The narrative here centers on private equity's strategic pivot toward healthcare consulting, framed as a response to the escalating complexity of drug R&D. At face value, this is a plausible market-driven story: as pharmaceutical development grows more intricate, firms seek external expertise to navigate regulatory, data, and operational hurdles. The steelman version of this argument is that private equity is filling a gap, investing in firms like QuartzBio to enhance efficiency in a high-stakes...