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Speaker 1: Hi everyone, this is Lee Clasgow and we're Talking Transports.

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Speaker 1: Welcome to the Bloomberg Intelligence Talking Transports Podcast. I'm your host,

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Speaker 1: Lee Clasgow, senior freight, transportation and logistics analysts at Bloomberg Intelligence,

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Speaker 1: Bloomberg's in house research arm of almost five hundred analysts

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Speaker 1: and strategists. Before diving in a little public service announcement,

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Speaker 1: your support is instrumental to keep bringing great guests onto

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Speaker 1: if you have any ideas for future episodes or just

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Speaker 1: want to talk transports, please hit me up on the

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Speaker 1: Bloomberg terminal, on LinkedIn or on Twitter at logistics Lee. Today,

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Speaker 1: we're delighted to have with us Joel Weyman from Cardinal Health.

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Speaker 1: Joel Leeds, Cardinal Health's third party logistics and packaging solutions businesses,

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Speaker 1: A veteran executive with more than nineteen years of experience

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Speaker 1: across logistics, supply chains, and packaging solutions in the pharmaceutical industry.

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Speaker 1: Thanks for joining the Talking Transport Podcast.

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Speaker 2: Joel, you bet. Thanks Lee, great to be here, And.

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Speaker 1: Can you just tell folks out there a little bit

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Speaker 1: about Cardinal Health. You know, it is a big company,

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Speaker 1: but everyone may not be too familiar with it.

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Speaker 2: Yeah, no, you bet, I mean you know, I think

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Speaker 2: most folks that have heard the name Cardinal Health know

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Speaker 2: it as a very large hostsale distributor for pharmaceuticals and

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Speaker 2: medical device distributor and manufacture. But there are a lot

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Speaker 2: of components that make up Cardinal Health, and so one

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Speaker 2: of them that I'm a part of, right is our

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Speaker 2: third part of logistics business. That that's a part of

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Speaker 2: Cardinal Health that we do. But most folks know it

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Speaker 2: as a wholesale drug distributor.

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Speaker 1: Okay, can you just give us, you know, roughly the

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Speaker 1: size of the organization. It is a public company, right.

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Speaker 2: Yes, Cardinal Health is a public company. So you so

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Speaker 2: it's speaking more on the three PL side. I can

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Speaker 2: tell you on the three PO organization or the three

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Speaker 2: PL business for Cardinal Health. It's about a thousand employees

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Speaker 2: that makes up the three PL business today.

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Speaker 1: Gotcha. And for those that are listening, Cardinal Health is

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Speaker 1: a ticker CAH. It's got a thirty billion dollar market

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Speaker 1: cap roughly, so could you talk about the services that

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Speaker 1: you provide in the three PL business at Cardinal Health.

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Speaker 2: You bet. So what the three PL really does is

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Speaker 2: supports you know, small to mid size pharmaceutical companies, medical

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Speaker 2: device companies, biotech companies and helping to get their products

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Speaker 2: to market once they go through the FDA approval process

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Speaker 2: and get it approved. Now they need support in getting

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Speaker 2: commercial product to their end customers, which could be going

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Speaker 2: to whost salers, could be going to hospitals, could be

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Speaker 2: going to pharmacies or things of that nature. So we

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Speaker 2: help in that process. So we provide storage and distribution services,

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Speaker 2: but we also provide order to cash capabilities, so we

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Speaker 2: may act as customer service. We will do the account receivable,

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Speaker 2: the invoicing activities on behalf of these manufactured partners.

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Speaker 1: Gotcha, And so you know, for those that are listening,

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Speaker 1: you know, logistics in the pharmaceutical industry is pretty complicated.

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Speaker 1: Can you just I guess address some of those complications.

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Speaker 1: You know, it's a lot different than you know, trying

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Speaker 1: to deliver toilet paper across the country.

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Speaker 2: Yeah, no, there are various challenges that can come up

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Speaker 2: in logistics when you're talking about pharmaceuticals. So I think,

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Speaker 2: you know, the one first to touch on is just

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Speaker 2: the sensitivities that these products have at times. Right, So

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Speaker 2: some of these products are stored in cold chain environments

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Speaker 2: that can be two day degrees celsius, and so you

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Speaker 2: have to ensure that these products are moving in the

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Speaker 2: right conditions from one point to the next so it

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Speaker 2: doesn't compromise, you know, the integrity of the product. Some

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Speaker 2: of these products could be as cold as minus one

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Speaker 2: hundred ninety six degrees celsius. So when you talk about

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Speaker 2: your sealinging therapies require that type of handling, so that

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Speaker 2: can be a little bit challenging and moving products of

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Speaker 2: those temperatures across apply chain, and especially during the different

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Speaker 2: times of year. Is it that the dead of summer,

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Speaker 2: And so you worry about the types of packouts that

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Speaker 2: are being used to ensure the product is being maintained

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Speaker 2: at the right temperature during the entire time of transit

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Speaker 2: until it gets to the end destination.

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Speaker 1: And so you know, like, how do you differentiate the

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Speaker 1: Cardinals three pl business with your competition? Do you guys,

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Speaker 1: do you specialize in certain verticals, certain types of pharmaceuticals,

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Speaker 1: certain customers.

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Speaker 2: Yeah, no, I mean you know, I think about our

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Speaker 2: competitors in the market today, right, So you know, there's

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Speaker 2: a lot of similarities around what three pls do in general,

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Speaker 2: but where we kind of differentiate ourselves is really around

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Speaker 2: how we provide the right customer experience, how we engage

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Speaker 2: with our manufactured partners, and they're in customers because again,

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Speaker 2: these manufactured partners of ours, they're outsourcing a lot of

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Speaker 2: the services to us, and so we're acting on their behalf.

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Speaker 2: And so for examplely when our customer service answers the phone,

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Speaker 2: they don't answer the phone as Cardinal Health or three

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Speaker 2: pl they may answer it as manufacturer X, who they represent,

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Speaker 2: and so ensuring that that we're representing that manufacturer the

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Speaker 2: way that they want to be represented and how they

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Speaker 2: want to be seen and perceived by their customers as important.

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Speaker 2: So we feel like we distinguish ourselves by the way

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Speaker 2: in which we come across and support those manufacturers and

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Speaker 2: providing the right customer experience. But I will also tell

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Speaker 2: you that, you know, we pride ourselves in coming up

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Speaker 2: with various innovative solutions that make things easier and better

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Speaker 2: for our manufacturer partners. So you know, back to when

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Speaker 2: you talk about logistics. You know, many years ago, we

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Speaker 2: developed a unique transportation model within our three PO business

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Speaker 2: that helps move product across the supply chain in a

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Speaker 2: more efficient manner that reduces the potential for damages and

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Speaker 2: transit or losses and transit or potential excursions, and it

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Speaker 2: also reduces the cost for our manufacturer partners. So it's

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Speaker 2: a very unique innovative solution that we have that our

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Speaker 2: competitors don't have today. So that makes us a little

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Speaker 2: bit different as well.

