WEBVTT - Emma Walmsley

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<v Speaker 1>This is Bloomberg Best. Bloomberg Best is about the insight

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<v Speaker 1>and the context that we get from our guests. It's

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<v Speaker 1>Best Bloomberg's Best stories of the week, powered by twenty

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<v Speaker 1>seven hundred journalists and analysts in more than a hundred

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<v Speaker 1>twenty countries around the world. I'm d Baxter and I'm

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<v Speaker 1>Denise Pelligriny. On this weekend edition of Bloomberg Best. We

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<v Speaker 1>can be increasingly optimistic that science will win. Efforts to

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<v Speaker 1>develop a COVID nineteen vaccine gained momentum. The world will

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<v Speaker 1>pay a very big price, not just for COVID, but

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<v Speaker 1>beyond that. If we break trust. Risks are high for

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<v Speaker 1>the drug makers. It is really hard to discover new

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<v Speaker 1>drugs and vaccines. G SK CEO says cooperation is key

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<v Speaker 1>to success. All this and more coming up in the

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<v Speaker 1>next hour of Bloomberg Best. All right, and you know,

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<v Speaker 1>we had a lot of good news on the COVID

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<v Speaker 1>nineteen front, with so many companies reporting progress son of vaccine. Yeah,

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<v Speaker 1>Denis and one of those involved is g SK and

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<v Speaker 1>we had a chance to hear from the company's CEO,

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<v Speaker 1>Emma Walmsley. She spoke on the David Rubinstein Show a

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<v Speaker 1>peer to peer conversations and if it begins here by

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<v Speaker 1>asking Walmsley how many times a day people ask her

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<v Speaker 1>when the company's vaccine will be available? Yes, well, that's

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<v Speaker 1>definitely a very regular question, whether it's from employees, customers,

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<v Speaker 1>government's media or my mother, so very frequently, and obviously

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<v Speaker 1>we've all been delighted to see the very recent news

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<v Speaker 1>of some of the first results that's coming through on

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<v Speaker 1>vaccines yesterday. I was just on a call last night

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<v Speaker 1>with with ten of the global pharma CEOs who are

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<v Speaker 1>all very heavily involved in bringing solutions to COVID, and

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<v Speaker 1>we're really excited and optimistic to see some of the

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<v Speaker 1>first data coming through and looking forward to seeing a

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<v Speaker 1>lot more in the next six months or so. We

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<v Speaker 1>have three vaccines in the clinic and two therapeutic treatments.

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<v Speaker 1>Um everyone is understandably very impatient because I think the

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<v Speaker 1>I m F said it's every month we wipe off

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<v Speaker 1>the pandemic is five billion of value for the world.

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<v Speaker 1>But I think right now we can be increasingly optimistic

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<v Speaker 1>that science will win and our industry that's mobilized so

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<v Speaker 1>fast will start to bring some scale solutions, and we're

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<v Speaker 1>going to need more than one, that's for sure. Now.

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<v Speaker 1>Normally to have a vaccine it takes four to seven years.

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<v Speaker 1>The polio vaccine was seven years. I think Mom Seni

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<v Speaker 1>Bowler was four years. So this has been done in

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<v Speaker 1>basically a year or so. So is it because you

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<v Speaker 1>have so many people working on it that you'll be

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<v Speaker 1>able to do it so quickly or is it less

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<v Speaker 1>complicated than people originally thought? Well, it certainly remains a

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<v Speaker 1>very complicated effort. But when you're facing into a global

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<v Speaker 1>crisis of this scale and this impact, there are many

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<v Speaker 1>reasons that we have been able as an industry to

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<v Speaker 1>mobilize behind getting to some faster solutions. But the real

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<v Speaker 1>the ways you get to go faster are an incredible

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<v Speaker 1>mobilization and partnership with regulators and governments. The fact that

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<v Speaker 1>we have all been parallel pathing work that you might

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<v Speaker 1>normally do sequentially, and that has been through putting capital

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<v Speaker 1>at risk. But we've always and that's why many of

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<v Speaker 1>us signed a commitment around the quality of the work,

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<v Speaker 1>the scale of the trials, and the commitment to safety,

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<v Speaker 1>and wherever the pressure might have understandably come from to

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<v Speaker 1>go faster, we're all very committed to make sure that

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<v Speaker 1>trust in vaccination is maintained, because the world will pay

