WEBVTT - Bloomberg Businessweek Weekend - April 25th, 2020 0:00:02.520 --> 0:00:06.400 This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm 0:00:06.480 --> 0:00:08.719 Jason Kelly and I'm Carol Master. Welcome to the weekend 0:00:08.840 --> 0:00:11.400 edition of Bloomberg Business Week. Now, Jason, it's week five 0:00:11.520 --> 0:00:13.720 or six or more, depending on when you started sheltering 0:00:13.720 --> 0:00:15.960 at home. It's a week where there was talk of 0:00:16.000 --> 0:00:18.239 a virus resurgence in the fall and winter, a week 0:00:18.280 --> 0:00:21.520 er markets bounced around on lots of corporate earnings and 0:00:21.560 --> 0:00:25.160 companies not surprisingly and increasingly withdrawing their full year guidance. 0:00:25.200 --> 0:00:28.040 It's also a week where the President actually shifted his 0:00:28.080 --> 0:00:31.280 tone a little bit, Jason on reopening. He did, indeed, 0:00:31.320 --> 0:00:33.280 and that was in part of response to this sort 0:00:33.280 --> 0:00:36.600 of patchwork checkerboard that we're seeing across the United States, 0:00:37.000 --> 0:00:40.080 governors really trying to make the hard decision about when 0:00:40.120 --> 0:00:45.320 to reopen their individual economies. We also saw a blockbuster 0:00:45.440 --> 0:00:49.600 another blockbuster, and not in a good way, jobless claims report, 0:00:50.000 --> 0:00:53.720 the market sort of digesting that. In the meantime, we 0:00:53.760 --> 0:00:58.360 spoke to CEOs, investors, Nobel Laureate indeed, and all of 0:00:58.400 --> 0:01:01.600 these conversations, we should remind folks they took place over 0:01:01.640 --> 0:01:04.440 the course of the week. News is changing fast, so 0:01:04.920 --> 0:01:06.880 keep up to date. If you hear things and you're like, wait, 0:01:06.920 --> 0:01:11.080 did that actually happen? Uh, sometimes it changed almost overnight. 0:01:11.160 --> 0:01:13.560 That's right, Jason. And among the conversations we had this 0:01:13.600 --> 0:01:17.559 week with the Box CEO, chairman and co founder Aaron Levy. 0:01:17.680 --> 0:01:21.039 It's actually featured in the magazine in BW Talks, and 0:01:21.240 --> 0:01:24.319 we got his thoughts. He's very concerned, obviously about the crisis, 0:01:24.360 --> 0:01:26.840 but he also sees some opportunities for growth and in 0:01:26.920 --> 0:01:29.000 certain sectors, so we caught up with him. We also 0:01:29.040 --> 0:01:31.880 caught up with the CEO of Headspace. We've been trying 0:01:31.880 --> 0:01:35.000 to focus our show a lot on the physical and 0:01:35.040 --> 0:01:37.319 the mental well being of all of us. I think 0:01:37.360 --> 0:01:39.000 it's very important to both you and me. We know 0:01:39.080 --> 0:01:42.679 it's important to our listeners. Richard Pearson, he co founded 0:01:42.720 --> 0:01:46.440 that meditation app and let's just say it his mainstream 0:01:46.520 --> 0:01:48.480 in a big way. And full disclosure, both you and 0:01:48.520 --> 0:01:51.000 I love Headspace, the app. It's on our phones and 0:01:51.040 --> 0:01:54.280 really find it helpful in this situation and also helpful, 0:01:54.400 --> 0:01:56.440 no doubt about it. We went back to Nobel Laureate 0:01:56.480 --> 0:02:00.560 Paul Krugman. He you know, has talked about the economy, 0:02:00.640 --> 0:02:03.640 the impact on individuals and workers. He also sees that 0:02:03.720 --> 0:02:06.920 we are in a problem where it's not about specifically 0:02:07.000 --> 0:02:09.680 low wages, but it's a problem of no wages for workers, 0:02:09.720 --> 0:02:11.760 and that's why he says stimulus really needs to think 0:02:11.800 --> 0:02:15.000 about helping out individuals to get our economy back on track. 0:02:15.240 --> 0:02:17.639 It was a great conversation that's coming up. First up, though, 0:02:17.680 --> 0:02:19.560 we go inside the magazine and find out why COVID 0:02:19.639 --> 0:02:22.360 nineteen is so hard to beat. We spoke with Business 0:02:22.360 --> 0:02:25.800 Week editor Joe Weber and Blueberg Healthcare reporter Robert Langreth. 