1
00:00:02,440 --> 00:00:07,640
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. All right, let's go

2
00:00:07,640 --> 00:00:11,280
Speaker 1: over now to Washington, because David Rubinstein is just about

3
00:00:11,280 --> 00:00:15,080
Speaker 1: to begin speaking with Eli Lilly's CEO, and this is

4
00:00:15,120 --> 00:00:17,959
Speaker 1: taking place at the Economic Club of Washington. We're going

5
00:00:18,040 --> 00:00:21,120
Speaker 1: to check in with them as a begin to speak.

6
00:00:21,280 --> 00:00:22,000
Speaker 2: Let's listen in.

7
00:00:22,760 --> 00:00:25,760
Speaker 3: Right, I don't know one's paid more than me, but yeah,

8
00:00:26,200 --> 00:00:28,200
Speaker 3: well he shouldn't be paid more than you. But okay,

9
00:00:28,720 --> 00:00:33,000
Speaker 3: so let's talk about these phenomenon that's changed the world

10
00:00:33,159 --> 00:00:37,040
Speaker 3: to some extent. Which is the anti obesity drug. Now,

11
00:00:37,080 --> 00:00:40,440
Speaker 3: to make sure everybody's on the same page links, what

12
00:00:40,600 --> 00:00:42,920
Speaker 3: is the name of your anti obesit drug?

13
00:00:43,280 --> 00:00:48,080
Speaker 4: Okay, so the name is zep bound. The active ingredients

14
00:00:48,080 --> 00:00:49,080
Speaker 4: called their zeppatide.

15
00:00:50,200 --> 00:00:52,120
Speaker 5: So, by the way, who comes up with these names?

16
00:00:52,120 --> 00:00:53,360
Speaker 5: Where do you raise names?

17
00:00:53,640 --> 00:00:55,000
Speaker 2: Not me, David, not me.

18
00:00:55,240 --> 00:00:58,279
Speaker 4: No, it's it's more complicated than we want to talk

19
00:00:58,280 --> 00:01:00,880
Speaker 4: about here. But we can't have names that are similar

20
00:01:00,960 --> 00:01:03,600
Speaker 4: to each other because doctors make prescribing ers. We can't

21
00:01:03,600 --> 00:01:05,960
Speaker 4: have names that make claims about what the drug does,

22
00:01:06,000 --> 00:01:08,559
Speaker 4: and we can't have names that only work in English.

23
00:01:08,640 --> 00:01:10,559
Speaker 2: So we end up with these strange sounding names.

24
00:01:10,760 --> 00:01:14,840
Speaker 3: Ok So, as I understand that number of years ago

25
00:01:14,920 --> 00:01:17,800
Speaker 3: you can tell us how many somebody was working on

26
00:01:17,840 --> 00:01:22,920
Speaker 3: a diabetes related drug and that drug ultimately got.

27
00:01:22,720 --> 00:01:24,120
Speaker 5: To be approved by the FDA.

28
00:01:24,760 --> 00:01:28,280
Speaker 3: But somebody discovered that actually helps you reduce weight. When

29
00:01:28,400 --> 00:01:30,640
Speaker 3: was that discovered and was that ever the intention when

30
00:01:30,640 --> 00:01:31,840
Speaker 3: the drug was being developed?

31
00:01:32,200 --> 00:01:33,479
Speaker 2: Yeah, pretty early on.

32
00:01:33,640 --> 00:01:36,360
Speaker 4: So we launched the first GLP one medication in the

33
00:01:36,400 --> 00:01:37,440
Speaker 4: world in two thousand and five.

34
00:01:37,480 --> 00:01:38,679
Speaker 2: It was called extend the Tide.

35
00:01:39,040 --> 00:01:41,800
Speaker 4: It was a twice daily injection and it was indicated

36
00:01:41,800 --> 00:01:45,360
Speaker 4: for people with diabetes. Like a lot of things in medicine,

37
00:01:45,480 --> 00:01:47,960
Speaker 4: there's like iterative steps of improvement that occurred.

38
00:01:47,960 --> 00:01:49,200
Speaker 2: But that was the first effort.

39
00:01:49,480 --> 00:01:51,600
Speaker 4: On the cover of our the next year, our annual

40
00:01:51,600 --> 00:01:53,400
Speaker 4: report is a woman who was using the drug and

41
00:01:53,480 --> 00:01:55,880
Speaker 4: she said, my diabetes is under control, and I noticed

42
00:01:55,880 --> 00:01:58,040
Speaker 4: I'm losing a little weight. Actually two thousand and six,

43
00:01:58,360 --> 00:02:01,120
Speaker 4: it's a cover of our anal report. But we had

44
00:02:01,120 --> 00:02:05,160
Speaker 4: to improve the medicines to really make them effective for

45
00:02:05,200 --> 00:02:10,120
Speaker 4: weight loss. One big improvement was to make them weekly.

46
00:02:10,360 --> 00:02:16,120
Speaker 4: That's a convenience benefit, but even more important, the action

47
00:02:16,200 --> 00:02:19,160
Speaker 4: of the medicine flatter, meaning more consistent through the day

48
00:02:19,200 --> 00:02:21,560
Speaker 4: and night. When we had it twice a day, there

49
00:02:21,560 --> 00:02:24,520
Speaker 4: were ups and downs, and one effect of GLP one

50
00:02:24,600 --> 00:02:28,600
Speaker 4: medications is they cause nausea and other gi distress. That's

51
00:02:28,600 --> 00:02:31,119
Speaker 4: a function of the up and down in your system.

52
00:02:31,440 --> 00:02:33,320
Speaker 4: So when we made it weekly, it was flatter and

53
00:02:33,360 --> 00:02:36,760
Speaker 4: we could dose higher to see more weight loss. So

54
00:02:36,800 --> 00:02:39,160
Speaker 4: that was sort of an accidental breakthrough of trying to

55
00:02:39,160 --> 00:02:41,519
Speaker 4: make a more convenient form.

56
00:02:41,600 --> 00:02:44,080
Speaker 3: So now there's another company that is sort of in

57
00:02:44,120 --> 00:02:48,919
Speaker 3: the same business, Novode nord Is Yes, which is in Denmark,

58
00:02:49,480 --> 00:02:52,960
Speaker 3: and they have a similar product, and they have a

59
00:02:53,080 --> 00:02:56,160
Speaker 3: product that does the same thing. One is for o

60
00:02:56,600 --> 00:03:00,320
Speaker 3: antiobesity and one is for diabetes and correct is there

61
00:03:00,400 --> 00:03:03,600
Speaker 3: really any difference between the two of your drugs In

62
00:03:03,680 --> 00:03:05,079
Speaker 3: terms of the drugs, there are.

63
00:03:05,120 --> 00:03:07,840
Speaker 4: There's no difference really between the name the drug that's

64
00:03:07,919 --> 00:03:10,640
Speaker 4: named for diabetes versus name for Obesit for either company.

65
00:03:10,680 --> 00:03:12,800
Speaker 4: We do that for insurance reasons. We could talk about.

66
00:03:13,240 --> 00:03:16,520
Speaker 4: But trezepetide is the latest version. It has two modes

67
00:03:16,520 --> 00:03:19,280
Speaker 4: of action. So and by the way, we're having a

68
00:03:19,280 --> 00:03:22,919
Speaker 4: conversation about weight loss medications. Right after you just ate lunch,

69
00:03:23,760 --> 00:03:26,960
Speaker 4: and I know that that may cost some anxiety, but

70
00:03:28,080 --> 00:03:31,399
Speaker 4: right now because you just ate lunch, your GI track

71
00:03:31,560 --> 00:03:33,160
Speaker 4: is communicating with the rest of your body.

72
00:03:33,200 --> 00:03:34,120
Speaker 2: It's communicating with.

73
00:03:34,080 --> 00:03:37,440
Speaker 4: Hormones or proteins and telling it that you've been fed

74
00:03:37,880 --> 00:03:40,720
Speaker 4: and you need to absorb nutrients and other things that

75
00:03:40,800 --> 00:03:45,040
Speaker 4: are essentible life because food is essential life. What we're

76
00:03:45,080 --> 00:03:47,960
Speaker 4: doing is boosting some of those signals with these medications.

77
00:03:48,280 --> 00:03:51,680
Speaker 4: They're boosting the signal that you're full, boosting the signal

78
00:03:51,680 --> 00:03:53,200
Speaker 4: that you no longer want to eat more in boosting

79
00:03:53,240 --> 00:03:57,320
Speaker 4: signals that you should absorb nutrients that you've consumed, and

80
00:03:57,360 --> 00:04:00,800
Speaker 4: so ours does that with two different hormones, one called

81
00:04:00,840 --> 00:04:04,960
Speaker 4: GLP one, another new one called gip ozepic or semaglue

82
00:04:05,000 --> 00:04:06,320
Speaker 4: tide just uses GLP one.

83
00:04:06,720 --> 00:04:09,120
Speaker 3: But what the drug does is what it tells your

84
00:04:09,160 --> 00:04:11,240
Speaker 3: body you're full when you're maybe not as full as

85
00:04:11,280 --> 00:04:11,800
Speaker 3: you used to be.

86
00:04:12,440 --> 00:04:17,640
Speaker 4: Yeah, well, so it tells your body your full, and

87
00:04:18,000 --> 00:04:21,600
Speaker 4: it does that to the brain sense of saiety. Probably

88
00:04:21,640 --> 00:04:26,080
Speaker 4: we've learned over time our sense of fullness becomes conditional.

89
00:04:26,600 --> 00:04:30,800
Speaker 4: So as people eat more habitually, that signal kicks in

90
00:04:30,880 --> 00:04:35,560
Speaker 4: later and later, and that's a cause and consequence of obesity.

91
00:04:36,320 --> 00:04:39,080
Speaker 4: It does other things too, It actually makes your stomach

92
00:04:39,560 --> 00:04:43,440
Speaker 4: fuller because it slows gastric motility, so it slows down

93
00:04:43,480 --> 00:04:49,360
Speaker 4: your nutrients, which seems counterintuitive, but when you eat in

94
00:04:49,640 --> 00:04:51,800
Speaker 4: when we our ancestors were alive ten thousand years ago,

95
00:04:51,880 --> 00:04:53,680
Speaker 4: meals were rare and you want to absorb all the

96
00:04:53,760 --> 00:04:56,400
Speaker 4: nutrients out of it. So that signal said, absorb the nutrients.

97
00:04:56,520 --> 00:04:56,800
Speaker 2: All right.

98
00:04:56,800 --> 00:04:59,120
Speaker 3: I don't want to confuse people, but there are four

99
00:04:59,279 --> 00:05:01,920
Speaker 3: different names that people should know for these drugs. Now

100
00:05:01,960 --> 00:05:05,120
Speaker 3: you have an anti BCD drug which is called what

101
00:05:05,400 --> 00:05:07,680
Speaker 3: zep bound bound, and then you have a diabetes drug

102
00:05:07,720 --> 00:05:08,120
Speaker 3: which is.

103
00:05:08,040 --> 00:05:10,839
Speaker 2: Called Manjaro, same medicine, different.

104
00:05:10,600 --> 00:05:11,520
Speaker 5: Name, different names.

105
00:05:11,760 --> 00:05:15,120
Speaker 3: And then Novo Nordis Nordisk has two drugs.

106
00:05:15,320 --> 00:05:18,680
Speaker 2: Their names are Ozempic and we go vy All.

107
00:05:18,760 --> 00:05:21,440
Speaker 4: Both are semiglue tide, same medicine, two different names.

108
00:05:21,600 --> 00:05:24,920
Speaker 3: But the confusing thing is Ozempic is like it's like

109
00:05:24,960 --> 00:05:27,600
Speaker 3: a generic name. People say, I'm on ozempic. Ozempic is

110
00:05:27,640 --> 00:05:31,160
Speaker 3: not the anti obesity drug, it's the diabetes ibtes drug.

111
00:05:31,240 --> 00:05:33,960
Speaker 5: So why is it? Why don't people get the right names?

112
00:05:36,040 --> 00:05:39,960
Speaker 2: Should we blame the media? I don't know. It was

113
00:05:40,000 --> 00:05:40,920
Speaker 2: the first.

114
00:05:42,440 --> 00:05:46,360
Speaker 4: Drug that began to be used off label for obesity,

115
00:05:47,800 --> 00:05:50,680
Speaker 4: and again it was a flat once a week, and

116
00:05:50,680 --> 00:05:53,440
Speaker 4: people discovered if I just give take more than prescribed,

117
00:05:53,680 --> 00:05:56,080
Speaker 4: I can lose more weight. And then Novo did a

118
00:05:56,120 --> 00:05:59,720
Speaker 4: study credit to them that showed clinically that people lose

119
00:05:59,760 --> 00:06:00,880
Speaker 4: clin meaningful.

