Emil Pot was one of the founders of ActoGeniX, which was successfully acquired in 2015 by Intrexon. Emil outlines the ingredients Europe needs to build a company from scratch, and leverage home-grown Intellectual Property.

Duane Schulthess is the CEO of Vital Transformation, host and producer of Vital Health Podcast.  Vital Transformation understands the implications of new medical procedures, technologies and regulations. We measure their impact upon treatment pathways and the biopharma innovation ecosystem in collaboration with health care professionals, researchers, and regulators. Through our web platform and client network, we are able to communicate our findings with international decision makers and stakeholders.

Duane Schulthess is the CEO of Vital Transformation, host and producer of Vital Health Podcast.  Vital Transformation understands the implications of new medical procedures, technologies and regulations. We measure their impact upon treatment pathways and the biopharma innovation ecosystem in collaboration with health care professionals, researchers, and regulators. Through our web platform and client network, we are able to communicate our findings with international decision makers and stakeholders.

Duane Schulthess, Managing Director of Vital Tran…

Vital Health Podcast

Emil Pot was one of the founders of ActoGeniX, wh…

Better Science, Better Health - Stirring the IP Pot

In this episode of the Vital Health Podcast, host Duane Schulthess speaks with Harry Bowen, Economics Research Partner at Vital Transformation, about their newly published study on the Inflation Reduction Act (IRA) and late-stage drug research, including additional uses of medicines after their first FDA approval.

They explain why separating small molecules from biologics and examining the mix of research across disease areas can reveal patterns hidden in aggregate results. The conversation also covers policy expectations, venture capital, global biopharma competition, and the economic trade-offs involved in tariffs and domestic manufacturing.

Key Topics:
- Late-Stage Cancer Research: Follow-on studies, lead indication approvals, orphan oncology research.
- Research Portfolio Choices: Small molecules and biologics, disease categories, study counts and research proportions.
- Policy Expectations: Decisions before enactment, uncertainty, earlier venture capital and angel investment findings.
- Global Biopharma Competition: Research locations, European and U.S. experience, Chinese-origin assets and licensing.
- Trade Policy Costs: Generic manufacturing, proposed tariffs, export restrictions, and opportunity cost.

Resources Discussed & Further Reading:
- The Inflation Reduction Act’s Modeled Impacts upon Late-Stage R&D (Vital Transformation, 2026): https://link.springer.com/article/10.1007/s43441-026-01061-4
- The Price Control Debate: Protecting Patient Access and Future Innovation (Sanofi, 2026): https://www.sanofi.us/en/sanofi-today/social-impact/the-price-control-debate-protecting-patient-access-and-future-innovation
- The Inflation Reduction Act’s Impact Upon Early-Stage Venture Capital Investments (Vital Transformation, 2025): https://link.springer.com/article/10.1007/s43441-025-00773-3
- CBO’s Model of Drug Development: Ongoing Updates (Congressional Budget Office, 2025): https://www.cbo.gov/system/files/2025-04/61231-Drug-Development-Model.pdf
- The Historical Impact of Price Controls on the Biopharma Industry (Vital Transformation, 2021): https://vitaltransformation.com/2021/11/the-historical-impact-of-price-controls-on-the-biopharma-industry/
- China Is Increasing Its Share of Global Drug Development (Goldman Sachs, 2025): https://www.goldmansachs.com/insights/articles/china-is-increasing-its-share-of-global-drug-development

Opinions expressed are those of the speakers.

