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# Insmed CEO Will Lewis
- URL: https://www.ceo.com/episodes/insmed-ceo-will-lewis/
- Published: 2024-10-01T16:18:48.000Z
- Updated: 2026-08-29T21:13:13.000Z
- Description: A former CIA officer and investment banker on why drug development takes so long, and why he thinks it shouldn't.
- Author: Clint Betts

# Twelve years to overnight

Will Lewis keeps a collection of letters in the room next to his office. They come from patients who took a medicine Insmed made and wanted him to know what it did for them. He mentioned them on the CEO.com Podcast almost in passing, like something you look at every day.

He had been chief executive of Insmed for 12 years by then. When he arrived in September 2012, the company had about 30 employees and one candidate drug. It had raised money, spent it, and gone back for more, over and over, the way biotech companies do. "We're still losing money every year in large quantities," he said, "even though we have a drug on the market."

He also said something else. One of Insmed's drugs had just cleared a Phase 3 trial, and the stock had gone, in his estimate, from about $22 to $70 in a day. "People say, 'Oh, how did that happen?' I say, 'Well, it was 12 years in the making.'"

The drug was brensocatib, sold now as Brinsupri. In the [second quarter of 2026](https://investor.insmed.com/2026-08-06-Insmed-Reports-Second-Quarter-2026-Financial-Results-and-Provides-Business-Update?ref=ceo.com) it brought in $309.2 million, up 49 percent from the quarter before. Total revenue was $425.5 million. The company raised its full-year Brinsupri forecast to between $1.25 billion and $1.4 billion and now projects more than $7 billion a year for the drug at peak. On the [earnings call](https://www.investing.com/news/transcripts/earnings-call-transcript-insmed-q2-2026-revenue-surge-lifts-stock-28-premarket-93CH-4842430?ref=ceo.com), Lewis said the launch had more than doubled the best specialty respiratory launches the industry had seen at the same stage.

The net loss for the quarter was $13.2 million. A year earlier it was $321.7 million. The company says it will be cash flow positive in 2027\. Insmed had close to 1,200 employees when Lewis recorded the podcast; he told [NJBIZ](https://njbiz.com/rare-disease-specialist-insmed-continues-rapid-growth-in-nj/?ref=ceo.com) in late 2024 it would reach 1,700 by the end of the following year. Lewis has been selling shares all year on a [prearranged trading plan](https://www.sec.gov/Archives/edgar/data/0001104506/000140205126000042/wk-form4%5F1784926946.xml?ref=ceo.com) he set up in September 2025, which is what executives do when the stock they have held for a decade finally becomes worth something.

None of this surprised him. He had described the whole arc on the podcast, in the abstract, before it played out.

A drug takes about five years to get from an idea to a compound that can be tested in a human. Then Phase 1, Phase 2, and Phase 3, each longer than the last. Call it 10 to 15 years. The average cost is about $2 billion. After Phase 1, roughly 12 percent make it. And the company has to be ready to manufacture and ship on the day of approval, which means the money goes out years before anyone knows whether it worked. "You're transformed almost overnight into a very different kind of corporate entity," he said. That is what happened to Insmed. He just said it first.

Asked whether the 15 years are necessary, he did not give the answer a critic would want or the one a regulator would. Oversight is appropriate, he said. But "there's no magic in the 10 to 15 years." He thinks the timeline should depend on the disease. A parent whose child will die by age five without treatment is willing to take more risk than a patient weighing something closer to cosmetic, and he thinks the FDA knows that.

He is not a scientist. He has a bachelor's from Oberlin, where he started in biology and drifted into history, and a JD and MBA from Case Western Reserve. The [press release](https://www.sec.gov/Archives/edgar/data/0001104506/000114036112040054/ex99%5F1.htm?ref=ceo.com) announcing his hiring in 2012 said he began his career as an operations officer at the Central Intelligence Agency. He describes that period now as having "worked for the U.S. government." He spent more than ten years in investment banking after that, then co-founded Aegerion Pharmaceuticals, where he was president and CFO. The same release credited him with pointing Aegerion at orphan diseases ahead of its 2010 IPO. He became [chairman of Insmed in 2018](https://www.sec.gov/Archives/edgar/data/0001104506/000110465918066840/a18-39772%5F18k.htm?ref=ceo.com). He told [Business Today](https://journal.businesstoday.org/bt-online/2022/lessons-on-leadership-a-conversation-with-will-lewis-chair-and-ceo-of-insmed?ref=ceo.com) that none of it was planned. He kept following whatever piqued his curiosity.

The test Insmed uses for choosing a disease is one he calls the Thanksgiving test. Someone at the table announces a diagnosis. You slide a medicine across. If you can do that knowing the whole family will agree it made a real difference, the bar is right. If not, start over. He said on the podcast that he came to the industry after watching medicine matter in his own family, and left it there. He has said more elsewhere. His older brother died of a rare disease, he told NJBIZ, and a medicine kept him alive far longer than he otherwise would have been.

So the company goes where there is nothing, or where what exists is plainly not good enough. The smaller the patient population, the better, because for the worst diseases small means the disease is rare. "If we're impactful there, then we put ourselves out of business, and nothing would make me happier."

He had a grievance, too, and it was about Mickey Mouse. A drug gets 10 to 15 years of exclusivity to recover $2 billion and the cost of every failure that came before it. The original Mickey Mouse, he pointed out, had been protected for close to a century before it went into the public domain in 2024\. "I don't begrudge them that at all. I'm jealous of it."

On AI, he was enthusiastic and precise. Insmed announced a collaboration with Google in 2023\. A regulatory report that took three weeks to draft now takes about two hours, with accuracy north of 90 percent and a human reading every page. Drugs designed on a chip from scratch, he said, are probably ten years away, because AI builds on what is known and basic biology still has too many holes.

He gets up around six, exercises, and does the hard thinking early. "Whatever minimal extra energy or brain power I have, it's pretty much gone by 10 or 11 a.m." After that, he walks the halls. Some of the help he offers is staying out of the way. "Your job in a C-level position is to coach, not to direct." He reads almost nothing but biography now, having spent years making fun of his father for doing the same.

Insmed has been [Science's No. 1 employer in biopharma five years running](https://investor.insmed.com/2026-08-06-Insmed-Reports-Second-Quarter-2026-Financial-Results-and-Provides-Business-Update?ref=ceo.com). When BioNJ gave Lewis its [Barer Award](https://bionj.org/2024-dr-sol-j-barer-award-for-vision-innovation-and-leadership-william-h-lewis-video/?ref=ceo.com) in February 2024, Sol Barer [introduced him](https://njbiz.com/rare-disease-specialist-insmed-continues-rapid-growth-in-nj/?ref=ceo.com) as one of the humblest people in the industry.

The CEO.com Podcast ends every episode with the same question: who gave you a chance? Lewis had listened to enough episodes to have thought about it. It was never the job, he said. It was the moment someone said they believed he could do it. A camp counselor. A high school English teacher. A boss in banking, another in government, another at his first biotech. Each one gave him a chip on his shoulder, and he went out to prove them right.

He tries to do the same thing now. He looks for moments to tell someone at Insmed, "I bet you can do this." In his business, he pointed out, what they might do is cure something.

```chapters
00:00:00 Introduction and Becoming CEO of Insmed
00:00:38 Overview of Insmed's Mission
00:01:32 The Drug Development Process Explained
00:04:04 Is the 15-Year Timeline Necessary
00:06:38 Expedited Development During COVID-19
00:08:12 Choosing Which Diseases to Target
00:10:51 Curing Cancer and Future of Medicine
00:12:55 The Role of AI in Drug Development
00:16:18 A Day in the Life of a CEO
00:18:05 Leadership Philosophy and Core Values
00:20:14 Reading Recommendations and Biographies
00:21:22 Macroeconomic Environment and Healthcare Spending
00:24:02 Financing Challenges in Biotech
00:27:03 Intellectual Property and Competition
00:30:44 Mentorship and Giving People a Chance
```

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Will,<00:00:10.226> thank<00:00:10.402> you<00:00:10.482> so<00:00:10.627> much<00:00:10.868> for<00:00:10.948> coming<00:00:11.253> on<00:00:11.349> the<00:00:11.414> show.

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How<00:00:15.539> do<00:00:15.620> I<00:00:15.684> say<00:00:15.844> this?

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Innsmed?

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Innsmed.

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Innsmed.

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Yeah.

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Yeah.

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But<00:02:31.289> just<00:02:31.450> to<00:02:31.610> get<00:02:31.851> to<00:02:32.027> a<00:02:32.332> point<00:02:32.508> where<00:02:32.573> you<00:02:32.605> have<00:02:32.749> a<00:02:32.813> drug<00:02:33.070> candidate,<00:02:33.551> you're<00:02:33.695> looking<00:02:33.872> at<00:02:33.952> at<00:02:34.096> least<00:02:34.353> 5<00:02:34.594> years,<00:02:35.171> it's<00:02:35.460> fair<00:02:35.620> to<00:02:35.653> say.

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And<00:02:36.599> then<00:02:36.743> once<00:02:36.904> you<00:02:37.000> have<00:02:37.241> that,<00:02:37.481> you<00:02:37.562> submit<00:02:38.267> a<00:02:38.428> request<00:02:38.909> to<00:02:38.941> begin<00:02:39.390> human<00:02:39.711> testing,<00:02:40.770> and<00:02:40.834> that's<00:02:41.010> called,<00:02:41.395> uh,<00:02:41.572> in<00:02:41.716> the<00:02:41.797> US,<00:02:42.133> an<00:02:42.278> IND.

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From<00:02:43.481> that<00:02:43.722> moment,<00:02:44.042> you<00:02:44.123> start<00:02:44.443> what<00:02:44.556> are<00:02:44.700> called<00:02:45.037> the<00:02:45.197> Phase<00:02:45.727> 1,<00:02:46.208> 2,<00:02:46.625> and<00:02:46.850> 3<00:02:47.187> portions<00:02:47.908> of<00:02:47.989> drug<00:02:48.165> development.

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And<00:02:49.497> each<00:02:49.609> of<00:02:49.674> those<00:02:49.930> takes<00:02:50.235> about,<00:02:51.022> you<00:02:51.102> know,<00:02:51.520> an<00:02:51.600> equivalent<00:02:52.066> number<00:02:52.242> of<00:02:52.403> years.

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So<00:02:53.221> Phase<00:02:53.526> 1<00:02:53.687> is<00:02:53.767> about<00:02:54.008> a<00:02:54.088> year,<00:02:54.426> sometimes<00:02:54.747> a<00:02:54.763> little<00:02:54.955> more.

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Phase<00:02:55.694> 2,<00:02:56.079> 2<00:02:56.240> years<00:02:56.641> plus,<00:02:56.978> and<00:02:57.299> Phase<00:02:57.524> 3,<00:02:57.765> 3<00:02:58.022> plus,<00:02:58.728> so<00:02:58.808> on.

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So<00:02:59.691> overall,<00:03:00.028> you're<00:03:00.173> looking<00:03:00.414> at<00:03:00.446> about<00:03:00.976> a<00:03:00.992> 10<00:03:01.152> to<00:03:01.232> 15<00:03:01.618> year<00:03:01.794> timeline<00:03:03.079> to<00:03:03.223> get<00:03:03.384> from<00:03:03.496> start<00:03:03.785> to<00:03:03.865> finish.

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And<00:03:04.989> that<00:03:05.166> process<00:03:05.952> is<00:03:07.397> somewhat<00:03:07.799> unique<00:03:08.457> in<00:03:08.537> that<00:03:08.762> you're<00:03:08.938> building,<00:03:09.725> you<00:03:09.821> hope,<00:03:10.704> an<00:03:10.785> impactful<00:03:11.266> product.

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And<00:03:13.096> the<00:03:13.257> end<00:03:13.369> of<00:03:13.498> that,<00:03:13.835> when<00:03:13.979> you're<00:03:14.140> finally<00:03:14.493> approved<00:03:15.039> for<00:03:15.199> use,<00:03:15.922> it's<00:03:16.018> expected<00:03:16.629> that<00:03:16.725> you're<00:03:16.886> ready<00:03:17.207> to<00:03:17.529> the<00:03:17.931> very<00:03:18.156> first<00:03:18.493> day<00:03:18.814> be<00:03:18.975> able<00:03:19.136> to<00:03:19.939> manufacture,<00:03:20.743> distribute,<00:03:21.530> make<00:03:21.642> available<00:03:22.189> that<00:03:22.349> drug<00:03:22.607> around<00:03:23.635> the<00:03:23.780> territories<00:03:24.342> where<00:03:24.438> you've<00:03:24.583> developed<00:03:25.081> it,<00:03:25.724> which<00:03:25.949> means<00:03:26.126> that<00:03:26.206> you<00:03:26.302> have<00:03:26.431> to<00:03:26.511> invest<00:03:26.849> a<00:03:26.913> tremendous<00:03:27.508> amount<00:03:27.749> of<00:03:27.797> money<00:03:28.681> in<00:03:28.777> that<00:03:28.938> possibility<00:03:30.223> before<00:03:30.609> you<00:03:30.721> ever<00:03:30.866> know<00:03:31.027> what's<00:03:31.187> going<00:03:31.300> to<00:03:31.348> happen.

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So<00:03:32.778> you've<00:03:32.858> got<00:03:33.035> 10<00:03:33.196> to<00:03:33.341> 15<00:03:33.614> years<00:03:33.855> of<00:03:33.935> development<00:03:34.385> timeline.

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You've<00:03:35.446> got<00:03:35.670> on<00:03:35.767> average<00:03:36.024> about<00:03:36.313> $2<00:03:36.570> billion<00:03:36.924> for<00:03:38.000> each<00:03:38.177> drug,<00:03:39.061> and<00:03:39.206> your<00:03:39.302> success<00:03:39.864> rate<00:03:40.411> after<00:03:40.668> Phase<00:03:41.054> 1<00:03:41.648> is<00:03:41.793> about<00:03:42.194> 12%.

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So<00:03:43.945> that<00:03:44.122> puts<00:03:44.379> into<00:03:44.524> stark<00:03:44.845> contrast<00:03:45.568> how<00:03:45.728> difficult<00:03:46.194> this<00:03:46.371> process<00:03:46.933> is.

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Um,<00:03:48.042> but<00:03:48.138> it<00:03:48.283> also<00:03:48.765> highlights<00:03:50.226> that<00:03:50.451> when<00:03:50.612> you<00:03:50.789> are<00:03:50.949> able<00:03:51.255> to<00:03:51.367> get<00:03:51.576> through<00:03:51.833> that,<00:03:52.379> that's<00:03:52.620> a<00:03:52.716> really<00:03:52.941> dramatic<00:03:53.488> moment<00:03:53.986> in<00:03:54.098> a,<00:03:54.403> in<00:03:54.548> a<00:03:54.644> biotechnology<00:03:55.447> company's<00:03:56.395> life<00:03:56.572> cycle.

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When<00:03:57.198> your<00:03:57.359> drug<00:03:57.696> works<00:03:58.500> and<00:03:58.564> you're<00:03:58.660> through<00:03:58.901> Phase<00:03:59.303> 3,<00:04:00.251> um,<00:04:00.427> you're<00:04:00.588> transformed<00:04:01.295> almost<00:04:01.632> overnight<00:04:02.195> into<00:04:02.436> a<00:04:02.500> very<00:04:02.676> different<00:04:02.982> kind<00:04:03.158> of<00:04:03.239> corporate<00:04:03.560> entity.

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Is<00:04:04.926> that<00:04:05.247> 15-year<00:04:06.034> process<00:04:06.693> useful?

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Like,<00:04:07.576> it,<00:04:07.737> it's<00:04:07.978> necessary?

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To<00:04:09.344> be<00:04:09.489> 15<00:04:09.972> years<00:04:10.375> or<00:04:11.920> is<00:04:12.081> that<00:04:12.242> like<00:04:12.548> government<00:04:13.111> regulations?

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Is<00:04:14.093> that<00:04:14.415> industry<00:04:14.898> regulations?

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Like,<00:04:16.025> it<00:04:16.202> seems<00:04:16.573> like,<00:04:17.297> hey,<00:04:17.410> if<00:04:17.490> you're<00:04:17.571> going<00:04:17.651> to<00:04:17.716> put<00:04:17.877> a<00:04:18.199> drug<00:04:18.505> out<00:04:18.666> to<00:04:18.748> the<00:04:19.093> general<00:04:19.421> public,<00:04:19.766> it<00:04:19.979> probably<00:04:20.176> should<00:04:20.406> go<00:04:20.636> through<00:04:20.735> some<00:04:20.981> sort<00:04:21.211> of<00:04:21.309> arduous<00:04:21.720> process.

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15<00:04:24.548> years,<00:04:25.110> is<00:04:25.432> that<00:04:25.528> a<00:04:25.609> good<00:04:25.834> thing,<00:04:26.091> bad<00:04:26.332> thing<00:04:26.637> that<00:04:26.750> it<00:04:26.846> takes<00:04:27.039> that<00:04:27.200> long?

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So,<00:04:28.180> yeah,<00:04:28.405> it's<00:04:28.887> definitely<00:04:29.224> a<00:04:29.289> heavily<00:04:29.610> regulated<00:04:30.124> industry<00:04:30.815> and<00:04:30.896> I<00:04:31.217> often<00:04:31.394> make<00:04:31.619> reference<00:04:31.940> to<00:04:32.021> the<00:04:32.101> fact<00:04:32.374> that<00:04:32.744> a<00:04:32.824> lot<00:04:33.001> of<00:04:33.130> the<00:04:33.578> most<00:04:33.827> intense<00:04:34.308> creativity<00:04:35.382> comes<00:04:35.639> in<00:04:35.720> the<00:04:35.864> period<00:04:36.170> of<00:04:36.250> time<00:04:36.893> until<00:04:37.214> you<00:04:37.375> create<00:04:37.632> your<00:04:37.792> drug<00:04:38.033> candidate.

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From<00:04:39.094> the<00:04:39.222> moment<00:04:39.479> you<00:04:39.624> create<00:04:39.817> a<00:04:39.881> drug<00:04:40.122> candidate<00:04:40.459> and<00:04:40.668> you<00:04:40.700> say<00:04:40.909> you're<00:04:40.989> going<00:04:41.086> to<00:04:41.166> put<00:04:41.391> it<00:04:41.487> into<00:04:41.728> humans,<00:04:42.612> for<00:04:42.757> obvious<00:04:43.078> reasons,<00:04:44.122> um,<00:04:44.203> you<00:04:44.299> can't<00:04:44.460> change<00:04:44.861> it.

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Nothing<00:04:45.504> can<00:04:45.665> change<00:04:45.922> about<00:04:46.211> that<00:04:46.404> drug<00:04:46.789> profile,<00:04:47.898> or<00:04:47.930> you<00:04:47.994> have<00:04:48.139> to<00:04:48.219> start<00:04:48.460> all<00:04:48.621> over<00:04:48.733> again.

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And<00:04:49.746> so<00:04:49.922> the<00:04:50.067> challenge<00:04:50.565> is<00:04:51.143> making<00:04:51.449> sure<00:04:51.673> that<00:04:51.770> the<00:04:51.850> drug<00:04:52.091> candidate<00:04:52.637> you<00:04:52.734> have<00:04:53.039> that<00:04:53.119> you're<00:04:53.200> about<00:04:53.521> to<00:04:53.601> test<00:04:53.859> in<00:04:53.923> humans<00:04:54.260> is<00:04:54.405> really<00:04:54.581> the<00:04:54.662> very<00:04:54.983> best<00:04:55.288> you<00:04:55.449> can<00:04:55.545> come<00:04:55.770> up<00:04:55.947> with.