0:02:26.120 --> 0:02:28.480 This virus is COVID, you know, you know, it's looking 0:02:28.520 --> 0:02:31.800 increasingly obviously like it's not going away anytime soon, and 0:02:31.840 --> 0:02:35.520 we're really going to need to develop custom treatments against us. 0:02:35.560 --> 0:02:39.560 That is, things drugs that are specifically designed to target 0:02:39.600 --> 0:02:42.280 this covid because the vaccine might take a while and 0:02:42.320 --> 0:02:45.240 the antibize it. The General is developing that wass are 0:02:45.280 --> 0:02:48.480 likely to be some of the first custom design drugs 0:02:48.480 --> 0:02:51.560 it could come up out against this coronavirus. And the 0:02:51.680 --> 0:02:54.400 General and in particular has been working on antibodies for 0:02:54.400 --> 0:02:56.000 a lot of visas for a long time. But they've 0:02:56.000 --> 0:02:58.760 been even though they don't sell any drugs for infections. Now. 0:02:58.800 --> 0:03:02.760 They've been quietly working on antibodies for various effectants for 0:03:02.800 --> 0:03:05.880 a long time, and they had right literally a month 0:03:05.960 --> 0:03:09.040 or two before the coronavirus happened, they had the most 0:03:09.080 --> 0:03:12.160 successful trial in the history of a bowl of treatment, 0:03:12.160 --> 0:03:15.320 and that was their antibody cocktail. Now they're trying to 0:03:15.360 --> 0:03:18.520 do the same what they as a bola for the coronavirus. 0:03:18.520 --> 0:03:22.760 Devised antibodies block the key spike proteins in the top 0:03:23.080 --> 0:03:25.800 of the virus and basically neutralize the virus. And you 0:03:25.800 --> 0:03:28.080 could inject this in and use it either potentially as 0:03:28.080 --> 0:03:31.160 a treatment for six patients or kind of as a 0:03:31.200 --> 0:03:34.120 prophylactics like high risk workers like doctors and nurses and 0:03:34.120 --> 0:03:35.840 people are kind of going into the line of fire. 0:03:35.960 --> 0:03:38.400 How difficult is it, Bob, to get to it, like, 0:03:38.440 --> 0:03:40.960 in other words, to get funnily an antibody treatment that 0:03:41.400 --> 0:03:43.600 actually works. We've got lots of folks working on it, 0:03:43.640 --> 0:03:45.480 but it sounds like that there's a fair amount of 0:03:45.480 --> 0:03:48.440 failure to be expected along the way, like anything in 0:03:48.520 --> 0:03:52.040 drug developments, Absolutely no guaranteed. All work that could be 0:03:52.040 --> 0:03:54.120 you know, side effects that you know they don't expect, 0:03:54.680 --> 0:03:56.960 you know, there's absolutely no guaranteed that you know, that's 0:03:57.040 --> 0:03:59.600 one reason why there's there's actually several companies working on it, 0:03:59.640 --> 0:04:03.680 so we generals one doesn't work out. There's Astigenica, there's 0:04:03.680 --> 0:04:06.200 a chemic called Veerabot technology you know, literally is working on. 0:04:06.240 --> 0:04:08.400 There's like several kind of efforts that are like semi 0:04:08.720 --> 0:04:11.400 semi competing with your other apparel efforts. So there's like 0:04:11.520 --> 0:04:13.400 several kind of shots and goals kind of what they 0:04:13.440 --> 0:04:16.919 call it. But there is reason to be hopeful that 0:04:17.000 --> 0:04:20.080 the antibody treatment you know, as a as a you know, 0:04:20.240 --> 0:04:23.960 better odds of success than than some other you know, treatments. 0:04:23.960 --> 0:04:26.080 And one reason that does have this track it worked 0:04:26.120 --> 0:04:28.800 against the bowl and some particularly tough viral diseases. And 0:04:29.080 --> 0:04:31.240 we quote in our stories, I have the former head 0:04:31.279 --> 0:04:33.160 of the FBA, Scott got Lap, saying, you know, if 0:04:33.160 --> 0:04:36.080 I had to bet on any one drug treament working 0:04:36.120 --> 0:04:37.680 out and being able to help, it would be some 0:04:37.720 --> 0:04:40.760 of these antibodies rocks, because the technology is really you know, 0:04:40.839 --> 0:04:45.080 increased amazingly and speed and specificity over the years. Well, 0:04:45.120 --> 0:04:48.520 and I do wonder about that sort of collaboration and 0:04:48.560 --> 0:04:52.120 competition and everything that normally happens in this world. How 0:04:52.160 --> 0:04:55.680 has that changed as you look across this entire industry? 