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<v Speaker 1>a very big price, not just for COVID but beyond that,

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<v Speaker 1>if we break trust in the quality of vaccination. And

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<v Speaker 1>it has frankly been the biggest contribution to human health

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<v Speaker 1>since clean water, and we need to make sure that

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<v Speaker 1>that that's maintained for the future. So some people are

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<v Speaker 1>not willing to take a vaccination. Some people have said

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<v Speaker 1>in surveys the United States, only or less people say

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<v Speaker 1>they want to take this vaccine because they think it's

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<v Speaker 1>either been politicized and not sure it's safe, or some

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<v Speaker 1>people just don't like vaccines anyway. Are you worried that

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<v Speaker 1>people won't take the vaccine, Well, yes, of course I

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<v Speaker 1>do think um and we remain concerned about vaccine hesitancy.

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<v Speaker 1>But we also have to be incredibly respectful about why

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<v Speaker 1>people have these questions. You know, have we been able

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<v Speaker 1>to move fast, have the companies put in the right

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<v Speaker 1>kind of processes and scales of trials, what transparency are

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<v Speaker 1>we going to bring to these processes and why do

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<v Speaker 1>you hear about things being stopped and started? And what

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<v Speaker 1>does all of this mean? So I think we our

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<v Speaker 1>job is to make the commitments we have and we

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<v Speaker 1>have very publicly about that alongside other manufacturers, but but

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<v Speaker 1>also make sure we share data transparently and partner with

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<v Speaker 1>governments who alter ly are those that guide in different

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<v Speaker 1>countries around policies and distributions to to reassure people. And again,

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<v Speaker 1>because you know vaccine, we don't worry about our children

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<v Speaker 1>dying of measles anymore, you can. You know there are

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<v Speaker 1>smallpox is not has been eradicated, Polio nearly so and

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<v Speaker 1>this is because of this incredible contribution to protecting people

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<v Speaker 1>and protecting life is always better than intervening at a

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<v Speaker 1>later stage. Now you have teamed up with the for

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<v Speaker 1>the coronavirus vaccine with Sonophi, which is another large pharmaceutical company.

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<v Speaker 1>I'm just curious why did you team up with someone else?

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<v Speaker 1>You you're the biggest manufacturer of vaccines. Could you not

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<v Speaker 1>have done this yourself? Well, um, I think it's one

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<v Speaker 1>of the great things that we've all seen in many

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<v Speaker 1>industries through this pandemic. Is this incredible collaboration against a

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<v Speaker 1>common competitor or enemy. And when we announced our approaches

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<v Speaker 1>to vaccines development in the beginning of February, we said

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<v Speaker 1>our best chance of the contributing g SK science technology

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<v Speaker 1>and know how was to offer our adjuvant technology it's

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<v Speaker 1>called which helps make other vaccines more effective, and an

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<v Speaker 1>adjuvant technology that has been proven in pandemics to any

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<v Speaker 1>credible partners. So we have three vaccines partnered in the

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<v Speaker 1>clinic with others including Sonophie, because that adjuvant technology is

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<v Speaker 1>proven in pandemic to work on older people and means

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<v Speaker 1>and is a more effective way to get to scale manufacturing,

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<v Speaker 1>which is the other real challenge here. We need to

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<v Speaker 1>probably provide up to fourteen billion doses if we're in

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<v Speaker 1>two dose vaccines to really protect the world, and so

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<v Speaker 1>as well as getting to a safe and effective vaccine,

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<v Speaker 1>we need to get to scale as fast as possible,

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<v Speaker 1>and our route to that was partnership. Okay, there are

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<v Speaker 1>two questions that people often to ask as well about

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<v Speaker 1>whether vaccines are not only going to be available, but

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<v Speaker 1>to whom are they going to be available. First, let's

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<v Speaker 1>suppose you come up with one who gets them first?

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<v Speaker 1>Private equity professionals do they get the first or not

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<v Speaker 1>in the first in line? And secondly, what's it going

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<v Speaker 1>to cost? Well, firstly, these are two fundamental questions. And

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<v Speaker 1>again right from the beginning we said at GSK that

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<v Speaker 1>our principles were around global access, which is why scale

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<v Speaker 1>of manufacturing, getting to billions of doses and having multiple

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<v Speaker 1>vaccine solutions not just the first one off the block matters.

