Anyone work in healthcare high finance?
I'm the administrator for the Healthcare group here on WSO and have some group members interested in breaking into healthcare focused IB, PE, VC, or Asset Management shops. I come from a consulting and industry background, however, so I don't have much to contribute in this regard.
Anyone in healthcare finance care to share their experience or possibly do a Q&A? Feel free to respond here or join our group. PM me if you'd like to do a Q&A.
Thanks for the help.
I would also be interested in this Q&A, or hearing about healthcare finance experiences in general
Interviewing for a healthcare PE role right now. Will fill you guys on what the job's like if I do make it.
Currently interning at a PE, and focusing on healthcare. The deal flow is pretty slow, and honestly not as exciting as I thought it would be
Doing healthcare IB for a boutique firm, so I cannot comment on what a large healthcare group would be like at a BB. In my opinion, I think this sector is great, and M&A activity has picked up profusely in the past couple years. There are plenty of growth drivers in this space that are starting to kick into gear with the new reforms, and most subsector areas are actually benefiting from it, so consolidation is happening in plenty of areas. I think right now, healthcare is a great industry to be involved in. Demographics such as the dying baby boomers, nursing/physician shortage, and demand for advanced pharma and medical devices has spurred growth in industries such as medical reprocessing, healthcare staffing, CRO, pharma and specifically biotech. A lot of the deals in this space happen to be fairly small as you may be aware, simply because most acquisitions in healthcare are larger firms sucking up the niche players, so a bulk of the M&A activity happens in small purchase price range. The only thing that is difficult about healthcare in my opinion is learning the lingo... A lot of things that go on in Pharma and biotech are very confusing, and the processes and procedures can be its own challenge to understand. Needless to say, I think its a cool area.
HC M&A is dominated by BB and upper MMs. This is becuz HC companies are typically relationship based, and a lot of the top firms distribute fees and M&A mandates via RC commitment (revolving credit facility). Because the smaller firms do not have much in terms of balance sheet, they can only focus on M&A advisory and smaller acquisitions (if anything). Thus, at the top of the field (at least in IB), JPM healthcare is by far the top, primarily due to the fact that they have a ridiculous BS and can take on ridic amounts of risk.
@ the MM level, healthcare IB is a sweatshop because there are so many firms competing for a limited # of mandates (plus HC companies don't really have as much activity in terms of M&A, tho REITs finance pretty heavily w/ debt/equity).
BBs will have sweatshop like hours solely due to the amount of deals/pitching, but not as much as MM firms (which is why HC shops have the "sweatshop" rep)
hope this helped :) wuld
A few comments that stood out to me from this thread, mostly in reference to culture and hours since mudkipz covered the industry aspect: //www.wallstreetoasis.com/forums/why-are-the-hours-so-bad-in-this-group
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