0:04:55.720 --> 0:04:58.440 Bomb Well, I mean, you know, the different companies you know, 0:04:58.800 --> 0:05:01.640 as we look at are still doing different efforts and 0:05:01.680 --> 0:05:04.000 analyzed and slightly different approaches. So a lot of different 0:05:04.040 --> 0:05:07.120 companies doing different things. What's new and what's different? Is 0:05:07.120 --> 0:05:08.599 there kind of there is more of a spirit of 0:05:08.640 --> 0:05:11.159 like keeping in touch with the you would normally be 0:05:11.200 --> 0:05:13.800 your competitor and talk to them about you know, you're 0:05:13.839 --> 0:05:15.960 doing X and I'm doing why, and like how might 0:05:16.000 --> 0:05:18.480 we work together? And you know, if you need to 0:05:18.480 --> 0:05:21.080 work together, you know we will. Uh So there there 0:05:21.200 --> 0:05:23.680 there is kind of this feeling that, you know, some companies, 0:05:23.720 --> 0:05:27.040 you know, may may need to donate the manufacturing capacity 0:05:27.120 --> 0:05:29.120 to whatever turns out to work, you know, and not 0:05:29.360 --> 0:05:31.400 sit on it. You know, if that that may if 0:05:31.440 --> 0:05:34.960 someone else's drug works and then and then yours doesn't, 0:05:35.560 --> 0:05:37.400 you may need to kind of you know, donate your 0:05:37.480 --> 0:05:39.960 your manufacturing capacity of the cause in some way. And 0:05:40.000 --> 0:05:42.440 they are not not be worried about the fact that 0:05:42.560 --> 0:05:44.600 someone else's drugs it's the one that turned out to work. 0:05:44.600 --> 0:05:46.560 And that's the kind of discussions that we're hearing are 0:05:46.600 --> 0:05:49.320 going on right now. Now there's no there's nothing specific 0:05:49.360 --> 0:05:50.960 in the place because none of these things have you 0:05:51.080 --> 0:05:53.240 have worked yet, so we don't know, and so for 0:05:53.279 --> 0:05:55.600 the time being, it's good that you know we general 0:05:55.600 --> 0:05:57.760 On has a lot of and a lot of other 0:05:57.800 --> 0:06:01.039 companies are you working on similar type blocks for you 0:06:01.120 --> 0:06:02.880 just can't predict which of these things are going to 0:06:02.920 --> 0:06:05.600 work your test them. That's Bloomberg News healthcare reporter Robert 0:06:05.640 --> 0:06:08.920 Langrath and Joe Webber, the editor of Bloomberg Business Week. 0:06:09.000 --> 0:06:10.960 This is one of those stories that I think will 0:06:11.000 --> 0:06:14.919 be going back to Carol in some ways because it, 0:06:15.160 --> 0:06:18.440 yes is a moment in time, but also setting the 0:06:18.520 --> 0:06:20.800 medical stage is at the core of all of this. 0:06:21.120 --> 0:06:24.680 Well and discovering some kind of antibody treatments. It means 0:06:24.720 --> 0:06:28.000 that we can treat those that already are infected, and 0:06:28.080 --> 0:06:30.120 until we have a vaccine, it's kind of a short 0:06:30.240 --> 0:06:34.560 term prophylactic for those that are at high risk. And 0:06:34.600 --> 0:06:36.400 so this is how we need to think about it, 0:06:36.480 --> 0:06:38.240 right Jason, because of vaccine is going to take a 0:06:38.240 --> 0:06:40.479 lot longer than we all have time for it to 0:06:40.560 --> 0:06:42.760 some extent, so we've got to figure out steps along 0:06:42.760 --> 0:06:44.640 the way so that we can reopen the economy and 0:06:44.680 --> 0:06:47.159 get back to somewhat of a normal way of living, 0:06:47.360 --> 0:06:49.120 whatever normal looks like. On the other side of this, 0:06:49.160 --> 0:06:51.680 you're listening to Bloomberg Business Week, speaking of health. Coming up, 0:06:51.920 --> 0:06:54.599 we hear from a doctor on the front lines of 0:06:54.600 --> 0:06:57.400 the COVID nineteen pandemic. Not just a doctor, but ahead 0:06:57.400 --> 0:07:00.360 of a massive hospital system where the first U case 0:07:00.400 --> 0:07:07.279 of the virus was confirmed. This is Bloomberg. You're listening 0:07:07.320 --> 0:07:10.880 to Bloomberg Business Week with Carol Master