Event Review | Healthcare & Life Sciences | Masterclass & Investor's Lounge

On 10 March 2026, Schoenherr and invest.austria hosted an exclusive afternoon and evening dedicated to one of the most dynamic and complex sectors in today’s investment landscape. The programme brought together legal experts, entrepreneurs, investors and innovators for two back-to-back formats: an in-depth Masterclass on regulatory and IP fundamentals related to lifestyle products, followed by an Investors' Lounge featuring high-profile discussions on market developments, start-up ecosystems and Buy & Build strategies in Healthcare & Life Sciences.

The event was jointly organised by Sarah Rosenthaler and Niklas Kerschbaumer from Schoenherr’s interdisciplinary Healthcare & Life Sciences team, one of the firm’s dedicated industry groups combining regulatory expertise with comprehensive transactional, financing, dispute resolution, IP and compliance capabilities.

A warm thank you to all speakers and guests for contributing to an insightful and energising evening. A special thank you to invest.austria for the opportunity to co-host this event and to leverage its well-established event formats. We look forward to continuing the discussion at future events.

MASTERCLASS
From Hype to Compliance – The Legal Reality Behind Lifestyle Products

Speakers:
Sarah Rosenthaler (Schoenherr Regulatory), Sarah Sayahpour (Schoenherr Regulatory), Dominik Hofmarcher (Schoenherr IP), Alexander Pabst (Schoenherr IP)

Following brief welcome remarks by Daniela Haunstein, Managing Director of invest.austria, and Niklas Kerschbaumer, Schoenherr, the afternoon opened with a concise, investor-focused briefing on the rapidly growing universe of lifestyle products. The session guided investors through the regulatory landscape applicable to product categories within the HCLS space, as well as IP protection strategies.

Key topics included the legal distinction between general foodstuffs, dietary supplements, cosmetics, medical devices and pharmaceuticals, and why this classification is legally consequential. The speakers highlighted how product qualification directly affects regulatory requirements, time to market and capital needs. It was also emphasised that manufacturers can, to a certain extent, strategically influence the regulatory classification of a product, thereby shaping the applicable regulatory pathway. Particular attention was given to market access requirements and the legal and financial risks that product misclassification may pose for investors. The session also provided insights into the IP toolbox, including available protection strategies and associated risks.

The central message for investors was clear. Product classification is not merely a compliance detail but a key determinant of regulatory entry barriers and competitive dynamics. A clear compliance strategy and early engagement with authorities are essential. The risks of non-compliance, ranging from market bans and product recalls to liability and reputational damage, must be factored into every investment thesis.

INVESTORS' LOUNGE

Speakers:
Martin Klässner (medudoc), Romana Ruda (Future Health Lab), Marcello Nicoloso (viridiusLAB AG), Michael Glock (viridiusLAB AG), Niklas Kerschbaumer (Schoenherr Transactions)

The Investors' Lounge was opened by Niki Futter, President of invest.austria, followed by welcome remarks on behalf of Schoenherr by Sarah Rosenthaler, who also set the stage for the three thematic blocks of the evening.

BLOCK 1: Current Developments in HCLS, M&A Trends and Key Data

Niklas Kerschbaumer provided a data-driven overview of the global, European and Austrian HCLS M&A market, presenting key statistics from current market reports. Highlights included that global Life Sciences M&A reached USD 240 billion in 2025, with 75 percent of private equity investors planning HCLS investments within the next 24 months, making it the leading sector ahead of technology.

While Europe’s Life Sciences sector continues to grow, partly driven by academic spin-offs, it still faces a significant funding gap compared with the US. At the same time, factors such as regulatory strategy, IP structures and AI adoption are becoming increasingly decisive for investment attractiveness.

BLOCK 2: Start-ups in the Healthcare System, Digitalisation, Scaling, Regulation and Cooperation

This fireside-style session brought together two leading voices from Austria’s health innovation ecosystem, offering complementary perspectives on what it truly takes to innovate within a public healthcare system.

Martin Klässner, one of Austria’s most successful founders, shared insights in his role as CEO of medudoc and as a HealthTech investor. He presented medudoc’s approach to digitising fragmented pre-operative workflows, achieving over 60 percent higher capacity through structured digital pre-assessment, patient education and telemedicine clearance. He also introduced Treetop Medical, a start-up developing clinical decision support based on structured medical SOPs, and discussed scaling challenges for early-stage HealthTech companies in regulated healthcare markets.

Romana Ruda, Managing Director of the Future Health Lab and recently recognised as Health Manager of the Month by WKO, provided a system-level perspective on innovation in Austria’s public healthcare system. She explained how the Future Health Lab connects start-ups with public stakeholders and introduced the Founders Pass format, enabling early-stage companies to access the healthcare system and validate use cases more quickly.

Together, the session offered a realistic and highly practical look at the structural and regulatory realities of the Austrian healthcare system.

BLOCK 3: Buy & Build in the HCLS Sector, Strategies and Success Factors

The evening concluded with a behind-the-scenes look at one of the most successful mid-market HCLS consolidation stories in the DACH region. Michael Glock, Head of M&A at viridiusLAB AG, presented the mechanics, challenges and success factors of Buy & Build in regulated markets, while Marcello Nicoloso, Founder and CEO of viridiusLAB AG, answered questions from the audience.

Founded in 2021, viridiusLAB AG now operates testing laboratories across six EU countries, employing around 1,000 people across more than 60 locations.

Key takeaways highlighted why regulated sectors such as laboratory services offer attractive consolidation opportunities and how viridiusLAB rapidly expanded across six EU countries through targeted acquisitions and strong integration processes. The discussion also emphasised operational excellence, synergy realisation and effective post-merger integration, including the retention of founders and key personnel, as critical value drivers.

author: Niklas Kerschbaumer, Sarah Rosenthaler