120
00:06:00,640 --> 00:06:02,480
Speaker 2: Weight on their medicine.

121
00:06:02,520 --> 00:06:04,600
Speaker 4: You lose you know, thirteen to fifteen percent of your

122
00:06:04,600 --> 00:06:07,560
Speaker 4: body weight. On ours, you lose you know, twenty to

123
00:06:07,600 --> 00:06:08,440
Speaker 4: twenty six percent.

124
00:06:08,520 --> 00:06:10,440
Speaker 3: Well, let me go through that again, because there was

125
00:06:10,440 --> 00:06:12,400
Speaker 3: a study. It was just came out a couple of

126
00:06:12,520 --> 00:06:15,520
Speaker 3: days ago. I think that said one on one comparing

127
00:06:15,600 --> 00:06:21,360
Speaker 3: the two. Your drug anti obese drug loses weight more

128
00:06:21,480 --> 00:06:23,919
Speaker 3: rapidly for people than the other product.

129
00:06:23,960 --> 00:06:25,720
Speaker 2: Is that rapidly? And more so?

130
00:06:26,000 --> 00:06:29,320
Speaker 4: Forty seven percent more so After a year and a half, roughly,

131
00:06:29,680 --> 00:06:31,680
Speaker 4: people on our drug loss seventeen more.

132
00:06:31,600 --> 00:06:33,200
Speaker 2: Pounds then on we go.

133
00:06:33,240 --> 00:06:35,720
Speaker 3: I know people need to lose so much weight in

134
00:06:35,760 --> 00:06:38,400
Speaker 3: this country. Our country has as I got it right,

135
00:06:38,520 --> 00:06:41,400
Speaker 3: seventy five percent of the people are overweight and forty

136
00:06:41,400 --> 00:06:44,240
Speaker 3: two percent are obese. When did that happen when we

137
00:06:44,279 --> 00:06:46,920
Speaker 3: went to no fat fruit? Or when did all of

138
00:06:46,960 --> 00:06:48,600
Speaker 3: a sudden we become so obese?

139
00:06:49,240 --> 00:06:52,240
Speaker 4: Yeah, if you look at the epidemiology charts. It really

140
00:06:52,440 --> 00:06:56,279
Speaker 4: seems to have started in the sixties growth in overweight

141
00:06:56,320 --> 00:07:00,400
Speaker 4: and obesit in the country, and really excel righted in

142
00:07:00,400 --> 00:07:01,480
Speaker 4: the eighties and nineties.

143
00:07:01,920 --> 00:07:04,719
Speaker 2: So what are the reasons?

144
00:07:04,960 --> 00:07:09,279
Speaker 4: How we live certainly is one of them, and energy

145
00:07:09,279 --> 00:07:11,960
Speaker 4: expenditure has to be part of the story. What we eat, though,

146
00:07:12,400 --> 00:07:15,960
Speaker 4: is probably a more important reason, not just the quantity

147
00:07:16,000 --> 00:07:20,160
Speaker 4: which has risen modestly through that period of time, but

148
00:07:20,240 --> 00:07:23,040
Speaker 4: actually what's in our food has changed, and I think

149
00:07:23,080 --> 00:07:25,160
Speaker 4: that's also attributed to this.

150
00:07:25,320 --> 00:07:26,640
Speaker 5: All right, So back to the drug.

151
00:07:27,200 --> 00:07:30,440
Speaker 3: When you realized it could lose weight, did you get

152
00:07:30,440 --> 00:07:32,960
Speaker 3: the FDA to say, yes, it can be prescribed for

153
00:07:33,080 --> 00:07:35,680
Speaker 3: losing weight or it's still you can't get that prescribed

154
00:07:35,680 --> 00:07:35,920
Speaker 3: for you.

155
00:07:36,240 --> 00:07:36,400
Speaker 2: No.

156
00:07:36,400 --> 00:07:36,480
Speaker 6: No.

157
00:07:36,800 --> 00:07:39,560
Speaker 4: As of last year, we zetbound launched It's for weight

158
00:07:39,600 --> 00:07:41,840
Speaker 4: loss for people who have high body weight.

159
00:07:42,280 --> 00:07:45,920
Speaker 3: And do insurance companies reimburse people for the cost of

160
00:07:45,960 --> 00:07:46,640
Speaker 3: these drugs?

161
00:07:46,840 --> 00:07:52,640
Speaker 4: Some do, more should so as of today, the federal

162
00:07:52,640 --> 00:07:56,000
Speaker 4: government actually has a prohibition on reimbursing any of these drugs,

163
00:07:57,080 --> 00:07:59,720
Speaker 4: which is a problem I think, although the Biden administration

164
00:07:59,880 --> 00:08:03,280
Speaker 4: just advanced rulemaking to change that. That's good news and

165
00:08:03,320 --> 00:08:06,920
Speaker 4: we hope the next administration will continue that process. Seventeen

166
00:08:06,960 --> 00:08:10,240
Speaker 4: states in their Medicaid program have decided to step outside

167
00:08:10,240 --> 00:08:13,400
Speaker 4: of that federal rule and reimburse them anyway. So California

168
00:08:13,600 --> 00:08:17,440
Speaker 4: just started, for instance, Massachusetts, other states and then about

169
00:08:17,480 --> 00:08:22,200
Speaker 4: sixty percent of employers have some form of reimbursement.

170
00:08:22,520 --> 00:08:25,960
Speaker 3: So if losing weight makes you healthier, why would people

171
00:08:25,960 --> 00:08:29,800
Speaker 3: who care about insurance reimbursement medicare and not insist on

172
00:08:30,480 --> 00:08:32,240
Speaker 3: paying for this because it would make you healthier and

173
00:08:32,280 --> 00:08:34,480
Speaker 3: therefore you don't have other diseases you have that they

174
00:08:34,480 --> 00:08:35,360
Speaker 3: have to reimburse you for.

175
00:08:35,600 --> 00:08:37,320
Speaker 4: I think in four or five years, we'll look back

176
00:08:37,320 --> 00:08:40,320
Speaker 4: and say, yeah, that's what should have happened, and it's

177
00:08:40,320 --> 00:08:43,040
Speaker 4: silly that we don't pay for what is already known

178
00:08:43,120 --> 00:08:45,839
Speaker 4: to be a primary contributor to poor health, which is

179
00:08:45,880 --> 00:08:46,720
Speaker 4: excess body weight.

180
00:08:47,120 --> 00:08:50,360
Speaker 2: But you do, people have different motives and incentives.

181
00:08:50,640 --> 00:08:54,280
Speaker 4: As you know, we re enroll in commercial assurance every year.

182
00:08:54,440 --> 00:08:57,160
Speaker 4: So unfortunately, I don't think insurance companies have your best

183
00:08:57,160 --> 00:09:01,720
Speaker 4: interest at heart. Maybe that's tough to say, but they

184
00:09:01,840 --> 00:09:03,800
Speaker 4: really think about it in one year increments and the

185
00:09:03,800 --> 00:09:06,280
Speaker 4: benefits surely will play out over a longer period of time.

186
00:09:06,559 --> 00:09:09,200
Speaker 4: Maybe your employer has a stronger interest in your long

187
00:09:09,280 --> 00:09:12,240
Speaker 4: term health. That's probably why many have stepped forward.

188
00:09:12,320 --> 00:09:13,040
Speaker 2: And then evidence.

189
00:09:13,080 --> 00:09:15,400
Speaker 4: Our job is to make the evidence produce the evidence

190
00:09:15,440 --> 00:09:18,400
Speaker 4: that we're not just having people lose weight, but losing

191
00:09:18,440 --> 00:09:21,240
Speaker 4: weight with our medicine causes improved health. And we have

192
00:09:21,280 --> 00:09:23,599
Speaker 4: many studies out this year that are demonstrating that.

193
00:09:23,800 --> 00:09:26,920
Speaker 3: So to take this medicine, you have to inject yourself, correct.

194
00:09:26,880 --> 00:09:28,720
Speaker 5: Us, Yeah, well why not just go to a pill?

195
00:09:29,679 --> 00:09:32,920
Speaker 2: A great idea. Yeah, we're working on that.

196
00:09:34,320 --> 00:09:37,560
Speaker 4: The injection you have to inject because it's a protein

197
00:09:37,679 --> 00:09:41,959
Speaker 4: and if we orally take proteins, your body thinks it's

198
00:09:41,960 --> 00:09:44,600
Speaker 4: food and it breaks up proteins, so you cannot really

199
00:09:44,600 --> 00:09:46,640
Speaker 4: take these drugs or eily. You have to bypass the

200
00:09:46,640 --> 00:09:49,760
Speaker 4: GI track even though it's affecting, and go right to

201
00:09:49,800 --> 00:09:52,880
Speaker 4: the bloodstream. But we are working on a pill. We'll

202
00:09:52,880 --> 00:09:56,040
Speaker 4: have some data actually as early as next year. It's

203
00:09:56,040 --> 00:09:58,000
Speaker 4: a GLP one only it's a single acting It's not

204
00:09:58,040 --> 00:09:59,599
Speaker 4: going to be as good as yours appetiteer as that

205
00:09:59,679 --> 00:10:02,520
Speaker 4: found be about as good as oozempic, we hope, and

206
00:10:02,559 --> 00:10:03,960
Speaker 4: this would be a once daily pill.

207
00:10:04,000 --> 00:10:06,240
Speaker 2: That'll be a fantastic innovation.

208
00:10:06,320 --> 00:10:09,160
Speaker 3: So when you have drugs that are very very popular

209
00:10:09,880 --> 00:10:13,400
Speaker 3: that you often have people that make counterfeit or copycat drugs.

210
00:10:13,920 --> 00:10:16,880
Speaker 3: We see them on television all the time advertise, right,

211
00:10:17,320 --> 00:10:19,440
Speaker 3: what about for this do you have to worry about

212
00:10:19,480 --> 00:10:21,800
Speaker 3: counterfeit drugs coming in that are trying to say the

213
00:10:21,800 --> 00:10:22,199
Speaker 3: same thing.

214
00:10:22,320 --> 00:10:24,880
Speaker 4: It's a terrible problem right now, actually, because I think

215
00:10:24,920 --> 00:10:26,480
Speaker 4: consumers don't really know.

216
00:10:26,600 --> 00:10:27,920
Speaker 2: The dangers or the difference.

217
00:10:29,040 --> 00:10:32,720
Speaker 4: Today, the FDA and the government has allowed this to

218
00:10:32,880 --> 00:10:36,320
Speaker 4: sort of grow. And of course a weight loss medication

219
00:10:36,360 --> 00:10:38,520
Speaker 4: that's effective would be a popular thing for people to

220
00:10:38,880 --> 00:10:41,320
Speaker 4: go around the healthier system and seek treatment on their own.

221
00:10:41,960 --> 00:10:43,960
Speaker 4: But the data we have is that eighty percent of

222
00:10:44,000 --> 00:10:47,400
Speaker 4: these medicines are coming out of China from unapproved and

223
00:10:47,480 --> 00:10:52,600
Speaker 4: unregulated sources. We recently with Borders and Customs seized a

224
00:10:52,760 --> 00:10:57,640
Speaker 4: big batch that was shipped in dog food. People then

225
00:10:57,720 --> 00:11:01,800
Speaker 4: reformulate them and sell them locally in meds and other outfits.

226
00:11:01,840 --> 00:11:04,080
Speaker 4: But you really don't know what's in that bile. We

227
00:11:04,120 --> 00:11:08,000
Speaker 4: buy them and test them, we find bacteria, plant material, viruses, fungus.

228
00:11:08,600 --> 00:11:09,600
Speaker 2: You do not want to be using.

229
00:11:09,880 --> 00:11:13,320
Speaker 3: See, But these counterfeit drugs are not like they're cheaper.

230
00:11:13,840 --> 00:11:16,480
Speaker 3: They're cheaper because they don't have the same ingredients I assume.

231
00:11:16,760 --> 00:11:19,839
Speaker 3: But how much more expensive are your drugs than the

232
00:11:20,360 --> 00:11:22,520
Speaker 3: counterfeit ones? In other words, if somebody wants to use

233
00:11:23,600 --> 00:11:27,720
Speaker 3: your product, zep bound, how much does it cost a month?

234
00:11:27,840 --> 00:11:30,000
Speaker 4: You can buy zet bound direct from Lily for three

235
00:11:30,120 --> 00:11:31,840
Speaker 4: ninety nine for the starter dose.

236
00:11:31,640 --> 00:11:33,240
Speaker 5: Eight dollars and ninety nine cents.

