Conversations with Mike Milken

“How do we think about building an inclusive product that represents what families look like today, which might be very different than what families looked like 200 years ago. We want voices from all over to help us shape that product.”With 20 years of experience in the technology sector – including stints at eBay, PayPal, and an executive position at Facebook – Deb Liu now leads the high-tech portal where access to 30 billion genealogical records can provide a deeper understanding of one’s unique heritage. With 20 million users worldwide, Ancestry is the largest for-profit company of its kind. As the daughter of Chinese immigrants, Liu knows how her company’s services can transcend matching names to data.“What we build at Ancestry is not just a tool to share information,” she tells Mike, “but it's really about storytelling and actually building something that hopefully you'll give to your children and your grandchildren someday… It's really the story of all the people who made decisions, just like my parents leaving their home to go to another country. It's those stories that actually make us who we are today.”

“We need to attack extreme poverty. Of course, the pandemic brought additional challenge to that. But, we provided emergency aid for an extensive part of our population, around 60 million people. Of course it's a fiscal challenge, but we did more on a relative basis than all the other countries.”As one of Brazil’s wealthiest men, André Esteves could easily keep his head down and just take care of business. But the senior partner of BTG Pactual – the largest investment bank in Latin America, with more than $70 billion of assets under management – is determined to give back. As a board member of Conservation International, he champions protecting the Amazon and its extraordinary biodiversity. As a philanthropist, he and his partners are empowering the next generation of Brazilians by building a new university, the Institute of Technology and Leadership.“Our corporate sector needs coders, programmers, data scientists, and we need to help provide this kind of qualified labor force,” he tells Mike. “But, beyond teaching technology, the intention here – and that's why it has ‘leadership’ in the name – is also teaching that you only create wealth if you work very hard, wake up very early in the morning. And you don't need government for that.”

“Asian Americans are now beginning to find our voice. We’re learning that we need to be full participants in our democracy. The rise in violence and hateful rhetoric against the Asian American community during the COVID 19 pandemic has brought this community to a greater realization of the need to participate more fully in our country’s institutions, and be more vocal and visible.”As the excited 8-year-old girl watched the land of her birth recede from her view as her cargo ship pulled away from shore, Elaine Chao could only dream of the opportunities awaiting her in the U.S. After learning English and earning excellent grades, she would receive an M.B.A. from Harvard Business School and eventually rise to become the first woman of Asian heritage to serve in a President’s cabinet, first as the 24th U. S. Secretary of Labor, and most recently as the 18th U.S. Secretary of Transportation. Along the way, she served as Chair of the Federal Maritime Commission, President and CEO of United Way of America, and Director of the Peace Corps.“As I review my life’s journey,” she tells Mike, “I don't look back upon the accomplishments so much as the rich gifts that I am now blessed to possess, which is love of family and friends, the respect of peers and colleagues, the ability to have led an impactful life, and, hopefully, the continued ability to make a difference in the world.”

“In protecting our business, we are not talking about protecting AB’s business, but everybody in the chain that was relying on AB to maintain their business continuity. And that came from the farmers to the people in our breweries, to the wholesalers that we service to the retailers that they service and for the consumers, that they would need to have some sense of normalcy.”An event like a pandemic can make one reexamine personal and professional priorities. For Brazilian-born Michel Doukeris, it was a chance to bolster his 165-year-old company’s commitment to its customers. When hand sanitizer was in short supply, the CEO of Anheuser-Busch quickly shifted brewery production to fill that need. When the American Red Cross saw blood donations decline, the venerable company used its partnerships with major sports franchises to allow their arenas to be used for that vital purpose. That kind of altruism also extends to the company’s supply chain – and to its competitors.“We want to be the company that contributes the most for our retailers and wholesalers for their business growth,” he tells Mike. “It’s about working with our employees and our communities to be strong. … And it's about having a leadership position in the overall industry, making the industry better, making the industry healthier and making sure that we are contributing through innovation to make this industry a vibrant one for the next 100 years.”

