alex gorsky net worth This is a topic that many people are looking for. faithandmedia.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, faithandmedia.org would like to introduce to you The Industrialist s Dilemma: Alex Gorsky, Chairman and CEO of Johnson & Johnson. Following along are instructions in the video below:
“Alex gorsky ceo of johnson johnson nwelcome to the industrials dilemma u003e u003e hey rob rob it s great to be here u003e u003e. Thank you so much for coming. I d like to ask you first is tell nus a little bit about the business. You ve got three major nproduct groups right medical devices pharmaceuticals and nconsumer products.
How do you deal with managing the ncomplexity of these three different groups and getting them to coordinate or not u003e u003e yeah well first of all nrob. It s great to be here this is where i started my career in the narmy actually not too far away from here in the 7th infantry division. Ndown. In fort orr california started my career with johnson johnson nso to come back here.
It s always a real honor. And i love nthe weather particularly in february u003e u003e laugh n. U003e u003e. But i think one of the greatest aspects of njohnson johnson is the diversity of businesses that we have u003e u003e mm hm u003e u003e.
Frankly i think one of the most nimportant drivers of our success in performance over the last 132 years nis because of our diverse model u003e u003e mm hm n. U003e u003e and it starts with a belief that we want to go where the best opportunity is nwhether. It s a pharmaceutical opportunity whether it s a med tech. Opportunity na consumer opportunity.
If it s ultimately ngoing to help patients or consumers. We want to be able nto bring our technology a bear our capabilities our global footprint nand. Frankly help people feel better and by playing and participating in nall those spaces. We can do that two it s been a huge reason nof our financial success u003e u003e mm hm u003e u003e.
When you re in a business for over n130 years there are going to be cycles. When some businesses are up and nothers are down. We ve experienced it across nall of our businesses and having those different levers nand having that diversity and frankly the financial wherewithal and one of the reasons. I think we nfrankly have had 55 consecutive years of dividend increases and 34 consecutive years of operationally nps increases a aaa credit rating.
It s because the diversity nof our businesses u003e u003e mm hm u003e u003e. Now for me nintellectually. It s awesome. I can be in one room talking about the nnext carti amino oncology approach.
I walk into the next and you re talking about nthe next approach in robotic surgery. Then i walk into the next room. And nit said. We use jennifer aniston or keri washington.
In this nparticular advertisement for one of our neutrogena products. And i think that s true for all of our nemployees. It offers you a diverse array you can work in johnson. Johnson.
And nbe part of a start up in a small group you can then scale. It and be running na multi billion dollar division. So really whether it s strategic nwhether. It s financial or frankly with our employees in mind.
I think the diversity of our business nis really one of our strongest traits u003e u003e..
If you look at the changing nnature of healthcare in particular over the last decade and ngoing forward. What we ve learned about the human body nthe information about the human body and how we can actually treat indications and diseases is one of the big differences nof. What we re confronting how is data becoming something nthat s changing. The nature of how johnson johnson does business u003e u003e.
I ve gotta tell you i ve been in this nbusiness for almost 30 years. Now. And i can t think of a more exciting time nto be in this industry. Because of the explosion that s taking nplace in science and technology and for someone who was in this nindustry in the 1990s.
When frankly they were criticized for a lot of me too behavioral modification therapies versus nlife changing life saving therapies to be in the industry now where nliterally. We re on the cusp of curing things like hiv like hepatitis c. Where you can have a hip procedure nlike. I did a couple of years ago.
And walk out and be walking with a walker naround. The recovery floor within a couple of hours is pretty remarkable and i think a lot of this new ntechnology that we re saying again whether it s science or nmedtech or consumer that s being driven by this explosion nin digital technology right now so let me give you a couple of examples just this morning. I was talking to some nof. The leaders in our innovation center and they were talking about some of the nnew approaches.
