Healthcare IB - Why the focus on medical background?
Healthcare banking, specially ER, AM, and HF seem to be peculiar in that every role description asks PhD/MS in biotechnology, medicine, chemistry, etc... Even some classic IBD role ask for it. What is it about this sector that requires it?? Do clients prefer it or is the space that complicated.
For example, never seen industrials groups ask for industrial engineers. Rarely seen TMT groups ask for CS/Software engineering backgrounds, and so on. Can anyone provide some color?
Because medical science is incredibly complicated. I work in HC. Clinical concepts are easy to pick up but actual medical concepts utilizing a huge amount of medical guidance that requires years of training? No. Very few in each healthcare company can handle these cases (the clinicians), understandably so - buyside firms that buy into these medically complicated devices/compounds/products/medications would prefer those who can understand the language.
Theranos is a great example where just having a tech/engineering background isn't enough to really understand the product (Elizabeth Holmes in theory had a great idea but it wasn't at all applicable as told by many of "medical" whistleblowers - aka the Stanford MD who literally told her she's delusional before she dropped out).
Do you find that that expertise requirement almost acts as an upper bound to progression in healthcare finance roles in PE, VC, etc.? I would suppose it’s not as important in IB/CD.
Yeah expertise not required in IB/CB. Clients are hiring you for financial/strategic decisions not about running their businesses.
Of course on the buy-side, it is about running the company efficiently.
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