237
00:11:33,280 --> 00:11:36,760
Speaker 4: No, this is a valuable innovation, David.

238
00:11:37,120 --> 00:11:40,080
Speaker 2: Three hundred ninety nine, three dred and ninety.

239
00:11:39,920 --> 00:11:42,440
Speaker 4: Nine dollars a month, all right, which is about one

240
00:11:42,480 --> 00:11:44,400
Speaker 4: hundred dollars a week. And I know that's a sacrifice

241
00:11:44,400 --> 00:11:48,600
Speaker 4: for many, but that's without insurance. With insurance, most people

242
00:11:48,640 --> 00:11:51,959
Speaker 4: pay twenty five dollars a month. So that's the importance

243
00:11:51,960 --> 00:11:54,040
Speaker 4: of insurance. That's why we buy insurance to shield us

244
00:11:54,080 --> 00:11:56,760
Speaker 4: from our health costs. The online ones, you know, are

245
00:11:56,760 --> 00:11:59,800
Speaker 4: as cheap as one hundred dollars. But these are companies

246
00:11:59,840 --> 00:12:01,920
Speaker 4: that want all the benefits of being a drug company

247
00:12:01,920 --> 00:12:03,359
Speaker 4: but bear none of the responsibilities.

248
00:12:03,400 --> 00:12:07,280
Speaker 3: But you, for example, you have this underpatent for how

249
00:12:07,320 --> 00:12:09,760
Speaker 3: many years? In other words, our system is you have

250
00:12:09,800 --> 00:12:13,120
Speaker 3: a drug, you have twenty years from invention. Yeah, from events.

251
00:12:13,120 --> 00:12:14,800
Speaker 3: So how many more years do you have before it

252
00:12:14,800 --> 00:12:15,439
Speaker 3: goes generic?

253
00:12:15,559 --> 00:12:18,839
Speaker 4: Until mid twenty thirties? Yeah, so another ten eleven years.

254
00:12:19,000 --> 00:12:22,160
Speaker 3: Okay, And is this the most popular drug that Eli

255
00:12:22,200 --> 00:12:23,120
Speaker 3: Lilly has ever had?

256
00:12:23,559 --> 00:12:25,840
Speaker 4: Should be by the end of the year, Yeah, break

257
00:12:25,840 --> 00:12:28,079
Speaker 4: that record and go beyond probably right.

258
00:12:28,120 --> 00:12:30,360
Speaker 3: Some people say that if you go on this drug,

259
00:12:30,480 --> 00:12:34,040
Speaker 3: you have side effects that are not completely desirable.

260
00:12:34,320 --> 00:12:35,160
Speaker 5: Is that true?

261
00:12:35,400 --> 00:12:38,640
Speaker 4: So yeah, there's two things to all drugs that work

262
00:12:38,720 --> 00:12:41,920
Speaker 4: have side effects and sometimes on tour effects, and we

263
00:12:42,000 --> 00:12:44,240
Speaker 4: have to warn against both of those. That's why we

264
00:12:44,280 --> 00:12:47,400
Speaker 4: do controlled studies and measure them carefully. Many people have

265
00:12:47,960 --> 00:12:51,120
Speaker 4: mild to moderate GI distress when they start, that's why

266
00:12:51,120 --> 00:12:53,160
Speaker 4: we ty trade. We started a low dose, We recommend

267
00:12:53,320 --> 00:12:56,760
Speaker 4: a low dose and go up slowly. Almost everybody stays

268
00:12:56,880 --> 00:12:59,360
Speaker 4: on the drug and goes through that and by the

269
00:12:59,440 --> 00:13:02,400
Speaker 4: third or fourth really don't have any effects any more

270
00:13:02,440 --> 00:13:04,840
Speaker 4: of that at all. There are a few people where

271
00:13:04,840 --> 00:13:07,800
Speaker 4: we don't have data or we are cautious. One is

272
00:13:08,520 --> 00:13:12,160
Speaker 4: women who could become pregnant. Neither of the medications have

273
00:13:12,559 --> 00:13:15,679
Speaker 4: information about that. And then there's a condition called pancreatitis,

274
00:13:15,720 --> 00:13:18,120
Speaker 4: which is sort of an inflamed pancreas. We worry about

275
00:13:18,120 --> 00:13:19,840
Speaker 4: that with these drugs. So if you've had a history that,

276
00:13:19,920 --> 00:13:20,440
Speaker 4: don't use them.

277
00:13:20,679 --> 00:13:23,040
Speaker 3: Let's suppose you take the drug and say, I've lost weight,

278
00:13:23,400 --> 00:13:24,760
Speaker 3: I'm very happy with my body.

279
00:13:24,800 --> 00:13:26,120
Speaker 5: Now I'm going to get off the drug.

280
00:13:26,400 --> 00:13:29,400
Speaker 3: Some people say that there are it's very difficult to

281
00:13:29,440 --> 00:13:30,400
Speaker 3: not regain the weight.

282
00:13:31,000 --> 00:13:33,480
Speaker 4: That's right, and science tells us that there's a reason

283
00:13:33,520 --> 00:13:39,120
Speaker 4: for that. Some people do maintain the weight reduction or

284
00:13:39,280 --> 00:13:42,120
Speaker 4: stay in that range, they have to change a lot

285
00:13:42,160 --> 00:13:45,240
Speaker 4: about how they live, burn more energy, eat different foods.

286
00:13:45,440 --> 00:13:47,199
Speaker 4: So we can all try that. I think we should

287
00:13:47,200 --> 00:13:51,280
Speaker 4: all try that, actually, but some people cannot. And there's

288
00:13:51,280 --> 00:13:55,080
Speaker 4: a recent paper in Nature that actually told us why,

289
00:13:55,160 --> 00:13:59,160
Speaker 4: which is that once have become obese, your fat sales

290
00:13:59,240 --> 00:14:02,520
Speaker 4: learned that that's their new state, and they defend that state,

291
00:14:03,360 --> 00:14:07,240
Speaker 4: and so they're actually wanting more energy and that sends

292
00:14:07,240 --> 00:14:09,600
Speaker 4: signals to your brain and so forth. So once we

293
00:14:10,160 --> 00:14:12,920
Speaker 4: as adults gain weight and have that on for a while,

294
00:14:13,200 --> 00:14:16,319
Speaker 4: it's very very difficult to reset your thermostat if you

295
00:14:16,320 --> 00:14:19,840
Speaker 4: would to reset that level. So for now we do

296
00:14:19,880 --> 00:14:23,240
Speaker 4: recommend if they can't. People cannot maintain weight loss off

297
00:14:23,280 --> 00:14:25,560
Speaker 4: the drug to go back on the drugs and use

298
00:14:25,600 --> 00:14:26,200
Speaker 4: them chronically.

299
00:14:26,280 --> 00:14:29,200
Speaker 3: So we do put fluoride in the water now, or

300
00:14:29,200 --> 00:14:32,520
Speaker 3: at least for the time being. What about putting this

301
00:14:32,600 --> 00:14:36,040
Speaker 3: in the water and just solve all the problems, Well.

302
00:14:35,880 --> 00:14:37,480
Speaker 2: We couldn't. We shouldn't put it in the water.

303
00:14:37,600 --> 00:14:40,120
Speaker 4: People should use it under the guidance of their doctors.

304
00:14:40,480 --> 00:14:45,760
Speaker 4: But we should have broad coverage, just like we think

305
00:14:46,040 --> 00:14:49,720
Speaker 4: it would be crazy if we didn't have antihypertensive medications

306
00:14:50,000 --> 00:14:51,640
Speaker 4: available to all adults in America.

307
00:14:51,480 --> 00:14:52,920
Speaker 2: Or anti diabetes medications.

308
00:14:53,360 --> 00:14:57,720
Speaker 4: Obesity causes two hundred and thirty six adult diseases, and

309
00:14:58,320 --> 00:15:00,400
Speaker 4: we know it's a precursor for these things. Why not

310
00:15:00,480 --> 00:15:03,600
Speaker 4: try to prevent it. We have a stigma in our

311
00:15:03,640 --> 00:15:05,480
Speaker 4: country and in many other countries that this is sort

312
00:15:05,480 --> 00:15:09,520
Speaker 4: of some personal failing. But many of us we're here

313
00:15:09,600 --> 00:15:12,680
Speaker 4: because our ancestors can served energy very effectively. That's how

314
00:15:12,720 --> 00:15:15,680
Speaker 4: they survive famines and floods and so forth. So we're

315
00:15:15,720 --> 00:15:18,800
Speaker 4: pre determined to want to keep weight on by our

316
00:15:18,840 --> 00:15:22,760
Speaker 4: genetic background, and we in a world of plenty of abundance,

317
00:15:23,600 --> 00:15:26,640
Speaker 4: we need to probably have some medical help sometimes.

318
00:15:26,280 --> 00:15:28,760
Speaker 3: So what about over the counter. Why can't this just

319
00:15:28,800 --> 00:15:30,320
Speaker 3: be an over the counter drug. You're going just go

320
00:15:30,320 --> 00:15:31,640
Speaker 3: buy it like an AskMen or something.

321
00:15:31,720 --> 00:15:34,280
Speaker 2: Yeah. I think we'll try to work on that through time.

322
00:15:34,320 --> 00:15:36,680
Speaker 4: The oral pill we have is a great candada for that,

323
00:15:36,720 --> 00:15:39,600
Speaker 4: because that's much easier to dispense in that kind of

324
00:15:39,600 --> 00:15:43,240
Speaker 4: pharmacy setting, and we'll need to get more evidence that

325
00:15:43,480 --> 00:15:46,720
Speaker 4: it's broadly safe. Here you don't have the doctors supervision piece,

326
00:15:47,040 --> 00:15:49,400
Speaker 4: so we would want to make sure, particularly develop data

327
00:15:49,440 --> 00:15:51,760
Speaker 4: and pregnant women in other settings to make sure that

328
00:15:51,760 --> 00:15:53,280
Speaker 4: that could be safely done. But we would have an

329
00:15:53,280 --> 00:15:56,760
Speaker 4: interest in expanding access for this medication and reducing the price.

330
00:15:56,960 --> 00:15:58,760
Speaker 3: So how many times a day do you going to

331
00:15:58,800 --> 00:16:01,480
Speaker 3: ask about this drug today?

332
00:16:01,520 --> 00:16:02,120
Speaker 5: Hour on the hour?

333
00:16:02,480 --> 00:16:05,520
Speaker 2: Yeah? Many, yeah, dozens. Yeah.

334
00:16:05,920 --> 00:16:07,480
Speaker 4: And it's a pleasure to talk about it because it's

335
00:16:07,480 --> 00:16:08,160
Speaker 4: such a breakthrough.

336
00:16:08,320 --> 00:16:09,400
Speaker 2: It can change our country.

337
00:16:09,440 --> 00:16:12,080
Speaker 3: But nobody really expected that to happen. As you point out,

338
00:16:12,080 --> 00:16:15,760
Speaker 3: sometimes things happen unexpectedly. So let's talk about some other

339
00:16:17,080 --> 00:16:19,960
Speaker 3: things for a while. Let's talk about Eli Lilly itself.

340
00:16:20,520 --> 00:16:21,960
Speaker 3: When was this company started?

341
00:16:22,680 --> 00:16:26,240
Speaker 4: Yeah, eighteen seventy six, so started by a Colonel Eli

342
00:16:26,240 --> 00:16:28,440
Speaker 4: Lilly who served in the Civil War. He was a

343
00:16:28,440 --> 00:16:33,760
Speaker 4: pharmacist by training, led infantry and artillery company and was

344
00:16:33,800 --> 00:16:36,680
Speaker 4: a prisoner of war in Alabama actually, and he saw

345
00:16:36,760 --> 00:16:38,760
Speaker 4: firsthand the atrocities of.

346
00:16:38,720 --> 00:16:39,880
Speaker 2: Medical care in the Civil War.

347
00:16:39,920 --> 00:16:42,120
Speaker 4: You may know, you know, your student of history, that

348
00:16:42,240 --> 00:16:46,120
Speaker 4: more people died after injury than from their injury due

349
00:16:46,120 --> 00:16:48,760
Speaker 4: to medical care. And at the time this was an

350
00:16:48,800 --> 00:16:52,360
Speaker 4: air of snake oil salesman. Medicine wasn't very advanced, but

351
00:16:52,440 --> 00:16:55,600
Speaker 4: what we thought of medicine often was back to the

352
00:16:55,640 --> 00:17:00,280
Speaker 4: counterfeiting discussion, you know, made up things, harmful ingredients. So

353
00:17:00,320 --> 00:17:02,520
Speaker 4: he started a company with a pledge to say everything

354
00:17:02,560 --> 00:17:03,960
Speaker 4: that's in this is on the label.

