When a major US company like Bristol Myers Squibb invests in a Chinese biotech, it's not just a sign of global competition. It signifies a deliberate withdrawal of capital from the American biotech ecosystem. This migration of innovation and funding is a clear warning that the US is losing its strategic advantage.
After Opthea's ophthalmology drug failed in trials, the company re-examined the underlying science of its VEGF-C/D mechanism instead of liquidating. This led to discovering a new application in a rare lung disease, proving that scientific assets can have value far beyond their initial intended use.
Dr. Jeremy Levin offers a potent mental model for processing negative feedback. Leaders should listen carefully to all criticism but then quickly categorize it. Is it a valid point that offers value for improvement, or is it baseless noise? This allows leaders to stay open to feedback without being derailed by unproductive attacks.
Speaking out on controversial issues isn't just a moral stance; it's a business strategy. It deters short-term, profit-driven shareholders a leader doesn't want, while attracting long-term investors who value transparency and a sustainable vision. This reframes risk into a filtering mechanism.
Ovid's Dr. Jeremy Levin argues that the convergence of public distrust in science, politicized funding, and agency turmoil represents a fundamental, structural threat. Unlike past cyclical downturns that eventually recover, these changes could permanently harm the US biotech ecosystem if they are not addressed directly.
The role of a chairperson isn't static. At Ovid, Jeremy Levin acts as a traditional advisor. At Opthea, a company in turnaround, he became a 'consultant CEO'—downsizing the board and directly managing trial design and hiring. This demonstrates how board leadership must adapt to a company's specific situation.
Beyond simply hiring people smarter than oneself, a CEO's primary responsibility is to actively enable their success. This mindset shifts the focus from personal achievement to empowering the team, recognizing that the team's success is the ultimate driver of the company's and the CEO's own success.