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Speaker 1: Right, and when we started the conversation, you kind of mentioned,

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Speaker 1: you know, all the mid sized companies or the most

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Speaker 1: of your customers. Do you do your customers outgrow you like,

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Speaker 1: do they decide to take things in or can a

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Speaker 1: customer become large and stick with cardinal health?

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Speaker 2: You know that can happen. I will tell you that's

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Speaker 2: not as common in our space for the manufacturers we're

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Speaker 2: working with. I think, you know, one of the things

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Speaker 2: that we would see is the potential what I would

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Speaker 2: call your risks in my space on the three pl

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Speaker 2: side is when a manufacturer becomes wildly successful, it becomes

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Speaker 2: attractive to another company for a merger acquisition, and when

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Speaker 2: that merger acquisition takes place, they may not need three

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Speaker 2: PL services and so that's something that they may transition

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Speaker 2: based on that merger and acquisition that takes place.

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Speaker 1: Right, and speaking of mergers and acquisitions, you know, how

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Speaker 1: do you guys grow? Are you growing mostly organic or

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Speaker 1: do you guys do tuck ins? Because I know you

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Speaker 1: know UPS has been looking to buy players to kind

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Speaker 1: of beef up there, you know their healthcare logistic practice. Yeah.

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Speaker 2: No, on the three PL side, the way which really

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Speaker 2: grow is just by adding new manufactured partners that are

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Speaker 2: coming to market with our first drug, or existing manufacturers

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Speaker 2: that have a very robust pipeline that are launching more

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Speaker 2: products as well. So that's going to drive growth within

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Speaker 2: our business. So you know, you know, as any organizations,

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Speaker 2: I'm sure does you know, you're constantly evaluating are there

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Speaker 2: opportunities for acquisitions? Do you buy, do you build? Do

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Speaker 2: you partner? And so for us, you know, part of

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Speaker 2: our growth strategy is around delivering the right experience that

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Speaker 2: then drives opportunities to our business. And so most of

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Speaker 2: the growth, I would say is organic, but it's going

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Speaker 2: to ask me new manufacturers a we're adding every year.

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Speaker 1: And so the services you provide it's not just people

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Speaker 1: manufacturing drugs. Do you do you provide also services during

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Speaker 1: the trials? Do you do that part of it as well?

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Speaker 2: The three PL business does not. Caerninal Health has different

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Speaker 2: divisions that can support and work with manufacturers on the

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Speaker 2: clinical trial side. The three PL side, we don't engage

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Speaker 2: on clinical trials, so we're really merely dealing with product

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Speaker 2: that's been approved for commercial use.

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Speaker 1: Got you? Because I'm assuming the addressable market is constantly changing,

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Speaker 1: because it's you know, as soon as the new drug

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Speaker 1: comes that the market changes. But is there an addressable

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Speaker 1: market that you kind of look at that you're trying

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Speaker 1: to go after.

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Speaker 2: Yeah, that's a great question because the market is always changing, right,

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Speaker 2: So again, we continue to focus on those those small

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Speaker 2: to mid tier size pharmaceutical biotech manufacturers, but we also

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Speaker 2: continue to see the evolution when I would say evolution

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Speaker 2: in science and the different types of products that are

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Speaker 2: coming to market. So, you know, over the last couple

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Speaker 2: of years, we continue to see great growth and advancements

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Speaker 2: and selling gene therapies and so that's kind of created

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Speaker 2: a new market an opportunity that we've focused on as well.

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Speaker 2: And so it just depends on what's happening in the industry,

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Speaker 2: but really we're kind of focused on that core kind

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Speaker 2: of small to mid sized manufacturer that tends to be

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Speaker 2: who needs three PO services. These are organizations that don't

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Speaker 2: have the infrastructure that we have built in our position

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Speaker 2: to support and as they're focused on getting their product

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Speaker 2: through the FDA process and approved for the market, they

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Speaker 2: can then lean on us as a three pl to

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Speaker 2: perform the other services that they don't have in house.

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Speaker 1: Right, And can you talk a little bit about like

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Speaker 1: how much is it Is it a consolidated market the

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Speaker 1: healthcare logistics market is it? Or is it fragmented? Where

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Speaker 1: where does Cardinal Health sit in that or are you

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Speaker 1: one of the major players?

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Speaker 2: Yeah, you know, in relationship to the three PO business,

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Speaker 2: you know, I wouldn't say that it's it's consolidated, but

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Speaker 2: you know, there are I think, you know, obviously some

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Speaker 2: some key kind I would say three PO companies out

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Speaker 2: there that are larger in nature, but then there are

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Speaker 2: also a lot of smaller three pl entities out there.

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Speaker 2: You know, we take great pride in the position that

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Speaker 2: we have in the market as a as a market

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Speaker 2: leader today and have a dominant position in the market,

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Speaker 2: which is which is great to see, but there are

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Speaker 2: always kind of nuances and changes that are happening in

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Speaker 2: the three PL space, whether it's entities that are entering

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Speaker 2: the market or exiting the market. From that perspective, but

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Speaker 2: Cardinal three PL we've been a three PL. We've had

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Speaker 2: Cardinals had a three PO business since nineteen ninety five,

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Speaker 2: So we're one of the early three pls in the

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Speaker 2: market in this particular industry.

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Speaker 1: Gotcha, And do you guys leverage all sorts of capacity road, rail, air,

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Speaker 1: ocean or do you guys just stick with truck in air?

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Speaker 2: No, I mean we leverage all the various modes of

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Speaker 2: transportation that's going to meet the needs of our manufacturing partners.

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Speaker 2: So in some cases we're working with manufacturers who are

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Speaker 2: importing product into the US from their contract manufacturers that

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Speaker 2: maybe x US and so in those cases, right, you're

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Speaker 2: working on product that's coming either by air or by

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Speaker 2: boat that's coming in. But domestically, the majority of our

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Speaker 2: freight is going to move through you know, your traditional

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Speaker 2: transportation modes. Right. So Corner Health uses fed X as

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Speaker 2: its primary parcel carrier today and so we do a

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Speaker 2: lot of air shipments. I mean, you know, you're more

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Speaker 2: sensitive products that require cold chat handling. Those things are

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Speaker 2: going to travel via air. But then you're going to

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Speaker 2: have some freight or that is is okay temperature wise

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Speaker 2: to travel via ground. So we do a lot of trucks,

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Speaker 2: a lot of what we refer to as kind of

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Speaker 2: lt ls you're less than truckloads or your full truckloads.

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Speaker 2: So we do a lot of those shipments as well

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Speaker 2: as the air shipments that we do.

