Summer - Day 1 - June 27, 2023

Yitzy David

Aside from working for Jersey City Medical Center, which is a part of the RWJBarnabas Health System, I also have the distinct honor of working as the Editor-in-Chief for HITLAB’s Publication Pipeline. So a lot of the material you guys see on the website, read from us, has passed through me at some point. So, I’m very fortunate to be a part of this ecosystem, and I’m very excited to be here with you today. The presentation is really just a very high-level view of changes we’ve seen since COVID-19. I’m going to go through some of the things that we’ve observed and some of the things that we have also seen as emerging trends since the pandemic, and just looking out toward how startups are also funding themselves if they are not yet ready to be presented to large investment funds such as Merck Global and others. So, I call this the formula for rapid acceleration. Why did we get a vaccine so fast? We got it through global collaboration. The global pandemic required a global response, so we needed to be able to identify the things that were unique to the disease, which as we all know now is more chronic through long COVID and things like that, and being able to share the data that we gathered through the process in order to be able to identify what is appropriate for vaccine development. Obviously, two of the biggest vaccine developers were Pfizer as well as Moderna, but the collaboration didn’t just stop there. It expanded to companies such as J&J and beyond. Public engagement through being able to recruit incredible public awareness of the pandemic was obviously an important part of how we were able to go through clinical trial recruitment so quickly and able to really obtain that real-time data collection throughout the entire process. Also, flexibility. We needed to be able to pivot. We were learning new things about the virus every single day. We were learning about new symptoms. It was a constant change daily between what we thought were becoming the classic symptoms to new symptom development. So the ability to quickly change the study plans to move through rapid phases of trials and using emerging technologies such as machine learning and AI and allowed us to be adaptable with the variety of study partners that were required in order to make this a reality in a very short period of time. So what are we doing? We’re seeing greater community engagement with regards to clinical trials. Walgreens just recently, last year, has decided to make a huge amount of investment into the space. They’re looking at their community pharmacies as becoming an anchoring point for community involvement to increase equity and accessibility across communities, not just in niche areas, but maybe in rural environments, very urbanized environments that may have lower socioeconomic status. We’re also seeing greater use of electronic medical records. We’re seeing a large movement towards a centralized EHR system, such as Epic. We’re moving away from less independent EHR systems, because as greater health systems consolidate into larger health systems – as hospitals consolidate into larger health systems, excuse me, we’re seeing that the movement of patients and into these medical record pools are becoming a more and more prevalent thing. And as a result of all of this, the greater focus on diversity and inclusion, the pharma has begun a new initiative for trying to be able to recruit patients from broader pools of demographics. And we’re also seeing greater participation in development of products. We’re seeing startups go toward crowdfunding sites, such as SeedInvest or StartEngine, to be able to raise capital for innovative ideas. So this is just a quick overview of what we’ve seen. I call this investment you, me, and the next person. The opportunity to invest in global products doesn’t require you to be an accredited investor under the SEC guidelines. We’re seeing the number of campaigns move from 2,000 to over 5,000 at the end of last year. We’re seeing capital raises from $10 million to over $50 million. There are two good examples here, Future Cardia, which is looking to disrupt the heart failure space, raising over $9 million for multiple crowdfunding rounds in the last year and a half alone, and Monogram Orthopedics, which is using robotic technology to create 3D models and to help increase the positive outcomes for patients undergoing major joint replacements. It’s the next phase in surgical development for a very well- established procedure. So, just some quick final thoughts. What are we expecting? We’re expecting to see more decentralization. Blockchain technology, although obviously everybody thinks about Bitcoin when something like that is mentioned, is really becoming more prevalent in the trial space. We’re seeing use of more real-world data. We’re using, Pfizer’s made a commitment with its Seagen acquisition of $43 billion to use AI in that, in that acquisition to help move through large data sets to be able to acquire more real-time information and make changes to the protocols as they are ongoing. And we’re also expecting to see more collaboration. We’re seeing, we’re seeing greater sharing of data between not just large pharma companies, but smaller innovative ideas that may be coming out from the various grassroots efforts that are for targeting chronic diseases, diabetes, heart disease, and so on. And so really, we’re in a very exciting time where things are moving so rapidly because of all of this. And I think that the pandemic, albeit it was a very hard part of our lives, really has accelerated a lot of the development that used to take decades. ChatGPT is great, but there’s underlying technology to that that we all thought was 20 years, and now we’ve gone from a 20-year time horizon to a 5 to 10-year time horizon. So really, the innovation that we can potentially see over the next half decade is really, truly amazing. So I’m going to be here along for the ride, and I hope you all are as well.