“We all have learned the things that a few months ago we thought were not possible were really possible. … As I think about manufacturing, I think about two big changes. First is the creation of more decentralized manufacturing networks, where companies will be able to produce closer … to where their customers will be. The second big change will be driven by personalization.” After launching his 30-year career at HP with an internship, Enrique Lores was named CEO in November 2019. In between, he learned virtually every facet of the iconic company, helping it achieve its current status as a leader in the technology sector. For HP’s future, the Madrid-born Lores sees increasing market share in the biomedical sector, as personalized medicine drives demand for 3D printing.“We are building microprocessors for fluids,” he tells Mike, “and with them we will be able to do diagnostics and measure and identify potential diseases. We will also be able to create personalized medicine. So if you are going through a difficult treatment, we will be able to create a specific medicine designed only for you, and that medicine will be built in your home, at your home. That ability and option to drive the democratization of the healthcare space is one of the most inspiring efforts that we have in the company. Not only because of the business it will create, but also because of the impact it will have in the world.”

This Podcast Features:John GrishamAuthorNeal KassellFounder and Chairman, Focused Ultrasound Foundation“Once I realized the potential of this non-invasive surgical procedure to save countless lives and improve the healthcare of millions of people, I realized how important this work can be and is.” —John GrishamFriends and neighbors for 25 years, author John Grisham and neurologist Neal Kassell are on a mission. Together, they are raising awareness – and funds – for a promising, non-invasive procedure known as focused ultrasound. While the FDA has approved the therapy for seven specific treatments, Kassell (who successfully treated both of President-elect Biden’s aneurisms) believe that millions could benefit from broader applications of the technology:“Alzheimer's, Parkinson's, OCD, depression, a lot of work now on epilepsy, stroke,” he tells Mike. “The other major area that has us really excited is cancer and cancer immunotherapy, particularly glioblastoma and pancreatic cancer, as well as metastatic melanoma. [What] we need in addition to financial capital is human or intellectual capital. … The ultimate force multiplier for human capital is collaboration. So, we spend a lot of time fostering collaboration.”

“The crisis happened at a time of exponential change in technology that was already transforming the way we work, how we engage with clients, how we make decisions. … And then you instantly had behavioral change at a scale that we've never seen in the past.”Julie Sweet believes large companies should be flexible and light on their feet. Case in point: her own Accenture. When she became CEO of the multinational professional services company in 2019, she instituted sweeping changes to its operating model and invested billions in a new cloud system, which left their half million employees in 120 countries in a much better position to withstand the pandemic. It is this kind of foresight that led the New York Times to call her “one of the most powerful women in corporate America” and Fortune to rank her number one on its “Most Powerful Women in Business” list.“I am talking to many companies now who say we want to move as fast as we did, “she tells Mike. “And my simple question is, ‘What have you changed?’ Because large organizations in particular can’t operate in crisis mode forever. What do they need to change to compete and to be successful in what I call the new reality?”

“Diagnosis goes hand in hand with vaccination, and of course with therapies as well. What CRISPR is doing is providing for rapid turnaround testing at a lower cost and higher throughput than we've had with other technologies. We'll see that happening in various testing labs, certainly around the U.S. And the nice thing about that is it really does go hand in hand with these vaccines that are coming forward.”When Jennifer Doudna first spoke with Mike on the podcast four months ago, she was looking forward to her revolutionary CRISPR technology being applied to COVID diagnosis. Today, the Innovative Genomics Institute, which she founded, has tested more than 100,000 virus samples, including many in the underserved communities around UC Berkeley, her academic home. Another development since August: Dr. Doudna received the Nobel Prize in Chemistry for her game-changing co-discovery of CRISPR, which may one day help facilitate the elimination of genetic diseases.“We have the sequence of the entire human genome now,” she reminds Mike. “That's been available for the last two decades. And what hasn't been possible up until now is an easy way to manipulate the code. Allow scientists to make a change to an individual gene or to a set of genes to understand first of all, how they work, but also, really importantly, make changes that correct disease-causing mutations. And that's what CRISPR now enables.”