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Speaker 1: So, you know, fraud has been a big topic within

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Speaker 1: the freight transportation markets as of late. Obviously, what you

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Speaker 1: guys are are delivering are high valued and some people

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Speaker 1: might might like to use some of the drugs recreationally,

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Speaker 1: I guess, So how do you combat fraud and and

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Speaker 1: you know, becoming targets of thieves looking to steal shipment?

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Speaker 2: No, that's a great question. So there's a couple of

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Speaker 2: things we do. First off, any vendor or carrier that

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Speaker 2: we use has to be fully vetted to meet our

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Speaker 2: specifications to support the products that we're handling today. So

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Speaker 2: we're going to work with companies to understand what their

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Speaker 2: SOPs and procedures are, what their capabilities are with the

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Speaker 2: security aspects they have regarding their different modes of transportation

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Speaker 2: that we're utilizing. So that's kind of one thing we

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Speaker 2: go through. So we go through qualification process with each

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Speaker 2: carrier to ensure they meet our rigorous standards that we have.

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Speaker 2: But this also goes back to why we built as

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Speaker 2: a three po unique transportation model back in two thousand

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Speaker 2: and nine. And this model that we built in really

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Speaker 2: developing kind of a you know, I would consider kind

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Speaker 2: of a milk run where we have consolidated freight going

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Speaker 2: to like destinations. But as part of this model, we

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Speaker 2: utilize some very well known and vetted carriers to run

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Speaker 2: this model where we use team drivers, we use geo

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Speaker 2: fencing to ensure that the routes that are prescribed are

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Speaker 2: being taken. And these are carriers, for example, that have

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Speaker 2: means to be able to for some reason we finally

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Speaker 2: that a truck is off path of where it's supposed

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Speaker 2: to be, that carry has the ability to remote in

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Speaker 2: and to shut that truck down. Now it's not like

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Speaker 2: but you might think of hey, all of a sudden,

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Speaker 2: a semi just comes to a screeching halt on the freeway.

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Speaker 2: But they can go in and begin to shut it

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Speaker 2: down where it begins to decrease its speed ten miles

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Speaker 2: per hour at a time until it comes to a stop.

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Speaker 2: So there's a lot of different security mechanisms that are

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Speaker 2: built in to monitor the freight that's in transit. Now,

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Speaker 2: I think the other thing that's been neat to see

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Speaker 2: in the transportation space, especially for healthcare, is that there

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Speaker 2: is a growing need and ability for better transparency and

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Speaker 2: visibility into the freight while it's in motion. So whether

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Speaker 2: that's various different tracking tools and mechanisms that are being

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Speaker 2: used to understand where that freight is at all times.

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Speaker 2: And so you know, a lot of our focus is

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Speaker 2: around the monitoring of the freight while it's in transit

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Speaker 2: to ensure that it's getting to the destination where it's

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Speaker 2: supposed to go.

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Speaker 1: Gotcha, And that's how do you track things? Because if

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Speaker 1: you know, if you're doing it the way you said it,

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Speaker 1: you're you're doing truckload less than truckload. So is does

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Speaker 1: everything have a tracker on it? Or is it by palette?

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Speaker 1: How do you how do you guys go about doing that?

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Speaker 2: Yeah, you know, I would tell you dude, generally speaking,

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Speaker 2: there's not this wide adoption of trackers on every box.

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Speaker 2: You know, when you think about the different tags or

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Speaker 2: whatnot that that might be there, that can they can

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Speaker 2: be redditing location. But you know, for our our air shipment,

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Speaker 2: right we know where it's going. We can see where

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Speaker 2: the scans are at every point through the process, so

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Speaker 2: we can monitor that way. In some cases, in some organizations,

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Speaker 2: they'll use some trackers that will tell them, you know,

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Speaker 2: not only where it's at, but it's giving them information

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Speaker 2: like what's the temperature, what's happening. You know, is the

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Speaker 2: product tilted at a forty five degree angle? And for

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Speaker 2: how long has it been tilted? So you have better

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Speaker 2: insights as to what's going on. And so there's different

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Speaker 2: mechanisms that can be used based on what the manufactured

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Speaker 2: requirements are and what the needs are to ensure that

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Speaker 2: the product's getting to the endestination as it's intended to.

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Speaker 1: And you know where you sit. Have you seen fraud

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Speaker 1: more of an issue? Talk about like you know your

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Speaker 1: experiences because you know, over the last year there's been

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Speaker 1: some crazy anecdotal stories about fraud in the freight transportation markets.

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Speaker 2: Yeah, you know, I haven't. And as you mentioned earlier

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Speaker 2: at the start of our discussion, Lea. You know, I've

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Speaker 2: been with Cardinal Health and the three peld business for

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Speaker 2: the past nineteen years and we've not seen in our

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Speaker 2: space any type of diversion or theft or things that

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Speaker 2: are going with the products that we're shipping out. Now.

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Speaker 2: We're also part of an organization called Pharmaceutical Cargo Security

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Speaker 2: Coalition that's part of a large organization called h which

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Speaker 2: is Healthcare Distributed Alliance, and so we pay attention to

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Speaker 2: what's going on in the trends that we're seeing. So,

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Speaker 2: for example, when we see that certain trucks are being

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Speaker 2: hijacked or things that are happening in our processes, we're

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Speaker 2: making sure that we're putting things into place to counter

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Speaker 2: some of those things. So, as I shared earlier, one

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Speaker 2: of the reasons why we have team drivers is because

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Speaker 2: we've learned that when trucks aren't moving and they're stopping

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Speaker 2: to rest stops, that's the potential for something to happen.

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Speaker 2: If I have team drivers, that enables us to have

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Speaker 2: the trucks on the road continuously and not having them

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Speaker 2: staying overnight at or rest stop somewhere. The reason why

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Speaker 2: we also have team drivers is because the data was

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Speaker 2: telling us, based on being a part of this coalition,

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Speaker 2: that when a truck stops and has the driver's got

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Speaker 2: to get out to get a buy d and it's

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Speaker 2: left unattended, that is when things occur. So you want

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Speaker 2: to ensure that the truck's never left unattended. And you

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Speaker 2: don't want a truck sitting somewhere at a rest stop

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Speaker 2: overnight with these types of products in it. And so

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Speaker 2: we do these various things to make sure that we're

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Speaker 2: mitigating the potential for things to happen. The other data

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Speaker 2: points that we've learned was, hey, when a truck shows

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Speaker 2: up at our facility, it's got to be fully fueled

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Speaker 2: and ready to go. And in our model with our

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Speaker 2: network that we built, that truck can't stop for the

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Speaker 2: first three hundred miles unless there's a destination point that

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Speaker 2: it's stopping at. Because again what the data told us

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Speaker 2: was if someone is tracking a truck and it's considering,

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Speaker 2: you know, hijacking it or whatever, they're not going to

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Speaker 2: follow it for more than three hundred miles, right They're

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Speaker 2: waiting for it to stop somewhere to refuel, to leave

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Speaker 2: it unattended to do something and so if you mitigate

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Speaker 2: those potential opportunities, then you can mitigate those risks from occurring. So, yes,

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Speaker 2: I think we've seen holistically across the transportation industry that

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Speaker 2: things happen. But you know, being a part of this

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Speaker 2: coalition and understanding those various trends that we're seeing, we

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Speaker 2: can then try to build things into our processes to

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Speaker 2: mitigate that from happening.

