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3i hires Morgan Stanley veteran for healthcare practice

The private equity firm has brought on Morgan Stanley’s global head of healthcare investment banking, John Moore, to lead its North American healthcare team. The team will focus on global scalability and cost effectiveness.

Prior to joining 3i, Moore spent 15 years at Morgan Stanley, rising to managing director and global head of healthcare investment banking.

In his New York-based role, Moore will be responsible for 3i’s healthcare strategy across North America. His hire completes the firm’s health care leadership team headed by Alan Mackay in London.

John Moore

3i is acting on its intention to aggressively expand the firm’s North American healthcare team, which Robin Marshall, a senior partner at New York-based 3i North America Growth Capital, told PEO in July 2008. He said 3i was eager to establish a greater presence in North America’s sprawling health care industry.

3i will continue its focus on businesses making products and services for complex, chronic diseases on a cost effective basis that can be scaled globally, said Moore.

The Obama administration has pledged to expand insurance coverage, Moore said, noting that expanding healthcare coverage is a growing trend.

“What the new administration is pledging to do here is happening around the world and that creates the need for, and the demand for, healthcare products and services on a more universal, global scale,” said Moore. “At the same time, there’s a related consequence which is that as we insure more, the cost of healthcare is simultaneously rising  … some of that has to do with inefficiency and investments that 3i has made, and we hope to make, is in companies that address the inefficiency in healthcare delivery.”

3i has invested €1.6 billion in health care deals worldwide since April 2001 and has invested nearly $1 billion in North American healthcare to date.

Recent healthcare deals include a minority investment in clinical research outsourcing company Quintiles, a €140 million minority stake in medical diagnostics company Labco and the buyout of medical cable manufacturer LHi Technology.