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Um,<00:04:57.152> and<00:04:57.232> then<00:04:57.377> I<00:04:57.393> would<00:04:57.554> say<00:04:57.714> that<00:04:57.875> process<00:04:59.080> is<00:04:59.321> necessary<00:05:00.044> in<00:05:00.124> terms<00:05:00.365> of<00:05:00.446> the<00:05:00.606> oversight<00:05:01.072> that's<00:05:01.249> provided<00:05:01.956> I<00:05:01.988> think<00:05:02.196> there<00:05:02.309> is<00:05:02.533> opportunity<00:05:03.015> for<00:05:03.095> improvement<00:05:03.641> there,<00:05:04.218> and<00:05:04.363> that'll<00:05:04.539> come<00:05:04.780> from<00:05:05.020> both,<00:05:05.646> um,<00:05:06.705> thinking<00:05:06.930> about<00:05:07.106> the<00:05:07.267> regulations<00:05:08.149> that<00:05:08.310> govern<00:05:08.631> it,<00:05:09.112> but<00:05:09.337> also<00:05:09.609> the<00:05:09.818> opportunity<00:05:10.235> for<00:05:10.396> technology<00:05:10.973> that<00:05:11.102> can<00:05:11.198> be<00:05:11.278> brought<00:05:11.503> to<00:05:11.599> bear<00:05:12.161> to<00:05:12.257> shrink<00:05:12.562> that<00:05:12.722> timeline.

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There's<00:05:13.685> no<00:05:13.829> magic<00:05:14.263> in<00:05:14.327> the<00:05:14.407> 10<00:05:14.567> to<00:05:14.648> 15<00:05:15.033> years.

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The<00:05:15.755> shorter<00:05:16.092> it<00:05:16.172> can<00:05:16.397> be<00:05:16.814> and<00:05:16.910> still<00:05:17.231> have<00:05:17.391> that<00:05:17.552> assurance<00:05:18.017> that<00:05:18.162> you<00:05:18.242> have<00:05:18.354> a<00:05:18.418> safe<00:05:18.819> and<00:05:18.916> effective<00:05:19.381> drug,<00:05:20.183> the<00:05:20.263> better<00:05:20.809> for<00:05:20.889> everyone.

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Um,<00:05:22.189> and<00:05:22.253> I<00:05:22.285> would<00:05:22.414> just,<00:05:22.654> you<00:05:22.686> know,<00:05:23.392> think<00:05:23.553> about<00:05:24.740> the<00:05:24.836> drug<00:05:25.077> candidates<00:05:25.398> that<00:05:25.478> come<00:05:25.655> along.

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One<00:05:27.083> of<00:05:27.147> the<00:05:27.404> interesting<00:05:27.789> areas,<00:05:28.431> uh,<00:05:28.687> that's<00:05:28.848> being<00:05:29.008> discussed<00:05:29.409> now<00:05:29.730> is<00:05:30.228> If<00:05:30.356> we<00:05:30.436> think<00:05:30.597> about<00:05:30.774> some<00:05:30.934> of<00:05:30.998> these<00:05:31.175> diseases,<00:05:31.833> a<00:05:31.962> pediatric<00:05:32.524> disease<00:05:32.925> that's<00:05:33.102> particularly<00:05:33.584> devastating,<00:05:34.772> that<00:05:34.932> is<00:05:36.137> going<00:05:36.297> to<00:05:36.377> be<00:05:36.474> fatal,<00:05:37.598> does<00:05:37.839> the<00:05:37.919> standard<00:05:38.625> of<00:05:38.786> review<00:05:39.284> for<00:05:39.508> that<00:05:39.765> drug<00:05:40.151> need<00:05:40.311> to<00:05:40.392> be<00:05:40.488> the<00:05:40.568> same<00:05:40.986> as<00:05:41.050> something<00:05:41.451> that<00:05:41.612> is<00:05:41.772> perhaps<00:05:43.474> still<00:05:44.085> important,<00:05:44.647> but<00:05:44.807> maybe<00:05:45.064> perhaps<00:05:45.385> more<00:05:45.546> cosmetic?

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And<00:05:46.830> I<00:05:46.910> think<00:05:47.456> if<00:05:47.537> you're<00:05:47.697> a<00:05:47.713> parent<00:05:48.115> that<00:05:48.259> has<00:05:48.436> a<00:05:48.516> child<00:05:48.853> that<00:05:48.982> you<00:05:49.078> know<00:05:49.335> is<00:05:49.480> going<00:05:49.720> to<00:05:50.620> not<00:05:50.844> survive<00:05:51.406> because<00:05:51.583> there's<00:05:51.808> no<00:05:51.952> available<00:05:52.289> medicine,<00:05:53.253> and<00:05:53.333> this<00:05:53.558> is<00:05:53.638> gonna<00:05:53.815> be<00:05:53.911> something<00:05:54.216> that's<00:05:54.377> gonna<00:05:54.618> hit<00:05:54.842> your<00:05:54.939> child<00:05:55.710> by<00:05:55.806> the<00:05:55.902> age<00:05:56.062> of<00:05:56.126> 5,<00:05:57.169> your<00:05:57.425> willingness<00:05:57.971> to<00:05:58.083> try<00:05:59.430> and<00:05:59.574> get<00:05:59.735> on<00:05:59.831> the<00:05:59.975> risk<00:06:00.312> curve<00:06:00.617> a<00:06:00.633> little<00:06:00.857> bit<00:06:01.034> more<00:06:01.996> with<00:06:02.541> the<00:06:02.622> doctors<00:06:03.664> is<00:06:03.824> probably<00:06:04.225> greater.

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And<00:06:05.123> I<00:06:05.204> think<00:06:05.765> the<00:06:05.909> regulatory<00:06:06.310> agencies<00:06:06.727> are<00:06:06.807> recognizing<00:06:07.385> that,<00:06:07.593> 'cause<00:06:07.705> they<00:06:07.930> want<00:06:08.235> to<00:06:08.892> work<00:06:09.598> with<00:06:09.774> industry<00:06:10.255> and<00:06:10.400> work<00:06:10.640> with<00:06:10.801> families<00:06:11.779> to<00:06:11.875> bring<00:06:12.100> forward<00:06:12.340> the<00:06:12.468> most<00:06:12.757> impactful<00:06:13.158> medicines<00:06:13.703> in<00:06:13.783> the<00:06:13.864> most,<00:06:14.345> you<00:06:14.986> know,<00:06:15.868> working<00:06:16.109> that<00:06:16.269> risk<00:06:16.510> balance<00:06:17.376> in<00:06:17.616> the<00:06:17.697> right<00:06:17.937> way.

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So<00:06:18.659> for<00:06:18.755> some<00:06:18.915> diseases,<00:06:19.380> I<00:06:19.477> think<00:06:19.621> we<00:06:19.701> could<00:06:19.813> see<00:06:19.958> some<00:06:20.134> evolution<00:06:20.599> there,<00:06:21.225> some<00:06:21.385> willingness<00:06:21.722> to<00:06:21.818> go<00:06:22.203> a<00:06:22.267> little<00:06:22.379> bit<00:06:22.524> more<00:06:22.684> out<00:06:22.844> on<00:06:22.909> the<00:06:23.005> risk<00:06:23.229> curve<00:06:23.486> because<00:06:23.823> of<00:06:23.951> the<00:06:24.368> devastating<00:06:25.154> alternative.

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But<00:06:26.534> for<00:06:26.679> some<00:06:27.096> that<00:06:27.257> are<00:06:27.401> perhaps<00:06:27.803> less<00:06:28.686> life-threatening,<00:06:29.682> it<00:06:29.730> is<00:06:29.843> appropriate<00:06:30.373> to<00:06:30.469> take<00:06:30.694> extra<00:06:30.951> time<00:06:31.353> to<00:06:31.433> make<00:06:31.594> sure<00:06:31.851> that<00:06:32.011> this<00:06:32.236> is<00:06:32.316> not<00:06:32.477> going<00:06:32.590> to<00:06:32.702> do<00:06:32.798> any<00:06:32.959> harm,<00:06:33.200> right?

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Because<00:06:33.682> that's<00:06:33.842> the<00:06:34.003> first<00:06:34.324> admonition<00:06:34.790> we<00:06:34.886> have<00:06:35.047> here:<00:06:35.513> do<00:06:35.625> no<00:06:35.834> harm.

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And<00:06:36.991> if<00:06:37.055> we<00:06:37.135> can<00:06:37.296> help,<00:06:37.778> then<00:06:37.938> so<00:06:38.099> be<00:06:38.243> it.

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And<00:06:39.063> is,<00:06:39.320> is<00:06:39.528> that—<00:06:39.850> I<00:06:39.866> know<00:06:40.026> we're—<00:06:40.331> I<00:06:40.348> don't<00:06:40.492> know<00:06:40.572> if<00:06:40.669> we're<00:06:40.749> supposed<00:06:40.926> to<00:06:40.990> talk<00:06:41.167> about<00:06:41.311> this<00:06:41.472> or<00:06:41.552> not,<00:06:41.793> but<00:06:42.098> who<00:06:42.259> cares,<00:06:43.223> this<00:06:43.383> isn't<00:06:43.544> a<00:06:43.640> political<00:06:43.962> point.

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Is<00:06:44.283> that<00:06:44.395> kind<00:06:44.540> of<00:06:44.668> what<00:06:44.829> happened<00:06:45.166> with<00:06:45.407> the<00:06:45.793> COVID<00:06:46.050> vaccine,<00:06:46.676> why<00:06:46.933> it<00:06:47.078> was<00:06:47.254> able<00:06:47.479> to<00:06:47.575> go<00:06:47.897> through<00:06:48.154> so<00:06:48.379> quickly?

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Is<00:06:49.824> that—<00:06:49.985> they're<00:06:50.306> just<00:06:50.531> like,<00:06:50.836> hey,<00:06:50.949> this<00:06:51.189> is<00:06:51.334> a<00:06:51.912> 'Once<00:06:52.233> in<00:06:52.313> a<00:06:52.875> generation<00:06:53.661> pandemic,<00:06:55.106> millions<00:06:55.459> of<00:06:55.523> people<00:06:55.764> are<00:06:55.844> dying,'<00:06:56.069> like<00:06:56.229> all<00:06:56.406> that<00:06:56.631> type<00:06:56.823> of<00:06:56.871> stuff.

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Like,<00:06:57.754> let's<00:06:58.011> get<00:06:58.251> this<00:06:58.492> thing<00:06:59.214> through<00:06:59.439> the<00:06:59.535> process<00:06:59.840> because<00:07:00.081> it<00:07:00.113> was<00:07:00.258> developed<00:07:00.595> in<00:07:00.659> like<00:07:00.835> a<00:07:01.044> year,<00:07:01.301> wasn't<00:07:01.606> it?

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Yeah,<00:07:02.665> there<00:07:02.825> was<00:07:02.970> a,<00:07:03.146> there<00:07:03.243> was<00:07:03.387> a<00:07:03.532> lot<00:07:03.933> of,<00:07:04.495> um,<00:07:05.474> a<00:07:05.554> lot<00:07:05.778> of<00:07:05.811> groups<00:07:06.099> came<00:07:06.276> together<00:07:06.822> to<00:07:06.918> sort<00:07:07.062> of<00:07:07.159> lock<00:07:07.464> arms<00:07:07.865> to<00:07:08.218> expedite<00:07:08.667> this<00:07:08.844> process.

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One<00:07:09.983> of<00:07:10.048> the<00:07:10.112> most<00:07:10.352> important<00:07:10.770> things<00:07:11.091> that<00:07:11.396> operates,<00:07:12.375> at<00:07:12.439> least<00:07:12.615> in<00:07:12.696> the<00:07:12.760> U.S.<00:07:13.001> regulatory<00:07:13.482> environment,<00:07:13.964> is<00:07:14.124> the<00:07:14.236> FDA's<00:07:15.408> control<00:07:15.905> over<00:07:16.066> the<00:07:16.146> pace<00:07:16.467> at<00:07:16.547> which<00:07:16.708> you<00:07:16.788> can<00:07:16.868> develop<00:07:17.205> a<00:07:17.270> drug.

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And<00:07:18.056> so<00:07:18.136> I<00:07:18.233> think,<00:07:18.779> you<00:07:18.811> know,<00:07:18.956> there<00:07:19.100> was<00:07:19.261> a,<00:07:19.518> there<00:07:19.582> was<00:07:19.694> a<00:07:19.759> clear<00:07:20.064> view<00:07:20.240> that<00:07:20.385> we<00:07:20.546> wanted<00:07:20.803> to<00:07:21.108> expedite<00:07:21.606> this<00:07:21.847> because<00:07:22.104> the<00:07:22.232> alternative<00:07:22.730> was<00:07:22.891> self-evidently,<00:07:24.561> uh,<00:07:24.882> harmful.

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Um,<00:07:26.585> and<00:07:26.729> through<00:07:26.906> that<00:07:27.307> process,<00:07:27.869> we,<00:07:28.126> we<00:07:28.207> made<00:07:28.367> a<00:07:28.432> number<00:07:28.672> of<00:07:28.817> changes,<00:07:29.170> some<00:07:29.395> of<00:07:29.476> which<00:07:29.636> stick<00:07:29.877> with<00:07:29.973> us<00:07:30.118> today.

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The<00:07:31.066> advent<00:07:31.339> of<00:07:31.467> telemedicine,<00:07:32.126> for<00:07:32.270> example,<00:07:32.848> right?

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We<00:07:33.153> weren't<00:07:33.475> able<00:07:33.651> to<00:07:33.732> see<00:07:34.037> people<00:07:34.294> in<00:07:34.438> person<00:07:34.792> in<00:07:34.872> the<00:07:34.952> same<00:07:35.161> way<00:07:35.257> we<00:07:35.402> used<00:07:35.579> to.

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So<00:07:36.446> let's<00:07:36.623> make<00:07:36.864> more<00:07:37.088> use<00:07:37.345> of<00:07:37.506> what<00:07:37.651> we're<00:07:37.747> doing<00:07:37.972> right<00:07:38.148> now,<00:07:38.791> which<00:07:38.968> is<00:07:39.112> interacting,<00:07:39.979> uh,<00:07:40.076> through<00:07:40.301> a<00:07:40.317> video<00:07:40.622> conference.

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And<00:07:41.666> a<00:07:41.682> lot<00:07:41.907> can<00:07:42.067> get<00:07:42.164> done<00:07:42.389> that<00:07:42.565> way.

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It's<00:07:42.983> not<00:07:43.127> gonna<00:07:43.304> replace<00:07:44.716> in-person<00:07:45.133> medicine,<00:07:45.614> but<00:07:45.710> it's<00:07:45.854> certainly<00:07:46.174> a<00:07:46.190> nice<00:07:46.559> tool<00:07:46.896> and<00:07:47.056> complement<00:07:47.553> to<00:07:47.681> help<00:07:47.873> things<00:07:48.177> along.

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When<00:07:49.107> we<00:07:49.155> think<00:07:49.315> about<00:07:49.540> the<00:07:49.844> development<00:07:50.164> of<00:07:50.261> a<00:07:50.277> vaccine,<00:07:51.783> there<00:07:51.943> were,<00:07:52.648> um,<00:07:53.369> all<00:07:53.465> kinds<00:07:53.802> of<00:07:53.946> normal<00:07:54.651> steps<00:07:55.052> that<00:07:55.212> were<00:07:55.292> able<00:07:55.533> to<00:07:55.629> be,<00:07:56.574> um,<00:07:56.975> expedited<00:07:58.032> because<00:07:58.673> the<00:07:58.898> agency<00:07:59.539> and<00:07:59.811> industry<00:08:00.180> were<00:08:00.260> working<00:08:00.580> hand<00:08:00.772> in<00:08:00.837> glove,<00:08:01.942> um,<00:08:02.118> on—<00:08:02.359> at<00:08:02.439> every<00:08:02.599> step<00:08:02.824> of<00:08:02.856> the<00:08:02.984> way.

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And<00:08:03.384> that's<00:08:03.577> not<00:08:03.785> always<00:08:04.025> possible,<00:08:04.442> right?

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Because<00:08:04.762> there's<00:08:05.003> so<00:08:05.163> many<00:08:05.307> medicines<00:08:05.724> being<00:08:05.868> developed,<00:08:06.910> um,<00:08:07.086> but<00:08:07.182> in<00:08:07.246> the<00:08:07.326> case<00:08:07.583> of<00:08:07.647> COVID-19,<00:08:08.288> we<00:08:08.432> had<00:08:08.592> to<00:08:08.688> really<00:08:09.009> focus<00:08:09.409> on<00:08:09.554> that<00:08:09.794> because<00:08:10.034> it<00:08:10.131> was<00:08:10.291> the<00:08:10.852> approximate<00:08:11.333> threat<00:08:11.574> to<00:08:11.671> everybody.

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How<00:08:12.859> do<00:08:12.939> you<00:08:13.019> decide<00:08:13.982> what<00:08:15.186> medicine<00:08:15.668> to<00:08:15.812> make?

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Meaning<00:08:16.631> like<00:08:17.016> what<00:08:17.257> disease<00:08:17.755> to<00:08:17.915> go<00:08:18.156> after?

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What<00:08:19.183> is<00:08:19.296> going—<00:08:20.002> because<00:08:20.082> you<00:08:20.163> got<00:08:20.275> to<00:08:20.323> put<00:08:20.484> a<00:08:20.500> lot<00:08:20.660> of<00:08:20.725> factors<00:08:21.062> in<00:08:21.190> there.

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Like<00:08:21.672> one,<00:08:22.009> like,<00:08:22.474> uh,<00:08:23.052> you're<00:08:23.213> in<00:08:23.293> a<00:08:23.373> business<00:08:23.839> that,<00:08:24.722> um,<00:08:25.059> you<00:08:25.155> know,<00:08:25.300> you<00:08:25.444> get<00:08:25.605> the<00:08:25.685> right<00:08:25.862> medicine,<00:08:26.199> you<00:08:26.279> save<00:08:26.648> people's<00:08:26.985> lives,<00:08:27.772> right?

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And<00:08:28.269> so<00:08:28.751> that's<00:08:29.056> incredible<00:08:29.634> to<00:08:29.778> be<00:08:29.875> in<00:08:30.019> that.

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But<00:08:30.982> you've<00:08:31.143> also<00:08:31.400> got<00:08:31.592> to<00:08:31.641> like,<00:08:32.122> how<00:08:32.283> do<00:08:32.363> we—<00:08:32.668> is<00:08:32.764> there<00:08:32.925> a<00:08:32.989> market<00:08:33.326> for<00:08:33.487> this?

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How<00:08:33.952> do<00:08:34.049> we<00:08:34.225> make<00:08:34.466> it<00:08:34.594> profitable?

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If<00:08:35.172> we're<00:08:35.269> going<00:08:35.349> to<00:08:35.397> put<00:08:35.654> $2<00:08:35.895> billion<00:08:36.200> in<00:08:36.617> 15<00:08:37.083> years<00:08:37.404> into<00:08:37.661> it,<00:08:38.606> let's<00:08:38.847> try<00:08:38.959> to<00:08:39.087> get<00:08:39.247> something<00:08:39.584> out<00:08:39.760> of<00:08:39.904> it.

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Even<00:08:40.289> with<00:08:40.385> the<00:08:40.465> 12%<00:08:41.426> return<00:08:41.811> rate,<00:08:42.051> you<00:08:42.147> want<00:08:42.387> to<00:08:43.253> get<00:08:43.413> something<00:08:43.733> out<00:08:43.845> of<00:08:43.974> these<00:08:44.214> things.

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And<00:08:44.486> so<00:08:44.710> how<00:08:45.127> do<00:08:45.255> you<00:08:45.415> choose<00:08:46.297> what<00:08:46.473> type<00:08:46.729> of<00:08:46.873> medicine<00:08:47.194> to<00:08:47.274> make<00:08:47.514> and<00:08:47.739> what<00:08:48.091> type<00:08:48.395> of<00:08:48.556> disease<00:08:48.972> to<00:08:49.116> focus<00:08:49.517> on,<00:08:50.142> if<00:08:50.222> that<00:08:50.382> makes<00:08:50.462> sense?

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Yeah.

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So<00:08:51.023> that's,<00:08:51.375> I<00:08:51.504> mean,<00:08:51.600> it's<00:08:51.696> a<00:08:51.760> great<00:08:51.920> question.