and Jason Kelly 0:07:11.120 --> 0:07:13.440 from Bloomberg Radio. Well, today we're bringing you some of 0:07:13.440 --> 0:07:16.080 the most important and informative conversations we had on our 0:07:16.200 --> 0:07:20.880 daily Bloomberg Business Week radio show this week about the coronavirus. Carol, 0:07:20.960 --> 0:07:23.400 so Jason, we spoke with Dr Rod Hawkman, the Presidency 0:07:23.520 --> 0:07:25.920 of Providence Health and they have been one of the 0:07:25.920 --> 0:07:28.160 great resources that we have leaned on during the COVID 0:07:28.240 --> 0:07:31.760 nineteen pandemic. And what's interesting, of course, the first US 0:07:31.840 --> 0:07:35.480 case was confirmed at their hospital system, although as we're learning, 0:07:35.480 --> 0:07:37.880 maybe some of these cases came earlier. Anyway, he talked 0:07:37.880 --> 0:07:39.840 to us about where we are in the virus and 0:07:39.880 --> 0:07:42.240 where we need to be. You know, the thing that 0:07:42.280 --> 0:07:45.000 we had, we were lucky enough, I guess, because we 0:07:45.080 --> 0:07:49.280 have the first case January one in uh Washington State 0:07:49.960 --> 0:07:52.400 and that put us on the alarm because we knew 0:07:52.440 --> 0:07:55.160 once we had that case, this this is going to spread. 0:07:55.160 --> 0:07:58.240 And of course we had the Kirkland nursing Home and 0:07:58.280 --> 0:08:01.600 then more and more. When I think people have to understand, 0:08:01.600 --> 0:08:04.320 I'm also an imman knowlogist by training. That was my degree. 0:08:05.000 --> 0:08:08.560 So this this virus has been out and around and 0:08:08.600 --> 0:08:11.240 it's not like it just pops up somewhere. So what 0:08:11.360 --> 0:08:16.040 we're finding out a lot of asymptomatic cases, relatively mild cases. 0:08:16.480 --> 0:08:18.720 So what we really think, it's not like this thing 0:08:18.840 --> 0:08:21.680 is just kind of spreading from one town to the next. 0:08:22.000 --> 0:08:24.640 That in a lot of cases, that's there. And then 0:08:24.720 --> 0:08:28.000 what happens if the people get together or it you know, 0:08:28.200 --> 0:08:29.960 it breaks out in the nursing home and then you 0:08:30.000 --> 0:08:32.000 have a flare and it's up. So a lot of 0:08:32.080 --> 0:08:33.880 us believe a lot of this has been out and 0:08:33.920 --> 0:08:36.960 around us for a lot longer than we really believe 0:08:37.000 --> 0:08:39.679 it to be. The good news for us is that 0:08:39.720 --> 0:08:43.680 we've been at it longer and we stayed pretty pretty 0:08:43.720 --> 0:08:46.320 hard on social distancing. So we're really starting to see 0:08:46.320 --> 0:08:48.920 not only we're starting to see the real decrease in 0:08:48.960 --> 0:08:51.640 the number of cases things are opening up. The actually 0:08:51.640 --> 0:08:54.960 some of our hostiles are half empty because we stopped 0:08:54.960 --> 0:08:57.560 a lot of elective surgery and whatnot, and we're actually 0:08:57.559 --> 0:09:00.079 trying to think, how do we turn this back and 0:09:00.320 --> 0:09:03.040 carefully and what do we do next? So what you're 0:09:03.040 --> 0:09:05.000 going to see around the rest of the country, and 0:09:05.000 --> 0:09:08.280 are these what people would say, are what seem like outbreaks, 0:09:08.320 --> 0:09:11.880 But there's gonna be flares in cases that are there, 0:09:12.360 --> 0:09:14.440 and it takes a while. Both points you did on 0:09:14.520 --> 0:09:17.640 top of it, and I say more a little later 0:09:17.760 --> 0:09:20.679 on getting on top of it, and particularly in densely 0:09:21.320 --> 0:09:24.400 populated areas, you know, it has a tendency obviously to 0:09:24.400 --> 0:09:26.679 spread a lot each here than it does in the 0:09:26.760 --> 0:09:30.800 less dense settings. So I need we want to ask you, 0:09:30.800 --> 0:09:34.480 you know, Dr hawkman, you know, what does coming out 0:09:34.520 --> 0:09:36.319 of this look like? And I know there's a bunch 0:09:36.360 --> 0:09:38.480 of steps and we'll get into that, but what does 0:09:38.600 --> 0:09:41.760 coming out of this look like? In your view? It's 0:09:41.800 --> 