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Milken Institute Chairman Michael Milken and National Institutes of Health Director Dr. Francis Collins on the impact on the biotech sector of reachin...
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The Biotech industry has been one of the bright spots in the US economy with some of this between 2001 and 2010.
The industry grew more than 6% compared to the two point 9% shrinkage in overall US private sector jobs but.
Going over the fiscal cliff could very well -- -- -- this massive growth engine and stalled research -- potential lifesaving drugs.
I sat down with two of the top minds in the country Mike Milken chairman of the Milken institute and doctor Francis Collins director of the National Institutes of Health.
And asked them just how damaging I hit this industry would take if we don't get our fiscal house in order.
Well the Office of Management and Budget has estimated.
That NIH would lose two and a half billion dollars of research money on January 2.
If we go over the cliff that's eight point 2% of our budget.
-- -- investigators who come to us with their best ideas already having only one chance in six of getting funded is getting worse.
And I really wouldn't fear at that point that young scientists in particular.
They just simply give up the opportunity to do this or move to some other country where they're better support.
But -- stakes are very high for medical experts about them.
I think this is in a really important issue for the American.
We've made significant incremental investment of 200 billion dollars between 1990.
We are at the dawn of an entire new way.
If the leading countries in the world in this century will be -- signs.
This solutions are there if we don't provide the opportunity.
-- scientists will be in China and India and Singapore.
So if you had the -- of congress right now as they.
Did there -- over the fiscal -- discussions of what would you say as it pertains to what is obviously your passion.
Okay obviously.
We have a lot of passions and education in health care but.
Once again this is the number one driver of economic growth.
But if all that funding Mike gets cut if we go over the fiscal -- doesn't that create a massive stumbling block for you guys the Milken Institute what you're trying to do here.
Well there's two areas you're raising -- It'll be shifting nation.
China's not cutting their commitments they're increasingly open and Sandia is dramatically in recent Singapore's dramatic.
The UK is investing more so we're really talking about where's the center of innovation and be where these companies can be great.
It's not that it's not -- exist it's going shift to another part of the world so we'll lose our leadership.
We will lose our leadership that we don't -- connect -- very worried we are not turning out enough doctors and enough scientists in this nation.
We are probably not turning out enough -- search.
Scientists -- -- clinical expertise.
And I'm afraid that some young people are interested in this look at the current circumstance and ask why really want to take on all those risks.
They look at people who are struggling to keep their laboratories going.
And maybe they decide to do something else the most important resource we have -- the talents.
And to be able to recruit and retain that talent.
Is the most important job I have is the NIH director and his -- wakes me up at night and I'm sure that we are able to do that in the current uncertain.
In the ends in the half of your career as a Wall Street -- you finance entrepreneurial companies Bob hold hold Brothers.
Spread -- the telecommunications.
Giant Steve Wynn casino giant.
And now you shifted that to this area why.
Well there are thousands of people that work.
Tens of thousands of companies today -- much of those techniques.
That we used to finance the country.
Which collectively created sixty million new jobs.
And our country and those techniques are the same one we're deploying here accelerating research.
At this time trying to figure out how you can take a process from three years down six months -- -- But the underlying effects the major asset in any country -- the productivity of its -- Human capital that is number one -- Mike Milken of the Milken institute and doctor Francis Collins of the National Institutes of Health but they make a crucial point here.
Biotech is a real job driver and David we'll lose that to China those numbers of doctors are stunning welcome -- -- -- constant China keeps churning out.
-- -- certain qualities important one reason work -- is because the quality of our medical education is so high that many are concerned that that will be slipping as we need more doctors we're gonna have thirty million more people to ensure we're gonna need more doctors.
We're gonna have less of them.
So the quality of our medical education made history as well as with the graying of America -- off sort.