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Speaker 1: Right in addition to the challenges and risks from fraud

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Speaker 1: and thievery, can you talk about other challenges that you

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Speaker 1: face where you are.

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Speaker 2: Yeah, I mean, you know, I think it's not just

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Speaker 2: I think what we're facing as a three po within

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Speaker 2: cardinal health, but just in general in the transportation arenas

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Speaker 2: that the weather has been interesting over the last couple

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Speaker 2: of years. I think we're seeing various weather events, whether

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Speaker 2: that's hurricanes, whether that's winter storms and whatnot. All these

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Speaker 2: things disrupt the movement of freight through the supply chain,

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Speaker 2: and so we're spending a lot of time focusing on

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Speaker 2: the weather and what's happening and what's going on, and

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Speaker 2: then how do we mitigate putting product out into the

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Speaker 2: channel when there's a winter storm coming. So if you've

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Speaker 2: got product that's very temperature sensitive, and you've got a

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Speaker 2: severe winter storm that's coming. You want to work with

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Speaker 2: customers on do they get product earlier before the storm comes,

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Speaker 2: what's the recovery after that. But we see these these

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Speaker 2: weather events that are occurring that is just rupting the

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Speaker 2: transportation industry in the US as a whole.

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Speaker 1: So in your business, what really drives growth, Is it

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Speaker 1: just new product launches that you're able to secure as customers.

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Speaker 2: Yeah, I mean I think it's new product launches from

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Speaker 2: our existing manufactured partners we have. But also there are

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Speaker 2: a lot of manufacturers that are in the process of

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Speaker 2: developing a new drug to treat an unmet need, and

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Speaker 2: so when they're developing and launching their first drug, these

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Speaker 2: tend to be those smaller to mid sized manufacturers, and

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Speaker 2: they need the services and support that we've already built

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Speaker 2: so they don't have to go out and build those

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Speaker 2: themselves and create additional costs. They can outsource that to

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Speaker 2: someone like us. So a lot of the growth comes

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Speaker 2: from organic within the manufacturers that we support today, but

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Speaker 2: also new manufacturers that are coming to the market.

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Speaker 1: And so in the logistics business a cardinal health, are

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Speaker 1: there any synergies that you have with other segments of

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Speaker 1: the company, or you know, are they customers of yours

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Speaker 1: as well for certain things.

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Speaker 2: Yeah, absolutely, So, like you know, as mentioned earlier, and

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Speaker 2: as I'm sure you've seen that you know, Cardinal is

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Speaker 2: a very large organization with a lot of different capabilities

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Speaker 2: and businesses within it. And so we do partner with

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Speaker 2: a lot of other divisions within Cardinal Health to create

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Speaker 2: a holistic solution for a manufactured partner. So, as an example,

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Speaker 2: Cardinal Health has a patient services hub a part of

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Speaker 2: its organization that's called Sinexis, and so there might be

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Speaker 2: opportunities where we're supporting a manufacturer that also has a

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Speaker 2: product that needs patient services as well, that we can

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Speaker 2: partner with Sinexis to create a holistic solution for that manufacturer.

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Speaker 2: So there's other divisions like especially distributor or areas of

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Speaker 2: focus when it comes to real world evidence, and so

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Speaker 2: we might have similar manufacturer partners across the landscape of

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Speaker 2: Cardinal Health that we can then come together to create

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Speaker 2: a holistic solution that makes sense for them, provides them

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Speaker 2: the best benefit and the best outcome of what they're after.

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Speaker 1: And can you talk about your your go to market strategy,

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Speaker 1: you know how to do it? Do you win customers?

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Speaker 1: Can you maybe like just walk us through, you know,

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Speaker 1: how contracting works with a potential customer.

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Speaker 2: You know, we're obviously very mindful of products that are

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Speaker 2: in the pipelines of these manufacturers that they're preparing for

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Speaker 2: FDA approval, so they might be in in you know,

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Speaker 2: phase one or phase two or phase three of the process,

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Speaker 2: and so we generally are engaging with manufacturers that are

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Speaker 2: in that phase three, uh, you know, process of their

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Speaker 2: drug development. And so as we engage with those manufacturers,

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Speaker 2: you know, helping them understand what a three PL does

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Speaker 2: and what it can do to support their organization. And

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Speaker 2: so our focus as an organization why we win, frankly,

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Speaker 2: is not just our our tenure and experience in this

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Speaker 2: space and being one of the early and first you know,

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Speaker 2: you know, three healthcare three pls out there on the market,

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Speaker 2: But it's really driven based on our performance and our

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Speaker 2: ability to execute but also deliver the right customers experience.

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Speaker 2: And so we have found over the years that you know,

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Speaker 2: customer experience is a huge factor in manufacturers identifying a

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Speaker 2: three PO that they want to partner with because Again,

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Speaker 2: the way to think about it is that they're trusting

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Speaker 2: their brand to your organization because we represent them to

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Speaker 2: their customers. So the way in which we're processing orders,

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Speaker 2: the way which we pick, pack and ship, and what

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Speaker 2: shows up at the customer site, if those things aren't

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Speaker 2: showing up the way you want them to, that's a

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Speaker 2: reflection back on the manufacturer. And so we got to

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Speaker 2: make sure that we're doing things that create the right

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Speaker 2: perception and the right image for the manufacturers we're supporting.

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Speaker 2: So we've made a lot of just focus and investments

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Speaker 2: over the years around how are we delivering the right

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Speaker 2: customer experience to our to our manufacturer partners and their customers.

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Speaker 1: And just roughly like from the time of you know,

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Speaker 1: speaking with a prospect to signing a deal, how how

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Speaker 1: long is that and also what is a typical contract,

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Speaker 1: Like I'm assuming it's multi years, just because the investments

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Speaker 1: that you guys have to.

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Speaker 2: Yeah, no, absolutely, I mean, so the time process from

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Speaker 2: when you identify a manufacturer you know, opportunity and even

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Speaker 2: when they award you the business and when they launch

435
00:23:15,480 --> 00:23:18,520
Speaker 2: that can be anywhere from you know, a couple of

436
00:23:18,520 --> 00:23:21,320
Speaker 2: months to three or four years based on what's going on.

