Digital health / healthtech investment banking?
What coverage or industry groups cover digital health / healthtech (e.g. Teladoc, Noom, Calm, Headspace, etc.?) I met this senior partner/MD level investment banker at a major firm on the subway (we talked for like 45 minutes) and we're grabbing coffee, but have no idea about this space. Is it housed under TMT? Software? Media? Healthcare? Something else? Is this a good emerging industry to cover or just a fad since 2021?
PS: I'm a student at a non-target college in NYC and do not work at Millennium Partners as my profile suggests
I’m just a student as well but from the conversations I’ve had with both healthcare and tech banking groups it seems that often both coverage teams will work on the deal, though the healthcare group will probably take the lead as some have a health tech vertical within the group. Sure this is firm dependent though.
generally healthcare (services & HCIT)
may sometimes be under tech on occasion (ex. Pillpack was sold by Qatalyst)
Any sense for who are the top players in this field? I get the sense its more boutiques and middle-markets than bulge brackets (e.g. Lazard advised on the Teladoc/Livongo deal)
Piper, TripleTree, JEF
Barclays does very well in HCIT (historically, I'm not sure how the HC team looks now). Spoke with one of their bankers before. Sounds like they don't mind people siloing into digital health / healthtech / HCIT at the junior level once you have some experience under your belt. Just be prepared for very long hours (2-3am nights sounded very common but the exposure sounded amazing, I think their analyst placement into HC PE is historically strong too).
Usually HC and TMT collaborate - HC understands the industry landscape but TMT knows the funding/growth side and how to evaluate the tech they're using. Some banks this is a whole vertical within HC
It's an interesting group for sure. Not sure that any of the digital providers have really reached critical mass but the HC industry needs innovation. It's not the worst thing in the world to not know about the industry, just do as much research as you can and have a mental list of at least 10 questions. Not all need to be super industry-specific - ask about his career and thoughts on the wider industry or what is interesting about his work.
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