With coronavirus, we have ‘seen an amazing unified response’: BIO President and CEO
Yahoo Finance Video
Updated
Dr. Michelle McMurry-Heath, Biotechnology Innovation Organization (BIO) President and CEO, joins The Final Round to discuss how her organization is aiding the fight against the coronavirus and the work it is doing to make a coronavirus vaccine available to everyone.
Video Transcript
SEANA SMITH: We're going to talk a little bit more about Johnson and Johnson here. In the race to find a vaccine, Johnson & Johnson out with the news today saying that they will begin human trials for their vaccine in late July. This is earlier than initially expected. I want to bring in our next guest. We have Dr. Michelle McMurry-Heath, President and CEO of the Biotechnology Innovation Organization. That's a trade group here that counts leading pharmaceutical companies among its members.
And we're also joined by Yahoo Finance's Anjalee Khemlani as well. And Dr. McMurry-Heath, this is interesting because Johnson & Johnson is one of those names that is in your trade group. So how encouraging-- I'm curious to get your take on the developments that we got today from J&J just in terms of how encouraged we should be by this new development.
MICHELLE MCMURRY-HEATH: Well, Seana, thank you so much for having me. First of all, it's incredibly great news. And what's amazing is the progress we've seen to date. The Biotechnology Innovation Organization represents over 1,000 companies all dedicated to improving human health, and improving our food supply, and our environment.
And in a mere 16 weeks, those companies were able to start over 400 anti-COVID projects, 130 of which were targeted at trying to discover a new vaccine. And it's amazing that in that short amount of time, we now see three candidates announcing that they will be entering phase 3 trials. And as you know, phase 3 trials are the final step before vaccines are ready to be released to the public.
ANJALEE KHEMLANI: Doctor, it's Anjalee here. I know that part of your role now in BIO is to really look at some of the issues that you're focused on. And I know social justice is one of them-- access being a key point. Affordability, I think, plays into that. So I'm going to pose to you the same question that you posed to Dr. Fauci yesterday, which is on price controls and what your thoughts are about that and the need for a price discussion today.
MICHELLE MCMURRY-HEATH: Well, there certainly is a need for a price discussion. Look, the member companies of BIO are committed to improving human health. And that is a two-pronged process. First, you have to have the scientific discoveries. Then you have to ensure that there's access to those scientific discoveries. And we are committed to both. And this is no place more clearly needed than in COVID.
One of the things that's so important, though, is to remember that we have to make sure that we do nothing to slow the speed of scientific progress. As we see with COVID every day, the cases are mounting. We're nearing almost 2 million cases, worldwide, of COVID. And any slow down to that scientific discovery process is going to cost lives. So we need to do everything we can to support the science and then at the end of the day, work to make sure that patients have access-- affordable access to the solutions that science produces.
ANJALEE KHEMLANI: I know that you previously worked with the FDA as well. And they've done a really great job of helping with that reduced timeline, and helping with getting clinical trials through faster, and the studies done faster. I'm curious what other things you think can be done and things that could be implemented in the long term even post COVID.
MICHELLE MCMURRY-HEATH: Well, we definitely have to learn from this experience. And the things we're learning are clear. We need partnerships. We need partnerships between government organizations and private companies to make sure that we're putting all the best minds to the problem. We need international collaborations. And we need companies to work between small companies and large companies.
So the more minds we apply to the problem, the sooner we will get there. Look, science is the solution. I think science is the social justice issue of our age, because having access to that science and making sure that science is trained on our most key social issues and problems is what's going to make the difference at the end of the day.
SEANA SMITH: Dr. McMurry-Heath, just following up on that, just the importance of collaboration because we've talked about that a couple of times here at Yahoo Finance, whether it's between large pharma giants teaming up a small biotech names, or also partnerships with the government. So I'm just curious as to whether or not you think that there are enough partnerships or enough collaboration that's happening at this point.
MICHELLE MCMURRY-HEATH: A year ago, I would have said no. I would have said we are somewhat balkanized in the way we go after scientific targets. But what we've seen with COVID is an amazing unified response. And that type of collaboration, which is unprecedented, is what's going to make the difference. And I just applaud how everyone's being flexible and trying to work together to find a solution.
ANJALEE KHEMLANI: What steps can BIO take and can you take to change the conversation around the reputation that the industry has had? I know this time last year, it was a very different story. So what do you think are the things that can be done to change that? And will they change?
MICHELLE MCMURRY-HEATH: Yes, you know, it's so interesting. I spent 12 years at the laboratory bench. And I've worked in hospitals. And I see every day how our industry has very dedicated and bright minds who have chosen, very consciously, to work to improve human health. It is such a high calling that they follow. And they are dedicated to it. They pursue it with an undeterred determination.
But that story is not getting out to the public. I don't think the public can see how difficult it is sometimes to pursue those scientific goals. So our job at BIO is to help tell that story and to help our scientists and clinicians tell their own story. We have a campaign underway called I am BIO, and it's really showing the personal side of all the heroes and sheroes who are working in science day and night to try to end this COVID tragedy.
SEANA SMITH: Dr. Michelle McMurry-Heath, President and CEO of the Biotechnology Innovation Organization, great to have you on and thanks so much.