437
00:23:21,480 --> 00:23:24,400
Speaker 2: So if they don't get FDA approval right away when

438
00:23:24,400 --> 00:23:26,439
Speaker 2: they when they initially planned or thought, and there's some

439
00:23:26,520 --> 00:23:29,920
Speaker 2: delays that can stretch that out. Now, a general contract,

440
00:23:30,000 --> 00:23:33,520
Speaker 2: you know, with with the manufacturer partner of ours, that

441
00:23:33,600 --> 00:23:36,199
Speaker 2: genda can be between three to five years is kind

442
00:23:36,200 --> 00:23:38,919
Speaker 2: of the standard that we see that's out there, and

443
00:23:39,000 --> 00:23:41,800
Speaker 2: so you know, we obviously here spending time well before

444
00:23:41,880 --> 00:23:46,320
Speaker 2: their launch working through contractual terms and various aspects and

445
00:23:46,400 --> 00:23:48,560
Speaker 2: making sure that they identify all the services they need

446
00:23:48,600 --> 00:23:51,920
Speaker 2: because in our space, our services I would refer to

447
00:23:51,960 --> 00:23:54,879
Speaker 2: as kind of all a cart so the full suiteest

448
00:23:54,880 --> 00:23:57,920
Speaker 2: services that we have, every manufacturer may not need every

449
00:23:57,920 --> 00:23:59,960
Speaker 2: single one of those, so they can pick in two

450
00:24:00,119 --> 00:24:02,360
Speaker 2: what are the services that they most need to support

451
00:24:02,400 --> 00:24:05,080
Speaker 2: their model, and so part of that contracting process is

452
00:24:05,119 --> 00:24:08,320
Speaker 2: really just solidifying what are the services that they need

453
00:24:08,640 --> 00:24:11,280
Speaker 2: and what are the terms around those specific services. So

454
00:24:11,640 --> 00:24:15,320
Speaker 2: you know, the contracting process and the implementation process can

455
00:24:15,359 --> 00:24:18,560
Speaker 2: be anywhere from six to twelve to eighteen months, but

456
00:24:18,600 --> 00:24:21,920
Speaker 2: it really depends on the timing of when their product

457
00:24:21,960 --> 00:24:24,240
Speaker 2: is expected to receive FDA approval.

458
00:24:24,640 --> 00:24:26,679
Speaker 1: And then you know, you've been there for a while

459
00:24:26,880 --> 00:24:29,439
Speaker 1: you've probably seen a lot of different things. You were

460
00:24:29,480 --> 00:24:32,240
Speaker 1: there during the pandemic. I'm assuming that was a crazy

461
00:24:32,280 --> 00:24:35,280
Speaker 1: time for you. Can you talk about, you know, how

462
00:24:35,320 --> 00:24:39,480
Speaker 1: you would characterize your market right now today relative to

463
00:24:39,840 --> 00:24:40,480
Speaker 1: where you've been.

464
00:24:41,400 --> 00:24:44,320
Speaker 2: Yeah. No, So the market continues to evolve and this

465
00:24:44,400 --> 00:24:47,320
Speaker 2: is this is an exciting space to be in, right

466
00:24:47,440 --> 00:24:50,920
Speaker 2: to see how healthcare continues to evolve in advance where

467
00:24:50,920 --> 00:24:53,760
Speaker 2: it is today. And so you know, our growth has

468
00:24:53,800 --> 00:24:56,520
Speaker 2: really been driven based on the advancements that we're seeing

469
00:24:56,600 --> 00:24:59,040
Speaker 2: in science, with the various products that are coming to

470
00:24:59,080 --> 00:25:03,480
Speaker 2: the market that's media unmet needs that we've not seen historically.

471
00:25:03,600 --> 00:25:06,119
Speaker 2: So I think about things like selling gene and the

472
00:25:06,160 --> 00:25:08,560
Speaker 2: advancement of selling gene therapy is coming to the market right,

473
00:25:08,560 --> 00:25:11,440
Speaker 2: And what's exciting about that is that these are products

474
00:25:11,480 --> 00:25:16,159
Speaker 2: that are tackling disease states that in the past have

475
00:25:16,320 --> 00:25:20,359
Speaker 2: not had great solutions or options for. But also we

476
00:25:20,400 --> 00:25:23,480
Speaker 2: see changes in the regulatory landscape, so we see how

477
00:25:23,960 --> 00:25:26,680
Speaker 2: there is a focus on ensuring to your earlier comments

478
00:25:26,720 --> 00:25:29,040
Speaker 2: around just fraud things that are going on, how do

479
00:25:29,080 --> 00:25:32,720
Speaker 2: we mitigate the potential risk of a product being diverted

480
00:25:33,160 --> 00:25:35,640
Speaker 2: or a patient not getting the product that was intended

481
00:25:35,640 --> 00:25:38,040
Speaker 2: for them to receive. And so the industry has been

482
00:25:38,040 --> 00:25:41,920
Speaker 2: working on implementing what's referred to as DSCSA, which stands

483
00:25:41,960 --> 00:25:44,520
Speaker 2: for a Drug Supply Chained Security Act, and that whole

484
00:25:44,560 --> 00:25:49,000
Speaker 2: frigatory aspect focuses on tracking the product from the point

485
00:25:49,000 --> 00:25:52,119
Speaker 2: of manufacturing all the way down to patient dispensing. So

486
00:25:52,160 --> 00:25:54,199
Speaker 2: you have really kind of end to end visibility and

487
00:25:54,240 --> 00:25:57,159
Speaker 2: traceability of a product to help mitigate the potential for

488
00:25:57,320 --> 00:26:00,400
Speaker 2: diversion or risk of a patient getting a product that

489
00:26:00,400 --> 00:26:02,480
Speaker 2: that that is not what they expected to get.

490
00:26:02,720 --> 00:26:05,760
Speaker 1: And so, you know, we're talking about technology, how it's

491
00:26:05,800 --> 00:26:08,280
Speaker 1: going to be key for tracking and tracing, whether it's

492
00:26:08,440 --> 00:26:11,200
Speaker 1: you know, making sure a patient gets the right drug

493
00:26:11,359 --> 00:26:13,520
Speaker 1: or making sure a shipment gets to where it needs

494
00:26:13,560 --> 00:26:17,600
Speaker 1: to go. Are there any other technological advances that you're

495
00:26:17,640 --> 00:26:21,159
Speaker 1: excited about that you're either have implemented or plan on

496
00:26:21,200 --> 00:26:24,440
Speaker 1: implementing that it's going to make you know, your business

497
00:26:24,960 --> 00:26:28,560
Speaker 1: more efficient, more productive, or you know, deliver a better

498
00:26:28,560 --> 00:26:29,840
Speaker 1: customer experience.

