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Former Imclone CEO Sam Waksal on the challenges of the FDA process for biotech companies and the impact of innovation and the political environment on...
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Treading water though and still -- long way.
From some very hot performing sectors like Biotech president of this today up nearly 70% year to -- but to those -- The doubts about to make up lost ground and fast and via -- about to lose ground -- best.
At -- Sam Waksal.
You might remember the name Sam Waksal former imclone chief executive -- Five years in prison for insider trading and other crimes that would also would snarl no -- and Martha Stewart but.
It was a punishment that no less than New York magazine and scores business publications would later call unwarranted and unjustified -- But all of that is -- -- history to -- now I'm back with bigger -- -- surprise guest at a new company called Kevin pharmaceuticals to run mister what's good to have -- Good to be -- I was shocked and we're saying briefly in the break how hot Biotech suddenly.
Looks I mean it it I guess it's off its highs for the year as it does the sector but man oh man.
Well you know it is an industry that his has been uniquely important.
And innovation.
In creating the drugs in the future.
And when Biotech companies are successful.
In creating on these new drugs for unmet medical needs.
There is -- real value there are real value there and I think that's what we see a lot of times when not on the sector begins to move in people focus on.
Now they're focusing on an even though many of your colleagues and does say it's not -- -- environment.
I mean -- -- -- they added rules or regulations or more.
Prohibitive it's not intrusive FDA.
It's tough.
It's a tough industry always.
One of the reasons it's a tough industry.
Is that it calls for real innovation and pipelines and creating.
New drugs and we know that even in the pharmaceutical sector everyone.
Bemoans the fact.
Pipelines just aren't there.
Why didn't -- there.
They're not there because innovation.
Hasn't been there in a long time in the farming industry and but it sounds like a lot of the guys reforming -- finding it abroad.
Well I don't know if they're finding -- abroad I think.
What is wonderful about.
Innovation in this country.
Is the partnerships that occur between academic institutions like MIT or Stanford Princeton Yale.
And Biotech companies it's I've been an historical.
Law partnership.
That's created real value and I believe.
From the days that recombinant DNA was discovered at Stanford in the genetics department in 1975.
And Genentech was founded a few years later.
There has been that partnership.
I don't think that.
That kind of innovation exists abroad.
So the political by means not -- -- you for that I mean that innovation that kind of thinking.
I think the political environment always plays a role and I'm I'm afraid that.
In some ways what we've seen in recent years.
Political environments played a role so that venture capitalists.
Look to high tech companies to really make an investment because.
The that the ability to take those public the ability to succeed.
Happens very quickly.
And Biotech that's not the case we've got to get through drugs through the FDA process.
It is not one that's easy it is a a process that that needs to be maneuvered.
Very deftly and I believe that that that's gotten harder and harder over the years in some ways.
But what's more important is that.
Investors.
Time lines have changed they've changed everywhere in the world they've changed in Europe.
They've changed here when people make an investment they worry about liquidity.
-- there was a lot of quick return and they want a quick return and that just doesn't happen in Biotech overnight.
Sam thank you very much of a busy news and very good to see again great to see you thank you in -- -- Kim.
