal entities were grouped back into the platforms that own them before concentration was measured. For each niche we measured growth, margins, how much profit turns into cash, debt and ownership, and projected private spending to 2030 from income and population.

Findings

  • The money works differently from the way it looks. Public contracts cover fixed costs, while self-paying patients and voluntary insurance carry the margin, and the more a provider depends on the public insurer, the slower its cash comes in.
  • Most clinics stay small, offer a bit of everything and lean on doctors and referrals from the public system.
  • The providers that pull ahead specialise where supply is thin, keep their own doctors and balance their payers.

Where it went

The investor received a map of the market niche by niche, the platforms in each, and the ways in that fit its strategy. The client is not named, and its figures stay with it; the chart above uses public data.

Next casePublic pay reform

Contact

Tell us the decision in front of you, and when you need it.

nemanja@econominess.rs

Company profile, PDF · Belgrade, Serbia