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Wednesday’s Fireside Chat: Financing Innovation & Doing Social Good

June 6, 2018
Massachusetts’ biopharma industry is arguably the strongest in the world. That is due in large part to the successful cooperation of industry and governmental leaders to create an environment that inspires and nurtures innovation.

Two luminary figures responsible for the growth and enduring strength of the industry here in Massachusetts joined us at the 2018 BIO International Convention, for a fireside chat that covered broad ranging issues affecting biotech innovation today.

Fireside moderator Dr. Tony Coles is a founding investor and the chairman and CEO of Cambridge-based Yumanity Therapeutics. Prior to his current role, Dr. Coles’ impressive career included leadership of Onyx Pharmaceuticals, which prior to acquisition by Amgen, brought two innovative cancer medicines to market and established the company’s international presence.

Dr. Coles sat down with Deval Patrick, managing director of Bain Capital. Prior to joining the firm, Patrick served as Governor of the Commonwealth of Massachusetts for eight years. As Governor, Patrick launched the state’s Life Sciences Initiative that continues to provide a variety of financial incentives to life science companies that are adding jobs in Massachusetts.

BIO’s Vice President of State Government Relations, Patrick Plues said of Patrick, ‘No other public figure has done more to facilitate biotech innovation and the patients we support.” Patrick alluded to his support for biopharma’s patient-centric approach to innovation  and addressed his driving mission to fight what he calls “short-sightedness.” Because funding biopharma innovation requires a strong commitment, Patrick advised the need for a long-term commitment when strategizing public and private funding of biopharma innovation. “If you want benefits to all sectors of society, you must be intentional about [your funding strategy],” said Patrick.

Patrick’s commitment to social good extends to his firm’s current investment pursuits  to fund mission-driven companies, and support investments into businesses owned by women of color.

BIO has also committed itself to be a driver of efforts to develop a diverse and talented workforce. To that end, BIO recently instituted a number of diversity initiatives including the creation of a board committee and guiding principles documents.


Access the Virtual Attendee Package to view a recording of this session and other top BIO 2018 educational content.