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It is ugly now this innovator -- story were gonna talk about -- the perfect day in many -- our next guest is coming on to say many major industries are at a turning point need to change the way they think or do business.
Before they essentially become obsolete -- taps 'cause that you're chairman of moxie inside and his -- of macroeconomics.
But on number of times before with us and it's good to see again Don but.
As it maybe it is the perfect day when we're time of the world kind of imploding here for lack of a better term the stock market's way down and people are thinking what's gonna happen next.
To talk about some big picture issues that companies have to address -- think the model the way people do business is just.
I did then and I've been at the same not conference on the same statement Paul Krugman a few times these are riding that York times yet them.
Where we're in for twenty years of ugliness here.
And my view is that the future is not something to be predicted it's something to be achieved better for going to achieve a different future.
We need to understand what the problem is in the problem doesn't fall within the paradigm of a traditional economists who worry about the business cycle the -- not a cyclical change we're going through it's a it's a fundamental change.
So you identify industries that are not doing it -- for the sake of this conversation I have a couple minutes.
I'll take one of them done because and maybe people wouldn't think it off the top of their head the pharmaceutical industry has to do what differently does is give people example of how you're thing.
Well it's an example of fifteen industries that we talk about we can't solve the problem as a company.
You got to fix the whole industry so farmers are going to fall off this thing called the patent cliff yep in the next year to eighteen months -- gonna -- twenty to 40% of their revenue.
So that He you don't fix up by tinkering you know cut back and admin costs or something.
They need to fundamentally change the industry now way industry's history serves well first of -- they should be sharing.
All kinds of clinical trial data that accounts to up to a third of all their costs -- they duplicate this work they should share data on something called.
Proof of clinical -- -- is the real early pre competitive science -- should be sharing data on something called comparator arm competitors sharing data.
Yeah -- he's performance.
You know you do that you do our research project a clinical trial you test -- -- the molecule but He also test a comparator.
Why not share that data they should share data on field results -- doesn't work -- did you share this could.
Reduce the cost of the industry and dramatically enable that industry to survive.
All right Don we're gonna keep talking about this in today results to keep the top of the markets which are way down but thank you for coming in and lobby back us in again -- contact Scott -- -- macro economics and data.
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