henry schein

Fortune Staff

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Henry Schein

Sy Mukherjee

Will America’s vaccine hesitancy stymie the COVID shot rollout?

https://fortune.com/2021/03/01/covid-vaccine-us-rollout/

Clifton Leaf

What it will take to beat COVID: Some clues from our 2020 Change the World list

https://fortune.com/2020/09/21/covid-19-what-it-will-take-to-beat-coronavirus-pandemic-change-the-world/

Henry Schein says its coronavirus test takes just 15 minutes, and there’s no swab necessary

https://fortune.com/2020/03/26/henry-schein-coronavirus-blood-test/

How one company says it can do a coronavirus test in 15 minutes

https://fortune.com/2020/03/26/coronavirus-testing-henry-schein/

[ MUSIC ] [ BLANK_AUDIO ] [ BLANK_AUDIO ] So Sissy, it's really about business, and the bottom line is business needs immigrants. So, if you look at the high tech area, there's a shortage of people in that area. Programmers, people to drive in the computer economy, we need immigration So it's not about whether it's the right thing to do or the wrong thing to do, it's not about politics, it's about business. [ BLANK_AUDIO ] [ BLANK_AUDIO ] Well, we've always been proponents of immigration. In fact, if we don't have immigration, it results in jobs moving offshore. I think it is critical that we allow qualified people to immigrate to the United States. In fact, We train them in our universities and then a year later we tell them leave the country we'll give you this after two years, that makes economic sense [ BLANK_AUDIO ] What is important is to align the interest with society, and it does make economic sense to allow immigrants into this country. It does make economic sense to treat all people equal. To treat diversity as a critical components of public policy and that's been the bases of Henry Shein's philanthropy, the Henry Shein's alignment on access to ROK and other kinds of healthcare. We want to do what's right for the economy, right for the people of this country and access to care and immigration for example, are very much. Important for the success of the American people. Well, I think what is very important for CEOs is to remain bipartisan. But we should stand out and stand up for issues such as civility. We need civility In the workplace in society. And we shouldn't show that every single American street are equal, regardless of their background. And those are issues, when those issues become a concern, I don't think it's a partisan issue. It becomes bipartisan and see I was having obligation to talk out. [ BLANK_AUDIO ] I've never been questioned by a shareholder as to our commitment to corporate social responsibility, it's work for [ INAUDIBLE ] Schein. We have a higher ambition than to simply make money and at the end of the day, our return on investment has been pretty good. [ BLANK_AUDIO ] When I became CEO 29 years ago the notion of businesses Aligning interest with society, from a social point of view, was something that was rather foreign. Things have changed, gradually, over the years. And, in fact, now, I think the millennials are driving change. They're asking a lot of questions. And since the millennials, today, are becoming a key component of the consumer dollars being spent by society, millennials are asking a lot of questions and this is causing CEOs and businesses in general, to question themselves in aligning more and more with the needs of society. [ BLANK_AUDIO ]

Henry Schein CEO: Politics Aside, 'Immigration Is a Business Issue'

Politics

There's no room for partisan debate on immigration when companies need high-skilled talent, says Henry Schein CEO Stanley Bergman.

When people talk about leadership, what does that mean to you? What's your definition of leadership? To me, leadership is about defining the vision, which is not easy, but it's not the hardest. The hardest is to get people to follow that vision. When I move into a facility or go into a facility to visit the team Mm- hm. First thing I'd do is ask to meet with a dozen people on the line or a dozen sales people. I hear what people's concerns are and then I go after those concerns to connect the concerns with the vision. Because it's all about making sure that people follow your vision. You know, most CEOs are in the top job for maybe six years or less. You've been running Henry Schein for 25 years. You've taken that from a small dental supplies operation into a Fortune 500 company. What is the secret to your leadership success? I run for election every single day. I want people to say, you know what, Stan and his team have a great vision and I want to follow it. And at the end of the day, I view myself really as the camp counsellor. I want everybody engaged. You know, when you go to summer camp, what's the counsellor's job? To get everybody to be engaged. That's what leadership's about, and that's what I enjoy doing. And that's what our team enjoys doing. And the DNA of Henry Schein's leadership is about running a summer camp. You talk a lot about vision and health, your industry, healthcare Yes. Is going through so many changes. It's very easy to sort of stay doing what you've always been doing, what feels comfortable. Yes. And familiar. How do you build up the courage to take risks and to lead people into a change? Yeah. It's, it's not easy. But you, you have two choices. You can, can stand still, and a lot of companies can do that. But eventually run out of steam. Or you can look for where the pack is going. And then try to figure out how to get there. And you know what? You will make a lot of mistakes. But if you just stand still, you will disappear, and you will go backwards. So, it's better to look for where the pack is going and try to figure out how to get there. Make some mistakes. Mm- hm. In all your years of, of running this company and, and being in business. What's the best advice you ever got on this leadership issue? I guess my mentor was the fellow that founded the Warden Entrepreneurial Center. The first documentation of what ent, entrepreneurship is all about, and he used to remind me all the time and he reminded our team, it's about ambiguity. He would say you know ,. Clarity is easy to follow. But when there are ambiguous situation, try to figure out how to get through out of ambiguity and those that can work in an, in an ambiguous environment are the ones that ultimately succeed. So in our world, health care reform, it is ambiguous. Does that mean we should wait until it's all clarified? Too late. If you're in there trying to figure out all the trends, we pick a few good trends to go after, we'll fail on some but we'll succeed on many.