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I<00:08:52.401> think<00:08:52.641> my<00:08:52.801> first<00:08:53.442> reaction<00:08:53.875> to<00:08:53.987> that<00:08:54.227> is<00:08:54.788> you<00:08:54.868> start<00:08:55.108> with<00:08:55.204> the<00:08:55.285> best<00:08:55.589> possible<00:08:56.005> people<00:08:56.630> that<00:08:56.791> you<00:08:56.823> surround<00:08:57.191> yourself<00:08:57.528> with.

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And<00:08:58.072> one<00:08:58.184> of<00:08:58.248> the<00:08:58.297> things<00:08:58.409> we've<00:08:58.489> been<00:08:58.649> very<00:08:58.809> fortunate<00:08:59.210> with<00:08:59.386> at<00:08:59.450> this<00:08:59.674> company<00:09:00.011> is<00:09:00.091> that<00:09:00.892> from<00:09:01.132> the<00:09:01.437> earliest<00:09:01.693> days,<00:09:02.238> we<00:09:02.334> have<00:09:02.574> just<00:09:02.718> some<00:09:02.831> incredible<00:09:03.359> scientists<00:09:04.497> that<00:09:04.657> are<00:09:04.753> around<00:09:05.538> and<00:09:05.634> they're<00:09:05.923> able<00:09:06.243> to<00:09:06.724> work<00:09:06.964> that<00:09:07.220> balance<00:09:08.118> of<00:09:08.246> trying<00:09:08.502> to<00:09:08.567> decide<00:09:09.144> where<00:09:09.384> can<00:09:09.625> we<00:09:09.866> be<00:09:10.507> impactful.

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And<00:09:12.832> I<00:09:12.912> think<00:09:13.474> there's<00:09:13.698> a<00:09:13.714> lot<00:09:13.891> of<00:09:13.955> places<00:09:14.356> that<00:09:14.580> potentially<00:09:15.238> you<00:09:15.398> can<00:09:15.558> go.

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We<00:09:16.521> like<00:09:16.697> to<00:09:16.777> start<00:09:17.066> out<00:09:17.242> in<00:09:17.322> areas<00:09:17.723> where<00:09:17.884> we<00:09:18.108> know<00:09:18.301> there's<00:09:18.509> either<00:09:18.686> nothing<00:09:19.086> approved<00:09:20.225> for<00:09:20.450> patients<00:09:20.834> who<00:09:20.915> have<00:09:20.995> that<00:09:21.171> condition<00:09:21.877> or<00:09:22.053> where<00:09:22.374> what<00:09:22.679> is<00:09:22.791> approved<00:09:24.282> has<00:09:24.539> a<00:09:24.683> clear<00:09:25.084> opportunity<00:09:25.581> for<00:09:26.142> a<00:09:26.207> major<00:09:26.608> improvement.

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'Cause<00:09:27.650> one<00:09:27.746> of<00:09:27.778> the<00:09:27.842> things<00:09:28.468> we<00:09:28.548> like<00:09:28.644> to<00:09:28.692> say<00:09:28.853> is<00:09:28.949> we're<00:09:29.093> either<00:09:29.189> gonna<00:09:29.350> be<00:09:29.430> first<00:09:29.831> in<00:09:29.911> class,<00:09:30.536> class<00:09:30.793> meaning<00:09:31.354> drug<00:09:32.333> or<00:09:32.413> disease,<00:09:33.038> or<00:09:33.198> best<00:09:33.680> in<00:09:33.824> class.

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And<00:09:34.722> so<00:09:34.866> that,<00:09:35.267> that<00:09:35.603> impact<00:09:36.068> has<00:09:36.244> to<00:09:36.324> be<00:09:36.468> very<00:09:36.645> visible.

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It<00:09:37.366> goes<00:09:37.526> back<00:09:37.686> to<00:09:37.750> that<00:09:37.847> original<00:09:38.167> point<00:09:38.391> I<00:09:38.407> was<00:09:38.552> making<00:09:38.728> about<00:09:39.112> the<00:09:39.289> reason<00:09:39.529> for<00:09:39.673> this<00:09:39.769> company's<00:09:40.106> existence.

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We<00:09:41.276> want<00:09:41.516> to<00:09:42.253> make<00:09:42.494> medicines<00:09:42.958> that<00:09:43.022> are<00:09:43.054> going<00:09:43.151> to<00:09:43.199> make<00:09:43.295> a<00:09:43.439> huge<00:09:43.711> impact<00:09:44.096> on<00:09:44.240> patients'<00:09:44.641> lives.

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I<00:09:45.602> like<00:09:45.699> to<00:09:45.779> refer<00:09:46.099> to<00:09:46.323> it,<00:09:46.644> um,<00:09:47.061> when<00:09:47.173> I'm<00:09:47.301> with<00:09:47.541> my<00:09:47.686> American<00:09:48.086> audience,<00:09:48.984> as<00:09:49.160> the<00:09:49.288> Thanksgiving<00:09:49.785> test.

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And<00:09:50.602> that's<00:09:50.826> where<00:09:50.906> you're<00:09:51.003> sitting<00:09:51.307> around<00:09:51.467> the<00:09:51.547> table<00:09:52.012> at<00:09:52.092> Thanksgiving.

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God<00:09:52.813> forbid<00:09:53.006> someone<00:09:53.310> in<00:09:53.390> your<00:09:53.534> family<00:09:53.935> has<00:09:54.095> to<00:09:54.175> announce<00:09:54.512> that<00:09:54.656> they<00:09:54.752> have<00:09:54.913> some<00:09:55.153> condition,<00:09:56.419> and<00:09:56.595> then<00:09:56.916> you<00:09:57.236> as<00:09:57.396> a<00:09:57.476> person<00:09:57.941> representing<00:09:58.422> industry<00:09:58.774> say,<00:09:59.479> we<00:09:59.560> have<00:09:59.784> something<00:10:00.120> for<00:10:00.345> that.

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And<00:10:01.162> you<00:10:01.306> know,<00:10:01.499> as<00:10:01.627> you<00:10:01.723> slide<00:10:02.108> that<00:10:02.284> medicine<00:10:02.829> metaphorically<00:10:03.711> across<00:10:04.048> the<00:10:04.128> table,<00:10:05.090> that<00:10:05.330> everyone<00:10:05.651> in<00:10:05.731> your<00:10:05.875> family<00:10:06.132> is<00:10:06.292> going<00:10:06.404> to<00:10:06.516> improve—<00:10:07.077> approve<00:10:07.959> of<00:10:08.039> the<00:10:08.119> improvement<00:10:08.616> that<00:10:08.760> that<00:10:08.937> medicine<00:10:09.241> is<00:10:09.338> going<00:10:09.450> to<00:10:09.562> have,<00:10:10.283> the<00:10:10.363> impact<00:10:10.700> it's<00:10:10.844> going<00:10:10.925> to<00:10:11.005> make.

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And<00:10:11.726> you<00:10:11.822> can<00:10:11.966> sit<00:10:12.143> there<00:10:12.367> confidently<00:10:12.928> knowing<00:10:13.586> that<00:10:13.730> you<00:10:13.826> set<00:10:14.050> the<00:10:14.147> threshold<00:10:14.627> at<00:10:14.708> the<00:10:14.772> right<00:10:15.028> level.

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And<00:10:16.311> I<00:10:16.391> can<00:10:16.551> tell<00:10:16.727> you,<00:10:16.872> I<00:10:17.016> came<00:10:17.192> to<00:10:17.288> this<00:10:17.513> business,<00:10:18.459> um,<00:10:18.779> after<00:10:18.972> some<00:10:19.116> personal<00:10:19.453> experience<00:10:19.998> in<00:10:20.078> my<00:10:20.238> own<00:10:20.382> family<00:10:21.040> with,<00:10:21.424> uh,<00:10:21.825> with<00:10:21.985> watching<00:10:22.322> medicine<00:10:23.204> play<00:10:23.348> a<00:10:23.364> role.

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And<00:10:24.470> that<00:10:24.630> has<00:10:24.791> always<00:10:24.967> sort<00:10:25.127> of<00:10:25.159> set<00:10:25.368> the<00:10:25.464> standard<00:10:25.833> in<00:10:25.865> the<00:10:25.945> back<00:10:26.169> of<00:10:26.233> my<00:10:26.329> mind,<00:10:26.810> is<00:10:27.195> are<00:10:27.291> we<00:10:27.452> sure<00:10:27.852> that<00:10:27.997> this<00:10:28.173> medicine<00:10:28.574> is<00:10:28.654> going<00:10:28.750> to<00:10:28.814> make<00:10:28.974> a<00:10:29.055> big<00:10:29.215> difference?

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If<00:10:30.113> it<00:10:30.241> were<00:10:30.353> someone<00:10:30.738> from<00:10:30.898> my<00:10:31.139> family,<00:10:31.523> would<00:10:31.684> I<00:10:31.780> be<00:10:31.876> satisfied<00:10:32.838> Or<00:10:32.918> would<00:10:33.047> I<00:10:33.079> say<00:10:33.304> go<00:10:33.448> back<00:10:33.689> to<00:10:33.769> the<00:10:33.849> drawing<00:10:34.187> board?

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So<00:10:35.214> some<00:10:35.391> of<00:10:35.471> the<00:10:35.551> medicines<00:10:36.177> we<00:10:36.274> are<00:10:36.370> developing<00:10:36.755> right<00:10:36.980> now<00:10:37.141> are<00:10:37.221> going<00:10:37.414> after<00:10:37.638> some<00:10:37.815> of<00:10:37.879> the<00:10:38.040> most<00:10:38.345> intractable<00:10:38.907> diseases.

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Because<00:10:40.368> we<00:10:40.464> started<00:10:40.914> out<00:10:41.572> and<00:10:41.652> had<00:10:41.957> success<00:10:42.535> with<00:10:42.696> one<00:10:42.856> medicine,<00:10:43.659> we<00:10:43.820> have<00:10:44.157> enough<00:10:44.526> credibility<00:10:45.570> that<00:10:45.666> we<00:10:45.826> can<00:10:45.987> bring<00:10:46.228> to<00:10:46.308> bear<00:10:46.613> more<00:10:46.950> resources<00:10:47.673> and<00:10:47.833> more<00:10:48.219> investment<00:10:48.797> behind<00:10:49.118> these<00:10:49.294> other<00:10:49.921> more<00:10:50.065> ambitious<00:10:50.723> goals.

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But<00:10:51.847> that's<00:10:52.168> what,<00:10:52.489> that's<00:10:52.650> what<00:10:52.794> allows<00:10:53.132> us<00:10:53.212> to<00:10:53.292> continue<00:10:53.758> to,<00:10:54.480> to<00:10:54.576> contribute.

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And<00:10:55.219> I<00:10:55.299> have<00:10:55.460> to<00:10:55.540> say,<00:10:56.198> as<00:10:56.326> you<00:10:56.359> mentioned<00:10:56.728> it,<00:10:57.210> there<00:10:57.290> really<00:10:57.450> is<00:10:57.627> nothing<00:10:57.868> more<00:10:58.044> satisfying<00:10:59.232> than,<00:10:59.553> um,<00:11:00.018> than<00:11:00.114> being<00:11:00.275> a<00:11:00.355> part<00:11:00.580> of<00:11:00.612> a<00:11:00.676> company<00:11:00.997> that<00:11:01.077> is<00:11:01.157> trying<00:11:01.382> to<00:11:01.462> make<00:11:01.638> an<00:11:01.702> impact<00:11:02.344> on<00:11:02.440> patients<00:11:02.825> who<00:11:02.938> are<00:11:03.082> born<00:11:03.387> or<00:11:03.547> inherit<00:11:03.980> a<00:11:04.108> raw<00:11:04.301> deal.

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One<00:11:05.584> of<00:11:05.648> my<00:11:05.745> favorite,<00:11:06.434> uh,<00:11:07.236> collections<00:11:07.718> in<00:11:07.750> my—<00:11:07.974> in<00:11:08.054> the<00:11:08.151> other<00:11:08.295> room<00:11:08.520> where<00:11:08.680> my<00:11:08.856> office<00:11:09.241> is,<00:11:09.979> is<00:11:10.060> letters<00:11:10.444> that<00:11:10.605> I've<00:11:10.701> gotten<00:11:10.942> from<00:11:11.102> patients<00:11:11.567> that<00:11:11.664> describe<00:11:12.385> the<00:11:12.530> positive<00:11:12.883> impact<00:11:13.348> that,<00:11:13.669> uh,<00:11:13.829> something<00:11:14.214> we've,<00:11:14.631> we've<00:11:14.775> been<00:11:14.872> involved<00:11:15.192> with<00:11:15.353> has<00:11:15.497> had<00:11:15.738> on<00:11:15.834> them.

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And,<00:11:16.941> um,<00:11:17.615> and<00:11:17.663> those<00:11:17.855> are<00:11:17.919> pretty,<00:11:18.304> those<00:11:18.417> are<00:11:18.481> pretty<00:11:18.705> compelling.

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Yeah,<00:11:19.764> that's<00:11:19.989> gotta,<00:11:20.390> that's<00:11:20.566> gotta<00:11:20.807> feel<00:11:21.047> incredible.

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Is<00:11:22.571> it<00:11:22.731> possible<00:11:23.293> right<00:11:23.469> now<00:11:23.710> somebody,<00:11:24.560> uh,<00:11:25.057> is<00:11:25.362> working<00:11:25.924> on<00:11:26.886> a<00:11:26.982> medicine<00:11:27.544> or<00:11:27.705> pill,<00:11:28.973> uh,<00:11:29.150> that<00:11:29.294> will<00:11:29.455> cure<00:11:29.712> cancer<00:11:30.579> 15<00:11:30.916> years<00:11:31.157> from<00:11:31.317> now?

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Like,<00:11:32.826> and<00:11:33.148> I<00:11:33.244> guess,<00:11:33.565> and<00:11:34.143> not<00:11:34.528> necessarily,<00:11:35.315> like,<00:11:36.118> I<00:11:36.198> guess<00:11:36.391> it<00:11:36.471> is<00:11:36.615> possible,<00:11:37.081> but<00:11:37.177> I'd<00:11:37.322> love<00:11:37.418> to<00:11:37.498> hear<00:11:37.659> like<00:11:37.884> your<00:11:37.980> thoughts<00:11:38.285> on<00:11:38.382> like<00:11:38.927> just<00:11:39.104> the<00:11:39.184> time<00:11:39.425> that<00:11:39.537> it<00:11:39.586> would<00:11:39.730> take<00:11:39.971> there.

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And<00:11:40.854> then<00:11:40.966> I'm<00:11:41.336> also<00:11:41.657> thinking<00:11:41.833> of<00:11:41.914> like<00:11:42.074> Ozempic<00:11:42.813> and<00:11:42.941> Wagabi<00:11:43.583> and<00:11:43.664> like<00:11:43.840> those<00:11:44.001> types<00:11:44.226> of<00:11:44.306> things<00:11:44.482> and<00:11:44.627> how<00:11:44.804> long<00:11:45.365> like<00:11:45.767> those<00:11:46.152> went<00:11:46.329> through<00:11:46.489> trials<00:11:46.955> and<00:11:47.051> things<00:11:47.292> like<00:11:47.517> that<00:11:47.934> and<00:11:48.721> their<00:11:48.962> efficacy.

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And,<00:11:50.808> you<00:11:50.904> know,<00:11:51.001> like<00:11:51.370> there's<00:11:51.707> some<00:11:51.884> like<00:11:52.109> really<00:11:52.510> big<00:11:52.976> problems<00:11:53.714> that<00:11:54.582> we're<00:11:54.839> really<00:11:55.224> hoping<00:11:55.562> medicine<00:11:56.044> can<00:11:56.204> solve.

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I<00:11:57.184> don't<00:11:57.329> know<00:11:57.505> if<00:11:57.666> it<00:11:57.810> can<00:11:58.067> or<00:11:58.132> not,<00:11:58.517> but<00:11:59.095> man,<00:11:59.336> that'd<00:11:59.497> be<00:11:59.642> cool.

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Yeah.

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Well,<00:12:01.168> we're<00:12:01.312> at<00:12:01.344> a<00:12:01.425> very<00:12:01.826> exciting<00:12:02.292> time<00:12:02.613> right<00:12:02.790> now<00:12:03.111> because<00:12:03.513> there's<00:12:03.770> so<00:12:04.075> much<00:12:04.782> of<00:12:04.862> the<00:12:04.958> original<00:12:05.360> science<00:12:05.761> that<00:12:05.906> was<00:12:06.002> done<00:12:06.308> for<00:12:06.404> so<00:12:06.581> long<00:12:07.046> that<00:12:07.127> has<00:12:07.368> unearthed<00:12:07.769> a<00:12:07.850> lot<00:12:08.026> of<00:12:08.107> our<00:12:08.315> understanding<00:12:09.520> and<00:12:09.568> has<00:12:09.681> created<00:12:10.034> a<00:12:10.098> really<00:12:10.420> interesting<00:12:10.821> time<00:12:11.528> right<00:12:11.705> now<00:12:12.026> in,<00:12:12.347> in<00:12:12.427> biotechnology<00:12:13.086> and<00:12:13.231> medicine<00:12:13.488> in<00:12:13.616> general,<00:12:14.580> where<00:12:14.773> some<00:12:15.014> of<00:12:15.094> these<00:12:15.479> technologies<00:12:16.186> are<00:12:16.283> finally<00:12:16.684> being<00:12:16.909> brought<00:12:17.166> to<00:12:17.246> bear<00:12:17.632> to<00:12:17.792> have<00:12:17.985> impact<00:12:18.693> not<00:12:18.919> on<00:12:19.000> the<00:12:19.080> symptomatic<00:12:19.985> presentation<00:12:20.615> of<00:12:20.712> disease,<00:12:21.584> but<00:12:21.665> on<00:12:21.762> the<00:12:22.166> origin.

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So,<00:12:23.361> think<00:12:23.474> of<00:12:23.539> something<00:12:23.862> like<00:12:24.573> gene<00:12:24.831> therapy<00:12:25.639> where<00:12:25.784> you're<00:12:25.881> going<00:12:26.269> in<00:12:26.446> and<00:12:26.527> you're<00:12:26.673> actually<00:12:27.076> introducing<00:12:29.426> something<00:12:30.312> to<00:12:30.473> the<00:12:30.714> body's<00:12:31.278> cell<00:12:32.308> that<00:12:32.550> allows<00:12:32.968> the<00:12:33.274> body<00:12:33.693> to<00:12:33.837> take<00:12:34.095> over<00:12:35.045> and<00:12:35.399> effectively<00:12:35.946> produce<00:12:36.268> the<00:12:36.429> protein<00:12:36.800> that<00:12:36.913> was<00:12:37.074> missing<00:12:38.269> that<00:12:38.431> caused<00:12:38.754> the<00:12:38.835> disease<00:12:39.109> in<00:12:39.174> the<00:12:39.255> first<00:12:39.497> place.

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So,<00:12:40.289> corrective<00:12:41.016> at<00:12:41.177> the<00:12:41.274> core.

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CRISPR-Cas9<00:12:43.633> is<00:12:43.713> an<00:12:43.843> example<00:12:44.327> of<00:12:44.489> gene<00:12:44.893> editing.

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We're<00:12:45.642> still<00:12:45.818> in<00:12:45.866> the<00:12:46.043> early<00:12:46.267> days,<00:12:46.684> but<00:12:46.828> we're<00:12:46.925> finally<00:12:47.309> at<00:12:47.341> a<00:12:47.405> place<00:12:47.710> where<00:12:47.806> we<00:12:47.951> can<00:12:48.111> say<00:12:48.848> for<00:12:49.009> diseases<00:12:49.474> that<00:12:49.586> have<00:12:49.890> perhaps<00:12:51.157> simplistic,<00:12:52.199> relatively<00:12:52.600> speaking,<00:12:53.321> origin<00:12:53.674> in<00:12:53.738> terms<00:12:53.978> of<00:12:54.042> their<00:12:54.219> defect,<00:12:55.100> we<00:12:55.245> can<00:12:55.357> go<00:12:55.581> in<00:12:55.726> and<00:12:55.822> potentially<00:12:56.287> correct<00:12:56.704> those<00:12:57.008> things.