#VitalHealthPodcast #IRA #OncologyResearch #DrugDevelopment

In this episode of the Vital Health Podcast, host <a href="https://www.linkedin.com/in/duane-schulthess-66ba39b7">Duane Schulthess</a> speaks with <a href="https://www.linkedin.com/in/harry-p-bowen-10761b31/">Harry Bowen</a>, Economics Research Partner at <a href="https://vitaltransformation.com/">Vital Transformation</a>, about their newly published study on the Inflation Reduction Act (IRA) and late-stage drug research, including additional uses of medicines after their first FDA approval.
They explain why separating small molecules from biologics and examining the mix of research across disease areas can reveal patterns hidden in aggregate results. The conversation also covers policy expectations, venture capital, global biopharma competition, and the economic trade-offs involved in tariffs and domestic manufacturing.
Key Topics: - Late-Stage Cancer Research: Follow-on studies, lead indication approvals, orphan oncology research. - Research Portfolio Choices: Small molecules and biologics, disease categories, study counts and research proportions. - Policy Expectations: Decisions before enactment, uncertainty, earlier venture capital and angel investment findings. - Global Biopharma Competition: Research locations, European and U.S. experience, Chinese-origin assets and licensing. - Trade Policy Costs: Generic manufacturing, proposed tariffs, export restrictions, and opportunity cost.
Resources Discussed &amp; Further Reading: - The Inflation Reduction Act&rsquo;s Modeled Impacts upon Late-Stage R&amp;D (Vital Transformation, 2026): <a href="https://link.springer.com/article/10.1007/s43441-026-01061-4">https://link.springer.com/article/10.1007/s43441-026-01061-4</a> - The Price Control Debate: Protecting Patient Access and Future Innovation (Sanofi, 2026): <a href="https://www.sanofi.us/en/sanofi-today/social-impact/the-price-control-debate-protecting-patient-access-and-future-innovation">https://www.sanofi.us/en/sanofi-today/social-impact/the-price-control-debate-protecting-patient-access-and-future-innovation</a> - The Inflation Reduction Act&rsquo;s Impact Upon Early-Stage Venture Capital Investments (Vital Transformation, 2025): <a href="https://link.springer.com/article/10.1007/s43441-025-00773-3">https://link.springer.com/article/10.1007/s43441-025-00773-3</a> - CBO&rsquo;s Model of Drug Development: Ongoing Updates (Congressional Budget Office, 2025): <a href="https://www.cbo.gov/system/files/2025-04/61231-Drug-Development-Model.pdf">https://www.cbo.gov/system/files/2025-04/61231-Drug-Development-Model.pdf</a> - The Historical Impact of Price Controls on the Biopharma Industry (Vital Transformation, 2021): <a href="https://vitaltransformation.com/2021/11/the-historical-impact-of-price-controls-on-the-biopharma-industry/">https://vitaltransformation.com/2021/11/the-historical-impact-of-price-controls-on-the-biopharma-industry/</a> - China Is Increasing Its Share of Global Drug Development (Goldman Sachs, 2025): <a href="https://www.goldmansachs.com/insights/articles/china-is-increasing-its-share-of-global-drug-development">https://www.goldmansachs.com/insights/articles/china-is-increasing-its-share-of-global-drug-development</a>
Opinions expressed are those of the speakers.
#VitalHealthPodcast #IRA #OncologyResearch #DrugDevelopment

The IRA Promised Lower Drug Prices. Why Did It Cut Follow-On Cancer Research?

In this episode of the Vital Health Podcast, host Duane Schulthess speaks with Eric Lindquist, biotech entrepreneur and former Chief Business and Commercial Officer at Celcuity, about the 2021 deal to license gedatolisib from Pfizer.

Drawing on Lindquist’s experience with the transaction, they explore portfolio fit, the responsibilities of advancing a medicine, and how funding, pricing policy, and international competition shape drug development and patient access.

Key Topics:
Drug Licensing: The Pfizer-Celcuity agreement, portfolio fit, development responsibilities.
Pricing Policy: Inflation Reduction Act incentives, Most Favored Nation proposals, international launch decisions.
Global Investment: Venture capital in Europe and the U.S., China’s role in drug licensing, clinical development costs.
Venture Philanthropy: Funding gaps, Lindquist’s plans for a new fund, companies outside traditional investment mandates.
AI in Trials: Uses of digital pathology, patient identification, confirmatory testing.

