Strategy · Venturing · M&A
H3 works with management teams, founders and investors on growth, build and transaction decisions — where market, regulation, evidence, commercial and capital have to be weighed together. Led personally by Henrik Emmert, with particular depth in regulated markets.
Germany · DACH · selected European mandates
Demand, segment, competition
Path, obligations, risk
What has to be proven
Model, price, scale
Funding, partners, transaction
Build · Partner · Buy
The decision problem
Market access determines what a product has to prove. The build–partner–buy decision determines capital, speed and integration risk.
Optimising these questions separately produces contradictory plans and late corrections. H3 makes the dependencies and the remaining uncertainties visible, and condenses them into options a management team can actually decide on.
segment, demand and the realistic growth path.
obligations, timing and what the product must satisfy.
the pricing argument, credibility and negotiating position.
between build, partner and buy — and the room to manoeuvre afterwards.
Venturing, M&A & participations
H3 advises on build and transaction decisions — and, in selected situations, takes entrepreneurial responsibility itself.
Both roles rest on the same work: test the investment thesis, stress the commercial and regulatory assumptions, work through the value-creation plan, and translate it into an integration or build plan that survives contact with the business. Direct experience as a managing director supplies the perspective analysis alone does not: what a plan actually costs to run.
Typical situations
Four contexts, one shared pattern: the answer that holds only emerges once market, regulation, capital and execution are considered together.
Ahead of a growth step, a reimbursement or approval path, an evidence investment, a launch or a funding round, the overall picture does not yet hold together.
Which path is viable in regulatory, commercial and financial terms?
A new business area, a venture, a partnership, or assessing strategic options for an existing business.
Which strategic option holds — build, partner or buy?
Before an investment or acquisition, the thesis, the commercial and regulatory assumptions and the post-close execution all need testing.
Which assumptions move value, the value-creation plan and feasibility?
A digital business area, a DTx or DiGA partnership, or a German market entry has to commit several functions to one plan.
Build it, develop it with a partner, or acquire?
Four areas of work
How does an opportunity become a business that holds?
For new business areas, corporate ventures and partnerships — from the venture thesis and the build–partner–buy decision through to business model, governance and scale-up plan.
Which assumptions carry the deal — and how is value realised after it?
For investments and acquisitions: commercial due diligence, testing the deal rationale, red flags, and translation into a 100-day and integration plan that holds up in operation.
Which market, which segment and which model will hold?
For market and segment prioritisation, value proposition, pricing logic, launch, partnerships, sales model and the commercial operating model.
Which route into care and reimbursement is viable?
The specialist depth for regulated health markets: reimbursement route, evidence requirements, regulatory roadmap and stakeholders — and what follows from them for product, funding and launch.
The focus is the strategic management decision. H3 does not provide legal, tax or investment-banking advice, financial due diligence or capital placement. Certification, formal conformity assessment and the conduct of clinical studies are likewise outside the scope.
Working together
Every mandate starts with a clearly stated management question and ends with something that can be used immediately. Henrik Emmert does the work himself, without handover to a junior delivery team.
Clarify the objective, the time horizon, the decision frame and the uncertainties that matter.
Connect market, regulation, evidence, commercial and capital into one build–partner–buy logic.
Condense scenarios, trade-offs and red flags transparently into a recommendation.
Translate the decision into a roadmap, a 100-day or integration plan, and clear ownership.
Scope and depth follow the decision, not a standard package.
Henrik Emmert
Henrik Emmert has met growth and transaction decisions as a strategy consultant, founder, managing director and shareholder.
As a former Principal at Boston Consulting Group he advised international companies on growth, launch excellence and commercial steering, and worked on buy-side commercial due diligence and post-merger integration.
He then co-founded and for many years led the company behind zanadio as managing director, building it past 150 employees — with full responsibility for product, market, organisation and funding.
He owned and led the acquisitions of Waya and PINK gegen Brustkrebs and the integration that followed. That combines organic build-up, M&A and post-merger integration with current work on market access and regulation.
“I do the work myself. The management interface and the decision-ready overall picture stay with me.”
Contact
Outline the situation and the time horizon briefly. Henrik Emmert will personally assess whether H3 is the right partner for the next step.