This week we would like to discuss about a market leader, which was already facing tremendous pressure across many of its business channel, but the things got worst in the Covid pandemic. It is the global healthcare conglomerate Fresenius SE. It is active in multiple layers of its niche markets that include providing health services, equipment manufacturing, consumable supplies and project consulting. These activities in combination helps Fresenius defend its market shares in the respective segment and raise switching costs for the customer and support long term recurring revenue. The group Fresenius SE & Co comprises of four operating business segments Fresenius Medical Care, Fresenius Kabi, Fresenius Helios and Fresenius Vamed, all of which are legally independent entities. Shares of the holding company Fresenius SE and Fresenius Medical care are publicly listed.