Open Door Salon

Katie Schubert is President & CEO of the Society for Women's Health Research — 35+ years advocating for sex differences research. Former Capitol Hill staffer. Her goal: make women's health so mainstream that her organization goes out of business.

Joanna Stickler is VP of Health Policy & External Affairs at Roche Diagnostics. Former public health professional. Her mantra: we haven't even implemented A, B, and C before demanding X, Y, and Z.

In Today's Episode:

• What famines teach us about transgenerational health
• Why pregnancy sets the stage — but nobody's tracking it
• 1 in 5 women left or considered leaving their jobs due to menopause
• "Bikini medicine" and why women's health needs a rebrand
• Women weren't included in clinical research until 1993
• Endometriosis, PCOS, and the diseases we're ignoring
• The 9-minute primary care appointment isn't working

Frank Watanabe is the President and CEO of Arcutis Biotherapeutics, a dermatology biotechnology company based in Los Angeles. He's also the Vice Chairman of BIO. Frank spent 30 years in biopharma after a prior career in national security — he stumbled into the industry at Eli Lilly and stayed for the mission.

Josh Fessel is a physician-scientist who most recently served as Chief Medical Officer and Director of the Office of Translational Medicine at NCATS (National Center for Advancing Translational Sciences) at the NIH. He left federal service approximately 7-8 months ago after the landscape shifted in ways that conflicted with his values and oaths as a physician.

In Today's Episode We Discuss:

• Cash Is Oxygen: Advice for CEOs in a Tough Funding Environment
• The AI Bubble & Why It Popping Might Be Good for Biotech
• The 8-10 Year Divot in Basic Research That's Coming
• Brain Drain: Canada, France & Australia Are Recruiting US Scientists
• China's Rise & Why the Me-Too Strategy Is Dead
• State-Level Innovation: "50 Kids in a Trench Coat"
• Coopetition as a Survival Strategy
• The Hardest Decisions: Layoffs & Leaving Federal Service

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Andy Holt is the Chief Commercial Officer at Viralgen Vector Core, a company specializing in the contract manufacture of AAV gene therapies. A self-described "really bad molecular biologist" who moved to the commercial side, Andy has spent 18 years in cell and gene therapy, including a stint as VP at AskBio before its acquisition by Bayer.

Phil Vanek is the Chief Commercialization Officer at ISCT (International Society for Cell and Gene Therapy). Another former bench scientist who decided to "head into the business world," Phil has built his career in product development, innovation leadership, and investing on behalf of private equity.

In Today's Episode We Discuss:

• Why Clinical Adoption Isn't Keeping Up with Approvals
• CAR-T for $50,000 in India — Why Can't the US Do This?
• The $4 Million Problem: Employment-Linked Healthcare Breaks Everything
• First-in-Human Trials in Under a Year for Under $20 Million
• NIH Funding Uncertainty: Spend Every Dollar Like It's Your Last
• Why AI Is a "Shiny Object" Siphoning Capital
• Advice for Startups: "Hunt for Boring"
• Advice for Investors: "Don't Drink the Kool-Aid"

(00:00) Intro & Meet the Guests

(03:12) Why Clinical Adoption Isn't Keeping Up with Approvals

(06:44) Manufacturing Cost Is No Longer the Biggest Problem

(10:02) The Education Problem: Clinicians Are Learning Too

(14:20) Payers Think Like Investors — Here's What That Means

(17:46) The $4 Million Problem: Why Employment-Linked Healthcare Breaks Everything

(23:26) What Challenges Are Companies Facing Right Now?

(27:49) First-in-Human in Under a Year for Under $20 Million

(31:24) NIH Funding Uncertainty: Spend Every Dollar Like It's Your Last

(37:01) Instability Creates Opportunity — But Also Higher Risk

(42:08) Advice for Startups: Hunt for Boring

(44:25) Advice for Investors: Don't Drink the Kool-Aid

(46:38) Why They Chose This Industry

(52:37) Closing

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Colin Zick is a Partner at Foley Hoag, where he co-chairs both the Health Care Compliance practice and the Privacy & Data Security practice. With over 30 years of experience navigating healthcare regulation and cybersecurity, Colin has seen administrations come and go—and knows that the fundamentals of compliance never change, even when everything else does.

Anne Herold Li is a Shareholder at Brownstein Hyatt Farber Schreck, where she serves as Managing Partner of the New York office and co-chairs the Life Sciences practice. A former epidemiologist who was once the "Rat Queen of New York City," Anne pivoted to law after her brother suggested she might enjoy patent law—where someone pays you to learn the latest science every day.

In Today's Episode We Discuss:

• Supreme Court Tariff Ruling & What It Means for 300,000+ Companies
• The Biosecure Act Is Back — With Immediate Impact
• AI Regulation: US "Hold My Beer" vs. EU's Tricycle Approach
• Why Companies Actually Want to Be Regulated
• Effective Lobbying: Tell Your Story Like Hamilton
• The Boring But Critical: Tax, Insurance & Force Majeure

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#biotech #lifesciences #patent #biosecurity #tariffs #drugdevelopment #AI #healthcare #pharma #OpenDoorSalon #ODS

Chris Bardon is the Managing Partner at MPM BioImpact, a dedicated biotech investment firm working across private and public markets. A Harvard-trained physician who completed her residency at Brigham and Women's Hospital, Chris has spent over 20 years in biotech investing, including time at Fidelity before launching her own fund. She also serves on the board of the American Association for Cancer Research.

Elaine Hamm is a scientist turned operator who has spent her career moving between startups, academia, and venture capital. She currently manages a portfolio of pharmaceutical companies, serves as Executive in Residence at Tulane School of Medicine, and is Executive Director of the Alliance of Artificial Intelligence in Healthcare. She also owns a wine bar.

In Today's Episode We Discuss:

• Is the 2020 Biotech Bubble Hangover Finally Over?
• The AI Bubble in Life Sciences: Real vs. Hype
• China's Rise from CRO to Pharmaceutical Competitor
• Brain Drain & NIH Funding Threats
• What Makes Companies Fundable in 2026
• The #1 Red Flag That Kills Deals: Defensiveness
• Career Pivots: From Piano to Pharma

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#investment #healthcare #biotech #lifesciences #AI #cancer