Where how can we combine better diagnostics with some nof our approaches oncology because we know for nexample. The tumors that likely all of us have once nwe ve reached a certain age or certain we have anomolous growths ntaking place and malignancies. Why can t we detect those very early non just the way that we would for example in a cholesterol test u003e u003e mm hm u003e u003e before they have had a chance to nmultiply and become very invasive and the way that we can enable that of ncourse to understand that one cell or our immune system has responded in certain nway. We can only do that through data.
U003e u003e right n. U003e u003e by basically knowing that this particular. Number of cells nhas increased this has decreased and having the data analytics nto. Understand the genome is all facilitated by big data and so it s germane there if i look at a place like our medical ndevice space going forward robotics today.
When you think about at nsurgeries. Perform much in a similar way that you would say nthe person driving a car u003e u003e right u003e u003e and you re going through and nyes. There s a lot of skills. There s a lot of experience and ncapabilities think how we can improve that if we had nmore real time data being provided to that surgeon as he or she was actually maneuvering their way nthrough a particular type of procedure and last but not least on the consumer nside.
If you want your products to be at the right place at the right time if you nwant to go beyond product to experience and engage with those consumers nit s all based on digital and so having those capabilities nis more important than ever u003e u003e. How do you think about ndistributing. Some of the information moving stuff to the cloud. I mean.
It s been written about a lot of nthe work that johnson johnson has done and thinking about issues around privacy nas well as hiring. The right skillsets and competencies maybe that are different from the legacy nof. What built the organization to what it was before to what it nneeds to be in the future u003e u003e. Well really.
The only organization nwe can do all this is because we have cloud capabilities. And frankly. It gives us nthe ability to sift to move to converge more and more datasets and when you think about the amount nof information that we have and let s just talk for nexample in our pharmaceutical business. How do you pool all that information ntogether that exists about new targets.
All the papers that have been npublished in a particular area to really understand a particular field..
We ve gotta be able to have the cloud nto do that in an effective way on the backend nonce. We have a product that goes out collecting all those safety databases. Nworking with the epics. The serners of the world.
The united nhealths of the world the optums to pool all that together to see how nit s used in real world settings literally. You can t do nit without the. Cloud how do we engage with mothers on babycom. U003e u003e right n.
U003e u003e. Where we can almost predict where they are in the stage with their baby nwhat. They can expect how we can help them manage their life through a very nchallenging time with a newborn that s all based upon our ability nto pool that data together so yeah. More and nmore not only are we a healthcare company.
We re a healthcare technology company u003e u003e. So speaking of which the last three nyears. We ve had anne wojcicki visit us ceo of 23andme. And i think.
When you were heading up jjdc. N. U003e u003e. You actually a part that led up the investment in their company.
What did you see in what they were doing nthat. You thought might be a good way to partner with that organization that could nhelp you be successful for your customers. U003e u003e. Well in great entrepreneur and i ve nhad the privilege of meeting.
There and as you said when i was responsible for directly responsible for njohnson johnson development corporation. We made that investment and at that ntime we felt that there were a couple of major trends. That were reflected or nreally epitomized by 23andme. The first is the power of the genome and utilizing the power of the genomes.
Nto have a much better fundamental understanding of underlying pathology and ndisease biology. How do we bring all that together nto get much more targeted more personalized in our response. That s enabled by the genome. The second was consumerization anymore.
All the consumer has to do is nget online. Do a couple of clicks and they can get a level of information. Nthat was only available to a physician. A phd or somebody who would study nin.
A particular field for many many years only ten years ago. And so we saw 23andme at that time nas being a great way to learn and so many of our investments nwe re really not looking at them from a financial return point of view. But nwhat can we go. And learn how can we have a seat at the table nto be learning about new fields that are emerging lots merely.
We knows ngoing to benefit patients..
Consumers and johnson johnson u003e u003e. So you should think about partnerships nyou. ve got this large organization with a lot of bright highly educated people nwho are experts in their field. Then you have to decide when you re ngoing to do it internally and when you re going to partner externally.