355
00:17:05,160 --> 00:17:07,680
Speaker 2: If it's in there, you know about it.

356
00:17:07,760 --> 00:17:12,680
Speaker 4: Transparency, and that then evolved into a company that embraced

357
00:17:12,680 --> 00:17:17,119
Speaker 4: the scientific method and began to really adopt the methods

358
00:17:17,160 --> 00:17:20,199
Speaker 4: that the modern industry has, which is then taking natural products,

359
00:17:20,200 --> 00:17:22,280
Speaker 4: which is what most medicines were in eighteen seventy six,

360
00:17:22,600 --> 00:17:25,240
Speaker 4: and refining them into what we think of as medicine now.

361
00:17:25,280 --> 00:17:29,760
Speaker 4: So thank Willow bark into aspirin or pancreases of cows

362
00:17:29,800 --> 00:17:30,440
Speaker 4: into insulin.

363
00:17:31,400 --> 00:17:33,080
Speaker 2: That's what the company really was built on.

364
00:17:33,840 --> 00:17:36,360
Speaker 5: How long did he live after he started the company.

365
00:17:36,000 --> 00:17:38,600
Speaker 4: About twenty five years and he handed the keys to

366
00:17:38,640 --> 00:17:41,679
Speaker 4: his son JK. Lilly, who handed the keys to his

367
00:17:41,800 --> 00:17:44,919
Speaker 4: two sons, also named Eli and JK. That's a little odd,

368
00:17:45,880 --> 00:17:48,679
Speaker 4: but for three generations it was a family run business.

369
00:17:48,840 --> 00:17:52,679
Speaker 5: Yeah, and the family is not an owner now not well.

370
00:17:52,600 --> 00:17:55,640
Speaker 4: So the legacy wealth of the family is our largest shareholder,

371
00:17:55,680 --> 00:17:56,560
Speaker 4: the Lily Endowment.

372
00:17:56,640 --> 00:17:59,000
Speaker 3: So that only endowment is now probably the biggest foundation

373
00:17:59,040 --> 00:18:03,000
Speaker 3: in the United States. Eighty billion dollars of assets Onner Management, right, yep.

374
00:18:03,080 --> 00:18:05,840
Speaker 2: And they have one asset essentially, which is okay.

375
00:18:05,560 --> 00:18:08,520
Speaker 5: And they're your biggest shareholder. Yeah, so okay.

376
00:18:08,640 --> 00:18:12,080
Speaker 3: So when Eli Lilly evolved over the years in the

377
00:18:12,080 --> 00:18:14,280
Speaker 3: twentieth century, what were its big products?

378
00:18:14,400 --> 00:18:17,280
Speaker 4: Yeah, so insulin really was the birth of the modern company.

379
00:18:17,640 --> 00:18:20,400
Speaker 4: And this was obviously a terrible condition, type one diabetes

380
00:18:20,440 --> 00:18:23,159
Speaker 4: and a breakthrough, and we were part of commercializing that

381
00:18:23,280 --> 00:18:26,600
Speaker 4: around the world, invented the manufacturing method and created that

382
00:18:26,640 --> 00:18:30,480
Speaker 4: business that was followed by actually penicillin. So during World

383
00:18:30,520 --> 00:18:32,800
Speaker 4: War Two, Lily was commissioned as one of the manufacturers

384
00:18:32,800 --> 00:18:36,320
Speaker 4: for antibiotics for the army and we from there then

385
00:18:36,400 --> 00:18:41,479
Speaker 4: iterated for forty years antibiotics, including still some that are

386
00:18:41,560 --> 00:18:44,800
Speaker 4: used today like bankamasin which is the last line of

387
00:18:44,800 --> 00:18:47,000
Speaker 4: defense for the worst infections.

388
00:18:47,119 --> 00:18:48,840
Speaker 2: And Prozac we're famous for.

389
00:18:48,720 --> 00:18:52,520
Speaker 4: Which really brought modern psychiatry into the fold. And of

390
00:18:52,520 --> 00:18:54,240
Speaker 4: course now Manjarro and zep.

391
00:18:54,200 --> 00:18:57,879
Speaker 3: Bound And what about the future your work? What are

392
00:18:57,920 --> 00:19:01,360
Speaker 3: the human problems you're working on on the future. Alzheimer's,

393
00:19:01,359 --> 00:19:02,280
Speaker 3: I assume is one of them.

394
00:19:02,320 --> 00:19:04,840
Speaker 4: Absolutely, Yeah, So we think about our company. Of course,

395
00:19:04,880 --> 00:19:08,879
Speaker 4: we use scientific methods to create medicines to solve tough problems.

396
00:19:09,160 --> 00:19:12,160
Speaker 4: We're not really interested in niche problems. We think we're

397
00:19:12,160 --> 00:19:14,679
Speaker 4: here because we're a big company to do hard problems

398
00:19:14,720 --> 00:19:17,439
Speaker 4: that are scalable. That's sort of where it makes our

399
00:19:17,480 --> 00:19:19,439
Speaker 4: business work, but also is the most human impact. So

400
00:19:19,800 --> 00:19:22,879
Speaker 4: we select these diseases that are common and tough. So

401
00:19:23,000 --> 00:19:26,800
Speaker 4: you mentioned Alzheimer's, NERD degenerative conditions or the most frightening conditions.

402
00:19:26,800 --> 00:19:31,160
Speaker 4: Most people think about Parkinson's als Alzheimer's and the science

403
00:19:31,240 --> 00:19:33,760
Speaker 4: we've been investing there for thirty years. We just launched

404
00:19:33,760 --> 00:19:35,920
Speaker 4: our first medicine and so now we're getting revenue after

405
00:19:35,960 --> 00:19:39,280
Speaker 4: thirty years on that project, and we're working on a

406
00:19:39,280 --> 00:19:42,719
Speaker 4: prevention study for that same medicine, which could really transform Alzheimer's.

407
00:19:42,880 --> 00:19:46,200
Speaker 4: We think other nerd degenerfic conditions like Parkinson's als et cetera,

408
00:19:47,160 --> 00:19:49,679
Speaker 4: are becoming more tractable with science, and you'll see us

409
00:19:49,680 --> 00:19:52,840
Speaker 4: invest heavily in that area going forward. Pain chronic pain

410
00:19:52,880 --> 00:19:54,879
Speaker 4: another area we're very interested in.

411
00:19:55,119 --> 00:19:58,000
Speaker 3: So let's talk about the company today. How many employees

412
00:19:58,040 --> 00:20:00,800
Speaker 3: do you have? Forty four thousand and you're.

413
00:20:00,680 --> 00:20:02,160
Speaker 5: Headquartered in Indianapolis?

414
00:20:02,240 --> 00:20:02,800
Speaker 2: Yes? Correct?

415
00:20:02,960 --> 00:20:06,119
Speaker 3: And where do you manufacture your drugs? Are they most

416
00:20:06,200 --> 00:20:07,639
Speaker 3: in the US or mostly overseas?

417
00:20:08,200 --> 00:20:10,800
Speaker 4: Mostly in the US so, though a large majority in

418
00:20:10,840 --> 00:20:13,640
Speaker 4: Europe as well. So those are two big bases for production.

419
00:20:13,760 --> 00:20:14,359
Speaker 2: And in the US.

420
00:20:14,359 --> 00:20:17,520
Speaker 4: We're building lots of plants right now, mostly to support

421
00:20:17,920 --> 00:20:19,120
Speaker 4: zep Bound and Manjarro, but.

422
00:20:21,160 --> 00:20:22,240
Speaker 2: Spreading our footprint.

423
00:20:22,880 --> 00:20:25,040
Speaker 5: So when did your stock went up?

424
00:20:25,080 --> 00:20:27,520
Speaker 3: As I said, about ten times, I mean, when did

425
00:20:27,520 --> 00:20:30,320
Speaker 3: you all realize this is so transformative that you're going

426
00:20:30,359 --> 00:20:32,960
Speaker 3: to become the most valuable pharmaceutical company in the world

427
00:20:33,000 --> 00:20:34,800
Speaker 3: by a factor of four or five times?

428
00:20:34,960 --> 00:20:37,040
Speaker 4: You know, as you know from running companies, David, it's

429
00:20:37,040 --> 00:20:40,280
Speaker 4: hard to know exactly what the scale of something is.

430
00:20:40,800 --> 00:20:44,480
Speaker 4: But I will the story of zepidite Zebound for me,

431
00:20:44,680 --> 00:20:48,439
Speaker 4: is this. In twenty sixteen, I was named as the

432
00:20:48,480 --> 00:20:52,560
Speaker 4: incoming CEO. In that fall, one of our scientists in

433
00:20:53,040 --> 00:20:56,240
Speaker 4: the diabetes group called me about some early results they

434
00:20:56,640 --> 00:20:59,800
Speaker 4: were receiving from singaporean site we had. It was doing

435
00:20:59,800 --> 00:21:04,480
Speaker 4: a study with chur zepetite, the ingredient and zep bound

436
00:21:04,760 --> 00:21:06,560
Speaker 4: and we had to stop the study because people were

437
00:21:06,560 --> 00:21:09,679
Speaker 4: losing too much weight to stay in it. And at

438
00:21:09,720 --> 00:21:13,159
Speaker 4: first this was seen as like an alarming thing, but

439
00:21:13,200 --> 00:21:15,160
Speaker 4: of course we began to process that is, wait a minute,

440
00:21:15,200 --> 00:21:18,480
Speaker 4: this could be something very special. So we sped to

441
00:21:18,840 --> 00:21:20,800
Speaker 4: the next stage of development, phase two, where you try

442
00:21:20,840 --> 00:21:23,280
Speaker 4: to show safety and efficacy in a bigger study.

443
00:21:23,760 --> 00:21:25,800
Speaker 2: And I remember, in.

444
00:21:25,720 --> 00:21:28,600
Speaker 4: A kind of a moment, I was showing my daughter

445
00:21:28,640 --> 00:21:31,080
Speaker 4: around to college as we were at cal Berkeley, standing

446
00:21:31,119 --> 00:21:35,000
Speaker 4: outside of the Lawrence Hall of Science, and I got

447
00:21:35,040 --> 00:21:37,280
Speaker 4: a phone call and the team just got off the plane,

448
00:21:37,280 --> 00:21:39,840
Speaker 4: got the results and showed that people were losing over

449
00:21:39,880 --> 00:21:42,400
Speaker 4: twenty percent body weight in a longer study.

450
00:21:43,080 --> 00:21:44,280
Speaker 2: That was in April of eighteen.

451
00:21:45,000 --> 00:21:47,680
Speaker 4: We disclosed those results later that year, and you could

452
00:21:47,760 --> 00:21:50,280
Speaker 4: probably argue a lot of the run up in Lily

453
00:21:51,040 --> 00:21:54,520
Speaker 4: was just execution from that moment forward because we had

454
00:21:54,520 --> 00:21:56,680
Speaker 4: a pretty big study with some great results.

455
00:21:57,720 --> 00:21:59,720
Speaker 2: We didn't know it would be this much, but we

456
00:21:59,800 --> 00:22:01,040
Speaker 2: knew it was special.

457
00:22:00,760 --> 00:22:02,960
Speaker 3: And you decided when you were overseeing this that we

458
00:22:02,960 --> 00:22:03,800
Speaker 3: should continue this.

459
00:22:04,000 --> 00:22:07,600
Speaker 4: We started building factories. We invested five to six billion

460
00:22:07,640 --> 00:22:09,199
Speaker 4: dollars in a phase three program.

461
00:22:10,400 --> 00:22:12,000
Speaker 3: If I had been moved our ships, so if I

462
00:22:12,000 --> 00:22:13,720
Speaker 3: had been at your job, I would have taken credit

463
00:22:13,760 --> 00:22:16,640
Speaker 3: for all of this. So did you take the credit

464
00:22:16,720 --> 00:22:18,879
Speaker 3: for this or you're the person responsible for this happening

465
00:22:18,960 --> 00:22:19,159
Speaker 3: or not?

