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Let's talk about Mike Milken do you know that name that he was a legend on Wall Street and now he's revolutionizing the world of biotechnology.
He's the chairman -- the Milken Institute.
It's not a think tank but as he puts it.
-- action -- -- sit around thinking they actually reduced.
Today I have the opportunity to sit down with Milken and National Institutes of Health director Francis Collins.
About the importance.
And how much it matters as far as money is concerned in this country for bioscience research.
Past few years means line.
We can solve problems and really gets translated to how many people are not gonna pass away.
-- public and improve the quality of life.
Most people do not recognize that the major.
Driver of economic growth in the world for almost 200 years.
Has been bio science.
Sciences -- doctor Collins has developed a faster train better way of doing.
But it runs on track.
So in the United States the average speed train travelers.
Is the same as it was 100 years ago it was not designed sort of turning.
It's we haven't trade changed -- -- that we work on government systems right away that we searches done.
And that -- dramatically accelerated -- -- Tougher call answers the question them you know.
Often the problem is so huge that government -- to -- -- Because it's government money that is of the scale that would really make a difference but with government money often comes red tape.
And perhaps bureaucracy how have you managed to kind of -- through machete through that and continue to keep things fast.
We are proud of our ability to get red tape out of the way and they keep that Barack has seen -- -- impairment.
We are the largest supporter of biomedical research in the world.
When you hear about a breakthrough.
Some medical research project here at Stanford.
Our Washington university -- Saint Louis it's extremely unlikely that we funded that.
We've funded that was your dollars and taxpayer support -- -- supports the search.
It in many instances doesn't have a direct connection to a product -- would not be conducted in the private sector but the economic benefits of.
There's an enormous regulations there in certain.
Cases would help to make sure.
Things don't get fast -- so quickly that people end up dying from side effects but by the same token -- It can keep really efficacious medicines off the shelves might have and people died because it's not out there fast enough.
-- -- -- -- -- Yeah well there's many areas to focus on the first thing is -- -- financial capital.
And many years ago in 1998 we put on this march.
That was when things we did to try to refocus the country's attention on investment.
That resulted with the help.
White House and senate the house and thousands of others and doubling of the NIH.
And National Cancer Institute budget.
And National Science Foundation budget that has -- incremental 200.
-- doctor Collins says he -- It took thirteen years and almost four billion.
Or the year after it will take two hours.
Thousand dollars sequencing -- and sells the what took fifteen years to bring a drug to market might take to that drives down costs that any groups taxes so.
Past few years and this pardon pictures conference is really bringing together all the constituencies.
That disease specific organizations.
The academic research.
Under the leadership of doctor homes and others and the right answer his.
She's say others -- about the little guy you know it's often perceive that the entrepreneurial spirit is what really comes up with the best ideas no matter what sector.
The big guys of course you need to get the scale up and running.
Big -- and then the smaller Biopharma.
There are there fifty -- tech companies here that all the associations.
Many of the company's seems to be small on how large.
The best ideas a little -- -- for the bigger ones.
-- I would say the best investments we've ever name philanthropy over the past thirty years.
Have been getting people -- in their career -- known of course -- As having been that guy who did that kind of thing.
Doctor do you get a sense of who has the best ideas.
What we can see happening in academia.
There is the best and brightest in universities.
Coming up with ideas.
More synergistic and they may be used to be in the past with the private sector making sure that we don't have those bottlenecks.
Something called the valley of death which prevents great ideas are actually finding their -- clinical benefit.
Not competing with the private sector -- working much more closely to try to identify new scientific approaches.
For all the reasons why used to take fourteen years to get from an idea was successful there.
If you look at -- period of time the thirty or forty years all job growth was some small medium.
Access to capital for them.
Today's large -- has a different -- they're looking to joint ventures are looking to partner with them as they do want to keep that innovation.
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