01:34:14 · Jordi Hays, Vineeta Agarwala
[01:34:14] S0: Sure. [01:34:14] S7: As well as augmentation well beyond what humans could do in those fields, I do think some of those Silicon Valley technologies, you know, obviously, yes, they are being formed. Yes. We are absolutely being pitched the cursor for bio right now, and and we think it's very credible. We think it absolutely is the case that if you have a lot of data, you you're a company that's, let's say, run clinical trials before, managed many, many drugs through development, you should have agents crawling through that data, learning what humans might have missed, learning why things failed, why things succeeded, and then bringing that knowledge to your next set of set of endeavors. And so, absolutely, you know, this kind of regime of of a fully virtual agentic lab that for every one human scientist, you know, has hundreds of agentic scientists is a really, really interesting interesting vision. At the same time, making the drug is really valuable. So we really do think that great innovation can take it all the way and can you know, great start ups can actually develop their own [01:35:20] S0: their own Yeah. How how often a company comes to you that wants to be more on the picks and shovels side kind of infrastructure, maybe more b to b. How often do you find yourself encouraging them to own, try to take it all the way and actually like use whatever innovation or or insight they have to not just make that product available to other bio or pharma companies, but, you know, actually deliver the end value?
01:35:20 · Jordi Hays, Vineeta Agarwala
[01:35:20] S0: their own Yeah. How how often a company comes to you that wants to be more on the picks and shovels side kind of infrastructure, maybe more b to b. How often do you find yourself encouraging them to own, try to take it all the way and actually like use whatever innovation or or insight they have to not just make that product available to other bio or pharma companies, but, you know, actually deliver the end value? [01:35:46] S7: I think it really depends on the founders and exactly where the innovation sits. We've backed both. We're long on both infrastructure for the industry and, you know, SaaS, forward deployed SaaS, SaaS plus agentic implementations. And, you know, I think we think a lot of that has a ton of value and will fundamentally change how every organization operates, and not every organization is going to build their own cursor like tools for research. At the same time, sometimes the innovators who are closest I'll give you a real example. You know, autoimmune disease is horrible. Ten percent of people have an autoimmune disease. And sounds like science fiction, but recently, we tried CAR T therapy. Take take my T cells out of my body, engineer them, and instead of attacking a tumor cell, attack bad autoimmune cells. Okay. Well, that's interesting. And what if I could deliver it in the same type of vaccine type format that you got your COVID jab in, an LNP and an RNA that [01:36:48] S0: I'm kind of surprised to hear you calling a vaccine I'm kind of surprised to hear you calling a vaccine a jab. Yeah. But maybe that's just a comment.
01:36:48 · Jordi Hays, Vineeta Agarwala, John Coogan, Casey Neistat
[01:36:48] S0: I'm kind of surprised to hear you calling a vaccine I'm kind of surprised to hear you calling a vaccine a jab. Yeah. But maybe that's just a comment. [01:36:56] S7: What it is. [01:36:56] S1: Yeah. It's like it's like reclaiming [01:36:58] S0: tech bro. Reclaim it. We reclaim tech tech bro, technology brothers. [01:37:02] S1: Yeah. The pharmaceutical industry definitely needs [01:37:04] S7: to replace [01:37:04] S1: the job. [01:37:05] S7: The name of this thing to tech nerds. It just [01:37:07] S0: What about [01:37:09] S7: But you know, you know [01:37:10] S0: Oh, yeah. [01:37:10] S7: So to finish that story out, to make that requires a lot of engineering and a lot of optimization and a lot of so called Silicon Valley style optimization, and so we're seeing that. A company in our portfolio called Orbital Therapeutics announced really exciting data in monkeys, you know, demonstrating that that might be possible for autoimmune disease. [01:37:29] S6: So I [01:37:30] S7: think it goes both ways. Silicon Valley tech is gonna permeate every company whether they're based here or not and whether they're making drugs or not. [01:37:37] S0: Do you think that these sort of early IPOs that drug companies have done historically is a feature or a bug? Like if if we have more developed private capital markets, do you think that like is it even right that effectively retail, uneducated retail could just be taking these like, you know, gambling in the public markets on effectively FDA trials? Or is there a better way?
01:38:06 · Vineeta Agarwala
[01:38:06] S7: There is a huge public market for biotech. The stage at which companies access those markets in the last few years was miscalibrated. And so that's why you see the headlines you're seeing with respect to public biotech stock performance, with respect to public fundraising challenges for companies because they were very far from the clinic. They were very far from generating commercial value. They were very far from demonstrating hard data that they were close to developing a product of value. So I do think the the private markets continue to be to have massive pools of capital in them, and biotech companies will stay private for longer. But, you know, at the same time, we're seeing huge demand and appetite for technologies that work from pharma companies that have a really rich ability to continue to back biotech companies, partner with biotech companies, fund biotech companies, buy biotech companies. So, we partnered up with Eli Lilly on that front and started a whole dedicated fund focused on supporting the biotech ecosystem, and that serves pharma and it serves the biotech ecosystem too. Right? And so there are lots of ways for companies to continue to make progress on those technologies while private until they until they have the metrics that justify justify going public.
01:39:25 · Jordi Hays, Vineeta Agarwala
[01:39:25] S0: That makes sense. You said something earlier around, nursing job vacancies. How do you what's your thesis on how that market evolves in four years? Are we still gonna see, you know, hospital systems unable and and various groups unable to get the nurses that they want? Or do you think that AgenTic systems can can kinda backfill those roles and and they just there there will be more kind of balance in the market. [01:39:53] S7: Yeah. I I hope we also project needing fewer roles. I mean, we are projecting that we're gonna be short over 3,000,000 health care workers just in The United States alone over the next year. Right? So it's a huge number. [01:40:06] S0: And the people so and and and the people making those projections, are they AGI pilled? Are they humanoid robot pilled? Like, I I I it's cool that the FDA has a chief AI officer that feels Mhmm. Important. But anytime I'm like reading into projections, it's more interesting to get a projection or or insight from you given that you're backing all these companies that Hey. I can understand that reality and wanna
01:40:32 · Vineeta Agarwala
[01:40:32] S7: wanna Right. That's a big number. That's based on, you know, the job count know, job that health systems and providers are opening but unable to fill based on the projected increase in health care demand as their population ages. But absolutely, I I hope it's not really that high because there's only, like, 8,000,000 total job vacancies in The US. That's, like, almost half our total job vacancies in health care alone. So we we have to actually decrease our need for those jobs, and we could redirect some of our extremely skilled health care existing workforce from answering phone calls, dropping up pick you know, picking up drop balls, recommunicating the same information to patients, recommunicating the same information between providers who are trying to coordinate. There are a million ways in which our system does not work today, and so I hope that number goes down. But the reality is that, the willingness to try out the agentic solution, whether it's for documentation, whether it's for getting prior auth from an insurance company, or whether it's for actually providing a clinical consult, has never been higher because the reality is today, we don't have the humans to fill those jobs. Wait times are long. Thirty percent of Americans skip care. Like, they skip or delay prescribed care. We're a developed country in which that's happening, and sixty, seventy percent of Americans say, I will see an AI doctor. Like, just give me, I will see one. Like, at least I will engage with one. And in fact, I'm probably gonna engage with one before I engage with a human doctor now. Right? We've all changed our consumer behavior that way almost overnight. It's a pretty remarkable shift that's happening that will, I hope, make us need a lot fewer than than those that, you know, that number of of open jobs.