MD/MBA to Healthcare PE/VC?
Hi, I am currently a freshman at a T10 LAC pursuing a pre-med track. Although I'm really interested in the Life Sciences, I don't see myself practicing medicine. Ideally, I want to work at a PE or VC firm focused on Healthcare/Biotech. I'm not too interested in IB and IB firms do not recruit heavily from my college, so I do not want to pursue the typical IB analyst to PE/VC exit path, other considerations aside. The main reason I want to do an MD/MBA is because of the opportunities it offers in various industries apart from finance. I was wondering how valuable an MD/MBA is for PE/VC firms (in most teams I've viewed online, associates hold these qualifications) and whether it is a effective path for finding work in these firms?
If you're not going to practice medicine, do not get a MD. People you see with those qualifications are the ones who've realized halfway through med school, or a few years out, that they do not want to pursue such an endeavor anymore. Trust me in that the ~10 people I've talked to with this degree mix, they we're all at the time, either in: med school, residency, primary or specialty practice.
I work for the Chief Medical Officer of our company, on clinical strategy, who comes from a VC background with a MD/MBA. How much of our clinical strategy is hardcore science? ~10%; hell, I read a few pages in a textbook and already know a 100% of what my clinical research project is on..
You see people with these backgrounds because they're hired with the icing on the cake of understanding the science. However, the science they generally invest in is mostly based on statistical merit, with a general understanding of intermediate-level science (upper-level undergad, master's-level). Please refer to a not so distant discussion I posted in about this topic: http://www.wallstreetoasis.com/forums/biotech-investing
Biotech - VC oriented. rest of "Healthcare" - VC/PE oriented.
I'd get a few more years under your belt before you decide if you want to pursue an advanced degree in the life sciences, or pursue the hell that awaits in the MD world ;)
Thank you so much for your valuable insight. The reason I wanted to pursue an advanced degree is because my undergrad degree by itself will not hold much weight during recruiting season. Also, I am not too interested in advising/IB and I know that is usually the first step in ending up in one of these firms. What would be an alternate route to ultimately start as an Associate at a VC?
...assuming you mean healthcare VC:
1) Becoming an entrepreneur, starting up, and exiting your own company. 2) Working for multiple portfolio companies within a VC for a while, deploying exit strategies and business dev projects, then transitioning into the VC-backer. 3) Work at an "office of technology transfer" within a university, completing IP transfer on multiple technologies from the university to industry. 4) Accidentally running into Brook Byers as he's fighting off a 800lb. grizzly bear and you save his life by ripping the bear's head off...
It's more likely you'd join a healthcare VC, many many years into your career, than you would at the associate level, without doing some sort of consulting/banking for 5-7 years. Healthcare is quite complex, and they're looking for people (outside of consulting/banking prestige) with many years of exposure to certain sectors.
From personal perspective, I'm taking route #2. I plan on exiting to VC in my late 40's/early 50's. I want to jump around many portfolio companies in healthcare/healthcare tech/biotech during my youth and mid-life crisis years, and really get a grasp of the industry dynamics. I feel as though I will be a much more effective investor at a later stage of my life, than someone who goes straight into VC in my 20's and 30's. Most successful healthcare investors take the dive into VC when they're in their 40's/50's/60's anyway, there are rare exceptions..
If route #2 sounds like a viable option for you, PM me and we can discuss. Otherwise, you're on your own on those other routes, cause I can't teach you ground submission techniques against bears...
I know way too many doctors and SocratesIsMortal is completely correct: do not get an MD unless you plan to practice. Just getting an MD doesn't amount to anything; most of what you learn is through residency and fellowship. Getting an MD is a super roundabout way to do what you want to do. Much better off graduating college with kick ass grades and go into healthcare banking / consulting then transition into PE/VC.
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