Volume 41 No.11 NOV 2009 MICA (P) 031/01/2009

PRESIDENT’s FORUM AH GU HOBBIT Twelve Reason

TRAVELOGUE PENANG: palate- Interview pleasing with paradise! Chairman Philip Yeo

r. Philip Yeo is Special Advisor for Economic Development in the Prime Minister's Office Mand also Chairman of SPRING , a government agency with the mission of enabling Singapore's small and medium enterprises to broaden and deepen Singapore's economy.

He was Chairman at the Economic Development Board from Jan 1986 to Jan 2001 and then Co-Chairman EDB from Feb 2001 to March 2006 with the mission of building up the biomedical sciences industry. From Feb 2001 to March 2007, Mr. Yeo was Chairman, Agency for Science, Technology and Research.

Mr Yeo is credited as the driving force behind Fusionopolis and Biopolis, both of which are co-located to enhance collaboration across diverse scientific domains and pave the way for multi-disciplinary research. For his formative role in Singapore's life sciences industry, Mr Yeo was awarded the BioSpectrum's Asia Pacific Life Time Achievement Award in March 2009. Once-daily ® FEATURE

Many scientists think that an idea is a business, but they are wrong. In the good old days, money could be As monotherapy or in combination with other widely prescribed agents raised easily, until these scientists finally realised that JANUVIA® delivers SUBSTANTIAL glucose Volume 41 No.10 OCTOBER 2009 an idea is not a business. An idea remains an idea, reductions for a broad range of patients until it is transformed into a product or service. with type 2 diabetes Editorial board In clinical studies,2 EDITOR Dr Toh Han Chong THC: For Singapore to make America’s science has great s Substantial HbA1c reductions through a physiologic mechanism of action Deputy Editor biomedical sciences one of the competitive advantage. Scientists there Dr Tan Yia Swam successful pillars of the economy, what are not rich, but are happy – their s Generally weight-neutral therapy with are the key ingredients needed? happiness is governed by a different a low risk of hypoglycemia ® MEMBERS PY: The key is to see the link up reward system. Chinese, Korean and Prof Chee Yam Cheng between biotechnology companies, Japanese science is handicapped because s Generally well-tolerated therapy Dr Martin Chio (sitagliptin/metformin, MSD) the pharmaceutical industry and of poor English. A/Prof Daniel Fung s Always once-daily dosing Research and Development (R&D). As initial therapy or for patients not controlled on metformin Dr Hsu Liyang Dr Lim Boon Leng Now, we have GlaxoSmithKline THC: Geographical clusters may Before prescribing, please consult the enclosed full Prescribing Information. ® Dr Jeremy Lim (GSK), and Eli Lilly create a unique value proposition for JANUMET provides POWERFUL Dr Tan Poh Kiang JANUVIA can be used as an adjunct to diet and exercise as initial therapy, alone laboratories already established here. economic growth and competitiveness. or in combination with metformin, or as an add-on to metformin, PPARG agonist, HbA1c reductions to help more patients Dr Tan Wu Meng sulfonylurea, sulfonylurea + metformin when the current regimen does not Dr Teo Eng Swee Cuthbert The pharmaceutical companies are Can we create an economically vibrant provide adequate glycemic control. with type 2 diabetes get to goal currently creating small R&D centres, cluster system like that between Hong JANUVIA is contraindicated in patients who are hypersensitive to any many of which are specifically disease- Kong and Shenzhen? components of this product. In clinical studies, ex-officio When JANUVIA is used in combination with a sulfonylurea, a lower dose of Dr Chong Yeh Woei focused. What I planned in the early PY: Hong Kong is part of China, so the the sulfonylurea may be considered to reduce the risk of sulfonylurea- s Powerful HbA reductions to help more patients Dr Abdul Razakjr Omar induced hypoglycemia. 1c 2000s was that we should encourage relationship between both is like a house 3 A dosage adjustment is recommended in patients with moderate or get to goal (HbA1c goal <7%) this setting; we are the only other and windows. Singapore, on the other severe renal insufficiency or with end-stage renal disease requiring EDITORIAL MANAGER country in Asia, apart from Japan, hand, has no hinterland. If Malaysia and hemodialysis or peritoneal dialysis. s Weight loss and less hypoglycemia (with sitagliptin Ms Krysania Tan where such a critical mass of major Indonesia succeed, we will also succeed In clinical studies, the adverse reactions reported, regardless 4 of investigator assessment of causality, in r 5% of patients 100 mg + metformin) vs a sulfonylurea + metformin pharmaceutical companies is situated. because we are part of this geographical treated with sitagliptin as monotherapy