Resources Discussed & Further Reading:
Original Gedatolisib Licensing Announcement (Celcuity, April 2021; PDF page 26): https://ir.celcuity.com/static-files/3a24eb9e-2798-43e3-bcab-660f1dc11a54#page=26
Gedatolisib Fact Sheet (Pfizer, May 2018; historical development background): https://cdn.pfizer.com/pfizercom/news/asco/Gedatolisib_Fact_Sheet_25MAY2018.pdf
FDA Approval of Revtorpyk (Gedatolisib) (Celcuity, July 2026): https://ir.celcuity.com/news-releases/news-release-details/celcuity-announces-fda-approval-revtorpyktm-gedatolisib
The Inflation Reduction Act’s Impact Upon Late-Stage R&D (Vital Transformation preprint, 2026): https://vitaltransformation.com/2026/05/preprint-new-research-the-inflation-reduction-acts-impact-upon-late-stage-rd/
EU General Pharmaceutical Legislation & Clawbacks (Vital Transformation, 2024; European investment research): https://vitaltransformation.com/2024/03/the-eu-general-pharmaceutical-legislation-clawbacks-calculated-impacts-both-designed-and-unintended/
The Impact of MFN on Oncology and Hematology Treatments (Vital Transformation preprint, 2026; related modeling): https://vitaltransformation.com/2026/02/preprint-new-research-the-impact-of-mfn-on-oncology-and-hematology-treatments/
China’s Growing Share of Drug Development (Goldman Sachs, December 2025; related background): https://www.goldmansachs.com/insights/articles/china-is-increasing-its-share-of-global-drug-development
European Bofanglutide Licensing Agreement (Gan & Lee and Menarini, September 2026): https://www.menarini.com/en-us/news/news-detail/gan-lee-and-menarini-group-partner-to-advance-bofanglutide-in-europe.html

Opinions expressed are those of the speakers.

