Apr 18 2023 46 mins
Paul Major co-manages the Bellevue Healthcare Trust and has a wealth of experience of the healthcare industry. We discuss how healthcare has evolved, why existing healthcare systems are fundamentally challenged, and the approach Paul takes to investing in the industry as a result.
Show notes:
[01:15] Paul discusses how he got into finance
[03:15] Bellevue
[04:31] General lessons for healthcare investing
[06:01] Delivering innovation and why R&D doesn’t scale
[10:07] Focusing on the key problems society faces
[13:48] Keeping healthcare investing simple
[16:47] Why the healthcare system is broken
[19:53] Finding productivity gains
[22:07] Preventative medicine
[24:12] Fixing a problem that didn’t previously exist
[29:02] The US healthcare system
[32:03] Transition to value-based care
[33:45] Constructing a portfolio of innovative companies
[36:59] The fast moving pace of healthcare innovation
[39:13] Understanding what innovation looks like
[39:37] The importance of educating physicians
[40:56] Valuing young, innovative companies
[45:47] Corporate finance provides an excellent education