“The process of digitization – whether that was e-commerce in retail, or online gaming for media, online streaming in the media business, digital platforms for the public sector – was already underway. But it enormously accelerated with the pandemic.”In his two years as CEO of Google Cloud, Thomas Kurian has seen revenues for his company’s services soar more than 40 percent. The Indian-born former president of Oracle believes that the “new normal” of telecommuting will continue to help drive future growth – as long as Google Cloud remembers its core values and who it serves.“Leadership during this time of transition,” he tells Mike, “a time of difficulty in many cases, has been not just about the tactics and the strategy, but also the purpose and the mission. And that has helped us unify our entire organization around this notion of supporting customers during this period of change for them. And we call that the notion of customer empathy.”

“The bigger part of our response over the next year, and then really over the next five years, is how do you really help countries get bigger private sectors, more jobs, including jobs for women and education for girls.”When David Malpass began his five-year term as president of the World Bank Group in 2019, he could not foresee that months later his institution would face its greatest test since the post-World War II era. Since its founding in 1947, the World Bank has had one mission: to end extreme poverty and promote shared, sustainable prosperity among its 189 member countries. But as the pandemic ground on throughout 2020, the fallout created extreme challenges to those goals, beginning with our youngest and most vulnerable.“With COVID hitting, as many as a billion children are still out of school in the developing world alone,” he tells Mike. “And the data shows pretty clearly that when children are out of school, they move backwards. So one of our priorities is to get kids back in school … in a safe way. The food programs and nutrition programs, the vaccination programs – those are all driven at the school level. And so that becomes a high priority for what we're trying to do.”

“When we get out of this pandemic, I suspect people are going to want to flock to the movie theaters. But they're also going to say, I still want my content delivered. So, the movie industry is going to face a decision. Do they offer it both ways – on your iPad the same day as the release in the theater? What's the model? They're determining that as we speak. And I think COVID has upended the movie business even more than usual.”Most actresses who come to Hollywood don’t end up running a major motion picture studio. But in 1980, Sherry Lansing became the first woman to do so, first leading 20th Century Fox, then Paramount Pictures for more than 12 years. She had a hand in over 200 films including “Forrest Gump,” “Braveheart,” and “Titanic.” Since her retirement, she has embarked on what she calls an “encore” career of philanthropy. The Sherry Lansing Foundation is dedicated to cancer research, health, public education, and encouraging seniors to pursue their own encore careers. “Every project I've ever worked on was hard and took a long time,” she tells Mike. “And one of the traits you have to have in any job is resiliency. And you also have to believe in something outside of yourself, that what you're fighting for is worth fighting for. It's worth the time, it's worth the effort. If you don't have that belief, you will give up.”

“It has been a year of terrible tragedy. … And yet, it's also been a year of heroism: the first responders, the healthcare providers, putting themselves at risk to try to help those who are suffering. But I also think there are heroes that have risen to this challenge in the research community, in the business community.”When NIH Director Francis Collins first spoke with Mike in April of 2020, he was marshalling an army of researchers among his 6,000 research scientists to tackle the coronavirus. He had already successfully directed the Human Genome Project from 1993 to 2008, during which much of the genetic groundwork was laid that would later contribute to the development of Pfizer and Moderna’s mRNA-based vaccines. With light now appearing at the end of the tunnel, Mike checked back in with Dr. Collins for further insight and perspective.“We are going to get past this,” Collins affirms. “And then I pray, let us not forget the lessons we've learned. Let us not slip back into complacency. Let's keep in mind that we are a vulnerable blue planet and that it's up to all of us to anticipate the things that we might need that science could bring to bear on the next problem, and not wait until it's a crisis.”