466
00:22:19,480 --> 00:22:21,320
Speaker 4: I mean, of course, as a CEO, you have a

467
00:22:21,400 --> 00:22:23,679
Speaker 4: role in all this, but it would be way overstating

468
00:22:23,720 --> 00:22:26,160
Speaker 4: the role if I took credit. You know, first of all,

469
00:22:26,240 --> 00:22:30,119
Speaker 4: we're an old company and have people have worked there

470
00:22:30,119 --> 00:22:33,040
Speaker 4: for thirty years on this problem, So the credit goes

471
00:22:33,080 --> 00:22:35,879
Speaker 4: to the scientists to begin with. Secondly, we have a

472
00:22:35,880 --> 00:22:38,920
Speaker 4: lot of incumbent capabilities, like how do you take a

473
00:22:39,000 --> 00:22:42,639
Speaker 4: protein like GLP one, which in the natural body lasts

474
00:22:42,640 --> 00:22:45,040
Speaker 4: only a few seconds and make it into a week

475
00:22:45,080 --> 00:22:48,399
Speaker 4: long injection. So that's a pharmacology exercise that's difficult, and

476
00:22:48,480 --> 00:22:50,119
Speaker 4: we have people who can do that, and we have

477
00:22:50,160 --> 00:22:52,960
Speaker 4: people who do the clinical trials and everything else to

478
00:22:53,000 --> 00:22:54,840
Speaker 4: see the opportunity and go for it. We have people

479
00:22:54,840 --> 00:22:56,680
Speaker 4: who make it every day twenty four to seven. We

480
00:22:56,760 --> 00:22:59,840
Speaker 4: run our factories. So it's a giant team sport. Just

481
00:22:59,880 --> 00:23:02,480
Speaker 4: like the legacy of our success on my watch will

482
00:23:02,480 --> 00:23:04,879
Speaker 4: go beyond my tenure. I'm inheriting some of that for

483
00:23:05,000 --> 00:23:05,439
Speaker 4: my presence.

484
00:23:05,600 --> 00:23:08,560
Speaker 3: Is there one scientist that somebody can point to as

485
00:23:08,680 --> 00:23:10,879
Speaker 3: the person who is responsible.

486
00:23:10,320 --> 00:23:11,160
Speaker 5: For this revolution?

487
00:23:12,240 --> 00:23:15,520
Speaker 4: Well, so there's four scientists that Lilly who invented this drug,

488
00:23:15,560 --> 00:23:18,120
Speaker 4: and we celebrate them. By the way, three are immigrants

489
00:23:18,119 --> 00:23:22,280
Speaker 4: to this country. That's an interesting conversation, and they live

490
00:23:22,280 --> 00:23:25,000
Speaker 4: in Indianapolis, and so it's sometimes pointed out that the

491
00:23:25,000 --> 00:23:27,720
Speaker 4: most valuable biotech company in the world is based in Indiana,

492
00:23:27,760 --> 00:23:29,280
Speaker 4: and that's a surprising.

493
00:23:28,800 --> 00:23:29,480
Speaker 2: Fact to people.

494
00:23:29,520 --> 00:23:32,600
Speaker 4: But people come from all over the world that work

495
00:23:32,720 --> 00:23:34,920
Speaker 4: at our site to create amazing medicines.

496
00:23:35,080 --> 00:23:38,080
Speaker 3: So the way the pharmaceutical industry works, I understand is

497
00:23:38,080 --> 00:23:40,399
Speaker 3: you look at lots of potential problems that need to

498
00:23:40,440 --> 00:23:43,359
Speaker 3: be solved, You work with scientists to come up with

499
00:23:43,400 --> 00:23:45,639
Speaker 3: the drug, and so forth, you test them. What is

500
00:23:45,640 --> 00:23:48,040
Speaker 3: a typical period of time between you you say we're

501
00:23:48,040 --> 00:23:50,439
Speaker 3: going to solve a problem with finding a drug and

502
00:23:50,480 --> 00:23:51,800
Speaker 3: then you actually get somebody to the market.

503
00:23:51,840 --> 00:23:53,040
Speaker 5: How long does that typically take?

504
00:23:53,400 --> 00:23:56,439
Speaker 4: So your better case scenario would be eight to twelve years.

505
00:23:57,400 --> 00:23:59,520
Speaker 4: As I mentioned in Alzheimer's, we actually spent thirty four

506
00:23:59,600 --> 00:24:01,000
Speaker 4: years before we launch a drug.

507
00:24:02,119 --> 00:24:03,680
Speaker 2: So this is a long, long.

508
00:24:03,520 --> 00:24:06,000
Speaker 3: Cycle time or eighth to twelve But how many drugs

509
00:24:06,040 --> 00:24:07,800
Speaker 3: do you work on that just you say it's not

510
00:24:07,800 --> 00:24:10,360
Speaker 3: going to work and you just move forward with other ones.

511
00:24:10,600 --> 00:24:14,200
Speaker 3: There's it a ninety percent failure rate and ten percent success.

512
00:24:13,880 --> 00:24:16,600
Speaker 4: Rate, So it's about one hundred to one from idea

513
00:24:16,640 --> 00:24:19,360
Speaker 4: to market. So for one hundred ideas you might get

514
00:24:19,400 --> 00:24:22,760
Speaker 4: one product, it's about ten to one from starting clinical studies,

515
00:24:23,000 --> 00:24:24,880
Speaker 4: so you have about ninety percent failure rate from phase

516
00:24:24,920 --> 00:24:25,520
Speaker 4: one forwarding.

517
00:24:25,600 --> 00:24:28,359
Speaker 3: So some people say that drug companies don't really produce

518
00:24:28,359 --> 00:24:31,119
Speaker 3: that many drugs anymore. They're more marketing organizations that they

519
00:24:31,200 --> 00:24:33,680
Speaker 3: go out and find smaller companies that are producing these

520
00:24:33,760 --> 00:24:35,840
Speaker 3: drugs and then they buy them up. Is that where

521
00:24:35,880 --> 00:24:37,840
Speaker 3: you get most of your new drugs from? Or do

522
00:24:37,840 --> 00:24:39,720
Speaker 3: you do development internal yourself?

523
00:24:39,920 --> 00:24:42,359
Speaker 4: We're maybe a bit of an exception, we're about two

524
00:24:42,359 --> 00:24:47,399
Speaker 4: thirds internal. But even that, Steban, you know, what is

525
00:24:47,440 --> 00:24:50,199
Speaker 4: the development where so is it the drugs origin or

526
00:24:50,240 --> 00:24:52,639
Speaker 4: is it the studies and the expertise at it along

527
00:24:52,680 --> 00:24:56,080
Speaker 4: the way. So we do buy small companies, we also

528
00:24:56,280 --> 00:24:58,520
Speaker 4: collaborate with them. We take what they worked on and

529
00:24:58,560 --> 00:25:00,800
Speaker 4: we carry it forward. Is that extern I don't think so.

530
00:25:00,840 --> 00:25:02,440
Speaker 4: I think we added a lot of value there too.

531
00:25:02,760 --> 00:25:06,560
Speaker 4: But we have a big scientific base. Lily employees almost

532
00:25:06,640 --> 00:25:10,639
Speaker 4: four thousand PhDs just for reference, Harvard employees like two thousand.

533
00:25:11,080 --> 00:25:14,760
Speaker 2: So we have a huge scientific base to create new medicines.

534
00:25:14,800 --> 00:25:17,280
Speaker 4: It's a big part of our strategy.

535
00:25:17,359 --> 00:25:20,040
Speaker 3: And in the pharmaceutical world, the image is not always

536
00:25:20,119 --> 00:25:23,280
Speaker 3: so wonderful with the public. I'm sure you're aware of

537
00:25:23,280 --> 00:25:26,640
Speaker 3: this that people say pharmaceutical companies, drug companies, they will

538
00:25:26,640 --> 00:25:29,600
Speaker 3: call them, are charged too much and so forth. How

539
00:25:29,600 --> 00:25:31,919
Speaker 3: do you respond to the idea that drug companies are

540
00:25:31,960 --> 00:25:34,200
Speaker 3: charging too much? And very often people United States say

541
00:25:34,359 --> 00:25:36,000
Speaker 3: I'm going to cross the border of Canada get the

542
00:25:36,040 --> 00:25:37,280
Speaker 3: same drug for a lower price.

543
00:25:37,920 --> 00:25:39,239
Speaker 2: Yeah, thank you for asking that.

544
00:25:39,640 --> 00:25:41,840
Speaker 4: You know, obviously it's something we want to change and

545
00:25:41,880 --> 00:25:45,440
Speaker 4: fix because what we think we do is pretty valuable.

546
00:25:46,640 --> 00:25:50,920
Speaker 4: First problem is for artifact of history and how healthcare

547
00:25:50,920 --> 00:25:55,040
Speaker 4: insurance evolved in this country, people are largely shielded from

548
00:25:55,080 --> 00:25:56,080
Speaker 4: surgery costs.

549
00:25:55,800 --> 00:25:56,639
Speaker 2: And hospital costs.

550
00:25:56,640 --> 00:25:59,160
Speaker 4: About three percent of those total costs in our country

551
00:25:59,160 --> 00:26:01,920
Speaker 4: are paid out of pocket by consumers, but for medicines

552
00:26:01,960 --> 00:26:05,440
Speaker 4: it's closer to twenty percent. So people think the medicines

553
00:26:05,440 --> 00:26:07,960
Speaker 4: are a larger part of the health bill because they're

554
00:26:08,000 --> 00:26:11,960
Speaker 4: exposed to more of that versus services. That's again a

555
00:26:12,400 --> 00:26:16,480
Speaker 4: historic thing. We advocate for better insurance coverage, lower out

556
00:26:16,480 --> 00:26:20,679
Speaker 4: of pocket costs for medications. The second thing is it

557
00:26:20,720 --> 00:26:22,800
Speaker 4: means to be foreign countries. It is true our prices

558
00:26:22,800 --> 00:26:25,600
Speaker 4: are lower in those places. We would like to correct

559
00:26:25,640 --> 00:26:29,040
Speaker 4: that as well. I mean, our idea is that basically

560
00:26:29,040 --> 00:26:30,600
Speaker 4: the cost of a medicine is the cost of the

561
00:26:30,680 --> 00:26:33,480
Speaker 4: R and D to produce it, more so than the manufacturing.

562
00:26:33,680 --> 00:26:36,240
Speaker 2: Obviously, manufacturing costs is similar everywhere.

563
00:26:36,200 --> 00:26:38,760
Speaker 4: And right now there is an imbalance and who covers

564
00:26:38,800 --> 00:26:41,520
Speaker 4: that R and D cost. We should seek to correct that.

565
00:26:41,840 --> 00:26:45,520
Speaker 4: But the answer isn't just lower us to Canada's pricing.

566
00:26:45,560 --> 00:26:47,560
Speaker 4: We wouldn't have a pharmaceutical industry if we did that.

567
00:26:47,560 --> 00:26:49,040
Speaker 4: They don't pay for any of the R and D costs.

568
00:26:49,080 --> 00:26:51,840
Speaker 4: We have to raise develop countries what they pay, and

569
00:26:51,960 --> 00:26:54,960
Speaker 4: we can lower the US. I think that's a policy

570
00:26:55,280 --> 00:26:58,240
Speaker 4: argument we'll hear about soon with the new administration and

571
00:26:59,040 --> 00:27:01,200
Speaker 4: what we're happy to engage, but we need to do both.

572
00:27:01,000 --> 00:27:01,760
Speaker 2: At the same time.

573
00:27:02,880 --> 00:27:08,320
Speaker 3: So today the pharmaceutical industry is most concerned about what

574
00:27:08,440 --> 00:27:10,640
Speaker 3: in Washington. You're in Washington, I assume for a meeting

575
00:27:10,680 --> 00:27:14,239
Speaker 3: of the Business Roundtable later on other things. But what

576
00:27:14,280 --> 00:27:16,439
Speaker 3: are you most concerned about? Are you concerned about the

577
00:27:16,480 --> 00:27:19,600
Speaker 3: new administration coming into power. Have you met with President

578
00:27:19,640 --> 00:27:22,680
Speaker 3: Electrum talk about your issues? Have you met with members

579
00:27:22,680 --> 00:27:24,159
Speaker 3: of Congress to talk about your issues? What are your

580
00:27:24,200 --> 00:27:25,680
Speaker 3: big issues you care about in Washington?

581
00:27:26,080 --> 00:27:29,040
Speaker 4: Well, we have general issues for American business, like tax reform,

582
00:27:29,119 --> 00:27:31,560
Speaker 4: which is a big topic going to be for next year,

583
00:27:31,800 --> 00:27:35,880
Speaker 4: and the regulatory situation, which I think has evolved for

584
00:27:36,000 --> 00:27:38,000
Speaker 4: US in our industry in a negative way in the

585
00:27:38,040 --> 00:27:41,240
Speaker 4: last four years. So those are hot topics that a

586
00:27:41,400 --> 00:27:45,119
Speaker 4: general sense. Healthcare is always a topic and so then

587
00:27:45,200 --> 00:27:49,040
Speaker 4: our role in it, and medicine affordability is a key

588
00:27:49,080 --> 00:27:51,600
Speaker 4: area one, you know, But I think my experience, having

589
00:27:51,640 --> 00:27:54,600
Speaker 4: done this for eight years, is there's often more common

590
00:27:54,640 --> 00:27:57,320
Speaker 4: ground than you'd think just reading the newspapers.