In this episode of the Vital Health Podcast, host <a href="https://www.linkedin.com/in/duane-schulthess-66ba39b7">Duane Schulthess</a> speaks with <a href="https://www.linkedin.com/in/eric-lindquist-mba-7608172/details/education/?locale=en-US">Eric Lindquist</a>, biotech entrepreneur and former Chief Business and Commercial Officer at Celcuity, about the 2021 deal to license gedatolisib from Pfizer.
Drawing on Lindquist&rsquo;s experience with the transaction, they explore portfolio fit, the responsibilities of advancing a medicine, and how funding, pricing policy, and international competition shape drug development and patient access.
Key Topics:
<ul>
<li>Drug Licensing: The Pfizer-Celcuity agreement, portfolio fit, development responsibilities.</li>
<li>Pricing Policy: Inflation Reduction Act incentives, Most Favored Nation proposals, international launch decisions.</li>
<li>Global Investment: Venture capital in Europe and the U.S., China&rsquo;s role in drug licensing, clinical development costs.</li>
<li>Venture Philanthropy: Funding gaps, Lindquist&rsquo;s plans for a new fund, companies outside traditional investment mandates.</li>
<li>AI in Trials: Uses of digital pathology, patient identification, confirmatory testing.</li>
</ul>
Resources Discussed &amp; Further Reading:
<ul>
<li>Original Gedatolisib Licensing Announcement (Celcuity, April 2021; PDF page 26): <a href="https://ir.celcuity.com/static-files/3a24eb9e-2798-43e3-bcab-660f1dc11a54#page=26">https://ir.celcuity.com/static-files/3a24eb9e-2798-43e3-bcab-660f1dc11a54#page=26</a></li>
<li>Gedatolisib Fact Sheet (Pfizer, May 2018; historical development background): <a href="https://cdn.pfizer.com/pfizercom/news/asco/Gedatolisib_Fact_Sheet_25MAY2018.pdf">https://cdn.pfizer.com/pfizercom/news/asco/Gedatolisib_Fact_Sheet_25MAY2018.pdf</a></li>
<li>FDA Approval of Revtorpyk (Gedatolisib) (Celcuity, July 2026): <a href="https://ir.celcuity.com/news-releases/news-release-details/celcuity-announces-fda-approval-revtorpyktm-gedatolisib">https://ir.celcuity.com/news-releases/news-release-details/celcuity-announces-fda-approval-revtorpyktm-gedatolisib</a></li>
<li>The Inflation Reduction Act&rsquo;s Impact Upon Late-Stage R&amp;D (Vital Transformation preprint, 2026): <a href="https://vitaltransformation.com/2026/05/preprint-new-research-the-inflation-reduction-acts-impact-upon-late-stage-rd/">https://vitaltransformation.com/2026/05/preprint-new-research-the-inflation-reduction-acts-impact-upon-late-stage-rd/</a></li>
<li>EU General Pharmaceutical Legislation &amp; Clawbacks (Vital Transformation, 2024; European investment research): <a href="https://vitaltransformation.com/2024/03/the-eu-general-pharmaceutical-legislation-clawbacks-calculated-impacts-both-designed-and-unintended/">https://vitaltransformation.com/2024/03/the-eu-general-pharmaceutical-legislation-clawbacks-calculated-impacts-both-designed-and-unintended/</a></li>
<li>The Impact of MFN on Oncology and Hematology Treatments (Vital Transformation preprint, 2026; related modeling): <a href="https://vitaltransformation.com/2026/02/preprint-new-research-the-impact-of-mfn-on-oncology-and-hematology-treatments/">https://vitaltransformation.com/2026/02/preprint-new-research-the-impact-of-mfn-on-oncology-and-hematology-treatments/</a></li>
<li>China&rsquo;s Growing Share of Drug Development (Goldman Sachs, December 2025; related background): <a href="https://www.goldmansachs.com/insights/articles/china-is-increasing-its-share-of-global-drug-development">https://www.goldmansachs.com/insights/articles/china-is-increasing-its-share-of-global-drug-development</a></li>
<li>European Bofanglutide Licensing Agreement (Gan &amp; Lee and Menarini, September 2026): <a href="https://www.menarini.com/en-us/news/news-detail/gan-lee-and-menarini-group-partner-to-advance-bofanglutide-in-europe.html">https://www.menarini.com/en-us/news/news-detail/gan-lee-and-menarini-group-partner-to-advance-bofanglutide-in-europe.html</a></li>
</ul>
Opinions expressed are those of the speakers.

Eric Lindquist: Why Did Pfizer License a Promising Cancer Drug to Celcuity?

In this episode of the Vital Health Podcast, host Duane Schulthess speaks with Harry Bowen, Economic Research Partner at Vital Transformation, about Most-Favored-Nation (MFN) drug pricing and the lessons they draw from Europe's experience with price controls. They discuss how pricing rules, revenue uncertainty, and regulatory choices influence market access and the geography of pharmaceutical innovation.

Key Topics:
MFN Pricing Incentives: International reference pricing, launch decisions, links between U.S. and European markets.
European Approval Trade-offs: Centralized review, national decision-making, consistency and time to market.
Investment and Uncertainty: Expected returns, late-stage financing, retrospective clawbacks and revenue planning.
Global Innovation Competition: Mobile research investment, changing capabilities, Europe's experience and China's role.
Policy and Evidence: Historical comparisons, incentives and unintended effects, distinguishing policy explanations from broader economic change.

Resources Discussed:
The historical impact of price controls on the biopharma industry (Schulthess & Bowen, 2021): https://vitaltransformation.com/2021/11/the-historical-impact-of-price-controls-on-the-biopharma-industry/
Pharmaceutical regulation in Europe and its impact on corporate R&D (Eger & Mahlich, 2014): https://link.springer.com/article/10.1186/s13561-014-0023-5
The EU General Pharmaceutical Legislation & Clawbacks: Calculated impacts - both designed and unintended (Schulthess et al., 2024): https://vitaltransformation.com/2024/03/the-eu-general-pharmaceutical-legislation-clawbacks-calculated-impacts-both-designed-and-unintended/
Savings from Most-Favored-Nation Drug Pricing Policy (White House, 2026): https://www.whitehouse.gov/research/2026/05/savings-from-most-favored-nation-drug-pricing-policy/
The Inflation Reduction Act’s Impact Upon Late-Stage R&D (Bowen et al., 2026): https://vitaltransformation.com/2026/05/preprint-new-research-the-inflation-reduction-acts-impact-upon-late-stage-rd/
EIRA 2026 conference information: https://eirainitiative.org/events/

Opinions expressed are those of the speakers. Discussion recorded on 9/19/26.