Sir Andrew WittyPresident, UnitedHealth Group; CEO, Optum; Co-Leader, COVID-19 Vaccine Development, World Health OrganizationGeorge YancopoulosPresident and Chief Scientific Officer, RegeneronEsther KrofahExecutive Director, FasterCures “Are we willing to do for life sciences and global defense what we were willing to do for the financial environment in the 2008 financial crisis? Because if you compare the trillions of dollars committed to stabilize the financial systems to the billions of dollars which are being committed to stabilize the health system, they don't compare. They really don't.” – Sir Andrew WittyIn a special episode, three of biotech’s most valuable players convene for a wide-ranging conversation about the pandemic. The consensus among Sir Andrew Witty (UnitedHealth, Optum and WHO), Esther Krofah (FasterCures) George Yancopoulos (Regeneron) is that getting future pandemics under control will require cross-sector collaboration and investment to build on current successful strategies.“It's not what we did in the last six months, or the last nine months that will have led to saving us from the pandemic,” George Yancopoulos tells Mike. “If we can successfully complete these efforts that we've undertaken, it will have been the decades of investments in science, technology and platforms that put us in a position to respond, and we can certainly do better as a society being better prepared.”

“The efficacy of these vaccines is spectacular. It's 95%, the same whether you are an African-American or Hispanic or over 65 years old. … Remarkably, these two vaccines developed in different companies, two different continents, give incredibly similar results, totally independent, which is also enhancing the likelihood that these data absolutely are real.”In a triumph of modern science and leadership, millions of highly effective doses of COVID-19 vaccines are currently being manufactured, distributed, and administered around the world. For this, much credit goes to Moncef Slaoui, the Chief Science Officer for Operation Warp Speed, a U.S. public–private partnership that has fostered development of these breakthrough drugs. The Moroccan-born Slaoui – who previously worked on vaccines for the H1N1, Ebola, and Zika viruses in a 30-year career at GlaxoSmithKline – tells Mike that the lessons learned in 2020 should inspire investments to prevent future pandemics. “I think that would be my way forward. We are bleeding $20 billion a day; let's spend $300 million a year when we don't have a pandemic. Let's be preventative.”

Albert BourlaChairman and CEO, PfizerAlex GorskyChairman and CEO, Johnson & Johnson“I think history has shown us to have major leaps forward almost after every crisis. Whether it's a war, a natural disaster, or frankly a big challenge such as going to the moon, these kinds of inflection points force us to go in new directions to collaborate and to accelerate technological breakthroughs.” – Alex GorskyTwo of the most important CEOs in the world today – Pfizer’s Albert Bourla and Johnson & Johnson’s Alex Gorsky – spoke recently with Mike at the Milken Institute’s Future of Health Summit. While Pfizer is already scaling up production and distribution of their mRNA-based vaccine, Gorsky’s company is looking forward to the third-stage clinical trial results for their single dose, vector-based therapy. The unprecedented collaboration fostered at all levels of the biomedical sector has paid dividends, with many more potential treatments to come.“I'm very proud for what we have been able to achieve,” Albert Bourla tells Mike. “We will see many more companies in the next few weeks and months demonstrating similar successes in their projects against COVID because one vaccine or two vaccines will not be enough for the entire world. The world needs options.”

Sarah MurdochCo-Chair, Murdoch Children’s Research Institute (MCRI)Kathryn NorthDirector, Murdoch Children’s Research Institute (MCRI); David Danks Professor of Child Health Research, University of MelbourneHamish GrahamPaediatrician and Senior Research Fellow, Murdoch Children’s Research Institute (MCRI); University of Melbourne; Royal Children’s Hospital“With COVID, there's been this renewed focus on the importance of medical research. … With more funding and with philanthropic partners, I'm really optimistic about the further impact that we can make on that global scale.” – Sarah MurdochWhen Dame Elizabeth Murdoch founded the Murdoch Children’s Research Institute (MCRI) in 1986, she wanted sought to create an organization dedicated to making discoveries to prevent and treat childhood conditions. Today, MCRI is Australia’s top pediatric health research institute and among the top three worldwide for research quality and impact, with more than 1,200 investigators in 35 countries. “We've got our eye on the long-term impacts of COVID,” MCRI Director Kathryn North tells Mike. “We have quite a lot of previous data on the well-being, the health, and the mental health of children and families in our community. But we've now been able to continue to liaise with those families, to look at the direct effects of COVID and then look out into the future.”