Henry Schein CEO: 'I run for election every single day'

Leadership

Stanley Bergman on staying in the top position.

Stanley Bergman sits down with Fortune's Susie Gharib to  talk leadership advice and what it takes to stay in the top position for over 25 years.

You've been talking a lot about how we're going from a system of sick care into health care, as that happens, what does this mean for the business model of healthcare. Instead of having insurance, which we'll always have, the emphasis should not be on that side, but should be on the imp side of preventing people from getting sick. So we should be incentivizing health care practitioners to sit with you and say, Suzie, in your case not necessary. If you eat less you'll be healthier. Not let me only focus on taking care of you when you're sick. We gotta prevent people from getting sick, living healthier lifestyles. Live longer, but healthier styles. A lot of people when they talk about health care, they're talking about health insurance, and I saw a headline the other day saying, say goodbye to employer provided health insurance. Is it just a matter of time that we're all going to be in do it yourself health insurance, sort of a. 401k type of plan? Is that how you see it? I don't know, it's not what, it's not winner take all. It's not 401k for everyone. But, if you buy an automobile, you try and understand what you're buying. You buy a stereo set, you understand it. You eat food, you try and figure out what you're eating. If you buy health care insurance and coverage, if you consume health care. You gotta know what's going on. So I think that, over time. Mm- hm. Of course, it's gonna be driven by technology and the internet. We will understand more and more what we're buying, and preventing ourselves from getting sick. Is that a good thing for consumers, people like us? Is it a good thing for businesses that this shift is happening? Yes. I think it's more, it's very important that the consumer be engaged in their health care. All right. So, you're engaged with your health care. How is that gonna change the whole landscape of health care, from a business size, this consumerization of health care? When you say, consumerization. I don't think it's a good idea to go into the doctor's office with a checklist. [ LAUGH ] And say, doc, did you do this right? Did you do the right [ INAUDIBLE ]? That's not what it's for. But you need to understand how to prevent yourself from getting sick. And when you're sick, what's the best way to get better? You, you've got to get engaged in the body. And you've gotta understand that wellness and prevention are important. You've gotta understand that it's important to exercise, to eat good food. These are going to save more dollars, result in a healthier lifestyle. Result in longer living than simply worrying about who's gonna pay for the procedure. When you get sick.

Fortune's Susie Gharib sits down with Stanley Bergman, CEO of Henry Schein, to discuss the future of health insurance.

What the health care business model should look like

Henry Schein CEO on future of health insurance.

This was a milestone week for your company. Henry Schein was included. Right. In the S & P 500. That's a big step for your company. What is the importance in impact of that? From a [ INAUDIBLE ] point of view, the stock rose a few percent but, at the end of the day, the S & P won't drive the value of the stock. The only thing that'll drive the value of the stock is performance. And, from our point of view, we need to [ INAUDIBLE ] continue to provide consistent performance, which is. Our earnings per share go up a little bit each year. And turn our earnings into cash. Mr. Berwyn, today everybody is talking about interest rates and the Federal Reserve. Right. Economists are saying that higher rates are here to come. Maybe they're gonna get up to 2 % by the end of next year, 3 % the year after. If that all happens, what impact does this have on your company? Interest rates going up are directly correlated to a better economy. So I would rather have a better economy and pay a little bit more interest than have a weak economy, where there's no demand for capital and interest rates are low, so. Yes interest rates are, are not good if they go up, but having said that, the reason why they are going up, is the economy is better and we would rather have a better economy. Is that how you see it? Because, some people still think that the economy is limping along. I think the economy is doing a lot better, the US economy is doing a lot better. We're down to five and change unemployment rates, I'm not sure if we'll ever go below that because there's a structural employment now of people that really have not adapted to the new economy. So maybe we go down another 100 basis points Mm- hm. In the unemployment rate. But we are at a point now where employment is not bad. Not everyone is earning what they would like to earn, Mm hm. But I think we have done a great job on the economy is this country. Mm hm. So, you're saying that the U. S. economy is doing better, what about the rest of, of the world? You do a lot of business in many countries globally. How, how good are business conditions on the global front? Germany is doing quite well, and I think with the lower Euro, actually, will do even better. The UK is quite stable to moving positive. There are challenges in the rest of Europe, France, Italy, the rest of southern Europe. And I, I think over time, it will get better, because the Euro right now has gone down in value, which is gonna result in more exports. What about in Asia and emerging markets, how does it look? So, firstly the emerging markets I think are going to be the driver of the next decade. China, the economy is slowly has gone, has slowed down a bit, but it's still growing quite rapidly. And the big opportunity for me now as, the way I see it is, of course, India. The change in government in India has resulted in a more proactive business and can do attitude. And I think, whereas China is gonna slow down a bit, not stop growing, because the growth rates is still pretty good, over 5 %, India will pick up some of that slack.

Susie Gharib sits down with Stanley Bergman, CEO of Henry Schein, to discuss what being included in the S&amp;P 500 means for the company and the state of the U.S economy.

Why higher interest rates are a good thing

Henry Schein CEO on state of U.S. economy.

Henry Schein

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World's Most Admired Companies
As of 2/2/22

Henry Schein

Company Information

World's Most Admired CompaniesAs of 2/2/22

World's Most Admired Companies
As of 2/2/22