#VitalHealthPodcast #MFN #DrugPricing

In this episode of the Vital Health Podcast, host <a href="https://www.linkedin.com/in/duane-schulthess-66ba39b7">Duane Schulthess</a> speaks with <a href="https://www.linkedin.com/in/harry-p-bowen-10761b31/?isSelfProfile=false">Harry Bowen</a>, Economic Research Partner at Vital Transformation, about Most-Favored-Nation (MFN) drug pricing and the lessons they draw from Europe's experience with price controls. They discuss how pricing rules, revenue uncertainty, and regulatory choices influence market access and the geography of pharmaceutical innovation.
Key Topics:
<ul>
<li>MFN Pricing Incentives: International reference pricing, launch decisions, links between U.S. and European markets.</li>
<li>European Approval Trade-offs: Centralized review, national decision-making, consistency and time to market.</li>
<li>Investment and Uncertainty: Expected returns, late-stage financing, retrospective clawbacks and revenue planning.</li>
<li>Global Innovation Competition: Mobile research investment, changing capabilities, Europe's experience and China's role.</li>
<li>Policy and Evidence: Historical comparisons, incentives and unintended effects, distinguishing policy explanations from broader economic change.</li>
</ul>
Resources Discussed:
<ul>
<li>The historical impact of price controls on the biopharma industry (Schulthess &amp; Bowen, 2021):&nbsp;<a href="https://vitaltransformation.com/2021/11/the-historical-impact-of-price-controls-on-the-biopharma-industry/">https://vitaltransformation.com/2021/11/the-historical-impact-of-price-controls-on-the-biopharma-industry/</a></li>
<li>Pharmaceutical regulation in Europe and its impact on corporate R&amp;D (Eger &amp; Mahlich, 2014): <a href="https://link.springer.com/article/10.1186/s13561-014-0023-5">https://link.springer.com/article/10.1186/s13561-014-0023-5</a></li>
<li>The EU General Pharmaceutical Legislation &amp; Clawbacks: Calculated impacts - both designed and unintended (Schulthess et al., 2024): <a href="https://vitaltransformation.com/2024/03/the-eu-general-pharmaceutical-legislation-clawbacks-calculated-impacts-both-designed-and-unintended/">https://vitaltransformation.com/2024/03/the-eu-general-pharmaceutical-legislation-clawbacks-calculated-impacts-both-designed-and-unintended/</a></li>
<li>Savings from Most-Favored-Nation Drug Pricing Policy (White House, 2026): <a href="https://www.whitehouse.gov/research/2026/05/savings-from-most-favored-nation-drug-pricing-policy/">https://www.whitehouse.gov/research/2026/05/savings-from-most-favored-nation-drug-pricing-policy/</a></li>
<li>The Inflation Reduction Act&rsquo;s Impact Upon Late-Stage R&amp;D (Bowen et al., 2026):&nbsp;<a href="https://vitaltransformation.com/2026/05/preprint-new-research-the-inflation-reduction-acts-impact-upon-late-stage-rd/">https://vitaltransformation.com/2026/05/preprint-new-research-the-inflation-reduction-acts-impact-upon-late-stage-rd/</a></li>
<li>EIRA 2026 conference information:&nbsp;<a href="https://eirainitiative.org/events/">https://eirainitiative.org/events/</a></li>
</ul>
Opinions expressed are those of the speakers. Discussion recorded on 9/19/26.
#VitalHealthPodcast #MFN #DrugPricing

Better Science, Better Health - Stirring the IP Pot

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