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So<00:12:57.890> to<00:12:57.922> your<00:12:58.050> question,<00:12:58.387> are<00:12:58.467> we<00:12:58.547> going<00:12:58.627> to<00:12:58.708> cure<00:12:58.948> cancer?

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Cancer<00:13:00.150> shows<00:13:00.375> up<00:13:00.471> in<00:13:00.535> many<00:13:00.711> different<00:13:00.952> ways.

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I<00:13:02.218> can<00:13:02.315> speak<00:13:02.555> directly<00:13:02.956> to<00:13:03.100> this<00:13:03.276> from<00:13:03.838> personal<00:13:05.120> experience.

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There's<00:13:06.627> a<00:13:06.964> cancer<00:13:07.380> that<00:13:07.509> I<00:13:07.605> know<00:13:08.006> that<00:13:08.246> affected<00:13:08.647> somebody<00:13:09.128> that<00:13:09.753> cost<00:13:09.994> them<00:13:11.597> their<00:13:11.774> life,<00:13:12.640> um,<00:13:12.736> that<00:13:12.897> today<00:13:13.121> has<00:13:13.282> a<00:13:13.298> 95%<00:13:14.180> cure<00:13:14.405> rate.

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So<00:13:15.688> there<00:13:15.849> is<00:13:16.009> hope<00:13:16.330> out<00:13:16.523> there,<00:13:16.908> there<00:13:17.068> is<00:13:17.213> tremendous<00:13:17.694> progress<00:13:18.191> being<00:13:18.352> made.

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It's<00:13:19.090> a<00:13:19.154> very<00:13:19.379> exciting<00:13:19.780> time<00:13:19.940> to<00:13:20.037> be<00:13:20.133> a<00:13:20.197> part<00:13:20.373> of<00:13:20.422> this<00:13:20.598> industry<00:13:20.919> for<00:13:21.063> those<00:13:21.304> reasons.

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And<00:13:22.187> I<00:13:22.267> think<00:13:22.540> as<00:13:22.684> you<00:13:23.229> see<00:13:23.486> more<00:13:23.727> and<00:13:23.871> more<00:13:24.032> of<00:13:24.112> these<00:13:24.288> things<00:13:24.529> arrive,<00:13:25.636> um,<00:13:25.973> that<00:13:26.069> are<00:13:26.133> impactful,<00:13:27.016> like<00:13:27.273> the<00:13:27.385> medicines<00:13:27.754> you<00:13:27.834> just<00:13:28.043> made<00:13:28.203> reference<00:13:28.540> to—<00:13:29.262> we're<00:13:29.342> talking<00:13:29.583> about<00:13:29.744> not<00:13:29.984> just,<00:13:30.851> um,<00:13:31.188> creating<00:13:31.733> a<00:13:31.765> medicine<00:13:32.086> that<00:13:32.214> can,<00:13:32.696> you<00:13:32.792> know,<00:13:33.177> lower<00:13:33.498> weight<00:13:34.396> but<00:13:34.798> consequently<00:13:35.600> improves<00:13:36.081> diabetes,<00:13:37.108> all<00:13:37.188> the<00:13:37.220> negative<00:13:37.605> sequelae<00:13:38.327> that<00:13:38.424> flow<00:13:38.793> from<00:13:38.969> that<00:13:39.162> disease<00:13:40.333> So<00:13:40.477> this<00:13:40.654> is<00:13:40.750> a<00:13:41.376> very<00:13:42.339> impactful<00:13:42.981> moment<00:13:43.607> in<00:13:43.960> medicine<00:13:44.345> development,<00:13:44.827> in<00:13:44.907> my<00:13:45.051> opinion.

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And<00:13:46.207> it's<00:13:46.608> an<00:13:46.688> exciting<00:13:47.057> time<00:13:47.170> to<00:13:47.234> be<00:13:47.394> part<00:13:47.555> of<00:13:47.619> a<00:13:47.699> company<00:13:48.357> that's<00:13:48.518> in<00:13:48.598> the<00:13:48.662> middle<00:13:48.839> of<00:13:48.935> it.

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How<00:13:50.444> is<00:13:50.684> artificial<00:13:51.246> intelligence<00:13:51.872> going<00:13:52.000> to<00:13:52.049> change<00:13:52.370> all<00:13:52.514> of<00:13:52.610> this?

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And<00:13:52.931> how<00:13:53.108> are<00:13:53.316> you<00:13:53.413> thinking<00:13:53.798> about<00:13:54.039> it<00:13:54.135> at<00:13:54.279> your<00:13:54.456> company?

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So<00:13:56.285> AI<00:13:57.104> is<00:13:57.248> a<00:13:57.329> hot<00:13:57.505> button<00:13:57.746> for<00:13:57.874> me.

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I<00:13:58.211> happen<00:13:58.949> to<00:13:59.030> be<00:13:59.174> a<00:13:59.254> huge<00:13:59.575> fan<00:14:00.217> of<00:14:00.314> its<00:14:00.474> potential.

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In<00:14:02.159> 2023,<00:14:03.026> we<00:14:03.122> announced<00:14:03.539> a<00:14:03.748> very<00:14:03.925> public<00:14:04.952> collaboration<00:14:05.529> with<00:14:05.690> Google.

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To<00:14:06.572> try<00:14:06.797> and<00:14:06.877> bring<00:14:07.117> AI<00:14:07.454> to<00:14:07.598> really<00:14:07.791> every<00:14:07.999> corner<00:14:08.400> of<00:14:08.496> drug<00:14:08.721> development<00:14:09.218> inside<00:14:09.523> our<00:14:09.683> company.

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And<00:14:10.581> very<00:14:10.741> specifically,<00:14:11.222> we<00:14:11.302> do<00:14:11.399> this<00:14:11.559> in<00:14:11.687> 4<00:14:11.944> areas:<00:14:12.665> drug<00:14:12.890> discovery,<00:14:14.188> drug<00:14:14.349> developments,<00:14:15.712> drug<00:14:15.872> commercialization,<00:14:17.075> and<00:14:17.155> then<00:14:17.620> just<00:14:17.860> general<00:14:18.518> administrative<00:14:20.281> functions<00:14:20.746> within<00:14:20.923> the<00:14:21.067> company.

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So<00:14:22.125> for<00:14:22.270> example,<00:14:22.574> in<00:14:22.606> drug<00:14:22.783> discovery,<00:14:23.552> it's<00:14:23.713> about<00:14:24.194> literally<00:14:24.611> creating<00:14:25.573> computer<00:14:26.038> models<00:14:26.952> of<00:14:27.320> protein<00:14:27.818> binding<00:14:28.218> affinities<00:14:28.796> and<00:14:28.940> figuring<00:14:29.325> out<00:14:29.501> how<00:14:30.383> molecules<00:14:31.249> might<00:14:31.746> react<00:14:32.307> before<00:14:32.628> you<00:14:32.788> ever<00:14:33.093> put<00:14:33.269> them<00:14:33.365> in<00:14:33.446> a<00:14:33.510> Petri<00:14:33.830> dish.

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Or<00:14:34.632> indeed,<00:14:34.873> if<00:14:34.953> you<00:14:35.113> do<00:14:35.274> observe<00:14:35.658> them<00:14:35.755> in<00:14:35.899> a<00:14:35.915> Petri<00:14:36.220> dish,<00:14:36.781> how<00:14:36.877> can<00:14:36.973> you<00:14:37.102> improve<00:14:37.599> them<00:14:37.823> through<00:14:38.561> rapid<00:14:38.962> cycles<00:14:39.379> of<00:14:39.459> innovation<00:14:40.389> before<00:14:40.629> you<00:14:40.742> have<00:14:40.886> to<00:14:40.966> do<00:14:41.111> more<00:14:41.271> experimentation?

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We're<00:14:42.955> doing<00:14:43.131> that<00:14:43.291> right<00:14:43.532> now.

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We're<00:14:43.997> working<00:14:44.318> on<00:14:44.959> proteins<00:14:45.697> that<00:14:45.793> are<00:14:45.873> therapeutic,<00:14:46.595> and<00:14:46.964> we're<00:14:47.060> trying<00:14:47.364> to<00:14:47.605> de-immunize<00:14:48.503> them<00:14:48.984> so<00:14:49.144> that<00:14:49.529> the<00:14:49.626> body's<00:14:50.187> immune<00:14:50.572> system<00:14:50.908> does<00:14:51.069> not<00:14:51.293> fight<00:14:52.111> their<00:14:52.336> presence<00:14:52.752> when<00:14:52.913> it's<00:14:53.009> introduced.

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And<00:14:54.099> we<00:14:54.260> do<00:14:54.420> that<00:14:54.597> by<00:14:54.741> using<00:14:54.997> artificial<00:14:55.398> intelligence<00:14:56.344> to<00:14:56.441> predict<00:14:57.002> how<00:14:57.226> they<00:14:57.339> might<00:14:57.643> evolve<00:14:59.167> in<00:14:59.311> the<00:14:59.648> presence<00:15:00.049> of<00:15:00.514> that<00:15:00.690> challenge.

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So<00:15:01.813> in<00:15:01.974> drug<00:15:02.199> discovery,<00:15:02.697> I<00:15:02.713> think<00:15:02.938> it's<00:15:03.018> gonna<00:15:03.179> be<00:15:03.323> a<00:15:03.403> long<00:15:03.660> time<00:15:03.901> to<00:15:03.982> get<00:15:04.223> there<00:15:04.608> because<00:15:05.251> really<00:15:05.507> AI<00:15:05.893> is<00:15:05.989> designed<00:15:06.391> to<00:15:07.114> build<00:15:07.338> off<00:15:07.515> of<00:15:07.660> what<00:15:07.820> we<00:15:07.917> know.

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And,<00:15:09.346> uh,<00:15:09.442> there's<00:15:09.555> still<00:15:09.732> a<00:15:09.780> lot<00:15:09.940> to<00:15:10.005> be<00:15:10.165> learned<00:15:10.904> at<00:15:11.032> the<00:15:11.289> very<00:15:11.530> basic<00:15:11.932> biology,<00:15:12.414> chemistry,<00:15:12.896> physics<00:15:13.297> level.

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But<00:15:14.502> there's<00:15:14.743> great<00:15:15.048> promise<00:15:15.465> there<00:15:15.883> in<00:15:15.947> what<00:15:16.092> they<00:15:16.188> call<00:15:16.573> in<00:15:16.670> silico<00:15:17.473> drug<00:15:17.698> development,<00:15:18.597> where<00:15:18.677> you're<00:15:18.902> literally<00:15:19.240> doing<00:15:19.481> it<00:15:19.545> on<00:15:19.657> a<00:15:19.721> computer<00:15:20.187> chip.

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Uh,<00:15:21.167> I<00:15:21.231> would<00:15:21.328> say<00:15:21.552> we're<00:15:21.649> probably<00:15:21.890> 10<00:15:22.195> years<00:15:22.452> or<00:15:22.484> more<00:15:22.693> away<00:15:22.853> from<00:15:23.078> that.

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Some<00:15:23.721> might<00:15:23.881> argue<00:15:24.138> with<00:15:24.283> me<00:15:24.443> on<00:15:24.540> that<00:15:24.700> one,<00:15:24.941> but,<00:15:25.327> uh,<00:15:25.487> my<00:15:25.664> perspective<00:15:26.146> is<00:15:26.210> that's<00:15:26.403> incredibly<00:15:26.869> promising.

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And<00:15:27.816> will<00:15:27.912> be<00:15:28.056> hugely<00:15:28.377> impactful.

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When<00:15:29.483> we<00:15:29.659> get<00:15:29.820> into<00:15:29.980> the<00:15:30.140> other<00:15:30.397> areas,<00:15:31.198> it's<00:15:31.423> really<00:15:31.663> taking<00:15:31.936> some<00:15:32.080> of<00:15:32.160> that<00:15:32.385> inefficiency<00:15:33.026> you<00:15:33.122> described<00:15:33.747> in<00:15:33.779> that<00:15:33.924> 10<00:15:34.084> to<00:15:34.164> 15<00:15:34.549> year<00:15:34.725> journey<00:15:35.671> out<00:15:35.783> of<00:15:35.848> the<00:15:35.992> equation.

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What<00:15:36.970> might<00:15:37.130> that<00:15:37.354> look<00:15:37.515> like?

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You<00:15:38.429> do<00:15:38.573> a<00:15:38.589> lot<00:15:38.797> of<00:15:38.877> research<00:15:39.294> on<00:15:39.374> a<00:15:39.422> molecule,<00:15:40.416> then<00:15:40.561> you<00:15:40.657> write<00:15:40.833> up<00:15:40.978> a<00:15:41.042> report<00:15:41.619> to<00:15:41.715> describe<00:15:42.244> everything<00:15:42.565> that<00:15:42.661> happened,<00:15:43.222> and<00:15:43.302> then<00:15:43.398> you<00:15:43.526> hand<00:15:43.655> that<00:15:43.783> over<00:15:43.927> to<00:15:43.959> the<00:15:44.023> regulatory<00:15:44.504> agency.

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Well,<00:15:45.707> that<00:15:45.787> report<00:15:46.172> might<00:15:46.332> take<00:15:46.492> you<00:15:46.572> 3<00:15:46.749> months<00:15:46.989> to<00:15:47.150> write.

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One<00:15:48.208> of<00:15:48.256> the<00:15:48.352> projects<00:15:48.753> we've<00:15:48.929> initiated<00:15:49.474> is<00:15:49.618> taking,<00:15:50.580> um,<00:15:50.821> AI<00:15:51.783> to<00:15:51.943> generate<00:15:52.344> the<00:15:52.440> first<00:15:52.744> draft.

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And<00:15:53.723> so<00:15:53.900> what<00:15:54.109> used<00:15:54.221> to<00:15:54.365> take<00:15:54.606> 3<00:15:54.911> weeks<00:15:55.233> can<00:15:55.313> now<00:15:55.490> be<00:15:55.586> done<00:15:55.811> in<00:15:55.971> 2<00:15:56.196> hours<00:15:57.095> with<00:15:57.240> an<00:15:57.561> accuracy<00:15:58.059> rate<00:15:58.300> that's<00:15:58.541> way<00:15:58.782> north<00:15:59.023> of<00:15:59.103> 90%.

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Um,<00:16:00.869> we<00:16:00.950> still<00:16:01.126> have<00:16:01.271> humans<00:16:01.736> that<00:16:01.817> are<00:16:01.977> reading<00:16:02.234> through<00:16:02.555> and<00:16:02.716> re-reviewing<00:16:03.985> all<00:16:04.097> of<00:16:04.177> that<00:16:04.402> to<00:16:04.483> make<00:16:04.643> sure<00:16:04.868> it's,<00:16:05.205> it's,<00:16:05.992> um,<00:16:06.474> accurate.

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But<00:16:07.437> you<00:16:07.518> can<00:16:07.614> imagine<00:16:08.096> as<00:16:08.176> you<00:16:08.256> project<00:16:08.642> that<00:16:08.802> out<00:16:08.915> over<00:16:09.059> the<00:16:09.204> timeline,<00:16:10.103> if<00:16:10.183> you<00:16:10.328> can<00:16:10.488> compress<00:16:11.051> the<00:16:11.147> timeline,<00:16:12.191> you<00:16:12.335> reduce<00:16:12.656> the<00:16:12.753> amount<00:16:12.978> of<00:16:13.010> money<00:16:13.219> it<00:16:13.315> costs<00:16:13.620> to<00:16:13.716> develop<00:16:14.038> the<00:16:14.118> drug.

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Um,<00:16:15.146> you<00:16:15.178> get<00:16:15.242> the<00:16:15.322> drug<00:16:15.483> to<00:16:15.627> patients<00:16:16.029> faster.

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It's<00:16:16.992> a<00:16:17.073> win-win<00:16:17.474> all<00:16:17.587> around.

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What<00:16:18.919> does<00:16:19.032> a<00:16:19.096> typical<00:16:19.562> day<00:16:19.722> look<00:16:19.899> like<00:16:20.124> for<00:16:20.284> you?

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Uh,<00:16:22.064> well,<00:16:22.224> I'm<00:16:22.785> not<00:16:23.009> an<00:16:23.250> early<00:16:23.426> riser,<00:16:23.907> but<00:16:24.051> I'm<00:16:24.147> usually<00:16:24.467> up<00:16:24.644> around,<00:16:25.172> um,<00:16:25.829> I<00:16:25.910> guess<00:16:26.070> I'd<00:16:26.310> say<00:16:26.390> 6<00:16:26.695> AM.

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I<00:16:27.256> try<00:16:27.368> to<00:16:27.576> exercise<00:16:28.073> in<00:16:28.153> the<00:16:28.217> morning.

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Uh,<00:16:29.435> I<00:16:29.451> know<00:16:29.755> that<00:16:29.980> my<00:16:30.300> routine<00:16:30.813> is<00:16:31.021> one<00:16:31.678> where<00:16:32.223> the<00:16:32.303> morning<00:16:32.640> hours<00:16:32.960> are<00:16:33.105> where<00:16:33.281> I<00:16:33.505> work<00:16:33.746> the<00:16:33.794> most<00:16:34.018> efficiently.

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So,<00:16:35.588> uh,<00:16:35.749> whatever<00:16:36.085> minimal,<00:16:37.031> um,<00:16:38.393> extra<00:16:38.649> energy<00:16:39.050> or<00:16:39.210> brain<00:16:39.514> power<00:16:39.771> I<00:16:39.915> have,<00:16:40.187> it's<00:16:40.332> pretty<00:16:40.540> much<00:16:40.732> gone<00:16:40.973> by<00:16:41.133> 10<00:16:41.309> or<00:16:41.389> 11<00:16:41.694> AM.

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So,<00:16:43.296> um,<00:16:43.713> I<00:16:43.905> have<00:16:44.017> to<00:16:44.097> bring<00:16:44.274> it<00:16:44.402> to<00:16:44.498> bear<00:16:44.722> on<00:16:44.818> my<00:16:44.899> most<00:16:45.203> important<00:16:45.539> tasks<00:16:45.940> first<00:16:46.164> thing<00:16:46.325> in<00:16:46.405> the<00:16:46.485> day.

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I<00:16:47.485> spend<00:16:47.712> a<00:16:47.809> lot<00:16:47.987> of<00:16:48.051> time<00:16:48.359> when<00:16:48.407> I'm<00:16:48.537> in<00:16:48.618> the<00:16:48.763> office<00:16:49.264> just<00:16:49.426> driving<00:16:49.750> by<00:16:49.992> people's<00:16:50.300> offices<00:16:50.720> and<00:16:50.866> checking<00:16:51.189> in<00:16:51.286> on<00:16:51.432> them,<00:16:51.691> seeing<00:16:51.933> how<00:16:52.014> I<00:16:52.176> can<00:16:52.321> help,<00:16:54.144> including<00:16:54.546> staying<00:16:54.788> out<00:16:54.884> of<00:16:54.949> their<00:16:55.094> way,<00:16:55.496> which<00:16:55.609> is<00:16:55.673> sometimes<00:16:56.060> the<00:16:56.156> best<00:16:56.317> way<00:16:56.414> to<00:16:56.543> help.

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But,<00:16:58.636> you<00:16:58.716> know,<00:16:58.813> the<00:16:58.893> trick<00:16:59.360> I<00:16:59.457> think<00:17:00.004> in<00:17:00.600> our<00:17:00.809> business<00:17:01.937> is<00:17:02.114> to<00:17:02.259> create<00:17:02.452> a<00:17:02.581> culture<00:17:03.160> where<00:17:03.370> whether<00:17:03.563> you're<00:17:03.725> present<00:17:04.064> or<00:17:04.193> not,<00:17:05.340> people<00:17:05.501> are<00:17:05.566> going<00:17:05.663> to<00:17:05.728> feel<00:17:05.889> like<00:17:06.067> they<00:17:06.147> can<00:17:06.309> come<00:17:06.470> forward<00:17:06.777> and<00:17:06.858> do<00:17:06.955> their<00:17:07.100> best,<00:17:07.601> their<00:17:07.763> best<00:17:07.989> work.