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<v Speaker 1>Some of the new technologies that are being distributed have

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<v Speaker 1>to be distributed at minus seventy degrees I think, which

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<v Speaker 1>is not suitable for going into some of the developing world.

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<v Speaker 1>So we need access and we need responsible pricing, which

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<v Speaker 1>is why we declared that we would not expect to

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<v Speaker 1>profit from any COVID vaccine during the pandemic phase. We

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<v Speaker 1>would reinvest any short term profits in pandemic preparedness donations

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<v Speaker 1>to the developming world. We in terms of who gets it,

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<v Speaker 1>we are contracted to governments in the U, the US, Europe,

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<v Speaker 1>the UK, Canada and others. But we also just recently

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<v Speaker 1>with Sonofi, committed to two hundred million, two hundred million

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<v Speaker 1>doses for Kovacs as a starting point, which is particularly

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<v Speaker 1>about supplying to the developing world where you have many

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<v Speaker 1>vulnerable populations. The first principle should be the people who

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<v Speaker 1>get it first are the people who need it most. Now,

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<v Speaker 1>you are the largest vaccine manufacturer in the world, as

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<v Speaker 1>I understand it. Um some people say that vaccines are

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<v Speaker 1>not the most profitable part of the pharmaceutical industry because,

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<v Speaker 1>as I understand it, with a regular drug that one

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<v Speaker 1>might manufacture, people might take it once a week, once

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<v Speaker 1>a month, or so forth. With vaccines, you take it

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<v Speaker 1>once or twice and you're done. So some people say

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<v Speaker 1>that the pharmaceutical initially doesn't really care about vaccines as

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<v Speaker 1>much as maybe they should. Is that fair and is

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<v Speaker 1>it that profitable business to be in the vaccine business? Well,

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<v Speaker 1>first of all, I think everyone in the world, every family, community, company,

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<v Speaker 1>and country, cares a lot more about vaccines and is

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<v Speaker 1>looking at a lot more now than perhaps we did

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<v Speaker 1>two years ago or a year ago. And we are

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<v Speaker 1>the largest manufacturer. We have more than thirty vaccines. We

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<v Speaker 1>shipped two million vaccines a day. I think we vaccinate

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<v Speaker 1>about of the world's children, and it is a profitable business.

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<v Speaker 1>But it's a business that comes with responsibility around access

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<v Speaker 1>to so why do you think it is that pharmaceutical companies,

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<v Speaker 1>and you're one of the largest pharmaceutical companies in the world,

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<v Speaker 1>generally the public says, maybe they're making too much money

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<v Speaker 1>and maybe your image is not as good as you

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<v Speaker 1>know you would like it to be. Why do you

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<v Speaker 1>think that's happened? And do you think there's anything the

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<v Speaker 1>industry can do to improve its image with the public.

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<v Speaker 1>I think this is a really fundamental question for our

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<v Speaker 1>industry because I mean, you just need to look this

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<v Speaker 1>year at how uh mobilized we've been, what a difference

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<v Speaker 1>we can make, and how much for heal healthcare resilience

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<v Speaker 1>globally our contribution is required. And I am really proud

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<v Speaker 1>of my company, but our industry for the way we've

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<v Speaker 1>tried to collaborate for that. But the fact remains that

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<v Speaker 1>we're still turning up in movies as the industry that

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<v Speaker 1>people have criticisms of. And fundamentally, you can understand why

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<v Speaker 1>there is this when people not just in developing countries

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<v Speaker 1>but in the most powerful countries in the world, they're

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<v Speaker 1>still fighting for access to healthcare for themselves of the

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<v Speaker 1>people they love, and there is this tension, as you say,

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<v Speaker 1>between the human right to access to healthcare, and profits

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<v Speaker 1>in big corporates that perceived tension, and frankly, I think

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<v Speaker 1>the industry hasn't always historically helped itself, either because of

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<v Speaker 1>a small number of egregious acts on pricing or not

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<v Speaker 1>enough transparency about why we do what we how we

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<v Speaker 1>do what we do, and why it matters. And I

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<v Speaker 1>think that what we can do about that is to

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<v Speaker 1>do a better job of fulfilling our purpose two protect

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<v Speaker 1>health find new solutions to fight new diseases responsibly, so

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<v Speaker 1>partnering with governments to help address out of pocket challenges.