499
00:26:30,080 --> 00:26:32,360
Speaker 2: Yeah, I mean, you know, so outside of I think

500
00:26:32,520 --> 00:26:38,040
Speaker 2: just the continued chase of creating greater visibility and transparency

501
00:26:38,119 --> 00:26:41,359
Speaker 2: into the shipping aspect of when a product leads to

502
00:26:41,400 --> 00:26:43,840
Speaker 2: when it delivers. The other thing I think it's been

503
00:26:43,880 --> 00:26:46,879
Speaker 2: really neat to watch from technology perspective, is is improving

504
00:26:46,920 --> 00:26:51,120
Speaker 2: the shipper itself. So looking at how we're using coal

505
00:26:51,200 --> 00:26:54,920
Speaker 2: chain shippers, you know, throughout the supply chain. So today

506
00:26:54,920 --> 00:26:59,080
Speaker 2: in today's market, you have a product that is stored refrigerated,

507
00:26:59,560 --> 00:27:02,919
Speaker 2: this un cooler that's got to hold the product at

508
00:27:02,920 --> 00:27:05,159
Speaker 2: a certain temperature for a period of time. Well a

509
00:27:05,160 --> 00:27:07,920
Speaker 2: lot of times these are these are one time use coolers.

510
00:27:08,560 --> 00:27:11,960
Speaker 2: So once the cooler has been used, now it's going

511
00:27:12,040 --> 00:27:15,160
Speaker 2: to be tossed away, right, it's gonna be recycled or

512
00:27:15,320 --> 00:27:18,600
Speaker 2: turned into waste. And that's that's a that's a concern

513
00:27:18,640 --> 00:27:20,960
Speaker 2: and that's an issue. So now we're seeing more solutions

514
00:27:21,040 --> 00:27:24,639
Speaker 2: coming to the market of reusable coolers that can be

515
00:27:24,720 --> 00:27:27,679
Speaker 2: multi use, so that eliminates or reduces the amount of

516
00:27:27,680 --> 00:27:31,920
Speaker 2: waste that's out there. It creates greater efficiencies and reduces

517
00:27:32,000 --> 00:27:34,560
Speaker 2: costs in the in the supply chain as well. And

518
00:27:34,640 --> 00:27:36,840
Speaker 2: so we're seeing solutions like that kind of market, which

519
00:27:36,840 --> 00:27:40,080
Speaker 2: is really neat to see how that's advancing and creating

520
00:27:40,080 --> 00:27:43,320
Speaker 2: options to improve in which your products are moving throughout

521
00:27:43,320 --> 00:27:44,080
Speaker 2: the supply chain.

522
00:27:46,200 --> 00:27:48,560
Speaker 1: So are there any specific things that you're on the

523
00:27:48,600 --> 00:27:53,160
Speaker 1: lookout for related to, you know, the freight markets. Are

524
00:27:53,160 --> 00:27:56,240
Speaker 1: you expecting, you know, rates to go up next year?

525
00:27:56,560 --> 00:27:58,960
Speaker 1: You know, are you talking with I guess some of

526
00:27:59,000 --> 00:28:02,199
Speaker 1: your capacity providers. What's that looking like?

527
00:28:02,280 --> 00:28:04,159
Speaker 2: Yeah, you know, I will tell you I don't have

528
00:28:04,200 --> 00:28:06,000
Speaker 2: a crystal ball as to what rates are going to

529
00:28:06,080 --> 00:28:08,480
Speaker 2: look like in the coming years. I wish I had

530
00:28:08,480 --> 00:28:10,919
Speaker 2: that crystal ball. But I will tell you what we

531
00:28:11,119 --> 00:28:13,560
Speaker 2: what I'm looking for right and what I think we

532
00:28:13,640 --> 00:28:17,600
Speaker 2: continue to expect to see. And that is how how

533
00:28:17,840 --> 00:28:22,919
Speaker 2: various carriers are looking at ways to improve the movement

534
00:28:22,960 --> 00:28:26,200
Speaker 2: of pregnant supply chain by mitigating the disruptions that happen.

535
00:28:26,720 --> 00:28:28,560
Speaker 2: So I don't think it's any big secret that there

536
00:28:28,600 --> 00:28:31,320
Speaker 2: are some very large carriers that have some very large

537
00:28:31,359 --> 00:28:34,359
Speaker 2: hubs in certain parts in the US, and some of

538
00:28:34,400 --> 00:28:38,200
Speaker 2: those areas get disrupted by weather storms. And you know,

539
00:28:38,680 --> 00:28:41,320
Speaker 2: unlike maybe other packages, I'm not going to say that

540
00:28:41,360 --> 00:28:44,680
Speaker 2: other packages aren't important. When you talk about pharmaceuticals, these

541
00:28:44,680 --> 00:28:47,880
Speaker 2: are products that impact patients' lives, and so you want

542
00:28:47,880 --> 00:28:49,719
Speaker 2: to ensure that once you ship it, that that product

543
00:28:49,760 --> 00:28:52,160
Speaker 2: gets to its destination on time the way that it's intended.

544
00:28:52,200 --> 00:28:55,960
Speaker 2: And so if you're facing more and more disruption of

545
00:28:56,000 --> 00:28:59,560
Speaker 2: weather storms where where planes and trucks can't move, that's

546
00:28:59,600 --> 00:29:03,080
Speaker 2: a concarn And so I think there's opportunities that we're

547
00:29:03,080 --> 00:29:05,400
Speaker 2: looking for and we're seeing from carriers of saying how

548
00:29:05,440 --> 00:29:07,520
Speaker 2: do they how do they kind of look at their

549
00:29:07,560 --> 00:29:10,520
Speaker 2: network across the United States to figure out how to

550
00:29:10,600 --> 00:29:14,320
Speaker 2: mitigate some of these impacts and reduce the potential disruptions

551
00:29:14,320 --> 00:29:17,360
Speaker 2: that come from these these events that occur that we're

552
00:29:17,360 --> 00:29:19,520
Speaker 2: seeing more and more of. The Other thing I'll tell

553
00:29:19,560 --> 00:29:22,080
Speaker 2: you that's interesting is that there is, you know, a

554
00:29:22,080 --> 00:29:25,240
Speaker 2: focus around what does drone delivery look like? Can that

555
00:29:25,280 --> 00:29:27,960
Speaker 2: help mitigate some of these things when a truck or

556
00:29:28,440 --> 00:29:31,120
Speaker 2: plane can't go where it needs to go? Can a

557
00:29:31,200 --> 00:29:35,160
Speaker 2: drone make short, short range deliveries to hospital systems and

558
00:29:35,200 --> 00:29:36,880
Speaker 2: other things that might be beneficial as well. So I

559
00:29:36,920 --> 00:29:39,720
Speaker 2: think there's a consu focus of just how does the

560
00:29:39,720 --> 00:29:42,120
Speaker 2: product move through the supply chain? How do you get

561
00:29:42,120 --> 00:29:46,200
Speaker 2: the product stored at a hub closer to its end

562
00:29:46,200 --> 00:29:49,400
Speaker 2: destination point to minimize the risk of product not be

563
00:29:49,440 --> 00:29:51,400
Speaker 2: able to travel across the United States?

