Can't Believe My Eyes-What is Wrong With our System
I had lunch today with a long-time friend Dr. David Albert M.D., the Founder and Chief Medical Officer of AliveCor, an amazing tech company in the cardiology space in the Silicon Valley. David and I go way back, as I was the first seed investor in his company Data Critical, which we ultimately took public and then sold out to GE Medical. David then became chief scientist for GE Medical before leaving there to found AliveCor. I wouldn't do justice to the AliveCor story, but it is a very cool company you will be hearing a lot about in the future.The subject matter of my cancer story came up and I questioned the notion that the industry of medicine (20% of our GDP) would ever allow a cheap and efficient cure to ever occur.
At that moment Dr. Albert pulled up his smart phone and sent me the above article.The headline of Goldman Sachs questioning whether curing disease was a sustainable business model made me literally SCREAM in the restaurant. The audacity of the question itself is SO utterly repugnant.... I don't know where to begin.Yes, Goldman Sachs, if we come up with a cheap, efficient cure for cancer, there will be billions of savings.....meaning billions of revenue contractions.....meaning hundreds of thousands of personnel that need outplacement to new careers....and billions of buildings purposed for research that also would need repurposing. Yes, Goldman Sachs, that would be bad for the business of cancer research and treatment.....your so called "Sustainable Business Model".
What the headline should've postulated is "In a dream world, wouldn't it be great if we could put some of our industrial medical complex OUT OF BUSINESS? Shouldn't that be the GOAL?"Instead, we literally have one of Wall Street's largest firms postulating about how terrible the business world would be if we cured disease? REALLY?If this doesn't raise the hair on the back of your neck and cause you to be even MORE suspicious of motivations in medicine, then nothing will wake you or shake you.Dr. Albert agrees with me. He has spent his life inventing cardiology technologies to save lives and cure diseases, business model be damned. And he is as incensed by the Goldman Sachs headline as I am..