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It's<00:17:08.554> really<00:17:08.732> not<00:17:09.055> about<00:17:09.846> managing<00:17:10.347> per<00:17:10.508> se.

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It's<00:17:10.912> about<00:17:11.219> creating<00:17:11.477> an<00:17:11.558> environment<00:17:12.432> because<00:17:12.656> these<00:17:12.816> are<00:17:12.896> very<00:17:13.088> smart<00:17:13.457> people,<00:17:13.874> very<00:17:14.114> capable,<00:17:14.595> and<00:17:14.675> they<00:17:14.755> can<00:17:14.915> go<00:17:15.075> anywhere.

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Um,<00:17:16.357> but<00:17:16.501> they<00:17:16.597> choose<00:17:16.822> to<00:17:16.902> bring<00:17:17.014> their<00:17:17.222> work<00:17:17.559> and<00:17:17.639> their<00:17:17.735> best<00:17:17.975> efforts<00:17:18.264> here<00:17:18.921> because<00:17:19.145> the<00:17:19.241> environment<00:17:19.626> supports<00:17:20.106> their<00:17:20.267> pursuit<00:17:20.603> of<00:17:20.683> that.

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Um,<00:17:22.125> today<00:17:22.366> we<00:17:22.462> were<00:17:22.590> having<00:17:22.750> a<00:17:22.846> discussion<00:17:23.343> about<00:17:24.112> a<00:17:24.128> particular,<00:17:24.993> uh,<00:17:25.153> drug<00:17:25.330> development<00:17:25.730> program,<00:17:26.371> which<00:17:26.611> I<00:17:26.676> can't<00:17:27.076> go<00:17:27.188> into<00:17:27.397> detail<00:17:27.717> about,<00:17:27.893> but<00:17:28.037> I<00:17:28.054> can<00:17:28.374> say,<00:17:29.335> uh,<00:17:29.720> this<00:17:29.896> is<00:17:29.992> a<00:17:30.056> disease<00:17:30.457> that<00:17:30.553> is<00:17:30.697> devastating.

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It<00:17:31.835> affects,<00:17:32.524> uh,<00:17:32.764> pediatric<00:17:33.661> patients.

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It's<00:17:34.703> a<00:17:34.719> neurological<00:17:35.488> challenge,<00:17:36.610> uh,<00:17:36.706> that<00:17:36.850> they<00:17:36.946> face,<00:17:37.491> and<00:17:37.571> there<00:17:37.667> is<00:17:37.827> nothing<00:17:38.148> in<00:17:38.228> development,<00:17:38.789> and<00:17:38.933> there<00:17:39.013> is<00:17:39.109> nothing<00:17:39.494> on<00:17:39.590> the<00:17:39.734> horizon<00:17:40.295> for<00:17:40.391> development.

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And<00:17:41.497> we<00:17:41.593> have<00:17:41.898> locked<00:17:42.154> arms<00:17:42.459> with<00:17:42.555> the<00:17:42.635> patient<00:17:43.020> advocacy<00:17:43.437> group<00:17:44.142> to<00:17:44.222> figure<00:17:44.543> out<00:17:44.623> a<00:17:44.719> way<00:17:44.879> to<00:17:45.040> bring<00:17:45.280> forward<00:17:45.585> a<00:17:45.665> medicine<00:17:46.066> that<00:17:46.306> may<00:17:46.483> be<00:17:46.643> able<00:17:46.803> to,<00:17:48.230> at<00:17:48.310> the<00:17:48.470> causal<00:17:48.983> level,<00:17:49.913> um,<00:17:50.074> have<00:17:50.250> impact<00:17:50.715> there.

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So<00:17:51.116> we're<00:17:51.212> super<00:17:51.613> excited<00:17:52.013> about<00:17:52.238> those<00:17:52.414> kinds<00:17:52.590> of<00:17:52.719> opportunities,<00:17:53.777> and<00:17:53.841> when<00:17:53.937> we<00:17:54.097> bring<00:17:54.322> those<00:17:54.562> into<00:17:54.674> the<00:17:54.803> company,<00:17:55.620> boy,<00:17:55.781> the<00:17:55.925> best<00:17:56.165> minds<00:17:56.438> that<00:17:56.566> we<00:17:56.726> have<00:17:57.143> are<00:17:57.223> just<00:17:57.528> unleashed.

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And<00:17:58.265> then<00:17:58.506> it's<00:17:58.827> not<00:17:58.987> about<00:17:59.211> my<00:17:59.372> checking<00:17:59.788> in,<00:18:00.574> uh,<00:18:00.830> or,<00:18:01.151> or<00:18:01.231> directing,<00:18:01.712> it's<00:18:01.873> about<00:18:02.097> saying,<00:18:02.434> you<00:18:02.498> know,<00:18:02.594> what<00:18:02.674> do<00:18:02.738> you<00:18:02.818> need<00:18:02.995> to,<00:18:03.379> to<00:18:03.460> get<00:18:03.556> the<00:18:03.700> work<00:18:03.876> done?

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What<00:18:05.319> is<00:18:05.480> leadership<00:18:05.960> to<00:18:06.105> you?

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Like,<00:18:07.325> how<00:18:07.486> do<00:18:07.550> you<00:18:07.727> lead?

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I<00:18:07.984> know<00:18:08.144> you<00:18:08.289> kind<00:18:08.449> of<00:18:08.594> answered<00:18:08.851> it<00:18:08.996> a<00:18:09.092> little<00:18:09.253> bit<00:18:09.654> in<00:18:09.815> that<00:18:10.458> previous<00:18:10.843> question,<00:18:11.261> but<00:18:11.968> like,<00:18:12.144> what<00:18:12.289> are<00:18:12.626> the<00:18:12.851> values<00:18:13.414> you<00:18:13.510> try<00:18:13.671> to<00:18:13.815> portray?

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What<00:18:14.715> are<00:18:14.859> leadership<00:18:15.357> lessons<00:18:15.823> that<00:18:15.984> you've<00:18:16.161> learned<00:18:16.498> over<00:18:16.723> the<00:18:16.868> years?

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So,<00:18:18.892> you<00:18:18.988> know,<00:18:19.068> it's<00:18:19.213> a<00:18:19.229> really<00:18:19.454> interesting<00:18:19.840> question.

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I<00:18:20.579> love<00:18:20.803> studying<00:18:21.302> this<00:18:21.687> area.

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I<00:18:22.651> always<00:18:22.892> want<00:18:23.053> to<00:18:23.085> do<00:18:23.229> this<00:18:23.374> job<00:18:23.631> better.

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I<00:18:24.900> think<00:18:25.093> it<00:18:25.221> starts<00:18:25.703> with<00:18:26.426> a<00:18:26.507> genuine<00:18:27.326> awareness<00:18:28.836> that<00:18:28.932> your<00:18:29.093> job<00:18:29.896> in<00:18:30.443> a<00:18:30.475> C-level<00:18:31.101> position<00:18:31.824> is<00:18:31.921> to<00:18:32.065> coach,<00:18:32.708> not<00:18:32.949> to<00:18:33.029> direct.

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You<00:18:34.374> really<00:18:34.615> want<00:18:34.743> to<00:18:35.643> have<00:18:35.756> as<00:18:35.884> your<00:18:35.980> primary<00:18:36.462> objective,<00:18:36.928> in<00:18:37.009> my<00:18:37.121> mind,<00:18:37.828> bringing<00:18:38.069> the<00:18:38.214> best<00:18:40.318> capabilities<00:18:40.945> out<00:18:41.025> of<00:18:41.057> the<00:18:41.121> people<00:18:41.379> that,<00:18:41.684> that<00:18:41.844> are<00:18:41.925> around<00:18:42.310> you.

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I<00:18:43.130> think<00:18:43.290> the<00:18:43.451> way<00:18:43.596> you<00:18:43.757> do<00:18:43.854> that<00:18:44.484> as<00:18:44.645> a,<00:18:44.823> as<00:18:44.920> a<00:18:44.984> leader<00:18:45.307> is<00:18:45.533> to<00:18:45.630> start<00:18:45.937> out<00:18:46.034> by<00:18:46.357> always<00:18:46.599> being<00:18:46.825> curious.

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This<00:18:48.052> is<00:18:48.149> a<00:18:48.197> field<00:18:48.536> that<00:18:48.698> is<00:18:48.940> just—<00:18:49.828> there's<00:18:49.989> so<00:18:50.167> much<00:18:50.409> knowledge<00:18:50.813> in<00:18:50.942> operation<00:18:51.539> that<00:18:51.668> you<00:18:51.830> have<00:18:51.927> to<00:18:52.007> constantly<00:18:52.492> be<00:18:53.038> digesting<00:18:53.697> what's<00:18:53.922> going<00:18:54.164> on<00:18:54.260> in<00:18:54.340> the<00:18:54.485> industry,<00:18:55.610> understanding<00:18:56.832> what<00:18:56.977> the<00:18:57.073> trends<00:18:57.459> are,<00:18:57.941> learning<00:18:58.198> as<00:18:58.359> best<00:18:58.520> you<00:18:58.681> can<00:18:58.906> from<00:18:59.067> those<00:18:59.243> who<00:18:59.324> are<00:18:59.388> skilled<00:18:59.710> in<00:18:59.790> the<00:18:59.886> arts<00:19:00.111> so<00:19:00.144> you<00:19:00.272> can<00:19:00.369> support<00:19:00.835> them.

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It's<00:19:01.969> really<00:19:02.209> a<00:19:02.290> crucible<00:19:02.868> between<00:19:03.414> capital,<00:19:04.795> you<00:19:04.859> know,<00:19:05.020> human<00:19:05.582> knowledge,<00:19:06.802> unmet<00:19:07.107> medical<00:19:07.429> need,<00:19:08.087> and<00:19:08.167> trying<00:19:08.392> to<00:19:08.473> harmonize<00:19:09.051> that<00:19:09.276> in<00:19:09.356> a<00:19:09.436> culture<00:19:09.773> where<00:19:09.998> people<00:19:10.319> can<00:19:10.480> come<00:19:10.673> forward<00:19:10.994> and<00:19:11.074> solve<00:19:11.444> those<00:19:11.684> really<00:19:11.877> intractable<00:19:12.487> problems.

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I<00:19:14.414> think<00:19:14.993> you<00:19:15.089> have<00:19:15.234> to<00:19:15.394> stay<00:19:15.555> curious<00:19:15.956> in<00:19:16.020> that<00:19:16.133> environment<00:19:16.550> about<00:19:16.743> how<00:19:16.823> you<00:19:16.920> can<00:19:17.064> bring<00:19:17.241> that<00:19:17.337> about<00:19:17.642> and<00:19:17.723> what<00:19:17.899> those<00:19:18.108> trends<00:19:18.510> are.

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I<00:19:19.409> think<00:19:19.570> the<00:19:19.634> second<00:19:20.694> trait<00:19:21.015> would<00:19:21.175> be<00:19:22.123> self-improvement.

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You've<00:19:23.568> got<00:19:23.697> to<00:19:23.825> constantly<00:19:24.371> be<00:19:24.468> striving<00:19:25.094> to<00:19:25.913> bring<00:19:26.154> forward<00:19:26.636> the<00:19:26.732> next<00:19:27.117> best<00:19:27.423> innovation.

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If<00:19:28.402> there's<00:19:28.723> one<00:19:28.948> field<00:19:29.285> where<00:19:29.382> this<00:19:29.607> is<00:19:29.687> needed<00:19:30.104> above<00:19:30.393> all<00:19:30.490> else,<00:19:31.052> it's<00:19:31.196> anything<00:19:31.533> related<00:19:31.853> to<00:19:31.998> human<00:19:32.238> health,<00:19:32.975> right?

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Because<00:19:33.360> we<00:19:33.761> have<00:19:33.953> to<00:19:34.033> have<00:19:34.194> the<00:19:34.322> very<00:19:34.498> best<00:19:34.739> of<00:19:34.819> the<00:19:34.899> best<00:19:35.684> to<00:19:35.765> have<00:19:35.925> the<00:19:36.021> impact<00:19:36.582> that<00:19:37.207> we<00:19:37.304> want<00:19:37.464> to<00:19:37.544> have.

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And<00:19:38.346> any<00:19:38.506> compromise<00:19:39.067> along<00:19:39.307> the<00:19:39.388> way<00:19:40.253> is<00:19:40.654> likely<00:19:40.910> to<00:19:40.991> cost<00:19:41.311> somebody<00:19:41.696> in<00:19:41.776> a<00:19:41.856> way<00:19:42.337> that<00:19:42.449> is<00:19:42.594> not<00:19:42.914> acceptable.

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And<00:19:44.261> then<00:19:44.341> I<00:19:44.357> think<00:19:44.581> finally,<00:19:45.078> you<00:19:45.158> know,<00:19:45.255> it's<00:19:45.383> humility<00:19:45.960> because<00:19:46.297> there<00:19:46.457> is<00:19:46.681> so<00:19:46.842> much<00:19:47.082> changing<00:19:47.547> and<00:19:47.627> so<00:19:47.803> much<00:19:47.964> going<00:19:48.268> on<00:19:48.845> and<00:19:48.926> you<00:19:49.070> really<00:19:49.326> are<00:19:49.407> surrounded<00:19:49.855> in<00:19:49.952> some<00:19:50.208> cases<00:19:50.609> as<00:19:50.769> we<00:19:50.929> are<00:19:51.490> by<00:19:51.587> some<00:19:51.811> of<00:19:51.875> the<00:19:51.955> smartest<00:19:52.372> people<00:19:52.629> in<00:19:52.677> the<00:19:52.837> world<00:19:53.158> in<00:19:53.238> the<00:19:53.318> field.

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So<00:19:54.360> you<00:19:54.424> have<00:19:54.600> to<00:19:54.697> know<00:19:55.803> how<00:19:55.899> to<00:19:55.979> help<00:19:56.300> support<00:19:56.780> them,<00:19:57.888> and<00:19:57.984> give<00:19:58.209> them<00:19:58.386> their,<00:19:58.787> their<00:19:59.012> opportunity,<00:19:59.735> knowing<00:20:00.056> full<00:20:00.297> well<00:20:00.538> that<00:20:00.635> you<00:20:00.795> are<00:20:00.940> not<00:20:01.181> going<00:20:01.277> to<00:20:01.342> be<00:20:01.438> the<00:20:01.583> one<00:20:01.759> that<00:20:01.904> has<00:20:02.225> all<00:20:02.321> the<00:20:02.562> answers<00:20:03.430> to<00:20:03.526> the<00:20:03.671> challenges<00:20:04.185> that<00:20:04.329> they're<00:20:04.490> facing.

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Indeed,<00:20:06.177> you're<00:20:06.884> working<00:20:07.141> with<00:20:07.366> them<00:20:07.703> to<00:20:07.799> solve<00:20:08.169> those<00:20:08.410> problems.

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And<00:20:09.390> since<00:20:09.614> you're<00:20:09.759> not<00:20:09.936> going<00:20:10.016> to<00:20:10.080> be<00:20:10.177> the<00:20:10.273> author,<00:20:10.916> you<00:20:11.012> have<00:20:11.157> to<00:20:11.237> figure<00:20:11.462> out<00:20:11.558> how<00:20:11.639> to<00:20:11.719> be<00:20:11.799> the<00:20:11.880> best<00:20:12.104> support<00:20:12.442> player<00:20:12.747> you<00:20:12.827> can<00:20:12.924> be.

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What<00:20:14.450> do<00:20:14.514> you<00:20:14.675> read?

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What<00:20:15.478> reading<00:20:15.719> recommendations<00:20:16.297> would<00:20:16.458> you<00:20:16.522> have<00:20:16.683> for<00:20:16.859> us?

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Uh,<00:20:18.385> so<00:20:18.610> I,<00:20:19.108> I'm<00:20:19.205> a<00:20:19.349> big<00:20:19.510> fan<00:20:19.831> of<00:20:19.911> biography,<00:20:20.699> having<00:20:20.875> made<00:20:21.116> fun<00:20:21.293> of<00:20:21.357> my<00:20:21.518> father<00:20:22.000> his<00:20:22.225> whole<00:20:22.417> life,<00:20:23.108> um,<00:20:23.365> because<00:20:23.670> he<00:20:23.767> read<00:20:23.992> biographies.

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I've<00:20:25.036> I've<00:20:25.196> found<00:20:25.517> as<00:20:25.677> I've<00:20:25.773> gotten<00:20:26.030> into<00:20:26.254> my<00:20:26.414> 50s<00:20:26.895> here<00:20:27.120> that<00:20:27.280> I<00:20:27.616> read<00:20:27.921> almost<00:20:28.242> nothing<00:20:28.498> but<00:20:28.819> biography.

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So<00:20:30.358> I'm<00:20:30.502> a<00:20:30.566> huge<00:20:30.903> fan<00:20:31.287> of,<00:20:31.608> um,<00:20:32.586> of<00:20:32.730> authors<00:20:33.211> like<00:20:33.451> Isaacson,<00:20:34.012> Walter<00:20:34.253> Isaacson,<00:20:35.134> and<00:20:35.215> his<00:20:35.391> books<00:20:36.016> on<00:20:36.192> Jobs<00:20:37.154> and<00:20:37.315> Musk<00:20:37.860> sit<00:20:38.100> at<00:20:38.196> the<00:20:38.276> top<00:20:38.533> of<00:20:38.597> my<00:20:39.014> favorite<00:20:39.382> shelf.

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Uh,<00:20:40.521> I<00:20:40.601> think<00:20:40.841> those<00:20:41.146> reviews<00:20:41.562> are<00:20:41.611> incredible.

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I<00:20:42.124> think<00:20:42.268> what<00:20:42.380> those<00:20:43.550> folks<00:20:43.887> did<00:20:44.272> for,<00:20:44.528> you<00:20:44.624> know,<00:20:44.768> all<00:20:44.929> of,<00:20:45.313> all<00:20:45.410> the,<00:20:45.650> uh,<00:20:46.692> color<00:20:46.916> commentary<00:20:47.349> surrounding<00:20:47.894> them<00:20:48.535> notwithstanding,<00:20:49.337> they<00:20:49.497> rewrote,<00:20:50.122> you<00:20:50.154> know,<00:20:50.299> half<00:20:50.475> a<00:20:50.539> dozen<00:20:50.796> industries<00:20:51.261> each.

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And<00:20:52.127> it's<00:20:52.287> worth<00:20:52.464> paying<00:20:52.689> attention<00:20:53.042> to<00:20:53.170> how<00:20:53.267> they<00:20:53.363> were<00:20:53.427> able<00:20:53.652> to<00:20:53.748> accomplish<00:20:54.230> that.

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I<00:20:55.113> love<00:20:55.354> people<00:20:55.595> that<00:20:55.755> break<00:20:56.061> the<00:20:56.141> mold,<00:20:57.024> that<00:20:57.506> draw<00:20:57.666> outside<00:20:58.084> the<00:20:58.164> lines,<00:20:58.549> if<00:20:58.646> you<00:20:58.790> will,<00:20:59.127> because<00:20:59.352> I<00:20:59.368> think<00:20:59.609> that's<00:20:59.914> really<00:21:00.091> the<00:21:00.235> key.

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If<00:21:00.653> you<00:21:00.797> want<00:21:00.894> to,<00:21:01.070> if<00:21:01.359> you<00:21:01.391> want<00:21:01.504> to<00:21:01.600> do<00:21:01.696> things<00:21:01.937> differently<00:21:02.355> and<00:21:02.435> you<00:21:02.563> want<00:21:02.644> to<00:21:02.724> have<00:21:02.997> major<00:21:03.382> impact,<00:21:04.249> you<00:21:04.330> got<00:21:04.458> to<00:21:04.506> go<00:21:04.651> outside<00:21:04.988> the<00:21:05.068> lines.