564
00:29:51,960 --> 00:29:54,760
Speaker 1: Right in your position, you know, as as a leader

565
00:29:54,840 --> 00:29:57,920
Speaker 1: there at the logistics business of cardinal health. What keeps

566
00:29:57,920 --> 00:29:58,520
Speaker 1: you up at night?

567
00:29:59,040 --> 00:30:03,080
Speaker 2: Yeah, it's a good question. Well, weather storms is one,

568
00:30:03,160 --> 00:30:05,600
Speaker 2: you know, because it's you know, we we understand the

569
00:30:05,640 --> 00:30:08,680
Speaker 2: impact of when a shipment can't get to its destination

570
00:30:08,800 --> 00:30:12,040
Speaker 2: when it should. So I think we all know somebody

571
00:30:12,160 --> 00:30:16,520
Speaker 2: or ourselves personally that have encountered health health challenges. And

572
00:30:17,240 --> 00:30:19,480
Speaker 2: when you think about someone not getting the product they

573
00:30:19,560 --> 00:30:21,440
Speaker 2: need and the impact that has on our life, that

574
00:30:21,440 --> 00:30:24,040
Speaker 2: that keeps me up at night. So, you know, always

575
00:30:24,080 --> 00:30:27,560
Speaker 2: focusing on is product getting out of our facility when

576
00:30:27,560 --> 00:30:30,040
Speaker 2: it should? Is it making its way through the supply

577
00:30:30,120 --> 00:30:31,600
Speaker 2: chain like it should? Does it get to its end

578
00:30:31,640 --> 00:30:34,120
Speaker 2: destination the way that it should? Those things are a

579
00:30:34,120 --> 00:30:37,080
Speaker 2: constant focus for me. And so when I hear, you know,

580
00:30:37,520 --> 00:30:41,280
Speaker 2: weather reports that tell me that hey, hurricane's coming off

581
00:30:41,280 --> 00:30:43,840
Speaker 2: the coast of Florida, and I think about all the

582
00:30:43,880 --> 00:30:46,040
Speaker 2: shipments that we've got to get to Florida. How do

583
00:30:46,080 --> 00:30:47,920
Speaker 2: we do that in a way that that we can

584
00:30:47,960 --> 00:30:50,680
Speaker 2: still get those shipments there and patients get the product

585
00:30:50,680 --> 00:30:53,120
Speaker 2: that they need when they need them, I mean or

586
00:30:53,120 --> 00:30:55,680
Speaker 2: not ly there's times I have to worry about which

587
00:30:55,720 --> 00:30:58,200
Speaker 2: city is going to host the super Bowl, you know,

588
00:30:58,480 --> 00:31:00,520
Speaker 2: which city is going to have, which who's gonna win,

589
00:31:00,960 --> 00:31:03,600
Speaker 2: and what the pregan look like, because those things can

590
00:31:03,640 --> 00:31:09,360
Speaker 2: shut down regions of the US that impact shipments moving. So, so,

591
00:31:09,480 --> 00:31:12,479
Speaker 2: believe it or not, I'm focused on Marty Graw. I'm

592
00:31:12,520 --> 00:31:14,760
Speaker 2: focused on where the World Series is. I'm focused on

593
00:31:14,760 --> 00:31:16,760
Speaker 2: where the super Bowl is taking place and who's gonna

594
00:31:16,800 --> 00:31:19,960
Speaker 2: win because all those things disrupt freight movement.

595
00:31:20,440 --> 00:31:23,200
Speaker 1: Gotcha, do you do you have? Do you have someone

596
00:31:23,200 --> 00:31:24,760
Speaker 1: of whose things gonna win the super Bowl this year?

597
00:31:25,120 --> 00:31:25,640
Speaker 1: You have a team?

598
00:31:25,720 --> 00:31:29,120
Speaker 2: No, I don't, and that is definitely one that I

599
00:31:29,160 --> 00:31:31,840
Speaker 2: you know, I'm not a good gamble. I wouldn't be

600
00:31:31,880 --> 00:31:34,520
Speaker 2: taking those odds to Vegas, so I'm not sure who's

601
00:31:34,560 --> 00:31:36,960
Speaker 2: gonna win that. I wouldn't have guessed the World Series

602
00:31:37,720 --> 00:31:39,200
Speaker 2: who's gonna win that at the end of the day.

603
00:31:39,280 --> 00:31:42,400
Speaker 2: But uh but no, I, you know, enjoy watching it,

604
00:31:42,440 --> 00:31:44,520
Speaker 2: but I wouldn't say I'm a I'm a great picker

605
00:31:44,560 --> 00:31:46,360
Speaker 2: for who's gonna who's gonna win?

606
00:31:46,920 --> 00:31:49,520
Speaker 1: Yeah, well my giants are not going to win that is,

607
00:31:49,720 --> 00:31:52,320
Speaker 1: or even show up to the dance, that's for sure.

608
00:31:52,720 --> 00:31:55,240
Speaker 1: Uh So, what's the favorite thing. What's your favorite thing

609
00:31:55,240 --> 00:31:57,480
Speaker 1: about your job there at Cardinal Health.

610
00:31:57,560 --> 00:32:00,760
Speaker 2: Yeah, I'll tell you the thing that really motivates me

611
00:32:00,800 --> 00:32:02,840
Speaker 2: every day and gets me up every morning, and that

612
00:32:02,960 --> 00:32:08,520
Speaker 2: is knowing that what we are doing today makes a

613
00:32:08,560 --> 00:32:12,280
Speaker 2: positive impact in someone's life tomorrow. And so there's not

614
00:32:12,400 --> 00:32:16,640
Speaker 2: a lot of jobs or roles that I can think

615
00:32:16,680 --> 00:32:19,120
Speaker 2: of that I can go home time and say, you know,

616
00:32:19,200 --> 00:32:21,800
Speaker 2: what we did some good today, and based on what

617
00:32:21,880 --> 00:32:24,160
Speaker 2: we did today, I know that someone's going to have

618
00:32:24,200 --> 00:32:27,120
Speaker 2: a better day tomorrow. And so that motivates me and

619
00:32:27,200 --> 00:32:31,479
Speaker 2: motivates our team of employees that are incredible of knowing

620
00:32:31,560 --> 00:32:35,000
Speaker 2: that we're not just picking a box of something random.

