How has MassBio and the Massachusetts life sciences ecosystem evolved under your tenure?

When joining MassBio in September 2007, the industry and ecosystem in Massachusetts was a completely different place than what it is today. We were facing an economic downturn, the IPO market was going to be diminished, and the model for drug discovery needed to change. MassBio saw this as an opportunity to identify how to convince large pharma companies to come to the region and do licensing deals to make up for the billions of dollars that were not going to come from the public market. The region was forced to change, and it turned out to be a great opportunity.

In 2007, we were one of the top five clusters in the country and our goal was to become the top cluster. To achieve this goal, our plan was to focus on company creation to establish a feeder system of small companies for big pharma. We also focused on collaboration with academic institutions. Having 120 academic institutions in a very small geographical area was already a differentiator that we could benefit from. The aim was to get academia, industry and government to work together, a collaboration we very much achieved.

Looking at the industry and ecosystem today, we very much achieved our goal of becoming the number one life sciences hub in the world. Venture investment in biopharma companies was over US$3 billion in 2017, which is more than triple what it was in 2012, and the IPO market has continued to exceed our expectations with Massachusetts making up half of the U.S. life sciences IPOs – 12 – in 2017.

Across the country, the debate surrounding drug pricing is at the top of all trade associations’ agendas. What advocacy work are you having to do in both Boston and Washington D.C.?

Our aim in both Boston and Washington D.C. is to create an understanding of the value of a drug not only for the patient, but for society as a whole. From an economic standpoint, drugs can bring huge value to the healthcare system. My opinion is that we do not have a healthcare system, but rather a sick care system that was designed in the 1950s and has not kept up with the innovations of our industry. We are not inventing pills that treat symptoms, but rather breakthrough therapies that change the course of disease, and in some cases cure disease. A sick care system is outdated and cannot absorb high value, higher price therapies, which avoid costs elsewhere such as reduced hospitalization or the need for fewer therapies and drugs. High value, high priced therapies have the ability to save patients money in the longer term.  

With lowering drug pricing high on both President Trump and the Democrat candidates’ agendas, what is key to addressing the notion that pharmaceutical companies are at fault?   

We do not have a drug pricing issue, but rather a healthcare system issue. Politicians can continue to look at the costs of drugs as an issue, or they can try to really understand that even if drugs were free, we would still have a healthcare problem. Patients in the United States understand that if they do not fight for their own access, then it will not happen. MassBio aims to continue educating the patient community for them to be well equipped to demand solutions from their elected officials.

For change to happen, we need value-based contracts, systems, and payment structures. Manufacturers need to sit down with health plans and figure out how they can get paid based on the value they bring to patients and the healthcare system. We are focusing our efforts on bringing together the private payers, hospitals and manufacturers to come up with innovative payment models that are up to date with the current industry. We are also trying to change the way business is done within the healthcare space so that we can convince Congress to change certain laws that will allow for more flexibility in how drugs are accessed and reimbursed.

MassBio and Massachusetts has made digital health a priority for its evolution. What is the significance of this space for the association and state?  

The governor of Massachusetts launched a digital health initiative with the aim of becoming a leader in digital health to improve patient care and lower healthcare costs. We have realized that digital health is so much bigger than expected, and our mission is to embrace this convergence and become a world leader in the life sciences component of digital health. We are investigating what initiatives we can support to help hospitals, universities, tech industry and government achieve a collaborative goal of creating a stronger and more embedded digital health ecosystem in Massachusetts.

What is your strategy for workforce development in Massachusetts?  

To retain talent in the region, we have to create opportunities. Research parks and development do not work if we do not have the skills and talented workforce to sustain the development. We have enough people in the region, but we need to get these people into our pipeline. It is a scientific fact that the more diverse an organization is, the better the outcome. MassBio has started a Diversity and Inclusion (D&I) initiative as we believe that in order for the life sciences industry in Massachusetts to continue its success, D&I must be its backbone and this should be reflected in recruitment, retention and promotion strategies. In a very competitive environment, companies cannot thrive without drawing from the best talent available, no matter their gender, race, ethnicity, religion or otherwise. MassBio is proud to take a leadership role in driving increased diversity and inclusion within the life sciences industry and we aim to bring best practices with regards to D&I to all companies within the life sciences space. Bringing in D&I initiatives into the life sciences industry is not only the right thing to do, but a strategic business decision, which will help advance companies.

With over 1,250 members now, how do you aim to better connect your membership moving forward?

MassBio looks at acceleration and business development through three C’s– convene, connect and catalyze. We need a space where we can encourage the industry to connect and so we aim to build a conference center that will serve as a place to facilitate the three C’s. The future of the healthcare system relies on interactions and collaboration between industry, academia and the government, and we want to create a space where collaboration is possible.