0:09:45.280 gonna look so like people start out waves after you know, 0:09:45.320 --> 0:09:48.040 what's the second waves look like. I think it's more 0:09:48.080 --> 0:09:50.240 a king to ripples that we're going to see. So 0:09:50.480 --> 0:09:53.800 we're going to have to live with a spyrus as long. 0:09:54.280 --> 0:09:56.160 I hate to say it, until we have a vaccine, 0:09:56.320 --> 0:09:59.080 but I think we can get into a better relationship 0:09:59.200 --> 0:10:03.000 with it and be able to manage and control it better. Obviously, 0:10:03.080 --> 0:10:06.360 as more people in the community have been exposed have 0:10:06.480 --> 0:10:10.240 some level of immunity, we get better at testing and 0:10:10.280 --> 0:10:12.520 then you bring things back. But we're going to have 0:10:12.679 --> 0:10:15.760 and we should expect in places like Washington or California 0:10:15.880 --> 0:10:18.800 or other places that there will be these little ripples 0:10:18.800 --> 0:10:22.079 that occur where there'll be in some cases that breakout 0:10:22.240 --> 0:10:25.360 we've got. You know, that's where the isolation getting on 0:10:25.400 --> 0:10:29.200 top of it early really makes sense. But we'll have that. 0:10:29.240 --> 0:10:31.240 We're gonna have to live with that. I have to 0:10:31.240 --> 0:10:34.679 say through the end of the year. Now is it compatible? 0:10:34.920 --> 0:10:37.559 You know, we live in a real tech community. So 0:10:37.840 --> 0:10:42.240 following Amazon, Microsoft, we're all talking about how to get 0:10:42.280 --> 0:10:45.560 people back to work and be able to do that safely. 0:10:45.720 --> 0:10:48.400 And we think we can we can gradually open that up, 0:10:48.400 --> 0:10:50.360 but we aren't gonna have We're not going to see 0:10:50.400 --> 0:10:53.600 the end of the COVID nineteen, but he'll be a 0:10:53.600 --> 0:10:56.240 lot more. It'll be easier to control it, easier to 0:10:56.840 --> 0:10:59.160 diagnose it. So we were talking about kind of life 0:10:59.200 --> 0:11:01.120 after the virus, and you said you don't see large 0:11:01.120 --> 0:11:05.040 groups gathering for a long time. Two questions, what's a 0:11:05.040 --> 0:11:09.959 long time? And so things like sports, concerts, um kids 0:11:09.960 --> 0:11:14.480 going to college, Uh, you know, pick your thing, commuting, like, 0:11:14.760 --> 0:11:17.280 how do we you know, what are the events we 0:11:17.320 --> 0:11:18.840 can do? What are the events we can't. You talked 0:11:18.840 --> 0:11:22.199 about office settings probably work, but I'd love more specifics 0:11:22.200 --> 0:11:25.679 you're thinking because it's a really informed thinking. Sure. So 0:11:25.720 --> 0:11:28.080 I've had a whole bunch of university presidents call me 0:11:28.120 --> 0:11:31.119 and say, okay, kind of get my kids back in September, 0:11:31.240 --> 0:11:33.560 and if we do, how do we do it? So 0:11:33.880 --> 0:11:36.680 we had good discussions about that, but I said, when 0:11:36.720 --> 0:11:38.640 the kids, if you can get the kids back, which 0:11:38.640 --> 0:11:42.319 I think I think you can, you'd preferably we'd love 0:11:42.400 --> 0:11:44.680 to test them before they come back to campus and 0:11:44.720 --> 0:11:48.160 have as much information knowing that they're healthy coming back. 0:11:48.720 --> 0:11:51.000 And then in in the you know, you're not going 0:11:51.040 --> 0:11:53.240 to have a lecture hall with three people in it, 0:11:53.559 --> 0:11:56.320 but you could have smaller classrooms with some spread and 0:11:56.400 --> 0:12:01.040 probably do learning that's a combination of torul and in 0:12:01.120 --> 0:12:05.840 place learning. Uh so, kind of mapping that out and 0:12:05.840 --> 0:12:08.000 making sure to do it. So I think there's really 0:12:08.040 --> 0:12:11.599 some hope for universities because you can manage the population, 0:12:11.679 --> 0:12:15.280 manage the setting. I think in terms of large gatherings, 0:12:15.320 --> 0:12:18.200 you know, concerts, a lot of folks that have theaters. 