591
00:27:57,720 --> 00:27:58,960
Speaker 2: I think everyone would like.

592
00:28:00,560 --> 00:28:02,679
Speaker 4: The US have a strong biofarmer industry that had been

593
00:28:02,720 --> 00:28:05,439
Speaker 4: some amazing medicines like setbound and makes them here like

594
00:28:05,480 --> 00:28:07,880
Speaker 4: Lily does. But at the same time, we want our

595
00:28:08,000 --> 00:28:11,520
Speaker 4: things to be cheap and accessible to all. Okay, that's

596
00:28:11,600 --> 00:28:13,600
Speaker 4: hard to solve for all those things, but we can

597
00:28:13,640 --> 00:28:14,240
Speaker 4: make progress.

598
00:28:14,280 --> 00:28:16,000
Speaker 2: Like one example is we were known.

599
00:28:16,800 --> 00:28:20,320
Speaker 4: For the insulin pricing challenges we had, and insulin was

600
00:28:20,400 --> 00:28:23,760
Speaker 4: overpriced in the US, according to the critics, and we

601
00:28:23,760 --> 00:28:26,680
Speaker 4: were able to bring that price down. Why by compressing

602
00:28:26,720 --> 00:28:29,399
Speaker 4: basically the middleman and what they get, and then working

603
00:28:29,440 --> 00:28:32,240
Speaker 4: with medicare to cap the cost of insulin, which we

604
00:28:32,280 --> 00:28:35,240
Speaker 4: supported at thirty five dollars a month. I think there

605
00:28:35,240 --> 00:28:37,800
Speaker 4: are solutions and by engaging we can find them, and

606
00:28:37,840 --> 00:28:39,720
Speaker 4: we're happy to do that with the new administration or

607
00:28:40,200 --> 00:28:41,640
Speaker 4: the current one of these.

608
00:28:41,680 --> 00:28:43,880
Speaker 5: Have you met with anybody in the new administration yet?

609
00:28:44,160 --> 00:28:44,360
Speaker 2: Yeah?

610
00:28:44,360 --> 00:28:45,920
Speaker 4: I think it was reported last week we had a

611
00:28:45,960 --> 00:28:47,200
Speaker 4: dinner down in Florida.

612
00:28:47,560 --> 00:28:49,520
Speaker 3: How was that, Like, did they serve up fattening food

613
00:28:49,600 --> 00:28:50,560
Speaker 3: or they don't do that with you.

614
00:28:52,280 --> 00:28:55,760
Speaker 4: Probably shouldn't say too much about it, but it was

615
00:28:55,800 --> 00:28:57,960
Speaker 4: all you could imagine and a little bit more.

616
00:28:58,120 --> 00:29:02,800
Speaker 3: Yeah, Well, let's talk about your own background.

617
00:29:02,880 --> 00:29:04,040
Speaker 5: Where where were you born?

618
00:29:04,480 --> 00:29:04,640
Speaker 2: Yeah?

619
00:29:04,680 --> 00:29:07,080
Speaker 4: I was born in Bloomington, Indiana, So who's your by birth?

620
00:29:07,440 --> 00:29:09,520
Speaker 4: But my dad was a grad student at IU at

621
00:29:09,520 --> 00:29:12,000
Speaker 4: the time, and we quickly left and moved to California.

622
00:29:12,120 --> 00:29:14,520
Speaker 4: My mom was from California, and I grew up in

623
00:29:14,520 --> 00:29:17,160
Speaker 4: the Bay Area and then followed in their footsteps and

624
00:29:17,200 --> 00:29:20,480
Speaker 4: went to Purdue University back in Indiana. So sort of

625
00:29:20,920 --> 00:29:23,240
Speaker 4: like a like a bad penny, keep returning.

626
00:29:22,880 --> 00:29:23,400
Speaker 2: To that state.

627
00:29:23,960 --> 00:29:26,240
Speaker 3: So at the Kendy Center this weekend, we honored the

628
00:29:26,320 --> 00:29:29,240
Speaker 3: Grateful Dad. You don't look like you're a person who's

629
00:29:29,280 --> 00:29:31,640
Speaker 3: a grateful dead type person from so we were.

630
00:29:32,400 --> 00:29:33,280
Speaker 2: You were in the Bay.

631
00:29:33,120 --> 00:29:35,160
Speaker 3: Area, but you didn't get caught up in the grateful dead, right.

632
00:29:35,200 --> 00:29:38,280
Speaker 4: I was a little younger than that that era, Okay,

633
00:29:38,600 --> 00:29:41,520
Speaker 4: and I left Yeah, maybe in time to escape.

634
00:29:41,240 --> 00:29:43,640
Speaker 5: That, right. So you went back to college where your

635
00:29:43,640 --> 00:29:44,360
Speaker 5: father had gone to.

636
00:29:44,360 --> 00:29:47,760
Speaker 3: School, yeah, and my mother yeah, okay, Purdue, Yeah, And

637
00:29:47,840 --> 00:29:48,920
Speaker 3: what did you study there?

638
00:29:49,040 --> 00:29:52,040
Speaker 4: So I started studying business and engineering, ended up with

639
00:29:52,080 --> 00:29:54,600
Speaker 4: a degree industrial management which combines those two, and then

640
00:29:54,760 --> 00:29:59,640
Speaker 4: went to work for IBM in New York, which I joined.

641
00:29:59,640 --> 00:30:01,840
Speaker 4: It was stock wasn't an all time hime. When I left,

642
00:30:01,840 --> 00:30:04,000
Speaker 4: it was an all time low. They had a tough

643
00:30:04,000 --> 00:30:05,120
Speaker 4: time in the early nineties.

644
00:30:05,400 --> 00:30:07,200
Speaker 5: Well you fixed that or turned it around?

645
00:30:07,320 --> 00:30:07,520
Speaker 6: Yeah?

646
00:30:08,080 --> 00:30:08,680
Speaker 2: Maybe? Yeah?

647
00:30:08,760 --> 00:30:11,480
Speaker 5: Yeah, So all right, so you went to join Eli

648
00:30:11,520 --> 00:30:12,320
Speaker 5: Lilly in what year?

649
00:30:12,720 --> 00:30:16,040
Speaker 4: So I left IBM to follow my girlfriend who's now

650
00:30:16,080 --> 00:30:19,160
Speaker 4: my wife, who was going to medical school at Indiana University.

651
00:30:19,200 --> 00:30:22,280
Speaker 4: So again back to Indiana, and I needed somebody to

652
00:30:22,320 --> 00:30:24,760
Speaker 4: do there, so I decided to enroll in their MBA program,

653
00:30:24,840 --> 00:30:27,440
Speaker 4: and I got an MBA. Of course, medicine's a four

654
00:30:27,480 --> 00:30:30,160
Speaker 4: year degree, NBA's two. So I still needed somebody to

655
00:30:30,200 --> 00:30:31,600
Speaker 4: do in Indiana, so I joined Lily.

656
00:30:32,520 --> 00:30:35,120
Speaker 3: Okay, and what would you joined? What did you What

657
00:30:35,200 --> 00:30:36,360
Speaker 3: was your position at the beginning?

658
00:30:36,480 --> 00:30:39,320
Speaker 4: Yeah, I was in the department that looked at M

659
00:30:39,360 --> 00:30:43,400
Speaker 4: and A transactions in the finance and business development group

660
00:30:43,800 --> 00:30:45,280
Speaker 4: and a great introduction to the.

661
00:30:45,320 --> 00:30:46,920
Speaker 3: Did you ever say I'm going to be the CEO

662
00:30:47,040 --> 00:30:48,240
Speaker 3: someday or something like that?

663
00:30:48,520 --> 00:30:51,800
Speaker 2: Not then. I actually really was thinking I'll be here.

664
00:30:51,680 --> 00:30:53,440
Speaker 4: For two years and then we'll be off to Chicago

665
00:30:53,520 --> 00:30:55,240
Speaker 4: or San Francisco and do something different.

666
00:30:55,880 --> 00:30:57,120
Speaker 2: But I fell in love with the company.

667
00:30:57,120 --> 00:31:00,560
Speaker 4: I mean, it's a it's an amazing place. It's a

668
00:31:00,680 --> 00:31:05,400
Speaker 4: very humanistic culture, but yet very rigorous and scientific, so

669
00:31:05,440 --> 00:31:07,120
Speaker 4: it's demanding smart people.

670
00:31:06,840 --> 00:31:08,160
Speaker 2: But people are nice to each other.

671
00:31:08,240 --> 00:31:10,520
Speaker 4: It's a Midwest and I fell in love with the mission,

672
00:31:10,520 --> 00:31:14,520
Speaker 4: which is what could be better than making medicine for people?

673
00:31:14,680 --> 00:31:16,960
Speaker 4: And I had an experience actually a few years in which,

674
00:31:17,080 --> 00:31:19,200
Speaker 4: if I could share, I worked on a medicine to

675
00:31:19,280 --> 00:31:22,960
Speaker 4: collaborate and bring into the company for diabetes. And right

676
00:31:23,000 --> 00:31:25,880
Speaker 4: as I was leaving that job, my mother was diagnosed

677
00:31:25,920 --> 00:31:29,000
Speaker 4: with diabetes and she was put on that medicine, and so,

678
00:31:29,280 --> 00:31:31,000
Speaker 4: you know, the sort of the point of what we

679
00:31:31,120 --> 00:31:33,880
Speaker 4: do just became super salient for me. And I said,

680
00:31:33,880 --> 00:31:36,120
Speaker 4: this is not a bad way to spend my time.

681
00:31:36,360 --> 00:31:38,440
Speaker 4: And I said to my wife, let's stay here in

682
00:31:38,440 --> 00:31:40,120
Speaker 4: Indiana and she said really, and.

683
00:31:42,040 --> 00:31:42,840
Speaker 2: We ended up staying.

684
00:31:42,920 --> 00:31:45,280
Speaker 5: Yeah, you realized that you were on a track to

685
00:31:45,320 --> 00:31:46,440
Speaker 5: be the CEO? Was it?

686
00:31:46,840 --> 00:31:49,680
Speaker 2: Ivy years post? Much later? Well?

687
00:31:49,760 --> 00:31:53,160
Speaker 4: So I worked in that job, and then I had

688
00:31:53,160 --> 00:31:56,040
Speaker 4: some jobs running markets. I ran our Canadian business, and

689
00:31:56,040 --> 00:31:57,960
Speaker 4: I went to China for two and a half years

690
00:31:57,960 --> 00:31:59,160
Speaker 4: and ran our Chinese business.

691
00:31:59,800 --> 00:32:01,560
Speaker 2: And I was suddenly called back from.

692
00:32:01,440 --> 00:32:04,040
Speaker 4: China by the CEO, who was a new CEO, and

693
00:32:04,040 --> 00:32:05,760
Speaker 4: he said, you need to come run our US business

694
00:32:05,760 --> 00:32:07,760
Speaker 4: and I said, yeah, I'm happy to do that at

695
00:32:07,760 --> 00:32:10,360
Speaker 4: some point, but we were really in the middle of

696
00:32:10,400 --> 00:32:12,320
Speaker 4: a growth phase there. We weren't done with the agenda

697
00:32:12,320 --> 00:32:14,560
Speaker 4: I had set out and he had agreed to. I said, John,

698
00:32:14,560 --> 00:32:16,520
Speaker 4: don't you want me to finish the job? He said,

699
00:32:17,120 --> 00:32:19,760
Speaker 4: you need to come back. And I think that was

700
00:32:19,800 --> 00:32:22,760
Speaker 4: the point where I was sort of being cultivated for

701
00:32:22,800 --> 00:32:23,760
Speaker 4: big something bigger.

702
00:32:24,080 --> 00:32:26,320
Speaker 5: So did you beat South some other person to get

703
00:32:26,360 --> 00:32:28,160
Speaker 5: the job or no?

704
00:32:28,320 --> 00:32:31,240
Speaker 4: I mean it's we've mostly hired people from within the company.

705
00:32:31,360 --> 00:32:35,320
Speaker 4: There were other candidates, I'm sure when my predecessor retired

706
00:32:35,520 --> 00:32:37,680
Speaker 4: and the board considered me, and I was lucky enough.

707
00:32:37,480 --> 00:32:37,760
Speaker 2: To get it.

708
00:32:37,800 --> 00:32:40,920
Speaker 5: Okay, so you now have three children.