and in combination therapy with metformin or pioglitazone and more s Comprehensive mechanism that targets EDITORIAL EXECUTIVE location; we cannot row away! I am of commonly than in patients treated with placebo, 2 Ms Gracia Ong THC: Even in the context of Asia, the opinion that we should learn Bahasa were upper respiratory tract infection, 3 key defects of type 2 diabetes nasopharyngitis, and headache. can we excel against the Chinese, the in addition to Mandarin. Before prescribing, please consult the enclosed full Prescribing Information. Koreans and the Japanese in basic The views and opinions expressed in all the articles JANUMET is contraindicated in patients with: are those of the authors. These are not the views science and R&D? THC: Many pharmaceutical companies s Renal disease or renal dysfunction, eg, as suggested by serum creatinine levels r1.5 mg/dL [males], of the Editorial Board nor the SMA Council unless PY: St Jude Children’s Research are moving their operations and R&D r1.4 mg/dL [females] specifically stated so in writing. The contents of the Newsletter are not to be printed in whole or in part Hospital in Tennessee has only 56 beds to China. Is that of concern to our own s+NOWNHYPERSENSITIVITYTOSITAGLIPTINPHOSPHATE METFORMINHydrochloride, or any other component of JANUMET without prior written approval of the Editor. for paediatric cancer treatments and biomedical enterprise? s!CUTEORCHRONICMETABOLICACIDOSIS INCLUDINGDIABETICKETOacidosis Published by the PY: JANUMET can be used to improve glycemic control as an adjunct to diet and exercise as initial therapy, in the Director is now on the A*STAR China is focusing largely on Singapore Medical Association, patients inadequately controlled on metformin or sitagliptin alone, in patients using sitagliptin + metformin Level 2, Alumni Medical Centre, 2 College Road, Biomedical Sciences International producing for its huge market. Another in combination, and in combination with a sulfonylurea in patients inadequately controlled with any 2 of Singapore 169850. Advisory Panel. The crux is in issue is that of intellectual property, the 3 agents: metformin, sitagliptin, or a sulfonylurea. Tel: 6223 1264 When JANUMET is used in combination with a sulfonylurea, a lower dose of the Fax: 6224 7827 developing specialised areas. Focusing if R&D is to take place. The problem sulfonylurea may be considered to reduce the risk of hypoglycemia. Email: [email protected] on a specific disease is important is not of compliance, but one of In clinical studies, the most common adverse reactions reported, regardless of investigator URL: http://www.sma.org.sg but we should not allow research in enforcement. It is tough because China assessment of causality, in r5% of patients and more commonly than in patients treated SMA Reg. No.: ROS 198/59 TAP with placebo were as follows: diarrhea, upper respiratory tract infection, and headache one area to continue forever if it is is such a big country. (for sitagliptin and metformin combination therapy); nasopharyngitis (for sitagliptin monotherapy); and diarrhea, nausea/vomiting, flatulence, abdominal discomfort, For classified advertisements and not fruitful. Money is finite, so it The big pharmaceuticals are here: professional announcements, please contact SMA. indigestion, asthenia, and headache (for metformin therapy). should be reallocated. One must find GSK, Novartis, Genentech/Roche, For other advertising enquiries, please contact some laboratories to close and others Merck/Schering-Plough, Abbott, and References: 1. IMS Health, NPA Plus™, October 2006 − 3 October 2008. 2. Data on file, MSD Singapore Equity Communications Pte Ltd 3. Williams-Herman D et al. Efficacy and safety of initial combination therapy with sitagliptin and Tel: 6324 4337 to support, but still look after the Pfizer. I have been involved in this area metformin in patients with type 2 diabetes: a 54-week study. Current Medical Research and MERCK SHARP & DOHME (I.A.) CORP. Opinion, March 2009, Vol.25, No.3, p.569 − 583 4. Nauck MA, Meininger G, Sheng laboratory staff at the same time. since I was at EDB in 1986; I started 300 Beach Road #13-02 The Concourse Singapore 199555 D, et al; for Sitagliptin Study Group 024. Efficacy and safety of the dipeptidyl Tel: (65) 6296 7772 Fax: (65) 6296 0005 peptidase-4 inhibitor, sitagliptin, compared to the sulfonylurea, glipizide, in patients with type 2 diabetes inadequately controlled on JANUVIA® (sitagliptin) and JANUMET® (sitagliptin/metformin) are trademarks of Merck & Co., Inc., Whitehouse Station, NJ, USA. metformin alone: a randomized, doubleblind, non-inferiority sma News november 2009 3 Copyright ® 2008 Merck & Co., Inc. All rights reserved. 06-10 JAN-2009-SG-4272-J trial. Diabetes Obes Metab. 2007;9:194 − 205. FEATURE