0:12:18.200 --> 0:12:20.760 In Seattle, it said, when can we get back to 0:12:20.800 --> 0:12:23.520 what we're doing? It's just gonna be hard to see 0:12:23.679 --> 0:12:26.720 unless we have a better control on what this looks 0:12:26.760 --> 0:12:28.920 like getting two hundred, fifty or three hundred people in 0:12:28.920 --> 0:12:32.920 the same room. So for sporting events, I kind of 0:12:32.960 --> 0:12:35.280 think we're all going to learn to love golf a lot, 0:12:35.600 --> 0:12:39.040 and the question is whether you can do You can 0:12:39.080 --> 0:12:42.760 do some pro sports maybe without a large crowd. You 0:12:42.800 --> 0:12:44.679 know that's control, but at least you can watch it 0:12:44.720 --> 0:12:47.200 on TV. So that's some of the ways thinking in 0:12:47.280 --> 0:12:49.880 terms of that. The good news is is that every 0:12:49.880 --> 0:12:53.480 week that goes by, we learn more. So Alaska's really 0:12:53.480 --> 0:12:55.719 opening up. We're gonna start opening up, and I think 0:12:55.720 --> 0:12:59.800 we'll learn a lot by what happens. So every week 0:12:59.920 --> 0:13:02.280 or months that goes by, we'll get smarter about it 0:13:02.320 --> 0:13:04.679 and be able to kind of refine some of those 0:13:05.360 --> 0:13:07.839 predictions that are out there. But right now, if you 0:13:08.000 --> 0:13:11.280 ask me that's that would be off the top quick. 0:13:12.600 --> 0:13:14.400 Did you say so, I'm sorry forgive me. Did you 0:13:14.400 --> 0:13:16.640 give us a timeframe for when we can kind of 0:13:16.640 --> 0:13:19.400 get back to normal large groups? Is that a year away? Well? 0:13:19.440 --> 0:13:21.600 I said when when are you're talking large groups? Like 0:13:22.120 --> 0:13:25.079 seeing you in our place? The Seahawks, are the Mariners 0:13:25.120 --> 0:13:28.360 are doing that? I gotta believe that we're not going 0:13:28.400 --> 0:13:32.400 to feel comfortable with a we have a vaccine and 0:13:32.440 --> 0:13:34.800 then a question on the vaccine and you know, there's 0:13:34.800 --> 0:13:37.199 so much noise out there. I kind of laugh when 0:13:37.200 --> 0:13:39.720 I hear it. You know, there's at least fifteen different 0:13:39.720 --> 0:13:43.040 companies working on vaccines, and part of it's working on 0:13:43.240 --> 0:13:47.760 there's some newer vaccine technology that uses messenger RNA that 0:13:47.880 --> 0:13:51.480 might give us a vaccine faster than some of the others. 0:13:51.880 --> 0:13:53.880 You know, we're going to see how that is, because 0:13:53.880 --> 0:13:57.280 we've got to get better at getting vaccine faster than 0:13:57.320 --> 0:13:59.360 saying a year, a year and a half. So that's 0:13:59.360 --> 0:14:02.079 what I'm looking towards that. Dr Rod Hawkman, he's the 0:14:02.080 --> 0:14:05.480 president CEO of Providence Health. They're based out there in Everett, Washington, 0:14:05.559 --> 0:14:07.840 and Jason. They have been a great resource for us 0:14:07.840 --> 0:14:11.200 and understanding the virus itself, how you treat with it, 0:14:11.320 --> 0:14:13.240 what are the concerns, and and why it's going to 0:14:13.320 --> 0:14:15.880 take us a while to really get our hands around 0:14:15.880 --> 0:14:18.920 it well and very much on the front lines. And 0:14:19.080 --> 0:14:22.160 this is a system. As you say, some of the 0:14:22.200 --> 0:14:25.640 earliest cases that were identified. We did get some news 0:14:25.680 --> 0:14:28.640 this week as you alluded to that the earliest deaths 0:14:28.760 --> 0:14:33.360 may have happened in California even earlier weeks before what 0:14:33.560 --> 0:14:37.760 happened in Washington state. But clearly the state of Washington, 0:14:37.840 --> 0:14:40.480 the Seattle area has set a template. A lot of 0:14:40.480 --> 0:14:42.960 folks here on the East Coast have learned what they've 0:14:43.000 --> 0:14:45.240 been doing. He's also said he would love to test 0:14:45.280 --> 0:14:47.400 everyone before going back to work. And he was the one, 0:14:47.440 --> 0:14:50.720 remember who said, doesn't expect to see large groups gathering 0:14:50.800 --> 0:14:52.720 for a long time, and that means, you know, those 0:14:52.720 --> 0:14:55.160 sports outings and you name it, it's not going to 0:14:55.240 --> 0:14:57.800 happen until we get a vaccine. And he's a Seahawks fan. 0:14:57.880 --> 0:15:00.280 You're listening to Bloomberg Bus this week coming up, another 0:15:00.400 --> 0:15:03.400 edition of Business Week Talks featuring our conversation with Box 0:15:03.480 --> 0:15:12.600 CEO Aaron Levy. This is Bloomberg. You're listening to Bloomberg 0:15:12.640 --> 0:15:16.840 Business Week with Carol Masser and Jason Kelly from Bloomberg Radio. 