Makvia Award

Mission and Principles

Successfully strategizing and investing in the life sciences arena through the MAKVIA way

MAKVIA facilitates successful strategies and investments in the field of life sciences. We bring a uniquely holistic amalgam of science, management consulting, biotechnology industry and investment banking experience to our strategy, due diligence and valuation assignments. We collaborate closely with our clients to satisfy their individual needs. Our communication style is frank and to the point: we tell you what you need to hear, not necessarily what you may want to hear. This is the foundation for the trust in and the credibility of everything we do. We strive for long-term partnerships with our clients.

About MAK


Marcus A. Koch, PhD, CFA

Marcus A. Koch, PhD, CFA, is MAKVIA's managing director and principal consultant. He brings 16 years of professional experience in strategy consulting, the biopharmaceutical industry and investment banking. He strives to enable his clients to make successful strategies and informed investments in the life sciences arena (pharmaceuticals, biotechnology, medical technology, digital health).

Marcus has a uniquely holistic approach to strategy, due diligence and valuation, effectively leveraging the four pillars of his diverse background, i.e., (1) his profound scientific formation in pharmaceutical sciences, medicinal chemistry, market access and health economics; (2) five years of top management consulting at Bain & Company and Booz & Company up to the rank of project leader and focused on life sciences; (3) seven years of hands-on biopharmaceutical industry experience at Amgen in strategic planning, marketing, sales and medical affairs at corporate and affiliate level; and (4) three years of investment banking as a senior pharma equity research analyst in a top ranked team at UBS, covering European pharma and biotech stocks and publishing extensively on health systems and market access dynamics in the US, Europe, China, and Japan.

Thus, Marcus' diverse background and professional experience enable him to effectively generate and amalgamate insights from different disciplines and viewpoints, leading to thorough assessments as a solid basis for strategy development and any investment decision.


The four pillars make the difference

Holistic approach to strategy development and due diligence …
Pharmaceutical sciences
Medicinal chemistry
Pharma market access
  • PharmD
  • PhD, medicinal chemistry
  • Diploma, market access and health economics
  • CFA charterholder
  • Deep understanding of the science and clinical practice beyond the commercial aspects
Strategy consulting:
Bain & Co and Booz & Co
  • Generalist consultant, Bain & Company
  • Project leader focused on healthcare, Booz & Company
  • Strategy development and implementation across the biopharmaceutical value chain
  • Strong project management, conceptual and client handling skills
Biopharmaceutical industry: Amgen
  • International strategic planning, responsible for the brand building process
  • Commercial excellence
  • New product launch
  • Medical and patient affairs
  • Corporate and affiliate experience
  • Broad therapeutic area knowledge
Pharma equity research: UBS Investment Bank
  • Pharma equity research: top ranked team
  • Coverage and valuation of European pharma and biotech stocks
  • Thematic research on health systems dynamics and pharma market access in the US, Europe, China, and Japan

What we do

We help our clients in making successful life science strategies and investments

Investment requirements elucidation
  • Portfolio and pipeline analysis
  • Investment thesis development
Target identification
  • Market landscaping
  • Exhaustive search and screening
  • Profiling of opportunities: internal and external factors, numerical SWOT, gap analysis
  • Prioritization and target identification
Due diligence
  • Market and strategy
  • Scientific (including structural assessment of small molecules)
  • Clinical
  • Regulatory
  • IP1
  • Commercial and market access
  • Operations
  • Risk assessment
  • Products/technologies, portfolios, companies
  • Fundamental
    • NPV (sum-of-the-parts), risk-adjusted
    • DCF
  • Comparative
    • Guideline public company method
    • Guideline transactions method
  • Venture capital method
Value enhancement
  • Strategic and operational planning to drive towards
    value inflection points as effectively and efficiently as possible (value creation plan)
    • Strategic plan
    • Operational plan
    • Organization and resources
    • Partnering strategy
  • Exit planning and support
1) Partnering with patent attorneys as required

How we do it

Projects are conducted in close collaboration with our clients and usually proceed in four stages

Project initiation
Fact base collation
Fact base workshop(s)
Project finalization

Key Tasks
1-2 days

  • Collect key materials (business plan, budget, management CVs, any prior research and background information, development timelines, etc.)
  • Define client points of contact
  • Conduct initial structured interviews with key client stakeholders
1-4 weeks

  • Collate facts and assumptions for each due diligence aspect (see above)
  • Conduct research as required
  • Perform risk assessment
  • Evaluate commercial potential and likelihood of approval
1-2 days

  • Review fact base
  • Discuss key drivers and assumptions
  • Determine any further research needs
1-3 weeks

  • Finalise research, forecasts and valuation
  • Regularly touch base with client
  • Write report
    • Format as required by client
Every project is unique and adapted to the nature of the assignment, the specific client circumstances and requirements.

Here, we illustrate our typical approach for a due diligence and valuation project which may last approximately two to eight weeks, depending on the number and nature of the products/technologies to be evaluated and the complexity of the firm.

We usually work very closely with our clients including interactive workshops, however the level of interaction may be modulated as a function of complexity, project requirements and client preferences.

Forecasting suite

We apply a broad toolbox of methods to forecast the commercial potential of health technologies

Market access enabled forecasting

Dynamic patient flow simulation

Top-down market modeling

Forecasting based on commercial analogy

  • Convential forecasting approaches often fail to capture market access barriers (e.g., formulary management, patient consumerism, etc.), which may lead to unrealistically high sales forecasts
  • MAKVIA has tacked a "market access module" onto the backbone of a classical epidemiological forecasting logic
  • Careful parameterization is essential to reflect the evaluated product's characteristics and requires in-depth research

Dynamic patient flow simulation

  • Some drugs increase survival and extend the prevalent patient pool over time, which is not captured by static modeling approaches
  • Dynamic patient flow simulations or Markov chain models across different health states and lines of treatment allow to follow patients through treatment
  • Even "pragmatic" models can become quite complex; careful parameterization is key

Top-down market modeling

Forecasting based on commercial analogy

  • Classical approach for drugs in established markets based on market size, growth and share
  • Markets may be segmented along several dimensions (e.g., mode of administration, drug class, modality, region, etc.) as appropriate to fully understand a health technology's commercial potential
  • Requires in-depth market knowledge, extensive secondary research, business acumen and sometimes triangulation of multiple sources

Forecasting based on commercial analogy

  • "Similar," already marketed drugs are used to model commercial potential and uptake dynamics – analogue forecasts may be further adjusted to reflect the specific properties of the evaluated health technology
  • May be "good enough" as a stand-alone approach, depending on the specific drug and market, or can be useful for cross-validation
  • Commercialization experience and business acumen paramount for the selection of the appropriate analogues

Get in touch

We would like to hear from you

Dr. Marcus A. Koch, CFA
Erlimatt 10
6315 Oberaegeri