621
00:32:35,480 --> 00:32:37,840
Speaker 2: When we're picking a box and shipping it, we know

622
00:32:38,640 --> 00:32:40,960
Speaker 2: that it's going to make an impact in a significant

623
00:32:41,000 --> 00:32:43,200
Speaker 2: way for somebody. And again that goes back to the

624
00:32:43,200 --> 00:32:46,880
Speaker 2: fact that we've all probably encountered to know, whether it's friends, family,

625
00:32:46,960 --> 00:32:50,920
Speaker 2: or ourselves that have had healthcare issues over the years.

626
00:32:51,480 --> 00:32:54,640
Speaker 2: We know what that means. And so it's really fulfilling

627
00:32:55,320 --> 00:32:57,720
Speaker 2: to know that the work I do is value the

628
00:32:57,720 --> 00:32:58,440
Speaker 2: way that it is.

629
00:32:59,280 --> 00:33:03,400
Speaker 1: And so I find people in transplational logistics to're either

630
00:33:03,440 --> 00:33:05,400
Speaker 1: born into it or they kind of step into it,

631
00:33:05,400 --> 00:33:09,320
Speaker 1: if you will. How did you get into the industry.

632
00:33:09,400 --> 00:33:12,360
Speaker 2: Yeah, that's a great question, because I'll be honest, I

633
00:33:12,400 --> 00:33:15,720
Speaker 2: didn't start down this path of being in healthcare or

634
00:33:15,760 --> 00:33:19,840
Speaker 2: being in pharmacutical distribution. I was actually in a different

635
00:33:19,880 --> 00:33:22,920
Speaker 2: industry before I came to Cardinal Health, in simmer Fashion.

636
00:33:22,960 --> 00:33:26,160
Speaker 2: It was kind of an outsourcing industry. But I was

637
00:33:26,280 --> 00:33:29,200
Speaker 2: fortunate that I'd worked with some good people that had

638
00:33:29,240 --> 00:33:31,920
Speaker 2: come to Cardinal Health and they reached out to me

639
00:33:31,960 --> 00:33:33,960
Speaker 2: and said, hey, this is somewhere you need to look

640
00:33:34,000 --> 00:33:37,560
Speaker 2: and explore. And so nineteen years ago I did, and

641
00:33:38,360 --> 00:33:41,120
Speaker 2: it was fortunate that Cardinal decided to hire me and

642
00:33:41,440 --> 00:33:44,040
Speaker 2: I was able to come across to this organization and

643
00:33:44,080 --> 00:33:47,320
Speaker 2: have loved being here ever since. And so yeah, again,

644
00:33:47,400 --> 00:33:52,800
Speaker 2: my background wasn't healthcare, wasn't in pharmacutical distribution. But it

645
00:33:52,840 --> 00:33:56,240
Speaker 2: has been an incredible journey for me to learn this

646
00:33:56,400 --> 00:33:58,800
Speaker 2: space and the impact that it has.

647
00:34:00,120 --> 00:34:02,280
Speaker 1: All Right, great, is there anything you like to do

648
00:34:02,360 --> 00:34:05,040
Speaker 1: outside of work? I know you don't gamble?

649
00:34:05,520 --> 00:34:08,520
Speaker 2: Yeah, no, I mean yeah, there's I mean obviously I've

650
00:34:08,560 --> 00:34:11,120
Speaker 2: got I've got three children and a grandson, and so

651
00:34:11,280 --> 00:34:14,359
Speaker 2: those are those can be hobbies enough. At times, if

652
00:34:14,400 --> 00:34:17,560
Speaker 2: I'm not spending time with my family, I do enjoy

653
00:34:17,680 --> 00:34:19,719
Speaker 2: golf occasionally if I can, if I can find my

654
00:34:19,760 --> 00:34:22,560
Speaker 2: way to the golf course. Yeah, so that's always enjoyable.

655
00:34:22,640 --> 00:34:26,520
Speaker 2: But really spending time with my family and and you know,

656
00:34:26,600 --> 00:34:29,520
Speaker 2: doing whatever they're doing, uh, you know, is something that's

657
00:34:29,520 --> 00:34:30,000
Speaker 2: fun for me.

658
00:34:31,160 --> 00:34:32,520
Speaker 1: Got you what's your handicap?

659
00:34:33,160 --> 00:34:38,120
Speaker 2: Well, you know, not good anymore. Let's just say it's

660
00:34:38,160 --> 00:34:41,279
Speaker 2: it's double digits these days, but there was a point

661
00:34:41,280 --> 00:34:42,839
Speaker 2: in time it was much better than that.

662
00:34:43,960 --> 00:34:46,680
Speaker 1: Oh, that's that's pretty impressive. I'm a twenty and I've

663
00:34:46,680 --> 00:34:49,000
Speaker 1: been playing forever. I just can't get better. I'm just

664
00:34:49,239 --> 00:34:52,399
Speaker 1: I don't know. It's a frustrating. It's a frustrating game,

665
00:34:52,600 --> 00:34:52,960
Speaker 1: it is.

666
00:34:53,040 --> 00:34:55,080
Speaker 2: But you know, I'm sure you probably have those great

667
00:34:55,120 --> 00:34:57,439
Speaker 2: shots at the eighteenth hole that keep you coming back.

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00:34:57,640 --> 00:35:01,200
Speaker 1: Absolutely absolutely, Well, Joe, I really want to thank you

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00:35:01,200 --> 00:35:03,440
Speaker 1: for your time and insights today. This is a great conversation,

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00:35:03,600 --> 00:35:03,959
Speaker 1: you bet.

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00:35:03,960 --> 00:35:05,799
Speaker 2: Thanks Lee. I appreciate the opportunity. It was great to

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00:35:05,800 --> 00:35:06,160
Speaker 2: talk with.

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00:35:06,160 --> 00:35:08,400
Speaker 3: You, and I also want to thank you for tuning in.

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00:35:08,440 --> 00:35:11,200
Speaker 3: If you liked the episode, please subscribe and leave a review.

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00:35:11,719 --> 00:35:14,440
Speaker 3: We've lined up a number of great guests for the podcast.

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00:35:14,560 --> 00:35:20,120
Speaker 3: You can check back to her conversations with C suite executives, shippers, regulators,

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00:35:20,160 --> 00:35:23,040
Speaker 3: and decision makers within the freight markets. Also, if you

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00:35:23,040 --> 00:35:26,160
Speaker 3: want to learn more about the freight transportation markets, check

679
00:35:26,160 --> 00:35:29,120
Speaker 3: out our work on the Bloomberg Terminal at Big and

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00:35:29,200 --> 00:35:32,440
Speaker 3: on social media. Take care and let's keep those supply

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00:35:32,560 --> 00:35:41,400
Speaker 3: chains moving. Bye bye