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<v Speaker 1>To bring more transparency and stability to how people can

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<v Speaker 1>engage with healthcare, to champion access across the world, to

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<v Speaker 1>be responsible always in our pricing, to bring transparency to

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<v Speaker 1>the way we work, but also do a better job

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<v Speaker 1>of showing why it matters to everybody that we do

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<v Speaker 1>that profitably. Because one in two of us gets cancer,

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<v Speaker 1>one in three of us, maybe it's one and two two,

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<v Speaker 1>It doesn't matter how successful all the people are that

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<v Speaker 1>you interview with that we don't have treatments for dementia

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<v Speaker 1>and Alzheimer's, and we need to keep fighting and investing

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<v Speaker 1>to be able to solve these problems for the future.

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<v Speaker 1>So is it cheaper and easier for a company like

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<v Speaker 1>GSK to go buy somebody that has already made a

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<v Speaker 1>product and put it into your system rather than try

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<v Speaker 1>to develop it yourself. Because I realized that it takes

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<v Speaker 1>ten years or more to develop a products. So is

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<v Speaker 1>it easier sometimes and better to go buy something? And

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<v Speaker 1>how do you see the trade offs between the two?

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<v Speaker 1>What we're all working hard to do and it is

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<v Speaker 1>get to a better quality pipeline. And it would be

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<v Speaker 1>incredibly arrogant to think, you know, all the world's best

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<v Speaker 1>scientists sit inside your company, which is why business development

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<v Speaker 1>and m and A is so common in our industry.

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<v Speaker 1>The other thing to remember is that because of the

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<v Speaker 1>patent cliff model in Farmer, you are having to read

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<v Speaker 1>and it's another reason why as well as delivering on

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<v Speaker 1>our purpose responsibly, we have to do it profitably. You

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<v Speaker 1>are having to reinvent your portfolio on a rolling decade basis.

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<v Speaker 1>Because we invest in the innovation, we build that drug

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<v Speaker 1>and then rightly it comes off patent can be genericized

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<v Speaker 1>and the sales are lost, you know, very aggressively and quickly.

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<v Speaker 1>Now you're a member of the Microsoft board. So I

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<v Speaker 1>assume you have a fair degree of background now in

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<v Speaker 1>technology and I T and other things like that. How

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<v Speaker 1>have you been able to apply that to what you're

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<v Speaker 1>doing at GSK. Well, I would never describe myself as

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<v Speaker 1>having a background in technology and I TUM and I'm

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<v Speaker 1>I'm absolutely sure that was not why I always brought

0:13:40.400 --> 0:13:44.200
<v Speaker 1>onto the Microsoft board. But it's an extraordinary company doing

0:13:44.440 --> 0:13:48.560
<v Speaker 1>extraordinary things in an incredibly responsible way at a time

0:13:48.640 --> 0:13:54.079
<v Speaker 1>when technology is changing the world and an industries, and

0:13:54.320 --> 0:13:58.320
<v Speaker 1>I believe can be an incredible force for good. Um,

0:13:58.400 --> 0:14:01.320
<v Speaker 1>you know, I it'll be interesting to see what we

0:14:01.360 --> 0:14:05.880
<v Speaker 1>look back on the twenties as as standing for and

0:14:06.360 --> 0:14:09.920
<v Speaker 1>meaning and what evolved. No doubt loads of people will

0:14:09.960 --> 0:14:12.199
<v Speaker 1>be writing books about how to lead through a COVID crisis,

0:14:12.200 --> 0:14:15.920
<v Speaker 1>But I think most of us believe that there will

0:14:15.960 --> 0:14:20.720
<v Speaker 1>be other, you know, huge global issues that will have

0:14:20.840 --> 0:14:24.760
<v Speaker 1>to address, like climate change and inclusive economic recovery, etcetera.

0:14:26.240 --> 0:14:29.840
<v Speaker 1>But I also believe health resilience will be on the agenda.

0:14:30.200 --> 0:14:35.160
<v Speaker 1>And the advances that the world has seen in biology,

0:14:35.360 --> 0:14:38.920
<v Speaker 1>all of the genetics and genomics data that's coming through

0:14:39.360 --> 0:14:42.800
<v Speaker 1>at the same time as the advances the world are

0:14:42.840 --> 0:14:47.280
<v Speaker 1>seen in AI and machine learning combined together have a

0:14:47.360 --> 0:14:51.760
<v Speaker 1>real real shot over the next decade to improve the

0:14:51.880 --> 0:14:56.760
<v Speaker 1>productivity of R and D and science in my industry incredibly.

