Christian Mazzi, the leader of Bain & Company's UK Healthcare practice, discusses the changing private equity appetite for pharmaceuticals and medical technology in Europe. "If you look back on the last ten years, the private equity firms that have really outperformed the rest are the ones who were operating in that higher risk category," says Mazzi. "They were investing in biopharmaceuticals. They were investing in medtech. And they were few, but their returns were phenomenal. "