“The UAE was among the first countries in the world to make sure it implemented and successfully executed a testing policy. We ramped up on capacity, on ICU space, on respirator supplies. And that resulted in one of the lowest mortality rates in the world.”As the Group CEO and Managing Director of Mubadala Investment Company, H.E. Khaldoon Khalifi Al Mubarak is responsible for creating sustainable financial returns for Abu Dhabi, overseeing more than $230 billion in assets across 50+ businesses and investments in more than 50 countries. Considered one of the royal family’s most trusted advisors, he is especially proud of what the Emirati response to the pandemic tells the world.“In the easy times you know your people for sure,” he tells Mike, “But the tough times – that's when you know the mettle of your people, be at a company, be it in the country. And 2020 showed the mettle, I think, of the UAE and the Emiratis.”

Himisha BeltranMedical Oncologist, Dana-Farber Cancer InstituteFelix FengRadiation Oncologist and Vice Chair for Translational Research, UCSF Department of Radiation OncologyChristopher HaimanGenetic Epidemiologist and Professor of Preventive Medicine, Keck School of Medicine of USCDeborah ScherExecutive Advisor to the Secretary, U.S. Department of Veterans Affairs (VA)Jonathan SimonsPresident and CEO, Prostate Cancer Foundation (PCF) “The road to curing COVID runs right through lots and lots of cancer research.” – Jonathan Simons, President and CEO, Prostate Cancer FoundationThree top cancer researchers, the head of PCF, and a VA leader join Mike Milken to discuss how genomics, immunotherapies, and precision medicine are informing the quest for effective COVID vaccines and treatments. The best practices developed by oncologists in the past two decades are now the standard of care at VA facilities across the country. In discussing the 2016 PCF/VA partnership that established Centers of Excellence, Deborah Scher notes the role oncology continues to play in the pandemic. “We have really built a community of researchers who are bringing best-in-class precision oncology to veterans across the country and are using that platform not just for prostate cancer innovation, but today for COVID innovation as well.”

David Feinberg, Vice President, Google Health; Advisory Board Member, FasterCuresEsther Krofah, Executive Director, FasterCures“What we've really tried to do is get information out there to the public, to researchers, to public health folks, so they can make better decisions about what's happening so that we can all get through this.” – David FeinbergWhen the history of COVID is written, David Feinberg and Esther Krofah will be among those rightfully celebrated for their work in furthering public understanding and private collaboration throughout the pandemic. As head of Google Health, Dr. Feinberg oversees the tech giant’s efforts, including contact tracing and mental health support. As Executive Director of FasterCures, Krofah forges cross-sector partnerships and oversees the organization’s COVID-19 Treatment and Vaccine Tracker, a publicly accessible, real-time tool to understand the latest research and developments.“We've seen a tremendous amount of collaboration with regard to COVID,” she tells Mike. “As we think about other disease conditions, we realized that we don't have to work in silos. We can come together to share data, make libraries available, and collaborate on medical research that can accelerate these efforts going forward.”

“There were a lot of hedge fund blogs out there saying software is going to get destroyed. … And guess what happened? Our recurring revenue stream was really nearly untouched in a pandemic. Corporate customers paid their subscription software revenue, but they didn't pay rent. It was more stable than real estate.”To this day, Orlando Bravo would rather have played Wimbledon than become the first Puerto Rican-born billionaire. As a teen, he was a top-40 junior player; as an adult, Bravo eventually co-founded Thoma Bravo, a private equity firm specializing exclusively on software deals. Forbes recently called him “Wall Street’s best dealmaker.” He may also be one of its most generous: In the aftermath of Hurricane Maria, Bravo chartered planes to Puerto Rico carrying $10,000,000 in essential goods and committed an additional $100,000,000 to foster entrepreneurship and economic development on the island.As he tells Mike, “After the hurricane in Puerto Rico … that was my personal moment in philanthropy where I understood for the first time that if I didn't do anything about it, nobody else was going to.”