0:14:57.400 --> 0:15:02.680
<v Speaker 1>You know, it is really hard to discover new drugs

0:15:02.760 --> 0:15:07.040
<v Speaker 1>and vaccines of them fail. It takes a long time. Obviously,

0:15:07.080 --> 0:15:10.440
<v Speaker 1>the world is mobilized right now to get to faster solutions,

0:15:10.520 --> 0:15:12.480
<v Speaker 1>and I hope we learned lessons in a way we

0:15:12.520 --> 0:15:16.400
<v Speaker 1>partner with regulators and use new technologies to to to

0:15:17.400 --> 0:15:21.400
<v Speaker 1>permanently accelerate some of these processes. But the opportunity to

0:15:21.600 --> 0:15:28.360
<v Speaker 1>use technology to do it, to identify and the enormous

0:15:28.400 --> 0:15:32.760
<v Speaker 1>amounts of data to identify better quality targets, so we

0:15:32.800 --> 0:15:36.200
<v Speaker 1>have a biological targets, so we have a higher probability

0:15:36.240 --> 0:15:41.720
<v Speaker 1>of success of developing better medicines faster for these enormous

0:15:41.760 --> 0:15:44.000
<v Speaker 1>unmet needs in the world. I think we'll be defining

0:15:44.000 --> 0:15:48.240
<v Speaker 1>for the next decade. When you grew up, UM, you

0:15:48.320 --> 0:15:53.400
<v Speaker 1>went to Oxford and you majored in UM modern languages

0:15:53.480 --> 0:15:56.760
<v Speaker 1>and classics. And as a general rule of most people

0:15:56.840 --> 0:16:01.760
<v Speaker 1>running pharmaceutical companies are not majors in classic or Romance languages.

0:16:01.800 --> 0:16:03.760
<v Speaker 1>So when you were in Oxford. Did you say you

0:16:03.800 --> 0:16:06.120
<v Speaker 1>wanted to do what you're now doing or do you

0:16:06.160 --> 0:16:08.680
<v Speaker 1>what was your career ambition? Yeah, I think it would

0:16:08.680 --> 0:16:11.000
<v Speaker 1>be fair to say that I spent most of my

0:16:11.360 --> 0:16:13.840
<v Speaker 1>time and my master's looking at Latin poetry, which was

0:16:13.880 --> 0:16:20.120
<v Speaker 1>not an obvious path towards this destiny so far. And honestly,

0:16:20.240 --> 0:16:23.560
<v Speaker 1>I am probably the person you've interviewed who had the

0:16:23.680 --> 0:16:28.600
<v Speaker 1>least strategic career plan ever. I am. My entire work

0:16:28.800 --> 0:16:34.480
<v Speaker 1>experience up until I left all studies was waitressing. I

0:16:34.560 --> 0:16:37.920
<v Speaker 1>never had, you know, any kind of internship or anything

0:16:37.960 --> 0:16:40.320
<v Speaker 1>like that. I went into consultancy for a few years

0:16:40.320 --> 0:16:43.760
<v Speaker 1>because I needed to pay off my debts, and and

0:16:43.800 --> 0:16:47.960
<v Speaker 1>then because I spoke French, I was shot in charge

0:16:47.960 --> 0:16:53.560
<v Speaker 1>of benchmarking Laurel and I just got super curious about

0:16:53.560 --> 0:16:55.400
<v Speaker 1>that industry, and then took a pake up to go

0:16:55.440 --> 0:16:58.520
<v Speaker 1>and be the assistant assistant product manager on a home

0:16:58.560 --> 0:17:03.240
<v Speaker 1>hair color, and then spent seventeen years going all around

0:17:03.280 --> 0:17:07.040
<v Speaker 1>the world, just tremendous opportunities, living and working in Paris,

0:17:07.080 --> 0:17:09.720
<v Speaker 1>in New York for five years, and then in China

0:17:10.320 --> 0:17:12.520
<v Speaker 1>um and never thought I'd leave, And then had one

0:17:12.560 --> 0:17:15.680
<v Speaker 1>of those kind of accidental meetings at the time in Shanghai,