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And<00:21:05.711> so<00:21:06.257> I<00:21:06.289> spent<00:21:06.513> a<00:21:06.529> lot<00:21:06.690> of<00:21:06.754> time<00:21:07.059> reading<00:21:07.798> biographies<00:21:08.424> of<00:21:08.520> people<00:21:08.761> that<00:21:08.922> did<00:21:09.082> just<00:21:09.388> that,<00:21:10.190> and<00:21:10.271> I<00:21:10.287> look<00:21:10.447> for<00:21:10.592> the<00:21:10.688> common<00:21:11.346> threads<00:21:11.812> between<00:21:12.133> them<00:21:12.856> and<00:21:12.952> sort<00:21:13.177> of<00:21:13.257> try<00:21:13.482> and<00:21:13.578> extract,<00:21:14.526> uh,<00:21:14.702> leadership<00:21:15.168> lessons<00:21:15.826> through<00:21:15.987> that<00:21:16.131> process.

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And<00:21:16.709> that<00:21:17.320> That<00:21:17.451> has<00:21:17.599> served<00:21:17.846> me<00:21:17.995> well<00:21:18.670> for<00:21:18.818> the<00:21:19.394> brief<00:21:19.559> period<00:21:19.724> of<00:21:19.823> time<00:21:20.004> I've<00:21:20.136> been<00:21:20.234> here<00:21:20.399> at<00:21:20.481> Innsmouth.

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How<00:21:22.770> do<00:21:22.899> you<00:21:22.980> think<00:21:23.173> about<00:21:23.382> like<00:21:23.544> our<00:21:23.640> macroeconomic<00:21:24.849> environment<00:21:25.493> right<00:21:25.670> now<00:21:25.896> and<00:21:26.041> how<00:21:26.202> big<00:21:26.315> of<00:21:26.396> a<00:21:26.524> role<00:21:26.718> does<00:21:26.927> that<00:21:27.185> play<00:21:28.232> in<00:21:28.378> what<00:21:28.539> you're<00:21:28.780> doing?

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When,<00:21:29.522> I<00:21:29.538> mean,<00:21:30.086> when<00:21:30.231> you're<00:21:30.327> thinking<00:21:30.633> in<00:21:30.666> like<00:21:31.054> 15-year<00:21:32.266> increments,<00:21:33.699> the<00:21:33.811> current<00:21:34.148> economy<00:21:34.631> might<00:21:34.855> not<00:21:35.257> matter<00:21:35.643> as<00:21:35.884> much<00:21:36.527> as,<00:21:37.169> you<00:21:37.250> know,<00:21:37.603> future<00:21:38.471> growth<00:21:38.937> and<00:21:39.098> future<00:21:39.419> outlook.

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How<00:21:40.319> do<00:21:40.464> you<00:21:40.576> think<00:21:40.865> about<00:21:41.122> it?

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Because<00:21:41.363> we're<00:21:41.524> in<00:21:41.604> this<00:21:41.829> odd<00:21:42.087> economy,<00:21:42.794> we're<00:21:42.954> in<00:21:43.020> this<00:21:43.281> odd<00:21:43.707> environment<00:21:44.427> politically,<00:21:45.180> we're<00:21:45.409> in<00:21:45.507> like,<00:21:46.229> Kind<00:21:46.249> of<00:21:46.345> just<00:21:46.618> like<00:21:46.811> a<00:21:47.437> wait<00:21:47.758> and<00:21:47.919> see<00:21:48.641> what<00:21:49.123> we're<00:21:49.380> going<00:21:49.845> to<00:21:49.990> be<00:21:50.102> in<00:21:50.247> 2025.

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Yeah.

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How<00:21:52.415> do<00:21:52.575> you<00:21:52.720> think<00:21:52.912> about<00:21:53.217> that?

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Well,<00:21:54.630> it's<00:21:54.743> an<00:21:54.807> interesting<00:21:55.722> set<00:21:55.931> of<00:21:56.011> challenges<00:21:56.493> always,<00:21:56.910> but<00:21:57.071> I<00:21:57.151> think<00:21:57.472> if<00:21:57.938> you<00:21:58.018> look<00:21:58.131> at<00:21:58.259> some<00:21:58.436> of<00:21:58.516> the<00:21:58.612> rules<00:22:00.186> that<00:22:00.282> generally<00:22:00.668> govern<00:22:01.470> our<00:22:01.711> area,<00:22:02.514> our<00:22:02.932> ecosystem,<00:22:04.296> healthcare,<00:22:04.874> if<00:22:05.083> we<00:22:05.180> take<00:22:05.340> a<00:22:05.356> step<00:22:05.661> back<00:22:06.785> 30,<00:22:07.042> 40<00:22:07.347> years<00:22:07.652> ago,<00:22:07.973> healthcare<00:22:08.295> represented<00:22:08.792> about<00:22:09.033> 4<00:22:09.178> or<00:22:09.274> 5%<00:22:09.756> of<00:22:09.916> GDP<00:22:10.655> spend.

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Today<00:22:11.746> it's<00:22:11.843> close<00:22:12.067> to<00:22:12.227> 18%.

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So<00:22:12.933> it<00:22:13.671> was<00:22:13.783> a<00:22:13.847> massive<00:22:14.409> shift<00:22:15.115> in<00:22:15.195> the<00:22:15.275> resource<00:22:15.756> allocation<00:22:16.574> around<00:22:17.200> healthcare.

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The<00:22:18.194> vast<00:22:18.563> majority<00:22:18.900> of<00:22:18.996> that<00:22:19.237> is<00:22:19.333> spent<00:22:19.766> on<00:22:19.926> hospitals<00:22:20.488> and<00:22:20.584> physicians,<00:22:21.370> more<00:22:21.466> than<00:22:21.546> 50%<00:22:22.092> of<00:22:22.268> it.

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Um,<00:22:23.792> prescription<00:22:24.273> drugs<00:22:24.594> are<00:22:24.658> about<00:22:24.914> 9%.

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That's<00:22:26.342> pretty<00:22:26.502> much<00:22:26.679> where<00:22:26.775> they've<00:22:26.983> been<00:22:27.320> over<00:22:27.465> the<00:22:27.497> last<00:22:27.866> 20,<00:22:28.122> 30,<00:22:28.299> 40<00:22:28.587> years.

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Hasn't<00:22:29.069> really<00:22:29.229> changed.

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Um,<00:22:30.833> what's<00:22:31.009> interesting<00:22:31.330> about<00:22:31.571> that<00:22:31.747> is<00:22:31.875> that<00:22:32.036> those<00:22:32.437> drugs,<00:22:32.790> if<00:22:32.918> they<00:22:33.175> are<00:22:33.335> developed<00:22:33.736> and<00:22:33.816> they<00:22:33.960> can<00:22:34.233> have<00:22:34.442> impact,<00:22:35.340> they<00:22:35.500> can<00:22:35.661> reduce<00:22:36.447> all<00:22:36.559> the<00:22:36.703> other<00:22:36.864> consequent<00:22:37.409> costs<00:22:37.890> that<00:22:37.986> are<00:22:38.147> in<00:22:38.227> that<00:22:38.628> ecosystem<00:22:39.109> we<00:22:39.157> were<00:22:39.269> just<00:22:39.494> describing.

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But<00:22:41.193> that<00:22:41.674> backdrop<00:22:42.636> means<00:22:42.956> that<00:22:43.037> we've<00:22:43.197> got<00:22:43.341> to<00:22:43.437> constantly<00:22:44.078> looking<00:22:44.399> to<00:22:44.639> innovation<00:22:45.120> and<00:22:45.264> productivity<00:22:45.825> tools<00:22:46.723> to<00:22:46.883> reduce<00:22:47.284> costs,<00:22:47.829> reduce<00:22:48.165> the<00:22:48.310> time<00:22:48.502> it<00:22:48.630> takes<00:22:48.871> to<00:22:48.951> develop<00:22:49.207> medicine<00:22:50.169> and<00:22:50.249> get<00:22:50.361> ourselves<00:22:50.730> into<00:22:50.810> a<00:22:50.890> better<00:22:51.066> spot.

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One<00:22:51.916> thing<00:22:52.333> biotech<00:22:52.829> does<00:22:54.496> in<00:22:54.641> quantity<00:22:55.298> is<00:22:55.442> it<00:22:55.538> deploys<00:22:55.939> a<00:22:56.259> lot<00:22:56.596> of<00:22:56.676> capital,<00:22:57.365> right?

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I<00:22:57.606> mean,<00:22:57.702> as<00:22:57.846> I<00:22:57.942> just<00:22:58.086> described,<00:22:58.583> $2<00:22:58.744> billion<00:22:59.369> for<00:22:59.465> a<00:22:59.481> single<00:22:59.801> drug<00:23:00.747> and,<00:23:01.292> you<00:23:01.324> know,<00:23:01.452> only<00:23:01.548> about<00:23:01.773> 12%<00:23:02.174> of<00:23:02.302> those<00:23:02.414> are<00:23:02.510> going<00:23:02.606> to<00:23:03.071> actually<00:23:03.311> be<00:23:03.408> successful.

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It<00:23:04.658> tells<00:23:04.914> you<00:23:05.058> that<00:23:05.299> you<00:23:05.475> really<00:23:05.716> need<00:23:05.876> to<00:23:05.924> have<00:23:06.180> access<00:23:06.453> to<00:23:06.597> capital<00:23:07.062> in<00:23:07.158> order<00:23:07.399> to<00:23:07.479> be<00:23:07.559> able<00:23:07.719> to<00:23:07.863> try<00:23:08.264> for<00:23:08.360> that<00:23:08.520> innovation.

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So<00:23:10.283> that<00:23:10.828> when<00:23:10.908> you<00:23:10.988> talk<00:23:11.181> about<00:23:11.325> the<00:23:11.421> economy,<00:23:11.982> that<00:23:12.270> yield<00:23:12.526> curve<00:23:13.167> performance<00:23:13.584> is<00:23:13.616> going<00:23:13.712> to<00:23:13.792> be<00:23:13.953> really<00:23:14.193> important.

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The<00:23:15.170> lower<00:23:15.411> the<00:23:15.507> interest<00:23:15.811> rate<00:23:16.148> environment,<00:23:16.933> the<00:23:17.013> better<00:23:17.958> the<00:23:18.039> availability<00:23:18.519> of<00:23:18.615> capital<00:23:19.096> for<00:23:19.401> the<00:23:19.497> pursuit<00:23:19.977> of<00:23:20.058> this<00:23:20.218> kind<00:23:20.378> of<00:23:20.458> innovation<00:23:21.580> and<00:23:21.724> all<00:23:21.836> its<00:23:21.980> consequent<00:23:22.381> benefits.

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So<00:23:23.406> that's<00:23:23.583> probably<00:23:23.887> the<00:23:23.919> single<00:23:24.224> most<00:23:24.480> important<00:23:24.801> thing<00:23:25.009> I<00:23:25.105> watch<00:23:25.425> in<00:23:25.506> the<00:23:25.586> macroeconomy<00:23:26.803> is<00:23:26.932> what<00:23:27.044> is<00:23:27.124> that<00:23:27.332> yield<00:23:27.508> curve<00:23:27.813> looking<00:23:28.053> like<00:23:28.710> and<00:23:28.774> what<00:23:29.095> overpressures<00:23:29.736> are<00:23:29.816> there<00:23:29.912> going<00:23:30.008> to<00:23:30.072> be<00:23:30.313> on<00:23:30.393> the<00:23:30.473> ability<00:23:30.793> to<00:23:31.018> access<00:23:31.354> capital<00:23:32.235> to<00:23:32.396> bring<00:23:32.572> to<00:23:32.716> bear<00:23:33.822> on<00:23:33.934> these<00:23:34.142> problems.

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And<00:23:34.703> so<00:23:34.783> over<00:23:34.943> the<00:23:35.024> course<00:23:35.248> of<00:23:35.296> the<00:23:35.424> time<00:23:35.664> that<00:23:35.745> I've<00:23:35.841> been<00:23:36.402> CEO<00:23:36.787> at<00:23:36.867> Insmed,<00:23:37.766> um,<00:23:37.847> we've<00:23:38.007> had<00:23:38.152> to<00:23:38.184> go<00:23:38.393> back<00:23:38.666> to<00:23:38.794> the<00:23:38.890> well,<00:23:39.212> as<00:23:39.356> it<00:23:39.517> were,<00:23:39.693> to<00:23:39.918> raise<00:23:40.239> capital.

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I've<00:23:41.122> been<00:23:41.235> here<00:23:41.379> 12<00:23:41.700> years.

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We're<00:23:42.375> still,<00:23:43.290> um,<00:23:43.547> losing<00:23:43.948> money<00:23:44.253> every<00:23:44.494> year<00:23:44.912> in<00:23:44.992> large<00:23:45.297> quantity.

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Um,<00:23:46.533> even<00:23:46.678> though<00:23:46.758> we<00:23:46.903> have<00:23:47.015> a<00:23:47.079> drug<00:23:47.320> on<00:23:47.384> the<00:23:47.465> market<00:23:47.818> and<00:23:47.946> we're<00:23:48.107> making<00:23:48.364> revenue<00:23:48.685> from<00:23:48.845> that,<00:23:49.472> we<00:23:49.552> got<00:23:50.194> a<00:23:50.355> long<00:23:50.596> way<00:23:50.692> to<00:23:50.772> go<00:23:51.077> before<00:23:51.318> we're<00:23:51.495> profitable.

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And<00:23:52.458> that's<00:23:52.683> just<00:23:52.795> a<00:23:52.860> part<00:23:53.117> of<00:23:53.165> the<00:23:53.261> way<00:23:53.422> this,<00:23:53.823> this<00:23:54.144> ecosystem<00:23:54.642> is<00:23:54.770> designed.

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You<00:23:55.316> have<00:23:55.429> to<00:23:55.525> sort<00:23:55.734> of<00:23:55.814> for—<00:23:56.248> forward<00:23:56.777> fund<00:23:57.677> the<00:23:57.773> potential<00:23:58.239> day<00:23:58.479> when<00:23:58.624> you're<00:23:58.785> able<00:23:59.025> to,<00:23:59.668> to<00:23:59.748> make<00:23:59.925> enough<00:24:00.326> to<00:24:00.567> actually<00:24:00.808> have<00:24:00.968> earnings<00:24:01.289> positive.

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Yeah,<00:24:02.492> I<00:24:02.508> want<00:24:02.653> to<00:24:02.717> go<00:24:02.749> deeper<00:24:03.037> on<00:24:03.117> the<00:24:03.198> financing<00:24:03.935> a<00:24:03.999> little<00:24:04.159> bit<00:24:04.319> because<00:24:04.512> it's<00:24:04.640> so<00:24:04.736> much<00:24:04.896> different<00:24:05.217> than<00:24:05.537> like<00:24:05.698> a<00:24:05.874> SaaS<00:24:06.403> company<00:24:06.900> or<00:24:06.980> a<00:24:07.124> tech<00:24:07.364> company<00:24:07.941> where<00:24:08.102> you're<00:24:08.262> like,<00:24:09.207> uh,<00:24:09.384> try<00:24:09.544> to<00:24:09.624> go<00:24:09.784> get<00:24:10.025> customers<00:24:10.666> and<00:24:10.810> revenue<00:24:11.563> and,<00:24:12.012> you<00:24:12.092> know,<00:24:12.188> maybe<00:24:12.509> a<00:24:12.525> seed<00:24:12.829> round<00:24:13.134> can<00:24:13.294> get<00:24:13.454> you<00:24:13.614> 5<00:24:13.951> years<00:24:14.352> and<00:24:14.432> you<00:24:14.512> can<00:24:14.592> get<00:24:14.752> to<00:24:14.832> profitability,<00:24:15.457> whatever<00:24:15.794> it<00:24:15.874> is.

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This<00:24:16.900> is<00:24:16.932> so<00:24:17.092> much<00:24:17.316> different.

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How<00:24:18.022> do<00:24:18.342> you<00:24:18.903> finance<00:24:19.544> these?

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Who<00:24:20.025> puts<00:24:20.281> the<00:24:20.377> money<00:24:20.762> in?

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How,<00:24:21.948> how<00:24:22.044> much<00:24:22.284> of<00:24:22.365> your<00:24:22.509> job<00:24:22.765> is<00:24:23.070> raising<00:24:23.631> money?

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It's<00:24:24.865> a<00:24:24.993> huge<00:24:25.249> part<00:24:25.426> of<00:24:25.506> it.

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I<00:24:25.826> mean,<00:24:26.195> uh,<00:24:26.451> particularly<00:24:26.740> in<00:24:26.772> the<00:24:26.852> early<00:24:27.317> years<00:24:27.589> of<00:24:27.733> biotech,<00:24:28.695> I'd<00:24:28.791> say<00:24:28.999> 50%<00:24:29.480> of<00:24:29.576> your<00:24:29.737> time<00:24:29.993> is<00:24:30.137> courting<00:24:30.458> investors<00:24:31.019> to<00:24:31.179> deploy<00:24:31.499> capital<00:24:31.900> behind<00:24:32.140> the<00:24:32.285> company.

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And<00:24:33.118> of<00:24:33.166> course,<00:24:33.358> it<00:24:33.406> depends<00:24:33.727> whether<00:24:33.791> the<00:24:33.887> company's<00:24:34.224> private<00:24:34.544> or<00:24:34.624> public.

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But<00:24:35.586> if<00:24:35.650> we<00:24:35.730> just<00:24:35.858> start<00:24:36.627> in<00:24:36.707> the<00:24:37.028> typical<00:24:38.486> spectrum<00:24:39.335> of<00:24:39.736> company<00:24:39.992> development,<00:24:40.938> the<00:24:41.018> idea<00:24:41.434> gets<00:24:41.739> funded<00:24:42.460> oftentimes<00:24:43.117> by<00:24:43.277> venture<00:24:43.598> capitalists<00:24:44.703> through<00:24:45.184> ABC<00:24:46.081> rounds<00:24:46.402> of<00:24:46.466> funding.

00:24:47.427 --> 00:24:51.209
And<00:24:47.507> that<00:24:47.604> might<00:24:47.764> be<00:24:47.924> a<00:24:47.940> few<00:24:48.148> hundred<00:24:48.325> million<00:24:48.581> dollars<00:24:49.350> already<00:24:49.911> out<00:24:49.943> of<00:24:50.007> the<00:24:50.071> gate<00:24:50.248> before<00:24:50.488> you're<00:24:50.648> even<00:24:50.888> public.

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Then<00:24:51.946> you<00:24:52.074> go<00:24:52.235> public<00:24:53.116> and<00:24:53.212> you<00:24:53.372> begin<00:24:53.693> the<00:24:53.773> journey<00:24:54.173> to<00:24:54.494> build<00:24:55.039> a<00:24:55.375> public<00:24:55.696> value<00:24:56.096> that<00:24:56.962> allows<00:24:58.340> you<00:24:58.420> to<00:24:58.484> access<00:24:58.820> more<00:24:59.045> capital.

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And<00:25:00.423> that<00:25:00.599> is<00:25:00.679> a<00:25:00.808> constant<00:25:01.289> return.

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So<00:25:02.090> you're<00:25:02.250> there<00:25:02.491> every<00:25:02.747> year,<00:25:02.972> every<00:25:03.212> 2<00:25:03.372> years<00:25:03.773> asking<00:25:04.030> for<00:25:04.254> more<00:25:04.350> capital.

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During<00:25:05.873> that<00:25:06.033> timeframe,<00:25:06.578> you<00:25:06.738> have<00:25:06.931> to<00:25:07.011> show<00:25:07.235> progress<00:25:08.373> or<00:25:08.598> you're<00:25:08.758> done.

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And<00:25:09.864> that<00:25:10.201> is<00:25:10.425> where<00:25:11.002> biotech<00:25:11.467> can<00:25:11.627> get<00:25:11.788> quite<00:25:12.028> violent<00:25:12.525> in<00:25:12.605> terms<00:25:12.910> of<00:25:12.990> the,<00:25:13.310> the<00:25:13.487> future<00:25:14.032> and<00:25:14.384> survivability<00:25:15.090> of<00:25:15.170> the<00:25:15.250> company.