How does johnson johnson filter that nunderstanding of what you need to own and what you need to partner with u003e u003e well you are right am incredibly nlucky get to work with about a 134000. Other associates that are very smart ncommitted hardworking value based and frankly nthey re the people who make us who we are and we couldn t do it without them. But nwe also know that we can t do everything and so it s interesting if you look nacross. Jonson johnson be it in pharmaceutical group or nmedical advice group or consumer group about 50 of the time.
We developed things ndiscover and develop things internally about 50 of the time. We go external. And nthat s been the case for the last 20 10 5 years. And frankly we re agnostic about nthe source of the science.
We want the best science and technology and we know especially in ntoday s world where science. And it s happening in such a ubiquitous nmanner around the globe that if you re not constantly nmaking connections building relationships with academic ncenters with the venture community with other startups. You re never going nto be at the cutting edge of science. And so what we love to do is spot nthat early technology externally that neutrogena from 25 30 years ago.
Biosense. Webster and electrophysiology or the next compounds such as and find it earlier on and then what we ncan do is we can bring our scientific our clinical development nour regulatory our global footprint our commercials nour reimbursement skills to bear and we can take something that may nnot even beyond the market and then we can then create na 1 billion platform. We re going to reach thousands nperhaps millions of more patients and consumers by being part nof johnson johnson u003e u003e. So alex your approach in your six year nbeing.
The ceo of the business you look forward n. U003e u003e time flies. When you re having fun laugh. N.
U003e. U003e. And you look so. Young you are so young the next six to ten years nif you look forward.
What do you think are the biggest two or nthree challenges. That s going to face change in the healthcare nindustry. More broadly u003e u003e well as i mentioned earlier. I nthink.
One of the most exciting things is this explosion in new science and nnew technology. We re really moving nfrom treatment to cure and ultimately. I think even how do nwe move from cure to prevention and stopping it and wellness and halting these nthings before they even get downstream. I think that s the good news.
The challenge is how are we ngoing to pay for it and particularly the time when nfrankly demographics are exploding. Especially. The population age 65 and nolder and right now in this country. Nwe.
re already at about 35 40 to 40 million people nover..
The age of 65. That number s going to go to 70 nmillion over the next 30 years. When you turn 65. That s when you nconsume all your healthcare in fact about five to seven times the amount and that s not only it happening here.
But in china. I think right now they got about 150 million people over nthe age of 65 that number could go to 300. So think about that a population nthe size of the united states. So on a global basis nwe re just going to see demand for high quality value based nhealthcare to be exploding and i think balancing those two issues nof.
How do we how do we find a cure for alzheimer s that we need nbecause if we don t find that the impact that s going to have on humanity nwill be just so significant and at the same time. How do we ndo it in a way where governments where healthcare systems. Where npayers can actually make that happen and so i think that s the big opportunity nthat s the big challenge. But when i couple that with again what ni m seeing in science and technology.
When i couple that when you do bring that nkind of pressure to bear. It creates changes and every time you have a lot nof change. It creates new opportunities. How do we change our nreimbursement systems u003e u003e mm hm n.
U003e u003e. How do we change from thinking about npaying on a per diem or per product basis to an episode of care or nan outcome based approach. How do we focus more on npreventing. These diseases from happening in the first place living better lifestyles.
So yeah nthere s a lot of challenges. But i couldn t think of a more exciting ntime to be in the industry u003e u003e. It s amazing to think about your nbusiness and not only the complexity. And things you ve accomplished internally nbut.
The size and scope of the forces outside and how that ninfluences what you can and can t do big challenges. But nalso big opportunities in front of you u003e u003e. Absolutely now you look nyou ve gotta be constantly thinking about your strategy. Nyour resources and your model and predicating.
It based on what s nhappening in your external environment and as your customers. Evolve. Nas. They make decisions in different ways as new capabilities.
Get introduced nsuch as digitization and other things. If you re internally. Nnot constantly evolving then there s no way you can be successful u003e u003e alex. Thank you so much for ncoming to stanford and visiting us and coming to the industrialist s dilemma u003e u003e great to be here thank you so much u003e u003e thank you so much cheers.
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