0:15:17.000 --> 0:15:18.880 We're bringing you some of the most important and informative 0:15:18.880 --> 0:15:21.400 conversations that we had on our daily radio show about 0:15:21.480 --> 0:15:24.600 the coronavirus this week, and we're bringing you today another 0:15:24.760 --> 0:15:27.360 edition of Business Week Talked. That's where we sit down 0:15:27.640 --> 0:15:31.200 with the CEO, business leader and really go a little 0:15:31.240 --> 0:15:34.080 deeper than the typical earnings interview or just sort of 0:15:34.400 --> 0:15:37.320 drive by what's happening at your company. We get into 0:15:37.400 --> 0:15:40.920 leadership and we get into in this case, crisis management. 0:15:40.960 --> 0:15:43.320 This time around, we spoke with Aaron Levy. He's the 0:15:43.320 --> 0:15:47.080 CEO and co founder of Box. So we've you know, 0:15:47.320 --> 0:15:50.680 we've been very, very focused as a company, um with 0:15:50.720 --> 0:15:53.760 our two thousand employees on obviously first the health and 0:15:53.800 --> 0:15:57.080 safety of all of our employees, but but but secondarily 0:15:57.120 --> 0:15:59.960 making sure that we really helped us support our custom 0:16:00.080 --> 0:16:02.400 or during this time. So our our platform is used 0:16:02.400 --> 0:16:06.200 by about a hundred thousand businesses globally, including the Fortune 0:16:06.200 --> 0:16:09.560 five hundred um really to help them be able to 0:16:09.600 --> 0:16:12.200 securely access and share their data from anywhere. And so 0:16:12.360 --> 0:16:15.480 any company that is um uh you know right now 0:16:15.480 --> 0:16:17.920 and a work work from home or remote work environment 0:16:18.320 --> 0:16:21.320 obviously needs secure access to their data and their information. 0:16:21.720 --> 0:16:23.920 Um and our platform is is there to help them 0:16:23.920 --> 0:16:25.800 with that. So um, so we're right now, we're just 0:16:26.520 --> 0:16:29.440 focused on our customers making sure that they can get 0:16:29.440 --> 0:16:31.440 the most out of our technology right now while they're 0:16:31.440 --> 0:16:34.320 in this new way of of working from a work 0:16:34.320 --> 0:16:36.600 from home environment. What have you learned it as you've 0:16:36.640 --> 0:16:38.920 talked to you know sort of folks on on the 0:16:38.920 --> 0:16:40.880 front lines, is that we're of trying to stand up 0:16:40.920 --> 0:16:43.280 their companies in a different way. Yeah, I mean this 0:16:43.360 --> 0:16:45.280 is this is certainly probably one of the most radical 0:16:45.280 --> 0:16:49.800 shifts in technology and business operations in history. Um. The 0:16:50.360 --> 0:16:52.720 you know, the first is obviously the technology front. So 0:16:53.120 --> 0:16:56.520 being able to run your company almost completely in the cloud, 0:16:56.760 --> 0:16:59.240 where you have to have modern technologies, whether that Zoom 0:16:59.320 --> 0:17:02.920 or WebEx or Microsoft Teams or Slack from a video 0:17:02.960 --> 0:17:05.480 conferencing and a chat standpoint, or being able to get 0:17:05.480 --> 0:17:08.679 access to your data from applications and platforms like Box. 0:17:09.119 --> 0:17:11.640 So some companies were already way ahead of the curve. 