Why are almost all the top boutiques in the FirstHand (Vault) ranking in the Life Science/Healthcare practice?

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Life Sciences / Healthcare are one of the most regulated and technical industries where specialization and industry-specific knowledge (both on regulatory and medical side, can come in handy). Therefore a team staffed by biotech PhDs and partners in the lifescience space are likely to be on par / better than MBB consultants from liberal arts undergrad and HBS MBAs. Gross generalizations here but just trying to paint a picture why you see a lot of top boutiques in this space.

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