709
00:32:41,280 --> 00:32:42,720
Speaker 2: Yeah, for a while, I've had three children.

710
00:32:42,800 --> 00:32:48,920
Speaker 6: Yeah, yes, they're young adults now, okay, yeah, all right,

711
00:32:48,960 --> 00:32:52,840
Speaker 6: but are any of them interested in weight reduction programs

712
00:32:52,920 --> 00:32:54,360
Speaker 6: or things like that? Really?

713
00:32:54,440 --> 00:32:58,120
Speaker 4: Well, so, my son, he's an AI consultant, so not

714
00:32:58,240 --> 00:33:01,400
Speaker 4: so much. My daughter is actually getting master's in sell

715
00:33:01,400 --> 00:33:04,240
Speaker 4: biology and interested in med school, so she's thinking about

716
00:33:04,240 --> 00:33:07,560
Speaker 4: medicine and medical science. And we talk a lot about

717
00:33:07,560 --> 00:33:10,080
Speaker 4: the weight loss drugs and my youngest son is a

718
00:33:10,120 --> 00:33:12,720
Speaker 4: geology student that Purdue, so we'll see what he does.

719
00:33:12,920 --> 00:33:15,200
Speaker 3: And so what do you do for relaxation to stay

720
00:33:15,200 --> 00:33:18,560
Speaker 3: in shape? You're not on one of these drugs, I

721
00:33:18,640 --> 00:33:20,840
Speaker 3: think because you look very fit and exercise a lot

722
00:33:20,840 --> 00:33:21,240
Speaker 3: of cuation.

723
00:33:21,360 --> 00:33:23,960
Speaker 4: Yeah, yeah, I'm not, but I would never hesitate to

724
00:33:23,960 --> 00:33:26,959
Speaker 4: be on one if I needed it. But the best

725
00:33:27,000 --> 00:33:30,240
Speaker 4: medicine is prevention. And so you know, paying attention to

726
00:33:30,360 --> 00:33:32,160
Speaker 4: exercise is something I've always cared about.

727
00:33:32,160 --> 00:33:36,040
Speaker 2: It's a way I reduced stress too. So I loved running.

728
00:33:36,280 --> 00:33:37,960
Speaker 2: Now I don't run anymore, but I do other things.

729
00:33:38,480 --> 00:33:42,040
Speaker 4: I like hiking, I love backcountry skiing and the outdoors,

730
00:33:42,240 --> 00:33:47,120
Speaker 4: play golf. Being outside is where I find both fitness

731
00:33:47,120 --> 00:33:49,360
Speaker 4: and peace. But then you know, also, I think it's

732
00:33:49,400 --> 00:33:52,600
Speaker 4: important to watch what you eat. I think I've turned

733
00:33:52,640 --> 00:33:59,440
Speaker 4: fifty seven years ago and we really needed to change

734
00:33:59,480 --> 00:34:01,360
Speaker 4: what we That's what my wife and I decided, So

735
00:34:01,480 --> 00:34:03,840
Speaker 4: we did, and it's I think been helpful to keep

736
00:34:03,840 --> 00:34:04,280
Speaker 4: what do you eat?

737
00:34:04,680 --> 00:34:05,200
Speaker 2: What do you eat?

738
00:34:05,560 --> 00:34:10,680
Speaker 4: Things we recognize as food? Yeah, so basically things that

739
00:34:10,920 --> 00:34:15,760
Speaker 4: haven't been through factories, and are you know you recognize

740
00:34:15,800 --> 00:34:16,680
Speaker 4: that a farmer.

741
00:34:16,440 --> 00:34:20,080
Speaker 3: Micro we've had an astounding success at ELI Lelly. Suppose

742
00:34:20,160 --> 00:34:21,920
Speaker 3: a president of the United States said you should be

743
00:34:21,920 --> 00:34:25,319
Speaker 3: the secretary of HHS or something like that, what would

744
00:34:25,360 --> 00:34:25,719
Speaker 3: you say.

745
00:34:26,640 --> 00:34:31,480
Speaker 4: I'm busy right now. I've never actually thought about that.

746
00:34:31,520 --> 00:34:33,239
Speaker 4: I saw that on your question list. You served in

747
00:34:33,280 --> 00:34:34,800
Speaker 4: the government. Maybe I could get some advice.

748
00:34:35,040 --> 00:34:37,080
Speaker 3: I think you even advice for me because we didn't

749
00:34:37,080 --> 00:34:39,840
Speaker 3: do too well. But but all right, so you're happy

750
00:34:39,840 --> 00:34:40,960
Speaker 3: when you're you're so young.

751
00:34:41,000 --> 00:34:42,920
Speaker 4: There's a lot to do, and you know, the company,

752
00:34:43,000 --> 00:34:46,279
Speaker 4: as you've pointed out graciously, is really doing well. But

753
00:34:47,320 --> 00:34:49,440
Speaker 4: you know, we really have a strong desire to do

754
00:34:49,560 --> 00:34:52,319
Speaker 4: even more, and we're just at the beginning of this

755
00:34:52,360 --> 00:34:55,400
Speaker 4: weight loss story. You know, right now there's six or

756
00:34:55,440 --> 00:34:57,799
Speaker 4: seven million Americans who are taking these medicines. There are

757
00:34:57,800 --> 00:35:00,160
Speaker 4: one hundred and ten million with obesity, and we need

758
00:35:00,200 --> 00:35:03,000
Speaker 4: to build more plants and develop more data, get in

759
00:35:03,040 --> 00:35:05,319
Speaker 4: better insurance coverage, and then there's the whole world to cover.

760
00:35:05,880 --> 00:35:08,200
Speaker 4: It's projected in five years there'll be a billion people

761
00:35:08,200 --> 00:35:11,279
Speaker 4: on the planet who have obesity, and it's going to

762
00:35:11,320 --> 00:35:13,839
Speaker 4: become a much bigger problem in the developing world than

763
00:35:13,880 --> 00:35:17,759
Speaker 4: it ever has been in America, partly because the rate

764
00:35:17,800 --> 00:35:21,120
Speaker 4: of growth of obesity in India and China is much

765
00:35:21,120 --> 00:35:26,640
Speaker 4: faster than we experienced, and populations that are non Caucasians,

766
00:35:27,040 --> 00:35:30,759
Speaker 4: particularly South Asians, appear to be much more susceptible to

767
00:35:30,800 --> 00:35:33,120
Speaker 4: chronic disease at lower weights. So we have a lot

768
00:35:33,120 --> 00:35:35,120
Speaker 4: of work to do to make the biggest impact we

769
00:35:35,160 --> 00:35:35,759
Speaker 4: can yew.

770
00:35:35,840 --> 00:35:38,279
Speaker 3: The greatest obescit in the world is actually in those

771
00:35:38,320 --> 00:35:41,320
Speaker 3: countries in South Pacific. The number one of the islands

772
00:35:41,360 --> 00:35:46,400
Speaker 3: America semil that's right. The least obese is Ethiopia. Right,

773
00:35:46,800 --> 00:35:49,600
Speaker 3: a lot of food, lot of wealth, and everybody's running marathon.

774
00:35:49,360 --> 00:35:50,239
Speaker 5: So they lose weight.

775
00:35:50,680 --> 00:35:54,040
Speaker 3: So okay, So today, where do you want to take

776
00:35:54,080 --> 00:35:56,440
Speaker 3: your company? Now you can't find any drug it's going

777
00:35:56,480 --> 00:35:58,799
Speaker 3: to be more successful than when you have is this?

778
00:35:59,080 --> 00:36:01,400
Speaker 3: You're just going to keep promoting this drug? Is that

779
00:36:01,440 --> 00:36:03,520
Speaker 3: your biggest thing? Or there's no other drug you I

780
00:36:03,520 --> 00:36:05,600
Speaker 3: can imagine it would be anything comparable to this.

781
00:36:06,640 --> 00:36:08,239
Speaker 2: Well, we can imagine that.

782
00:36:09,000 --> 00:36:11,640
Speaker 4: And so we're trying to first of all, within the

783
00:36:11,760 --> 00:36:15,080
Speaker 4: obesity metabolic health space. I think there's two things I'm

784
00:36:15,160 --> 00:36:18,680
Speaker 4: very excited about. One is we have trzepetide mondros that

785
00:36:18,719 --> 00:36:21,920
Speaker 4: found on the market. We have eleven other pipeline projects

786
00:36:22,000 --> 00:36:26,000
Speaker 4: aimed at the same problem but in different ways. So

787
00:36:26,040 --> 00:36:29,279
Speaker 4: we have a triple acting medicine that's in phase three

788
00:36:29,440 --> 00:36:31,759
Speaker 4: for those that have even higher body weight or more

789
00:36:31,800 --> 00:36:35,400
Speaker 4: severe health problems, we have the Oral Project, nine others.

790
00:36:35,440 --> 00:36:38,080
Speaker 4: Beyond that, we think this is going to be a

791
00:36:38,200 --> 00:36:41,080
Speaker 4: very large segment, with many different types of medicines for

792
00:36:41,120 --> 00:36:44,839
Speaker 4: different conditions and different situations people might find themselves in.

793
00:36:45,080 --> 00:36:47,239
Speaker 2: We're going to exploit that fully. The second thing is.

794
00:36:47,920 --> 00:36:50,600
Speaker 4: We've talked a lot about like cardibasker health, diabetes, these

795
00:36:50,600 --> 00:36:53,360
Speaker 4: conditions that one to think about with being overweight. But

796
00:36:53,440 --> 00:36:56,839
Speaker 4: these medicines, we think and we aim to prove, can

797
00:36:56,880 --> 00:36:59,400
Speaker 4: be useful for other things we don't think about connected

798
00:36:59,400 --> 00:37:03,920
Speaker 4: to weight. These are often called anti hedonics, so they

799
00:37:03,920 --> 00:37:07,680
Speaker 4: are reducing that desire cycle. So next year you'll see

800
00:37:07,680 --> 00:37:11,640
Speaker 4: Lily start large studies and alcohol abuse and nicotine use,

801
00:37:11,960 --> 00:37:16,400
Speaker 4: even in drug abuse, will also begin studies in anti

802
00:37:16,440 --> 00:37:19,399
Speaker 4: inflammatory conditions because you don't think of that with weight,

803
00:37:19,560 --> 00:37:23,080
Speaker 4: but actually there is quite a strong signal in anti inflammatory.

804
00:37:23,160 --> 00:37:25,840
Speaker 4: And then beyond that, David, we need to make important

805
00:37:25,840 --> 00:37:28,120
Speaker 4: medicines for the long haul or old company. We plan

806
00:37:28,200 --> 00:37:29,880
Speaker 4: to be here another one hundred and fifty years plus.

807
00:37:30,360 --> 00:37:32,680
Speaker 4: And I mentioned my excitement about brain health. I think

808
00:37:32,680 --> 00:37:34,720
Speaker 4: that's really the next frontier to make a big difference.

809
00:37:34,719 --> 00:37:37,200
Speaker 3: So if you ever thought about eating a lot, gaining weight,

810
00:37:37,280 --> 00:37:38,640
Speaker 3: and then going to one of your drugs so you

811
00:37:38,640 --> 00:37:40,480
Speaker 3: can actually experience it because you don't use it, because

812
00:37:40,520 --> 00:37:41,520
Speaker 3: you don't you're so thin.

813
00:37:41,719 --> 00:37:44,279
Speaker 4: I'd I'd like to avoid that, but it might happen,

814
00:37:44,280 --> 00:37:46,960
Speaker 4: and I wouldn't hesitate to use them.

815
00:37:47,080 --> 00:37:51,040
Speaker 3: Yeah, yesterday you announced that fifteen billion dollars stock buy back.

816
00:37:52,160 --> 00:37:55,000
Speaker 3: Many people criticize stock buybacks. They say you should use

817
00:37:55,040 --> 00:37:57,520
Speaker 3: your money to invest in your products and so forth.

818
00:37:57,560 --> 00:37:58,680
Speaker 5: How do you respond to that?

819
00:37:59,680 --> 00:38:01,400
Speaker 2: Yeah, I don't understand that argument.

820
00:38:01,600 --> 00:38:05,080
Speaker 4: Really, a stock buyback is a way to essentially, by

821
00:38:05,080 --> 00:38:07,400
Speaker 4: buying your own shares, you give the people who already

822
00:38:07,400 --> 00:38:09,200
Speaker 4: own your shares the opportunity to sell at a higher

823
00:38:09,200 --> 00:38:11,280
Speaker 4: price and get a return on their investment.

824
00:38:11,920 --> 00:38:12,959
Speaker 2: I don't know why that's bad.