off with biotechnology investments in 1990, and have built up our know-how since then. In mid 1990s, we decided to delve into chemicals, which involved oil and gas, petroleum and pharmaceuticals and started doing biomedical developments in 2000. Many drugs involve small molecules and links to GPCR receptors; this leads to side effects. More science is needed to accomplish targeted treatment.

THC: That is true; many of the new small molecules in cancer are not as effective as initially hoped. PY: I agree that it is a tough job creating good drugs against cancer. Although we know much more about supporting them. We can increase our PY: I believe it is their ability to how cancers grow and spread today, we talent by attracting the brightest – and change. The Americans have the habit may not have real solutions yet. Many once this happens, more will join. This of criticising themselves, and this drives cancer drugs are merely providing extra is the halo effect, although it is harder them. Their flaw is with regards to their months of lifespan. to manage smart people as compared to massive expenditure. For example, can less smart ones. Smart people need room most Americans afford a house? They THC: There is much hope and hype for different views – scholars will return may be better off renting than buying, about the potential of stem cells and from overseas with varying mindsets and but they are lured by low interest also the nature and role of cancer stem will argue their points and also among rates. With the government’s push cells. Do the latter really exist? themselves. The key is to have a system for housing as well as the “American PY: Dr John Dick of the University of tolerance for dissent and ideas; they Dream”, people who should not own of Toronto, Dr Irv Weissman of cannot be expected to flourish if put property, do. In comparison to the Stanford and Dr Robert Weinberg into small pots. Europeans who purchase property to of MIT believe in cancer stem cells. live in, many Americans purchase them The problem is in identifying these THC: Why do we not have more for flipping. This leads to the equitising stem cells and harnessing this new innovative companies like Apple here? of their house, and they use the money knowledge in treating cancer. At PY: If a person is bright enough, for other purposes. the end of the day, there are three innovation will follow. The issue here I suppose all this is partly because important fields moving forward: is that many of our young want to get the Americans are optimists; the cancer, immunology and stem cells. a job, quickly get married and have Europeans do not do such things. That We have a number of scholars studying children. Nothing wrong here, but being said, I do admire Americans for immunology, as immunotherapy is many entrepreneurs have late marriages. their openness, flexibility, and abilities very important. How are these people able to marry for self-criticism and change. when they are busy struggling away in THC: How can we convince their start ups and businesses? It is a real THC: The American free market Singaporeans to take risks, create new sacrifice and unless one’s partner shares system seems to be pretty robust; ideas and venture into new fields with similar values, it is hard. where certain companies die, they may the fear of failure being dominant in also be revived, or have other stronger our DNA? THC: What do you think are the traits companies emerge. PY: Asian parents can influence their of Americans, which enable them to PY: Yes, these companies learn from children, as they are often the ones succeed in the innovation enterprise? their mistakes and return. Also, there is

