Biotech & Life Science VC

I'm an undergrad, pretty lost in life as far as what I want to do. Ex-pre med, could never see myself as a physician but I've always been interested in biotech. I'm working at a search fund that does VC/Early stage PE and I think the work is really interesting. I was curious if anyone has ever worked in an investing role in life sciences, as I had a couple questions. 

Do most people have MDs/PhDs? Is the ceiling low for career progression if you don't have one?

What's comp like? If I'm here for the money, is going from med school to a seat like that even worth it? Is it much less efficient financially than just doing 2 years IB, then a buy-side role? 

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