According to Tim van Biesen, who leads Bain & Company's United States Healthcare practice, biotech asset prices are probably at the top of the range, but pharma firms' interest in acquiring novel drugs is set to remain strong for years. Van Biesen told Private Healthcare Investor that record levels of dry powder would continue to find its way into the sector, and ultimately niche areas such as oncology, could eventually become as crowded as primary care assets were five years ago. "All the way from venture capital to private equity, there is a great deal of dry powder across most funds," he said.