4 sma News november 2009 FEATURE

a lack of stigma. In Singapore, the bank THC: You once mentioned in the our country. I have a good track record will not see you if you are broke! media that all else being equal, you in my selection; these scholars enter would favour a poor scholar over one top schools even as undergraduates. THC: Do you feel that universal health from an affluent background. Could Whether all end up doing science, or coverage is the answer to solving the you explain more? divert, it is alright as they have had healthcare problems of disparity and PY: A middle to upper-income family sufficient foundation. inequity in the US? can afford to give their child the best If managed well, these scholars will PY: Universal health coverage is the way education and exposure from young. contribute to Singapore and create to go. However, people should not be A child from the bottom twentieth an impact in 10 – 15 years. They are allowed to “eat free food” otherwise the percentile is handicapped from young. the intangible wealth of our nation, taxpayers end up paying all the bills. All things being equal, this child will and for me, it is a 15-year effort. Most The weakness of the current US system lack exposure and experience when it importantly, these scholars must come is that everyone uses Medicare, and comes to interviews. I favoured those home. At the end of the day, the topic charges every expense to it. It is almost staying in HDB housing, because there of money has never been raised, as they a system of abuse, which results in will be families who can afford to send believe in a different value system. If we ballooning healthcare costs. The current their children overseas, and those who succeed with our scholars, we will have incentive system for doctors in the US cannot. If a family is able to afford a an advantage over all our neighbours. can also be improved on; which will scholarship, then they should not apply reduce the number of unnecessary tests in the first place. Bond breakers are THC: There have been remarks that and charges taking place. always those whose families can afford you might be setting unrealistically Singapore’s healthcare is better to break them. It is always the parents high benchmarks for your scholars in this aspect – people pay a portion who pay for the cost of breaking the – some eminent scientists have of basic healthcare, coupled with bond. Those who do not wish to be commented that despite not doing well government subsidies and a choice of “tied down” should not have taken up as an undergraduate, one might still insurance plans. However, on our part, the scholarship – it is a matter of choice. shine phenomenally later on so there we must keep up with inflation. should be second chances. THC: Tell us more about your PY: The scholars that we look for THC: Can Singapore learn from A*STAR scholars. must be able to do well and survive. the Americans in building global PY: Our foreign scholars hold Singapore It is no big deal to do well at the companies and world-leading passports. They have grown up here. BSc level – to get a GPA of 3.8, all a enterprises? I do not take people who have student needs is 50% of As and 50% PY: No, that would not be advisable; received their basic degree overseas of A minuses. 3.8 is the cut-off mark, we are a small country. Instead, we – they must have received secondary and these students must meet our should look to the Danish, Swedes, school education here. However, this requirements for PhD funding. Finns and Norwegians (for example, does not guarantee that they will not I don’t believe that our criteria may the Scandinavians) and the Swiss. run away; we are taking a chance. The cause us to miss an Albert Einstein or I always admire the Swiss – they problem with Singapore is that with just Lee Hartwell. Both were not selected are much disciplined. Switzerland over 4 million people, we have a limit at ‘A’ Levels! If our scholar is not able has a population of six million, and to talent. to survive at the BSc level, he/she will yet they have produced two giant With four years of upper secondary probably not be able to get into the pharmaceutical companies, Novartis and junior college schooling, together best graduate schools for their PhD. For and Roche. They have also produced with nine years of BSc and PhD, it those with such quirks, I would rather great Swiss chocolate despite not comes up to 13 years! It is a long and let someone else take care of them. Our having cocoa! costly horizon, so A*STAR can only time and resources are finite, so there is Perhaps the answer to the Swiss and afford to fund about100 BSc to PhD no compromise. Our students are not Scandinavian model lies in their social scholars a year. run of the mill; they are the best and compact and networks. In addition, the We look for future research leaders, brightest, and most of our scholars are disparity between the top and bottom not bookworms. When scholars are well-rounded. It is an issue of proper percentile is small. picked, they are seen as the future of time management – if they cannot do