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There<00:25:16.292> are<00:25:16.372> plenty<00:25:16.676> of<00:25:16.773> companies<00:25:17.173> that<00:25:17.398> make<00:25:17.638> it<00:25:18.279> part<00:25:18.440> of<00:25:18.472> the<00:25:18.600> way<00:25:18.856> and<00:25:18.937> then<00:25:19.097> just<00:25:19.257> collapse<00:25:19.818> because<00:25:20.043> the<00:25:20.139> drug<00:25:20.363> just<00:25:20.523> doesn't<00:25:20.764> work<00:25:21.517> or<00:25:21.581> it<00:25:21.662> doesn't<00:25:21.966> work<00:25:22.142> enough,<00:25:22.768> well<00:25:22.944> enough.

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And<00:25:24.370> indeed,<00:25:24.611> there<00:25:24.691> are<00:25:24.723> some<00:25:25.172> cases<00:25:25.589> where<00:25:25.813> drugs<00:25:26.374> get<00:25:26.534> developed.

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And<00:25:27.272> perhaps<00:25:27.656> they<00:25:27.688> didn't<00:25:27.913> meet<00:25:28.137> that<00:25:28.313> threshold<00:25:28.954> of<00:25:29.034> having<00:25:29.275> enough<00:25:29.435> patient<00:25:29.820> impact,<00:25:30.557> and<00:25:30.637> so<00:25:30.797> they<00:25:30.877> don't<00:25:31.102> perform<00:25:31.598> well.

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And<00:25:32.720> in<00:25:32.800> that<00:25:33.105> world,<00:25:33.585> uh,<00:25:33.826> those<00:25:34.002> companies<00:25:34.403> can<00:25:34.547> also<00:25:34.803> die<00:25:34.963> off.

00:25:35.685 --> 00:25:41.582
So<00:25:35.829> there's<00:25:36.005> a<00:25:36.085> constant<00:25:36.630> replenishment<00:25:37.191> cycle<00:25:37.511> going<00:25:37.848> on<00:25:37.928> in<00:25:37.992> the<00:25:38.088> biotech<00:25:38.505> ecosystem<00:25:39.595> where<00:25:39.755> companies<00:25:40.091> are<00:25:40.155> trying<00:25:40.396> to<00:25:40.492> build<00:25:40.716> drugs<00:25:41.037> effectively.

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If<00:25:42.255> they<00:25:42.415> are<00:25:42.575> successful,<00:25:43.697> then<00:25:43.937> they<00:25:44.081> have<00:25:44.258> to<00:25:44.402> commercialize<00:25:44.995> them.

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That<00:25:45.363> takes<00:25:45.540> a<00:25:45.604> whole<00:25:45.860> other<00:25:46.020> level<00:25:46.261> of<00:25:46.357> investment<00:25:46.902> and<00:25:47.046> risk.

00:25:47.783 --> 00:25:56.053
And<00:25:47.863> then<00:25:48.008> if<00:25:48.104> they<00:25:48.745> develop,<00:25:49.930> commercialize,<00:25:51.309> and<00:25:51.453> get<00:25:51.629> to<00:25:51.709> a<00:25:51.789> point<00:25:52.014> where<00:25:52.094> they're<00:25:52.270> profitable,<00:25:53.232> they<00:25:53.456> join<00:25:53.696> that<00:25:54.017> rare<00:25:54.578> group<00:25:55.315> that<00:25:55.412> are<00:25:55.476> sustainable.

00:25:56.758 --> 00:25:58.650
That<00:25:56.918> is<00:25:57.063> a<00:25:57.143> handful<00:25:58.185> of<00:25:58.281> companies.

00:25:59.066 --> 00:26:04.933
We've<00:25:59.163> just<00:25:59.387> gone<00:25:59.563> through<00:25:59.660> a<00:25:59.724> transformation<00:26:00.365> at<00:26:00.509> Insmed<00:26:00.910> where<00:26:01.006> we<00:26:01.166> had<00:26:01.808> one<00:26:01.904> of<00:26:01.984> our<00:26:02.128> drugs<00:26:02.593> have<00:26:02.705> a<00:26:02.914> very<00:26:03.106> successful<00:26:03.635> Phase<00:26:03.956> 3<00:26:04.132> trial<00:26:04.468> readout.

00:26:05.254 --> 00:26:11.538
And<00:26:05.334> the<00:26:05.414> consequence<00:26:05.975> of<00:26:06.055> that<00:26:06.360> was<00:26:07.162> our<00:26:07.338> stock<00:26:07.739> went<00:26:07.899> from,<00:26:08.364> I<00:26:08.396> don't<00:26:08.684> know,<00:26:08.797> $22<00:26:09.117> to<00:26:09.422> $70<00:26:09.887> overnight.

00:26:12.067 --> 00:26:28.526
And<00:26:12.147> people<00:26:12.371> say,<00:26:12.451> "Oh,<00:26:12.692> how<00:26:12.788> did<00:26:12.900> that<00:26:13.093> happen?"<00:26:13.349> And<00:26:13.429> I<00:26:13.509> said,<00:26:13.670> "Well,<00:26:13.846> it<00:26:13.894> was<00:26:13.990> 12<00:26:14.295> years<00:26:14.471> in<00:26:14.535> the<00:26:14.615> making."<00:26:15.994> But<00:26:16.154> the<00:26:16.299> point<00:26:16.475> is,<00:26:16.619> when<00:26:16.699> you<00:26:16.795> get<00:26:17.116> there,<00:26:17.837> we're<00:26:17.998> now<00:26:18.238> in<00:26:18.334> a<00:26:18.398> place<00:26:18.799> where<00:26:19.344> we<00:26:19.504> have<00:26:20.162> this<00:26:20.387> different<00:26:20.788> profile,<00:26:22.169> and<00:26:22.313> yet<00:26:22.490> we<00:26:22.586> still<00:26:23.036> have<00:26:23.276> years<00:26:23.533> to<00:26:23.630> go<00:26:23.854> before<00:26:24.095> we're<00:26:24.208> going<00:26:24.272> to<00:26:24.336> be<00:26:24.480> profitable,<00:26:25.524> assuming<00:26:26.022> that<00:26:26.166> the<00:26:26.246> drug<00:26:26.423> gets<00:26:26.648> approved<00:26:27.065> and<00:26:27.210> gets<00:26:27.450> launched<00:26:27.772> and<00:26:27.868> is<00:26:27.964> successful.

00:26:28.976 --> 00:26:43.135
So<00:26:29.072> this<00:26:29.297> journey<00:26:29.634> is<00:26:29.859> a,<00:26:30.115> is<00:26:30.196> a<00:26:30.340> long<00:26:30.517> and<00:26:30.661> arduous<00:26:31.143> one,<00:26:31.480> and<00:26:31.576> it<00:26:31.641> sits<00:26:31.962> in<00:26:32.042> stark<00:26:32.443> contrast<00:26:33.390> to<00:26:33.487> the<00:26:33.567> tech<00:26:33.888> world<00:26:34.193> where<00:26:34.354> after<00:26:34.562> just<00:26:34.787> a<00:26:34.851> couple<00:26:35.108> of<00:26:35.237> years<00:26:35.815> you<00:26:35.895> can<00:26:36.039> not<00:26:36.200> only<00:26:36.312> be<00:26:36.457> profitable,<00:26:37.420> but<00:26:37.581> you<00:26:37.725> can<00:26:37.821> be<00:26:37.902> getting<00:26:38.142> an<00:26:38.367> asymmetric<00:26:39.106> return<00:26:39.507> profile<00:26:40.470> to<00:26:40.518> your<00:26:40.631> investors<00:26:41.273> because<00:26:41.610> of<00:26:41.690> the<00:26:41.771> scale<00:26:42.316> you're<00:26:42.541> able<00:26:42.702> to<00:26:42.782> go<00:26:42.878> after.

00:26:43.681 --> 00:26:49.236
In<00:26:43.761> the<00:26:43.922> end,<00:26:44.644> what<00:26:44.805> we<00:26:44.965> target<00:26:45.543> in<00:26:45.608> terms<00:26:45.913> of<00:26:46.009> patients<00:26:47.374> that<00:26:47.534> represents<00:26:48.080> the<00:26:48.176> totality<00:26:48.754> of<00:26:48.803> the<00:26:48.899> market.

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And<00:26:49.461> thankfully,<00:26:50.665> for<00:26:50.777> the<00:26:50.842> most<00:26:51.066> severe<00:26:51.468> diseases,<00:26:52.030> we<00:26:52.110> want<00:26:52.287> that<00:26:52.495> to<00:26:52.576> be<00:26:52.672> as<00:26:52.704> small<00:26:53.073> as<00:26:53.234> possible.

00:26:54.840 --> 00:27:00.138
And<00:26:54.936> if<00:26:55.145> we're<00:26:55.562> impactful<00:26:56.204> there,<00:26:57.088> then<00:26:57.248> we<00:26:57.409> put<00:26:57.553> ourselves<00:26:57.955> out<00:26:57.987> of<00:26:58.115> business,<00:26:58.854> and<00:26:59.014> nothing<00:26:59.255> would<00:26:59.416> make<00:26:59.576> me<00:26:59.721> happier.

00:27:01.085 --> 00:27:03.365
But<00:27:01.182> it's<00:27:01.599> a<00:27:01.663> strange<00:27:02.129> ecosystem<00:27:02.691> from<00:27:02.787> that<00:27:02.948> point<00:27:03.157> of<00:27:03.221> view.

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It's<00:27:03.911> really<00:27:04.152> fascinating.

00:27:04.698 --> 00:27:06.304
And<00:27:04.778> it<00:27:04.810> was<00:27:04.955> so<00:27:05.276> much<00:27:05.517> money<00:27:05.758> on<00:27:05.902> the<00:27:05.999> line.

00:27:06.416 --> 00:27:12.389
I<00:27:06.432> mean,<00:27:06.577> so<00:27:06.978> much<00:27:07.267> money<00:27:07.444> going<00:27:07.749> into<00:27:08.070> this<00:27:09.114> from<00:27:10.013> investors<00:27:10.671> and<00:27:10.799> all<00:27:10.896> these,<00:27:11.538> these<00:27:11.715> types<00:27:12.020> of<00:27:12.084> folks.

00:27:12.758 --> 00:27:17.093
So<00:27:13.047> much,<00:27:13.689> um,<00:27:14.894> IP<00:27:15.809> attached<00:27:16.274> to<00:27:16.419> everything<00:27:16.740> you're<00:27:16.901> doing.

00:27:17.141 --> 00:27:18.586
Like,<00:27:17.703> how<00:27:17.816> often<00:27:18.041> are<00:27:18.105> you<00:27:18.185> thinking<00:27:18.297> about<00:27:18.442> that?

00:27:18.667 --> 00:27:23.226
I'm<00:27:18.827> sure,<00:27:19.004> like,<00:27:19.309> you<00:27:19.550> have<00:27:19.791> competitors<00:27:21.075> that<00:27:21.171> are<00:27:21.316> working<00:27:21.653> on<00:27:21.814> similar<00:27:22.600> drugs.

00:27:23.885 --> 00:27:31.142
I<00:27:23.901> just<00:27:24.126> can't<00:27:24.286> even<00:27:24.447> imagine,<00:27:24.784> like,<00:27:25.009> the<00:27:25.105> competition<00:27:25.908> in<00:27:26.068> here,<00:27:26.454> just<00:27:26.630> given<00:27:26.935> the<00:27:26.967> numbers<00:27:27.433> you're<00:27:27.578> throwing<00:27:27.754> around,<00:27:28.717> the<00:27:29.199> high<00:27:29.456> stakes,<00:27:30.323> everything<00:27:30.724> like<00:27:30.965> that.

00:27:31.190 --> 00:27:41.127
Like,<00:27:31.367> how,<00:27:32.089> how<00:27:32.234> often<00:27:32.394> are<00:27:32.474> you<00:27:32.571> thinking<00:27:32.667> about,<00:27:32.892> like,<00:27:33.133> IP,<00:27:33.775> protecting<00:27:34.257> IP,<00:27:35.140> protecting<00:27:35.702> things<00:27:35.926> like<00:27:36.103> that<00:27:36.826> from<00:27:37.050> competitors,<00:27:38.030> from<00:27:38.913> you<00:27:39.009> know,<00:27:39.217> investors<00:27:40.212> and<00:27:40.421> all<00:27:40.517> that<00:27:40.694> type<00:27:40.758> of<00:27:40.854> stuff?

00:27:42.122 --> 00:27:47.065
You<00:27:42.218> know,<00:27:42.363> Warren<00:27:42.603> Buffett<00:27:42.924> used<00:27:43.101> to<00:27:43.229> describe<00:27:43.871> the,<00:27:44.208> the<00:27:44.369> moat<00:27:44.690> that<00:27:44.834> goes<00:27:45.075> around<00:27:45.331> a<00:27:45.412> company<00:27:45.829> as<00:27:45.973> its<00:27:46.134> intellectual<00:27:46.615> property.

00:27:47.642 --> 00:27:49.231
And<00:27:47.739> I<00:27:47.819> think<00:27:48.060> that's<00:27:48.300> true<00:27:48.461> for<00:27:48.605> every<00:27:48.862> industry.

00:27:49.327 --> 00:27:50.146
Ours<00:27:49.584> is<00:27:49.664> no<00:27:49.825> different.

00:27:50.691 --> 00:27:58.250
Um,<00:27:50.932> having<00:27:51.125> said<00:27:51.429> that,<00:27:52.713> ours<00:27:52.954> is<00:27:53.050> somewhat<00:27:53.516> unusual<00:27:53.997> in<00:27:54.141> that<00:27:54.880> the<00:27:55.024> creation<00:27:55.505> of<00:27:55.586> that<00:27:55.762> intellectual<00:27:56.147> property<00:27:56.629> has<00:27:56.805> to<00:27:56.902> be<00:27:57.030> original<00:27:57.592> in<00:27:57.688> every<00:27:57.929> case.

00:27:58.426 --> 00:28:00.223
It<00:27:58.506> has<00:27:58.715> to<00:27:58.811> truly<00:27:59.212> be<00:27:59.533> groundbreaking.

00:28:00.962 --> 00:28:03.176
Um,<00:28:01.218> the<00:28:01.299> development<00:28:01.684> of<00:28:01.716> a<00:28:01.796> medicine<00:28:02.181> no<00:28:02.261> one<00:28:02.342> has<00:28:02.502> thought<00:28:02.727> of<00:28:02.823> before.

00:28:03.641 --> 00:28:06.418
It's<00:28:03.770> going<00:28:03.850> to<00:28:03.930> have<00:28:04.043> an<00:28:04.107> approach<00:28:04.588> or<00:28:04.733> a<00:28:04.813> mechanism<00:28:05.776> that<00:28:05.872> is<00:28:06.032> different.

00:28:06.979 --> 00:28:13.381
Uh,<00:28:07.011> so<00:28:07.172> from<00:28:07.316> that<00:28:07.476> point<00:28:07.653> of<00:28:07.701> view,<00:28:07.813> the<00:28:07.958> higher<00:28:08.343> hurdle<00:28:08.664> is<00:28:08.824> actually<00:28:09.145> creating<00:28:09.642> the<00:28:09.739> science<00:28:10.204> behind<00:28:10.589> it,<00:28:11.086> and<00:28:11.150> then<00:28:11.247> you<00:28:11.343> sort<00:28:11.568> of<00:28:11.648> document<00:28:12.193> that<00:28:12.370> through<00:28:12.530> intellectual<00:28:12.931> property.

00:28:14.054 --> 00:28:22.237
The,<00:28:14.680> um,<00:28:15.097> the<00:28:15.177> way<00:28:15.274> intellectual<00:28:15.659> property<00:28:16.124> works<00:28:16.702> at<00:28:16.782> the<00:28:16.862> moment<00:28:17.199> in<00:28:17.263> this<00:28:17.424> country<00:28:17.825> is<00:28:18.306> centered<00:28:18.627> around<00:28:19.188> a<00:28:19.269> period<00:28:19.590> of<00:28:19.686> exclusivity<00:28:20.937> for<00:28:21.034> the<00:28:21.178> drug<00:28:21.515> once<00:28:21.755> it's<00:28:21.900> approved.

00:28:22.702 --> 00:28:24.772
That<00:28:22.943> typically<00:28:23.424> lasts<00:28:23.697> about<00:28:23.921> 10<00:28:24.098> or<00:28:24.162> 15<00:28:24.547> years.

00:28:24.900 --> 00:28:26.023
It's<00:28:25.141> not<00:28:25.301> usually<00:28:25.590> more<00:28:25.766> than<00:28:25.911> that.

00:28:26.087 --> 00:28:27.066
Sometimes<00:28:26.504> it's<00:28:26.569> a<00:28:26.585> little<00:28:26.809> less.

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Um,<00:28:28.077> I<00:28:28.093> always<00:28:28.317> like<00:28:28.414> to<00:28:28.574> use<00:28:28.815> as<00:28:28.959> an<00:28:29.039> example<00:28:29.537> to<00:28:29.617> try<00:28:29.761> and<00:28:29.858> put<00:28:30.082> this<00:28:30.259> into<00:28:30.419> perspective<00:28:31.462> You<00:28:31.526> know,<00:28:31.606> you<00:28:31.703> have<00:28:31.879> that<00:28:32.104> 10<00:28:32.344> to<00:28:32.425> 15<00:28:32.745> year<00:28:32.906> period<00:28:33.933> where<00:28:34.029> you<00:28:34.173> have<00:28:34.286> to<00:28:34.414> make<00:28:34.655> up<00:28:35.296> all<00:28:35.633> of<00:28:35.729> the<00:28:35.858> cost<00:28:36.275> and<00:28:36.355> investment<00:28:36.917> and<00:28:37.077> risk<00:28:37.799> that<00:28:37.959> went<00:28:38.120> into<00:28:38.360> the<00:28:38.505> creation<00:28:38.842> of<00:28:38.922> the<00:28:39.002> medicine<00:28:39.387> in<00:28:39.419> the<00:28:39.548> first<00:28:39.788> place.

00:28:40.751 --> 00:28:49.719
In<00:28:40.927> contrast,<00:28:42.050> um,<00:28:42.195> I<00:28:42.275> think<00:28:42.435> it<00:28:42.515> was<00:28:43.077> January<00:28:43.558> of<00:28:43.638> this<00:28:43.815> year<00:28:43.943> or<00:28:44.136> January<00:28:44.457> of<00:28:44.601> next<00:28:44.858> year<00:28:45.403> that<00:28:45.564> the<00:28:45.660> original<00:28:46.301> trademark<00:28:46.879> for<00:28:47.088> Mickey<00:28:47.344> Mouse<00:28:48.307> will<00:28:48.451> go<00:28:48.692> off<00:28:48.852> patent.

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So<00:28:50.055> for<00:28:50.120> 100<00:28:50.697> years,<00:28:51.740> if<00:28:51.836> you<00:28:52.077> use<00:28:52.334> the<00:28:52.478> image<00:28:52.735> of<00:28:52.799> Mickey<00:28:53.055> Mouse<00:28:53.440> as<00:28:53.601> it<00:28:53.681> was<00:28:53.842> first<00:28:54.082> portrayed,<00:28:55.029> you<00:28:55.125> had<00:28:55.285> to<00:28:55.366> pay<00:28:55.526> Disney,<00:28:56.392> uh,<00:28:56.665> a<00:28:56.745> fee<00:28:57.114> for<00:28:57.243> that.

00:28:57.996 --> 00:29:04.523
So,<00:28:58.638> um,<00:29:00.258> that<00:29:00.482> could<00:29:00.659> live<00:29:00.819> for<00:29:00.947> 100<00:29:01.300> years<00:29:01.621> and<00:29:01.717> still<00:29:02.022> be<00:29:02.567> a,<00:29:02.807> a<00:29:02.888> way<00:29:03.128> of<00:29:03.465> making<00:29:03.786> money<00:29:04.090> for<00:29:04.251> Disney.

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And<00:29:05.069> I<00:29:05.229> don't,<00:29:05.935> um,<00:29:06.352> begrudge<00:29:06.672> them<00:29:06.817> that<00:29:06.977> at<00:29:07.057> all.

