Wall Street is looking for talent – the kind that demands a working knowledge of healthcare and the medical fields.
As the number of junior bankers in the banking investment industry gradually decreases, Wall Street banks are forced to hire professionals in the health and medical industry to address demand. Aggressive hiring within the healthcare fields also responds to the growing number of healthcare investments.
The Refinitiv data reveals that in Q1 this year, 1,304 transactions for healthcare investment were recorded. This figure rose to more than 1,860 healthcare contracts in the second quarter.
As a result of the significant number of healthcare transactions, the investment banking industry has headhunted more healthcare professionals.
The increased number of healthcare deals is described as highly active in recent months by Charles Anderson, Heidrick & Struggles’ head of recruitment.
Anderson also added that recruiting individuals from the health profession is driven by the demand surge for experts able to contribute to banking’s investments in healthcare and technological intersectionalities.
Health-related professionals as new junior bankers and associates
The Heidrick & Struggles Corporation is looking for junior bankers and associates concentrating in healthcare services, pharma, biotech, amongst others, to respond to the emerging demand in healthcare services investments immediately.
Moreover, the Deutsche Bank aims to double the number of their junior bankers by summer’s end concerning the investment transactions, Nick Richitt said during his interview with the Business Insider.
Richitt added that Deutsche Bank is now in talks with some healthcare investment companies such as Appriss Health and Agilon Health for the healthcare deals.
Numerous Wall Street investment-banking companies have announced their amalgamation, such as the $17.5 billion worth of transactions by the Ginkgo Bioworks Inc. and the Soaring Eagle Acquisition Corporation, both special-purpose procurement companies. According to Refinitiv, 514 issuances from equity-capital markets have generated more than $72.5 billion this year, compared to 1,143 deals that gained $170 billion last 2020.
Healthcare service transaction list grows
The current list of Dealogic, a technology company that offers cohesive analytics and technology through service to financial companies, shows that not all biggest names of Wall Street banks dominate the game in healthcare services transactions.
This year, Goldman Sachs tops the number of healthcare M&A deals. BofA Securities, Centerview Partners, and Guggenheim Securities are also on the list.
These firms admit that they hire medical professionals and healthcare professionals as bankers and associates, given their greater credibility in the sector.
Even SVB Financial Group publicly confessed that they hired Dr. Anurag Jindal, former Bank of America Healthcare Investment Managing Director and a medical doctor, as their senior managing director SVB Leerink’s biopharma team.
Charles Anderson opined that healthcare bankers with expertise and the ability to comprehend concepts in medical science are hard to come by. In the future, banking will require professionals with working knowledge in life sciences, biopharmaceuticals, and medical sciences.