sma News november 2009 5 FEATURE

well, they will not be able to enter top THC: How do you prevent your industry, we will need people who are PhD schools. One has to compete with scholars from being headhunted by the not only scientists, but also possess the global talent just to enter, and one is on private sector? abilities to organise and lead. his/her own after entry. PY: At the end of the day, people will We need to have high standards: it stay if they feel that there is a sense of THC: I agree that scholars should have is easy to go low, but we should set a value and ethos. Everybody thinks that the freedom to grow, form independent benchmark. Our job is not to manage it is all about the money but people opinions and think different. However, outliers, but to manage our total talent. move because they are pissed off. even in the United States, there are Money is just an excuse; if someone limits. The Nobel Prize winner for THC: Urban legend has it that you is happy with his/her work, it is not the discovery of PCR, Kary Mullis, know each and every one of your about the money! Most of the time, it is certainly different. So what is your scholars inside out. What are your is the environment that drives people opinion on the recent incident of the hopes and visions for them? away, with money being the most A*STAR scholar who walked around PY: Well, I interviewed every single one convenient excuse. Holland Village nude? up till our seventh batch. Many of these Singapore has to plug into the PY: The girl in question had a scholars will come back in 2010/2011, global connection. Rather than Karolinska Institutet (KI) scholarship in about 100 each year. These scholars forcing all to root themselves to Sweden and there, nobody cares if you have been away for nine years, doing Singapore, perhaps it is better to allow want to walk around naked or skinny their BSc up till PhD. them to spread. One has to find an dip in the summer. I think that she and All our scholars are very bright, but environment where they feel they can the young man, who accompanied her, there has to be a value system at the end contribute, and will be rewarded. If did it for fun. of the day. Our young PhD scholars not, there is no reason for them to realise that America is an R&D haven. come back. This is our challenge. THC: What drove you to make the It is very competitive in America, to remark that those with basic science the point of being Darwinian. It is THC: It takes years to build a global degrees would only qualify as “test-tube such a big country and also a magnet pharmaceutical company like Novartis. washers”? for talent. I brought the “whales” to Which companies do you admire most? PY: I was using the power of ridicule to Singapore, so that our youngsters can PY: The key to admirable companies motivate people. Children in Singapore grow up under their guidance. My is their people. Chairman and CEO of do not want to do their PhDs, but mindset is that if our youngsters are Novartis, Dr Daniel Vasella, is excellent. want to be successful scientists! There “guppies”, they will become “whales” The problem today is that an increasing is no future in science with only a basic someday. At the end of the day, my bet number of pharmaceutical leaders are degree alone, especially with the increase is on our young people who put in nine finance-oriented. in the NUS and NTU intakes. to ten years; 15 if we consider their working experience – before we can see THC: Are you looking for the priests THC: When Dr was a well-rounded scientist. It is important of science like Francis Collins/Sydney creating the universities in Singapore, to have a long-term view. Brenner, or biopreneurs like Craig he tended to place more emphasis These students are lucky. We have Venter/Bill Haseltine? on hard sciences, and less on social 1000 scholars; a battalion’s worth! PY: I would say there has to be a sciences. Your thoughts? Not all of them will make it, but then spectrum. Apart from academic results, PY: Dr Goh’s reasoning was that it is again, how many will have the tenacity I also look at the personality of the easier for students of hard sciences to to do research? When these students scholar, whether they are Type A or Type study soft sciences, unless the person return, it is imperative that we have B. I am looking for research leaders – cannot read and write! For example, an environment that allows them to this is evident in our scholars. Whether 50% of the science students whom blossom. If we talk down or attempt to these scholars are local or foreign- we send to the University of Chicago control them, they will be stifled; they born, they are capable, outspoken and do humanities. It is much tougher should be allowed free rein, as long as independent. What is leadership? It is for a social science student to pursue they deliver results. Our system has to the capability in managing people and physical science, and the best way be tolerant, not dictatorial. if we want talents in the biotechnology around this is to ensure that physical

6 sma News november 2009 FEATURE

science students can study humanities was created without extra money! From academic specialty centres like Mayo as well. I was an engineering student 2007-2010, there has not been any Clinic and Cleveland Clinic. in Canada, and 25% of my curriculum increase in the budget as well. The key is to do clinical science. was devoted to humanities like There should be laboratories in the literature and economics! THC: One of Singapore’s key hospitals, where doctors and scientists For Dr Goh Keng Swee, Singapore’s enterprises is our internationally can go to and work together. There focus at that point in time was competitive healthcare sector. How needs to be separate funding as well; industry-based. However, he never can this further be developed moving clinical, hospital and research. What neglected the fact that one needs to be forward? I have done is to shift the focus from able to read and write well. Dr Goh PY: I agree. Our healthcare should not pure science to science-based medicine. himself was very well-read, with a big merely be about treatment delivery I believe that this is where the real effect library and books everywhere. alone; it should also be backed by is; science is unable to accomplish this research. We can emulate the American unless there is clinical translation. THC: There is a famous story about you being headhunted by Li Kar Shing to work for him in a top position in Hong Kong. What stopped you from going over? PY: I retired from the Singapore Administrative Service as a Permanent Secretary in March 1999. Richard Li flew to meet me in Boston in late August 1999 with an offer that was to commence in 2000. I could not join him as I had just started planning for Singapore’s biomedical industry. If I had left, there would have been no biomedical sciences industry, Biopolis and Fusionopolis today.