0:17:11.720 --> 0:17:14.280 They've been invested in these in these technologies for three 0:17:14.359 --> 0:17:16.800 or five or ten years, UM and other companies that 0:17:16.800 --> 0:17:19.840 I obviously had to scramble much more rapidly UM and 0:17:19.920 --> 0:17:22.159 in some cases in a much more disruptive way to 0:17:22.200 --> 0:17:23.800 be able to respond to this. So the first is 0:17:23.840 --> 0:17:27.560 the big technology transformation I think most companies are experiencing UM. 0:17:27.600 --> 0:17:29.800 And then as soon as companies started to settle into 0:17:29.800 --> 0:17:32.640 this remote work and work from home environment UM, really 0:17:32.680 --> 0:17:35.040 the next shift has been actually how we work and 0:17:35.240 --> 0:17:37.280 UM and this is probably gonna be the most profound 0:17:37.760 --> 0:17:41.800 part of the transformation, which is how we're collaborating, what 0:17:41.920 --> 0:17:45.280 hours we're doing work, how we moved our our our 0:17:45.320 --> 0:17:48.480 businesses and projects forward. So we are seeing some pretty 0:17:48.520 --> 0:17:52.280 significant changes in the underlying ways that people are working. 0:17:52.359 --> 0:17:55.280 So we're we're seeing that that the days are actually 0:17:55.280 --> 0:17:58.080 longer in terms of work is getting done more in 0:17:58.200 --> 0:18:00.879 off hours from our customers were thing that people are 0:18:00.960 --> 0:18:03.120 using more technology to be able to do their jobs. 0:18:03.119 --> 0:18:06.040 So obviously we've shifted too, you know, much more virtual 0:18:06.040 --> 0:18:08.439 ways of working, and we're seeing an increase in collaboration 0:18:08.480 --> 0:18:12.360 amongst industries. So UM in businesses like media or life 0:18:12.359 --> 0:18:16.760 sciences or healthcare or education, massive increases in the amount 0:18:16.760 --> 0:18:20.320 of collaboration and data sharing that's happening in those markets. So, um, 0:18:20.359 --> 0:18:22.879 so the you know, the certainly there's gonna be a 0:18:22.920 --> 0:18:25.680 lot of businesses and business models that are under pressure 0:18:25.720 --> 0:18:28.000 right now. But for those that aren't, or for those 0:18:28.040 --> 0:18:30.960 that are are responding to this event, um, we're seeing 0:18:31.400 --> 0:18:34.520 um still significant levels of a lot of these industries. 0:18:34.760 --> 0:18:37.560 So you know, it's interesting. I'm listening to what you're 0:18:37.600 --> 0:18:39.439 talking about, and Jason and I have been asking a 0:18:39.440 --> 0:18:43.480 lot of CEOs of various companies from different industries about 0:18:43.720 --> 0:18:47.119 what's what's kind of the longer term impact of the virus? 0:18:47.200 --> 0:18:49.640 How does how does it change our world? So when 0:18:49.680 --> 0:18:52.320 we emerge, you know, from this immediate crisis, what's the 0:18:52.359 --> 0:18:56.040 most important, in your view underappreciated way that the world 0:18:56.240 --> 0:19:00.560 will be different and at least from your area of expertise. Yeah, yeah, no, great, 0:19:00.600 --> 0:19:02.399 great question. I mean I think I think there's so 0:19:02.440 --> 0:19:04.959 many things that we've um just taken for granted in 0:19:05.040 --> 0:19:07.000 terms of how we do our work. Um that you know, 0:19:07.040 --> 0:19:08.720 we go into the office, we go into meeting, we 0:19:09.240 --> 0:19:11.679 you know, take a couple of hours, we get teams together, 0:19:11.840 --> 0:19:13.879 we maybe take a while to make a decision. We 0:19:13.960 --> 0:19:16.320 don't necessarily bring in all the voices from around our 0:19:16.359 --> 0:19:19.040 company to make that decision. It happens to be whoever, 0:19:19.400 --> 0:19:21.720 whoever could attend the meeting, you know, you know physically 0:19:21.720 --> 0:19:24.040 in a lot of cases, UM, or we we go 0:19:24.119 --> 0:19:26.840 and we spend three days on a on a international 0:19:26.880 --> 0:19:30.240 trip to do one or two meetings in a different country. UM. 0:19:30.280 --> 0:19:32.119 I think what we're gonna start to see is, is 0:19:32.400 --> 0:19:34.480 you know, how productive we can do with technology and 0:19:34.480 --> 0:19:38.040 how much more connected we can actually be with technology. UM. 0:19:38.400 --> 0:19:40.359 In the past couple of weeks, I've I've spent probably 0:19:40.359 --> 0:19:43.159 five times the amount of time I have historically with 0:19:43.280 --> 0:19:46.880 international colleagues, UM, and even in international customers. And that's 0:19:46.920 --> 0:19:49.560