How do other banks ER teams survive?

I’ve been making a spreadsheet of all the banks on biotech IPOs, PIPEs, and follow-on deals, and it’s legit the same banks that take like 95% of the deals. So my question is: how the heck are these other banks biotech Analysts still around given they’re not bringing in fees? Biotech analysts aren’t exactly cheap so how are they around if their research doesn’t translate into deal fees through equity offerings, etc? 
 

Biotech banking syndicates usually involve the usual: Jefferies, Leerink, JPM, Piper, LifeSci, and Guggenheim. I see these banks consistently on deals, of course others exist but seem to be much less so. With the sheer volume of biotech equity deals just in the first 3 months of the year, are these guys absolutely crushing it? Is biotech a different world than other sectors? And seriously, should I go get a biotech masters and lateral to a biotech team from TMT??