0:17:16.840 --> 0:17:21.840
<v Speaker 1>Ah with the then CEO of GSK who explained, explained

0:17:21.840 --> 0:17:24.800
<v Speaker 1>and convinced me that I should move into the consumer

0:17:24.840 --> 0:17:31.760
<v Speaker 1>business at GSK UM and I couldn't resist the chance

0:17:31.880 --> 0:17:37.200
<v Speaker 1>to pursue. I thought of a business with an incredibly

0:17:37.280 --> 0:17:42.399
<v Speaker 1>important and impactful purpose, UM, which is health and and

0:17:42.440 --> 0:17:44.439
<v Speaker 1>also have the chance to run a global division. I

0:17:44.480 --> 0:17:46.320
<v Speaker 1>had no idea that that would then lead to this,

0:17:46.440 --> 0:17:49.760
<v Speaker 1>but it's been exciting so far. So what did your

0:17:49.800 --> 0:17:52.520
<v Speaker 1>family say when you said I'm going to be in

0:17:52.560 --> 0:17:58.480
<v Speaker 1>the pharmaceutical or healthcare business? Um? Well, my family, because

0:17:58.720 --> 0:18:01.760
<v Speaker 1>I had four children, we were living in in in

0:18:01.800 --> 0:18:03.920
<v Speaker 1>Shanghai and China, and I said, guess what, I've got

0:18:03.920 --> 0:18:06.760
<v Speaker 1>a new idea. We're not completely thrilled at the prospects

0:18:06.800 --> 0:18:11.959
<v Speaker 1>of the time, but they, uh, And then you know, obviously, Um,

0:18:12.160 --> 0:18:15.280
<v Speaker 1>I mean, I grew up my father was in the

0:18:15.359 --> 0:18:18.280
<v Speaker 1>Navy his whole career. I grew up in a in

0:18:18.320 --> 0:18:22.359
<v Speaker 1>a military family where there was a tremendous sense of

0:18:22.480 --> 0:18:27.600
<v Speaker 1>work ethic and duty and responsibility. And and I think, um,

0:18:27.640 --> 0:18:32.040
<v Speaker 1>you know, they were incredibly proud when we eventually came

0:18:32.080 --> 0:18:34.480
<v Speaker 1>back to the UK after being out for ten years

0:18:34.680 --> 0:18:38.399
<v Speaker 1>and excited to see the work that we've been doing since.

0:18:38.600 --> 0:18:41.240
<v Speaker 1>So you're a consumer healthcare specialists in addition to a

0:18:41.440 --> 0:18:44.720
<v Speaker 1>being a classics person in a modern language person. But

0:18:44.880 --> 0:18:47.880
<v Speaker 1>then you in effect sold off or you've joint ventured

0:18:47.880 --> 0:18:50.679
<v Speaker 1>your consumer healthcare business. Did you ever expect when you

0:18:50.720 --> 0:18:53.640
<v Speaker 1>came to GSK that you would actually not be doing

0:18:53.680 --> 0:18:57.520
<v Speaker 1>consumer healthcare and you'd be doing the traditional pharmaceutical healthcare. Well,

0:18:57.520 --> 0:19:00.760
<v Speaker 1>the short answer that is no, But I'm incredible excited

0:19:01.720 --> 0:19:06.639
<v Speaker 1>to see, frankly, the creation of two world leading businesses

0:19:06.800 --> 0:19:12.240
<v Speaker 1>and UM in consumer health We built the joint venture

0:19:12.320 --> 0:19:15.200
<v Speaker 1>with Visor and declared at the time of doing that

0:19:15.320 --> 0:19:20.080
<v Speaker 1>deal that we would buy around mid twenty two separate

0:19:20.160 --> 0:19:23.640
<v Speaker 1>that company out to be an independent company because it's

0:19:23.680 --> 0:19:30.280
<v Speaker 1>the only UH stand alone dedicated to consumer healthcare consumer

0:19:30.320 --> 0:19:33.280
<v Speaker 1>products company in the world. It's got leading positions in

0:19:33.400 --> 0:19:39.199
<v Speaker 1>leading markets and leading UH categories, and frankly having it

0:19:40.320 --> 0:19:44.880
<v Speaker 1>inside as a slightly invisible division a much bigger company

0:19:44.960 --> 0:19:47.720
<v Speaker 1>whose number one priority is to