825
00:38:13,040 --> 00:38:16,560
Speaker 4: But I would also point out, in our current situation,

826
00:38:16,640 --> 00:38:18,960
Speaker 4: we're spending almost more than anyone in the world on

827
00:38:19,080 --> 00:38:21,960
Speaker 4: R and D. Already, we'll spend eleven and a half

828
00:38:22,040 --> 00:38:25,200
Speaker 4: billion dollars this year on research and development. By the way,

829
00:38:25,239 --> 00:38:27,919
Speaker 4: the country of Germany spends about eight and a half

830
00:38:28,040 --> 00:38:31,360
Speaker 4: billion on all of its medical R and D.

831
00:38:31,520 --> 00:38:32,920
Speaker 2: That's their NIH equivalent.

832
00:38:33,239 --> 00:38:35,200
Speaker 4: So we're at the nation state scale on R and

833
00:38:35,239 --> 00:38:39,640
Speaker 4: D where we have announced investments of twenty three billion

834
00:38:39,719 --> 00:38:42,280
Speaker 4: dollars in new capital in the United States.

835
00:38:42,280 --> 00:38:44,360
Speaker 2: For factories, we can't go faster.

836
00:38:44,440 --> 00:38:46,640
Speaker 4: There's no more vendors to build plants faster than we're

837
00:38:46,640 --> 00:38:50,640
Speaker 4: building right now. So returning some of the rewards that

838
00:38:51,520 --> 00:38:53,840
Speaker 4: investors deserve for taking risk on the company seems like

839
00:38:53,880 --> 00:38:54,799
Speaker 4: a reasonable thing to do.

840
00:38:55,320 --> 00:38:58,080
Speaker 3: So, Members of Congress, when you're in town, I assume,

841
00:38:58,080 --> 00:39:00,719
Speaker 3: how do you find that experience uplifting?

842
00:39:02,200 --> 00:39:03,839
Speaker 2: That wasn't the word I was going to use.

843
00:39:05,719 --> 00:39:10,160
Speaker 4: Yeah, look, at an individual level, we all love our congressman,

844
00:39:10,200 --> 00:39:12,359
Speaker 4: and I think at an individual level they seem quite

845
00:39:12,360 --> 00:39:15,000
Speaker 4: smart and rational people. Collectively, they don't seem to be

846
00:39:15,040 --> 00:39:18,839
Speaker 4: able to act very rationally, but we're going to try

847
00:39:18,840 --> 00:39:20,600
Speaker 4: to convince them to do so. I think there's a

848
00:39:20,640 --> 00:39:22,719
Speaker 4: lot we can do. You know, it's a complicated world

849
00:39:22,800 --> 00:39:25,759
Speaker 4: right now for global businesses like ours, there's a lot

850
00:39:25,800 --> 00:39:27,720
Speaker 4: we could do that would make a pretty big difference.

851
00:39:27,880 --> 00:39:31,280
Speaker 4: And it seems relatively easy to us, so we'll work

852
00:39:31,320 --> 00:39:32,080
Speaker 4: with them to do that.

853
00:39:32,480 --> 00:39:35,920
Speaker 3: Now, I assume you're very popular in Indiana because your

854
00:39:35,960 --> 00:39:38,040
Speaker 3: company is very popular and you're a very nice person,

855
00:39:38,160 --> 00:39:40,560
Speaker 3: your so forth. Have you ever thought of running for

856
00:39:40,680 --> 00:39:41,560
Speaker 3: office yourself?

857
00:39:42,400 --> 00:39:44,680
Speaker 4: Again, I have not considered public service at this point.

858
00:39:44,719 --> 00:39:48,440
Speaker 4: I'm busy doing what I'm interested in. But we've been

859
00:39:48,480 --> 00:39:51,120
Speaker 4: lucky in Indiana. We have a you know, it's a

860
00:39:51,200 --> 00:39:53,600
Speaker 4: right leaning state, but we've a very common sense leadership.

861
00:39:53,640 --> 00:39:57,239
Speaker 4: We've enjoyed good relationship there, so that hasn't come up.

862
00:39:57,280 --> 00:39:59,560
Speaker 4: No one's tried to recruit me yet.

863
00:40:00,000 --> 00:40:03,480
Speaker 3: Okay, so let me ask you finally, finally, on the

864
00:40:03,560 --> 00:40:06,719
Speaker 3: drug that everybody's talking about. Is it difficult to get

865
00:40:06,760 --> 00:40:08,400
Speaker 3: a doctor to prescribe that? Or if you do go

866
00:40:08,400 --> 00:40:10,680
Speaker 3: in a doctor, you say you want it, doctor automatically

867
00:40:10,680 --> 00:40:12,600
Speaker 3: gives it to or do you have to examine you

868
00:40:12,640 --> 00:40:14,320
Speaker 3: and say you're a little overweight.

869
00:40:14,480 --> 00:40:15,520
Speaker 2: They'll have to examine you.

870
00:40:15,600 --> 00:40:19,040
Speaker 4: But it's a both and right now, our market studies

871
00:40:19,040 --> 00:40:22,080
Speaker 4: are when people ask for either our drug or Novo's,

872
00:40:22,320 --> 00:40:24,879
Speaker 4: about eight out of ten times they get it. It's

873
00:40:24,880 --> 00:40:28,040
Speaker 4: a very consumer driven thing, and most doctors aren't resistant

874
00:40:28,080 --> 00:40:29,920
Speaker 4: to it. When we launched that bound. You know, we

875
00:40:30,040 --> 00:40:32,759
Speaker 4: just started advertising. That's an unusual thing. Usually you go

876
00:40:32,760 --> 00:40:34,759
Speaker 4: out of the gates, you try to raise awareness, but

877
00:40:34,800 --> 00:40:38,360
Speaker 4: there was so much online, a buzz and virality to this.

878
00:40:38,400 --> 00:40:39,640
Speaker 2: We didn't really have to.

879
00:40:41,600 --> 00:40:44,280
Speaker 4: Half the doctors writing the medicine in the United States

880
00:40:44,320 --> 00:40:47,680
Speaker 4: right now, our medicine we've never spoken to. So usually

881
00:40:47,680 --> 00:40:50,160
Speaker 4: you have like salesmen who go out people, we talk.

882
00:40:50,040 --> 00:40:51,800
Speaker 5: To them free samples. You don't have to give free samples.

883
00:40:51,800 --> 00:40:53,799
Speaker 4: We haven't done any free samples and half of them

884
00:40:53,800 --> 00:40:55,640
Speaker 4: we haven't even spoken to yet. We need to speak

885
00:40:55,680 --> 00:40:57,840
Speaker 4: to them to educate them on risk and benefits, but

886
00:40:58,680 --> 00:41:02,160
Speaker 4: they're just spontaneously writing because consumers are asking them for it.

887
00:41:02,160 --> 00:41:03,600
Speaker 4: It's a unique medicine.

888
00:41:04,080 --> 00:41:06,000
Speaker 3: So has there ever been a drug anywhere in the

889
00:41:06,040 --> 00:41:08,719
Speaker 3: United States that's as popular as this particular drug is

890
00:41:09,400 --> 00:41:12,120
Speaker 3: sweeping the world and the country as anything like this

891
00:41:12,280 --> 00:41:14,000
Speaker 3: and you've seen before.

892
00:41:13,840 --> 00:41:14,480
Speaker 2: I don't think so.

893
00:41:14,600 --> 00:41:18,240
Speaker 4: I think both ours and our competitors' drugs will easily

894
00:41:18,280 --> 00:41:20,439
Speaker 4: be the largest selling drugs in the US next year.

895
00:41:20,640 --> 00:41:23,040
Speaker 2: And for a good reason.

896
00:41:23,080 --> 00:41:26,680
Speaker 4: I'd say they Obviously, people when they begin taking them

897
00:41:26,719 --> 00:41:29,680
Speaker 4: almost immediately feel better and they want to stay on them.

898
00:41:29,920 --> 00:41:33,080
Speaker 4: We do lots of clinical trials and often people we

899
00:41:33,200 --> 00:41:34,920
Speaker 4: randomize the PACEIBO so they don't know they're on the

900
00:41:34,960 --> 00:41:36,960
Speaker 4: drug or not, and the people on the drug often

901
00:41:37,040 --> 00:41:38,760
Speaker 4: drop out of the study at a high rate because

902
00:41:38,880 --> 00:41:41,480
Speaker 4: you feel about the same when you're on most chronic medications,

903
00:41:42,120 --> 00:41:44,359
Speaker 4: maybe have some side effects, but you don't notice your

904
00:41:44,400 --> 00:41:47,480
Speaker 4: health improving. On these, you notice your health improving immediately.

905
00:41:47,480 --> 00:41:49,200
Speaker 4: People have a scale in their bathroom. They step on

906
00:41:49,239 --> 00:41:52,319
Speaker 4: it every day. They love losing weight. Physicians like it

907
00:41:52,400 --> 00:41:55,440
Speaker 4: because the baseline of medical care is die in exercise,

908
00:41:55,920 --> 00:41:58,520
Speaker 4: so when people aren't successful, it's frustrating. Here they can

909
00:41:58,520 --> 00:42:02,000
Speaker 4: feel successful because people who are chronically overweight or even quite.

910
00:42:01,760 --> 00:42:04,600
Speaker 2: Obese can lose a lot of weight.

911
00:42:04,920 --> 00:42:07,440
Speaker 4: I had a letter this weekend I got from a

912
00:42:07,520 --> 00:42:09,880
Speaker 4: lady who lived in Kansas.

913
00:42:09,960 --> 00:42:11,120
Speaker 2: She's forty five years old.

914
00:42:11,480 --> 00:42:14,319
Speaker 4: She weighed four hundred and twenty pounds, and she sent

915
00:42:14,360 --> 00:42:16,520
Speaker 4: me the letter because yesterday she weighed one to eighty

916
00:42:16,520 --> 00:42:19,520
Speaker 4: eight and she's been on our drug for two years

917
00:42:20,239 --> 00:42:22,719
Speaker 4: and she was unsure if she was going to live

918
00:42:22,719 --> 00:42:25,399
Speaker 4: to be fifty, and now she's sure she is. So

919
00:42:25,680 --> 00:42:28,560
Speaker 4: this is imagine that at the nation's scale, we could

920
00:42:28,640 --> 00:42:31,239
Speaker 4: change the trajectory of health care in the country with

921
00:42:31,719 --> 00:42:32,520
Speaker 4: our invention.

922
00:42:32,360 --> 00:42:33,480
Speaker 5: In that particular example.

923
00:42:33,520 --> 00:42:36,880
Speaker 3: For example, hy somebody goes from four hundred plus pounds

924
00:42:36,880 --> 00:42:40,600
Speaker 3: down their body organs must have been weakened by having

925
00:42:40,960 --> 00:42:42,880
Speaker 3: that large weight for a long time, So even if

926
00:42:42,880 --> 00:42:44,960
Speaker 3: they lose the weight, they're still not going to be

927
00:42:45,000 --> 00:42:47,160
Speaker 3: as healthy as if they had never been obese.

928
00:42:47,200 --> 00:42:48,399
Speaker 2: Right, Well, we don't know that.

929
00:42:48,480 --> 00:42:52,760
Speaker 4: Actually, I think the body's proven to be pretty resilient. Obviously,

930
00:42:52,840 --> 00:42:54,560
Speaker 4: she'll need to keep the weight off. She'll need to

931
00:42:54,600 --> 00:42:57,840
Speaker 4: exercise and eat well and take good care of her health.

932
00:42:58,239 --> 00:43:01,560
Speaker 4: But this particular person, for instance, had diabetes and no

933
00:43:01,640 --> 00:43:06,239
Speaker 4: longer has clinical diabetes. It's not detectable, so actually her

934
00:43:06,280 --> 00:43:08,600
Speaker 4: health is improving as she's losing the weight already.

935
00:43:09,600 --> 00:43:13,160
Speaker 3: Well, it's a great American success story, and I congratulate

936
00:43:13,200 --> 00:43:16,000
Speaker 3: you on pulling this off, and I hope you'll continue

937
00:43:16,040 --> 00:43:17,920
Speaker 3: to find other drugs that are going to be as

938
00:43:17,920 --> 00:43:20,359
Speaker 3: successful as this, And I can you know, I could

939
00:43:20,440 --> 00:43:22,839
Speaker 3: use a couple of them myself Alzheimer's or whatever else

940
00:43:22,880 --> 00:43:26,160
Speaker 3: I might need in the future. But thank you very

941
00:43:26,200 --> 00:43:28,040
Speaker 3: much for being here, and thanks for the great story.

942
00:43:28,080 --> 00:43:29,279
Speaker 2: Thanks David appreciate it ye