The Fin Ill-conceived: Inside Australia’s IVF money-making machine
Jan 21, 2026
Michael Smith, health editor and investigative reporter on Australia’s healthcare scene, discusses how IVF became a booming business. He covers aggressive egg-freezing marketing, private equity buying clinics, the Monash IVF scandals and takeover bids. He also examines pricing opacity, profit-driven incentives and gaps in regulation.
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Private Equity Is Reshaping Ownership
- Private equity is aggressively buying IVF clinics as pioneering doctors sell up, creating large consolidated players.
- This concentrates market share and draws investor interest because patients spend tens of thousands per treatment.
Targeted Ads Hit Women At Vulnerable Moments
- Women reported relentless social media ads for egg freezing targeting them during major life events like divorce.
- These personal experiences prompted Michael Smith to investigate commercialisation in IVF.
Operational Failures Invite Takeovers
- Monash IVF suffered multiple embryo mix-ups and a class action, which slashed its share price and made it a takeover target.
- Reputational damage lowered valuation, inviting opportunistic bids from private equity like Genesis Capital.