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I'm<00:29:07.795> jealous<00:29:08.260> of<00:29:08.356> it<00:29:08.581> because<00:29:08.821> I<00:29:08.837> would<00:29:08.982> love<00:29:09.222> the<00:29:09.318> day<00:29:09.960> when<00:29:10.104> a<00:29:10.136> medicine<00:29:10.521> doesn't<00:29:10.810> have<00:29:10.922> to<00:29:11.002> make<00:29:11.243> up<00:29:11.708> all<00:29:11.964> of<00:29:12.109> its<00:29:12.462> original<00:29:12.782> investment<00:29:13.263> and<00:29:13.392> risk<00:29:14.210> in<00:29:14.290> a<00:29:14.370> 10-year<00:29:14.707> time<00:29:15.011> frame.

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That's<00:29:15.877> part<00:29:15.990> of<00:29:16.054> the<00:29:16.134> reason<00:29:16.439> why<00:29:16.535> we<00:29:16.615> get<00:29:16.759> this<00:29:16.936> concentration<00:29:18.155> of<00:29:18.235> attention<00:29:18.780> around<00:29:19.085> the<00:29:19.181> approval<00:29:19.582> of<00:29:19.662> a<00:29:19.726> medicine,<00:29:20.528> how<00:29:20.624> long<00:29:20.785> the<00:29:20.865> company<00:29:21.330> has<00:29:21.651> it,<00:29:21.747> how<00:29:21.843> long<00:29:22.003> it<00:29:22.068> gets<00:29:22.292> promoted,<00:29:22.789> all<00:29:22.950> that<00:29:23.046> sort<00:29:23.254> of<00:29:23.286> stuff.

00:29:23.992 --> 00:29:30.159
Because<00:29:24.169> it<00:29:24.474> gets<00:29:24.635> this<00:29:24.779> highly<00:29:25.100> concentrated<00:29:25.679> period<00:29:25.984> where<00:29:26.080> you<00:29:26.176> have<00:29:26.337> to<00:29:26.417> get<00:29:26.546> the<00:29:26.642> return<00:29:27.044> profile<00:29:28.409> for<00:29:28.585> the<00:29:28.730> product<00:29:29.067> in<00:29:29.196> that<00:29:29.292> shorter<00:29:29.549> period<00:29:29.790> of<00:29:29.918> time.

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Yeah,<00:29:31.123> I<00:29:31.139> think<00:29:31.380> Disney<00:29:31.701> even<00:29:32.408> got<00:29:32.568> it<00:29:32.665> extended.

00:29:34.174 --> 00:29:37.852
Somehow<00:29:34.511> they're<00:29:34.736> able<00:29:34.929> to<00:29:35.154> keep<00:29:35.395> it<00:29:35.555> even<00:29:36.021> beyond<00:29:36.696> the<00:29:36.840> laws,<00:29:37.081> which<00:29:37.258> is<00:29:37.386> fascinating.

00:29:38.510 --> 00:29:39.378
I<00:29:38.526> mean,<00:29:38.671> I<00:29:38.687> like<00:29:38.912> Mickey<00:29:39.153> Mouse.

00:29:39.474 --> 00:29:42.525
I<00:29:39.490> got<00:29:39.602> nothing<00:29:39.891> against<00:29:40.277> Mickey<00:29:40.454> Mouse,<00:29:40.775> but<00:29:41.497> it's<00:29:41.578> been<00:29:41.722> around<00:29:41.963> a<00:29:41.979> long<00:29:42.220> time.

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That's<00:29:42.766> for<00:29:42.863> sure.

00:29:43.971 --> 00:29:46.476
Oh,<00:29:44.067> Walt<00:29:44.372> Disney's<00:29:44.774> one<00:29:44.870> of<00:29:44.934> the<00:29:45.031> greatest<00:29:45.657> entrepreneurs<00:29:46.219> ever.

00:29:47.199 --> 00:29:50.411
By<00:29:47.279> the<00:29:47.375> way,<00:29:47.520> another<00:29:47.761> great<00:29:48.002> book,<00:29:49.030> Iger's<00:29:49.688> Ride<00:29:49.913> of<00:29:50.009> a<00:29:50.073> Lifetime.

00:29:50.973 --> 00:29:51.133
Yeah.

00:29:51.518 --> 00:29:53.397
I<00:29:51.535> thought<00:29:51.775> his<00:29:52.257> book<00:29:52.482> was<00:29:52.658> really<00:29:52.899> quite<00:29:53.220> good.

00:29:54.103 --> 00:29:54.215
Yeah.

00:29:54.328 --> 00:29:56.029
Bob<00:29:54.585> Iger's<00:29:54.922> a<00:29:55.146> really<00:29:55.387> great<00:29:55.773> leader.

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Yeah.

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Yeah.

00:29:57.876 --> 00:30:00.380
I<00:29:57.956> wonder<00:29:58.181> if<00:29:58.277> he<00:29:58.357> regrets<00:29:58.823> coming<00:29:58.999> back,<00:29:59.481> but—.

00:30:00.605 --> 00:30:02.065
Well,<00:30:00.829> you<00:30:00.926> see<00:30:01.150> that<00:30:01.311> a<00:30:01.327> lot<00:30:01.632> now,<00:30:01.873> right?

00:30:02.130 --> 00:30:10.285
These<00:30:02.435> sort<00:30:02.611> of<00:30:02.691> iconic<00:30:03.253> leaders<00:30:03.574> that<00:30:03.719> came<00:30:03.976> back<00:30:04.313> and<00:30:04.923> were<00:30:05.003> able<00:30:05.180> to<00:30:05.340> reenergize<00:30:07.572> the<00:30:07.668> industry<00:30:08.069> that<00:30:08.230> they<00:30:08.390> had<00:30:09.032> so<00:30:09.257> clearly<00:30:09.578> had<00:30:09.691> an<00:30:09.819> impact<00:30:10.156> on.

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And<00:30:10.622> Jobs<00:30:10.959> is<00:30:11.103> probably<00:30:11.360> the<00:30:11.456> most<00:30:11.761> notable<00:30:12.628> early<00:30:12.869> return,<00:30:13.431> right?

00:30:14.089 --> 00:30:17.589
And<00:30:14.169> he<00:30:14.314> came<00:30:14.490> back<00:30:14.828> in<00:30:15.213> and<00:30:15.438> had<00:30:15.598> such<00:30:15.951> a<00:30:16.016> profound<00:30:16.417> impact<00:30:16.818> his<00:30:16.898> second<00:30:17.219> go-around.

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But<00:30:18.167> he<00:30:18.247> was<00:30:18.407> quite<00:30:18.664> humble<00:30:19.065> about<00:30:19.402> admitting<00:30:19.787> that<00:30:20.253> he<00:30:20.349> probably<00:30:20.734> needed<00:30:20.991> to<00:30:21.055> be<00:30:21.151> fired<00:30:21.472> the<00:30:21.553> first<00:30:21.809> time,<00:30:22.098> so<00:30:22.275> he<00:30:22.419> went<00:30:22.596> back<00:30:22.917> and<00:30:23.061> learned.

00:30:24.040 --> 00:30:27.699
And<00:30:24.104> then<00:30:24.185> when<00:30:24.265> he<00:30:24.345> came<00:30:24.586> back,<00:30:24.907> he<00:30:24.987> was<00:30:25.083> able<00:30:25.308> to<00:30:25.549> just<00:30:26.287> run<00:30:26.447> the<00:30:26.592> tables,<00:30:27.025> as<00:30:27.154> we<00:30:27.250> all<00:30:27.474> know.

00:30:27.972 --> 00:30:37.168
And<00:30:28.373> a<00:30:28.453> tragedy,<00:30:28.999> although<00:30:29.176> I<00:30:29.256> understand<00:30:29.545> it<00:30:29.577> was<00:30:29.721> difficult<00:30:29.978> to<00:30:30.122> work<00:30:30.283> for<00:30:30.443> him,<00:30:31.198> a<00:30:31.246> tragedy<00:30:31.743> that<00:30:31.840> he<00:30:31.968> wasn't<00:30:32.193> around<00:30:32.385> longer<00:30:32.642> to<00:30:32.722> have<00:30:32.947> an<00:30:33.043> even<00:30:33.268> more,<00:30:33.733> uh,<00:30:34.054> significant<00:30:34.471> impact<00:30:35.418> on<00:30:35.515> the<00:30:35.595> different<00:30:35.916> industries<00:30:36.381> where<00:30:36.478> he<00:30:36.622> was<00:30:36.718> engaged.

00:30:37.745 --> 00:30:39.543
I<00:30:37.761> know<00:30:37.858> it's<00:30:38.002> a<00:30:38.066> very<00:30:38.323> curable<00:30:38.804> cancer<00:30:39.286> too.

00:30:39.928 --> 00:30:44.213
If<00:30:40.329> they<00:30:40.570> just<00:30:40.891> would<00:30:41.019> have<00:30:41.131> caught<00:30:41.436> it,<00:30:41.918> uh,<00:30:42.175> sooner,<00:30:42.496> earlier,<00:30:43.202> we'd<00:30:43.603> still<00:30:43.844> have<00:30:44.100> him.

00:30:44.823 --> 00:30:53.331
Hey,<00:30:45.401> finally,<00:30:45.946> we<00:30:46.251> end<00:30:46.348> every<00:30:46.572> interview<00:30:46.781> with<00:30:46.910> the<00:30:46.974> same<00:30:47.150> question,<00:30:48.274> and<00:30:48.515> that<00:30:48.740> is<00:30:48.852> at<00:30:48.932> CEO.com,<00:30:49.799> we<00:30:49.943> believe<00:30:50.184> the<00:30:50.281> chances<00:30:50.682> one<00:30:50.987> gives<00:30:51.468> is<00:30:51.549> just<00:30:51.725> as<00:30:51.806> important<00:30:52.127> as<00:30:52.207> the<00:30:52.351> chances<00:30:52.688> one<00:30:52.849> takes.

00:30:53.973 --> 00:30:56.878
When<00:30:54.133> you<00:30:54.358> hear<00:30:54.518> that,<00:30:54.759> who<00:30:54.936> gave<00:30:55.161> you<00:30:55.273> a<00:30:55.337> chance<00:30:55.738> to<00:30:55.819> get<00:30:56.043> you<00:30:56.156> to<00:30:56.236> where<00:30:56.445> you<00:30:56.557> are<00:30:56.637> today?

00:30:58.291 --> 00:30:59.447
So<00:30:58.467> I<00:30:58.612> was<00:30:58.772> very<00:30:58.949> fortunate.

00:30:59.575 --> 00:31:13.879
I<00:30:59.671> had<00:30:59.848> a<00:30:59.896> number<00:31:00.153> of<00:31:00.313> different<00:31:01.036> mentors<00:31:01.501> along<00:31:01.758> the<00:31:01.838> way,<00:31:02.481> and<00:31:02.561> I<00:31:02.641> would<00:31:02.802> say<00:31:03.781> it<00:31:03.909> wasn't—<00:31:04.808> when<00:31:04.969> I<00:31:05.210> reflect<00:31:05.531> on<00:31:05.627> this,<00:31:05.916> I<00:31:05.996> was—<00:31:06.173> because<00:31:06.478> I've<00:31:06.815> listened<00:31:07.088> to<00:31:07.136> a<00:31:07.152> bunch<00:31:07.457> of<00:31:07.698> your<00:31:07.858> podcasts,<00:31:08.404> but<00:31:09.447> the<00:31:09.608> thing<00:31:09.768> that<00:31:09.929> catches<00:31:10.346> me<00:31:10.587> is<00:31:10.732> that<00:31:10.828> it's<00:31:10.988> not<00:31:11.149> so<00:31:11.374> much<00:31:12.112> the<00:31:12.337> opportunity<00:31:12.915> someone<00:31:13.301> gave<00:31:13.558> to<00:31:13.654> me.

00:31:14.280 --> 00:31:21.042
It<00:31:14.345> was—<00:31:14.441> there<00:31:14.537> was<00:31:14.698> a<00:31:14.843> moment<00:31:15.164> in<00:31:15.244> time<00:31:16.192> when<00:31:16.352> they<00:31:16.529> chose<00:31:16.947> to<00:31:17.091> convey<00:31:17.493> to<00:31:17.653> me<00:31:17.733> that<00:31:17.894> they<00:31:18.055> believed<00:31:18.617> in<00:31:18.761> me<00:31:19.243> and<00:31:19.340> my<00:31:19.500> ability<00:31:20.062> to<00:31:20.207> go<00:31:20.448> do<00:31:20.608> something.

00:31:21.588 --> 00:31:31.674
And<00:31:21.668> that<00:31:21.909> belief<00:31:22.777> was<00:31:22.953> like<00:31:23.258> a<00:31:23.355> shot<00:31:23.740> of<00:31:23.821> energy<00:31:24.158> or<00:31:24.254> adrenaline<00:31:24.720> in<00:31:24.784> the<00:31:24.945> arm<00:31:25.603> that<00:31:25.764> motivated<00:31:26.326> me<00:31:26.406> to<00:31:26.551> go<00:31:26.792> out<00:31:27.209> and<00:31:27.290> try<00:31:27.466> to<00:31:27.611> prove<00:31:27.932> them<00:31:28.093> right,<00:31:28.591> in<00:31:28.655> a<00:31:28.719> sense,<00:31:29.602> and<00:31:29.699> to<00:31:29.843> take<00:31:30.084> advantage<00:31:30.438> of<00:31:30.502> whatever<00:31:30.759> the<00:31:30.903> opportunity<00:31:31.465> was.

00:31:31.787 --> 00:31:36.171
Because<00:31:32.172> it<00:31:32.268> wasn't<00:31:32.590> that<00:31:32.911> I<00:31:32.975> was<00:31:33.088> so<00:31:33.377> much<00:31:33.859> intrigued<00:31:34.292> by<00:31:34.437> a<00:31:34.501> particular<00:31:34.838> field<00:31:35.384> or<00:31:35.545> opportunity.

00:31:36.782 --> 00:31:42.352
It<00:31:36.846> was<00:31:37.071> that<00:31:37.231> in<00:31:37.328> that<00:31:37.552> moment<00:31:37.890> when<00:31:38.050> I<00:31:38.131> was<00:31:38.291> turning<00:31:38.564> my<00:31:38.629> attention<00:31:39.110> to<00:31:39.175> whatever<00:31:39.351> that<00:31:39.496> task<00:31:39.897> was,<00:31:40.122> and<00:31:40.203> I<00:31:40.235> can<00:31:40.379> think<00:31:40.540> back<00:31:41.182> to<00:31:41.647> summer<00:31:42.048> camp.

00:31:42.448 --> 00:31:44.372
I<00:31:42.545> can<00:31:42.705> think<00:31:42.929> back<00:31:43.042> to<00:31:43.186> my<00:31:43.346> English<00:31:43.651> teacher<00:31:43.907> in<00:31:43.987> high<00:31:44.148> school.

00:31:44.885 --> 00:31:50.528
I<00:31:44.949> can<00:31:45.045> think<00:31:45.254> back<00:31:45.430> to<00:31:45.494> my<00:31:45.590> first<00:31:45.831> job<00:31:46.071> in<00:31:46.152> investment<00:31:46.633> banking,<00:31:47.033> my<00:31:47.258> work<00:31:47.498> for<00:31:47.578> the<00:31:47.659> US<00:31:47.899> government,<00:31:48.717> my<00:31:48.941> work<00:31:49.133> at<00:31:49.198> my<00:31:49.358> first<00:31:49.678> biotech<00:31:50.159> company.

00:31:50.704 --> 00:31:54.504
At<00:31:50.945> each<00:31:51.201> moment<00:31:51.506> in<00:31:51.602> time,<00:31:51.923> there<00:31:52.003> was<00:31:52.099> someone<00:31:52.468> there<00:31:52.628> who<00:31:52.724> said,<00:31:53.366> you<00:31:53.446> know,<00:31:53.606> I<00:31:53.686> think<00:31:53.847> you<00:31:53.927> can<00:31:54.087> do<00:31:54.247> this.

00:31:54.889 --> 00:31:56.668
And<00:31:54.969> then<00:31:55.225> it<00:31:55.354> was<00:31:55.514> like<00:31:55.690> a<00:31:55.770> chip<00:31:56.091> on<00:31:56.171> my<00:31:56.331> shoulder.

00:31:56.732 --> 00:31:57.983
I<00:31:56.876> had<00:31:56.973> to<00:31:57.037> go<00:31:57.197> out<00:31:57.277> and<00:31:57.438> prove<00:31:57.678> them<00:31:57.838> right.

00:31:58.512 --> 00:32:06.319
And<00:31:58.608> so<00:31:58.800> when<00:31:58.961> I'm<00:31:59.538> in<00:31:59.682> my<00:32:00.179> current<00:32:00.964> opportunity<00:32:02.087> or<00:32:02.407> role,<00:32:03.449> I<00:32:03.545> look<00:32:03.706> for<00:32:03.930> times<00:32:04.283> to<00:32:04.427> tell<00:32:04.668> people,<00:32:05.293> you<00:32:05.341> know,<00:32:05.453> I<00:32:05.469> bet<00:32:05.630> you<00:32:05.774> can<00:32:05.950> do<00:32:06.110> this.

00:32:06.976 --> 00:32:17.456
And<00:32:07.056> I<00:32:07.136> think<00:32:07.329> if<00:32:07.537> that<00:32:08.018> gets<00:32:08.194> pulled<00:32:08.498> through<00:32:08.675> the<00:32:08.771> same<00:32:08.995> way<00:32:09.075> it<00:32:09.220> was<00:32:09.476> for<00:32:09.620> me,<00:32:10.437> we're<00:32:10.518> talking<00:32:10.854> about<00:32:11.142> encouraging<00:32:11.639> somebody<00:32:12.024> to<00:32:12.120> go<00:32:12.841> and<00:32:13.065> cure<00:32:13.418> something<00:32:14.347> that<00:32:14.444> might<00:32:14.748> otherwise<00:32:15.165> be,<00:32:15.629> you<00:32:15.710> know,<00:32:15.870> a<00:32:15.966> devastating<00:32:16.687> and<00:32:16.847> deadly<00:32:17.088> disease.

00:32:17.568 --> 00:32:28.786
And<00:32:17.665> so<00:32:17.809> that<00:32:18.049> makes<00:32:18.290> it<00:32:19.716> all<00:32:19.796> come<00:32:19.956> home<00:32:20.213> to<00:32:20.293> me<00:32:20.838> and<00:32:21.190> really<00:32:21.959> closes<00:32:22.280> the<00:32:22.376> circle<00:32:22.760> on,<00:32:23.177> on<00:32:23.257> the<00:32:23.337> experiences<00:32:23.818> that<00:32:23.962> I've<00:32:24.155> had<00:32:24.379> and<00:32:24.700> how<00:32:24.924> hopefully<00:32:25.260> they'll,<00:32:26.062> they'll<00:32:26.222> pull<00:32:26.446> through<00:32:26.622> to,<00:32:27.007> to<00:32:27.103> make<00:32:27.263> a<00:32:27.280> difference<00:32:27.568> for<00:32:27.680> the<00:32:27.744> lives<00:32:28.049> of<00:32:28.081> some<00:32:28.289> other<00:32:28.465> people.

00:32:29.427 --> 00:32:30.052
That's<00:32:29.667> beautiful.

00:32:30.372 --> 00:32:32.199
Well,<00:32:31.190> thank<00:32:31.350> you<00:32:31.414> so<00:32:31.526> much<00:32:31.750> for<00:32:31.895> coming<00:32:32.135> on.

00:32:32.996 --> 00:32:33.890
No,<00:32:33.093> it's<00:32:33.240> my<00:32:33.402> great<00:32:33.565> pleasure.

00:32:33.971 --> 00:32:34.946
Thanks<00:32:34.215> for<00:32:34.312> the<00:32:34.442> opportunity.

00:32:35.092 --> 00:32:35.645
Yeah,<00:32:35.368> that<00:32:35.515> was<00:32:35.563> fun.

00:32:35.840 --> 00:32:36.181
Thank<00:32:36.100> you.

```