Brainstorm Health: CEOs Behind Closed Doors, Alzheimer’s Drug Fails, Graham Cassidy Struggles
Happy Tuesday, Dailies. Fortune and Time gathered 100 global chief executives yesterday in lower Manhattan for a day of powerful conversations about how the private sector can do well by doing good—which, as Fortune subscribers know, is the theme of our annual Change the World issue. (If you’re not already a subscriber, please consider becoming one now: CLICK HERE. Your subscriptions enable us to keep bringing you the in-depth business journalism that our 87-year-old magazine is celebrated for—and also lets us keep offering this nifty *free* daily newsletter along with the five others we publish. Thank you!)
And after you sign up for a Fortune subscription (thank you!), you can feel utterly guiltless about viewing our CEO Initiative plenary sessions live in the comfort of your own living room/office.
The day began with me talking with JPMorgan Chase CEO Jamie Dimon about that company’s surprising (and promising) investment in rebuilding Detroit and ended with provocative conversations with UN Secretary General António Guterres and Ohio Governor John Kasich.
For a selection of coverage of yesterday’s event —yes, more *free* stuff!—click on the Fortune.com links below.
Jamie Dimon, CEO, JPMorgan Chase:
Indra Nooyi, CEO, Pepsico, and Mark Bertolini, CEO, Aetna:
Tom Wilson, CEO, Allstate:
Raj Panjabi, CEO, Last Mile Health:
Arianna Huffington, CEO, Thrive Global and member, board of directors, at Uber:
Brian Krzanich, CEO, Intel:
UN Secretary General António Guterres:
Ohio Governor John Kasich:
In other news, Kaiser Permanente CEO Bernard Tyson (that’s him sitting next to Krzanich in the video above) dropped by the office for a visit this morning. We had a great talk about his vision for a health care realm that he believes can be “both high-tech and high-touch.” I’ll share some of his insights with you tomorrow.
|Clifton Leaf, Editor in Chief, FORTUNE|
Patient in vegetative state partially revived by nerve stimulation. Medical experts are urging caution and restraint after a man who’s been in a persistent vegetative state for 15 years achieved a “minimally conscious” state after low-intensity nerve stimulation in the brain. Some doctors have responded skeptically about whether or not the procedure actually worked as advertised, but the study authors say it’s a type of therapy worth exploring. (Science)
Another Alzheimer’s drug hopeful bites the dust. Another day, another heartbreak in the Alzheimer’s drug development space. Biotech Axovant, part of the ambitious Roivant Sciences family of drug companies, saw its stock sink more than 71% in Tuesday trading after it announced that the experimental treatment intepirdine didn’t meet the main goal in a late study of mild-to-moderate Alzheimer’s patients. “Patients and physicians have witnessed an unrelenting series of failures in Alzheimer’s disease trials over the past decade and a half. Regrettably this is one more to add to the list, but the contributions of the trial participants were not in vain: researchers will generate valuable information from the trial that we hope will improve future trials in this area,” the company said in a statement. (Reuters)
Hurricane Maria hits drug production in Puerto Rico. FDA Commissioner Scott Gottlieb is warning that the devastation wrought by Hurricane Maria on Puerto Rico has crippled the island’s drug production capabilities and could lead to shortages in medicines and medical devices. “We are aware of several other instances where we may soon face critical shortages if we don’t find a path for removal or ways to get production back up and running,” Gottlieb said in a statement. “This is both a short- and long-term issue. We need to ensure access to these critical treatments for the Americans who need them, but also recognize the important role that the medical product industry plays in helping Puerto Rico sustain its economy and help in its recovery.” (Fortune)
THE BIG PICTURE
Susan Collins adds to official Graham Cassidy opposition. It now appears that Republican Sens. Rand Paul, Ted Cruz, John McCain, and Susan Collins are all opposed to the Graham Cassidy health care bill to repeal Obamacare (at least in its current form), with Collins the latest to put herself down as a hard “no” on the legislation. Collins’ opposition likely sinks the bill, which can only lose two GOP votes, although it’s possible Senate leadership will hold an accountability vote on it regardless.
The Swiss Also Have a Private Health Care System. But Theirs Works, by Arthur Appleton
How CEOs Are Embracing Idealism, by Adam Lashinsky
What Happens to Cryptocurrency When You Die? by Jeff John Roberts
|Produced by Sy Mukherjee|
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