THC: Are you nervous about the fiscal “burn rate” at the Biopolis? PY: The amount of money has not changed; the budget of $4 billion has remained the same during my time, from 2001-2006. Biopolis and Fusionopolis belong to JTC and I help by getting companies to come here, so as to cross-subsidise. Some of our scholars eventually moved to these companies. It is a long-term investment, awaiting the return of our scholars. A lay person will not realise that the 5-year budget I inherited from my predecessor was $5 billion, and I returned $1 billion to MOF and reshuffled the use of the S$4 billion amount. The BSc to PhD scholarship

sma News november 2009 7 FEATURE

I brought the “whales” to Singapore, so that our youngsters can grow up under their guidance. My mindset is that if our youngsters are “guppies”, they will become “whales” someday. At the end of the day, my bet is on our young people who put in nine to ten years; 15 if we consider their working experience – before we can see a well-rounded scientist. It is important to have a long-term view.

THC: Do you think there should be a must realise that a million dollars have making money, but being creative group of doctors who are well-versed been invested in them, and it is almost in science. in science? Doctors contemplating this like winning the lottery. When he was doing his post- career track fear that this entails doctoral work at the Salk Institute in a pay cut! THC: As a child, were you inquisitive? San Diego, he wanted to understand the PY: Yes, and they should also be PY: I am the middle child, and was basics of business management. He then rewarded differently. It is also harder as allowed the freedom to do my own enrolled in UC San Diego’s business funding has to be sought, and this group things. I was never hot-housed, and school for part-time MBA studies that must have the freedom to do outside was lucky enough not to have anyone spanned two years. While conducting work. To do research, a laboratory bugging me. his research, he would have to go for complete with equipment and assistants his studies every alternate Friday and is necessary for graduate students. This THC: Are your children scientists? Saturday! He is now trying to raise needs to be embedded, and perhaps PY: My daughter is a happy English money for a company dealing with inter-agency funded by A*STAR and the teacher in Japan. She loves the bioinformatics. Today, biology is now Ministry of Health (MOH). culture there. bioinformatics. It is tough if one is not a Funding for MBBS-PhD comes up My son is an Assistant Professor at numerically-inclined person. to about a million and a half; the cost UC San Diego Medical School heading of medical education is expensive, and a laboratory of 10 persons. Recently THC: In the wake of the 2008 financial also has to include the salary. When he won a stem cell research grant of crash where many biotechnology scholars return and complain about US$1.37 m for his lab. companies have gone bust, do you feel their starting salary, they have forgotten that the biomedical enterprise is too risky? that their education was fully paid for, THC: Could your son have become a PY: There are too many biotechnology and they did not have to do “real work” businessman? startups. Many scientists think that an for the past nine years! These scholars PY: His interest is not so much about idea is a business, but they are wrong.

8 sma News november 2009 FEATURE

In the good old days, money could be I usually read a whole bag full of no blueprint or scenario planning for raised easily, until these scientists finally papers, which have been pdf-ed and Biopolis or Jurong Island. It was like realised that an idea is not a business. printed out. I read about 30 articles a experimenting with clay. China can do An idea remains an idea, until it is day. The problem is that they proliferate this too; there are more bright people transformed into a product or service. so I end up with boxes of paper which I there but the key is that their system In the medical arena, the greatest cannot bear to throw away as collecting must allow this. challenge is clinical trials. I had a them took much effort. My house is like I went to Guangdong in early 2000, Japanese journalist asking me recently, a storeroom; I should go down to PSA to and the Party Secretary (PS) invited what the relationship between rent some storage space! I can’t give them me for dinner. I had to travel to Hong biotechnology and pharmaceuticals away either, as it is a personal collection. Kong and he asked me to go by way of was. I replied that the relationship Sydney Brenner too has tons of papers, Zhuhai. The PS of Zhuhai waited for could be likened to that between a which he donated to the A*STAR library me by the highway, to “kidnap” me to flea and a dog. Biotechnology needs and his collection includes monographs show me their airport! The man was pharmaceutical companies, and the and original copies. impressive; he built an airport without latter’s strength lies in its ability to permission! He bypassed Beijing and fund clinical trials. These companies THC: You have been both daringly built an airport so as to put Zhuhai on can upscale ideas to a production controversial, and yet a pivotal the map. That’s not scenario planning; scale, manufacture and then distribute. player in the decades of Singapore’s he broke the rules! I must say that the Not many biotechnology companies development. How does the political airport and its runway were beautiful. can accomplish this; the only two are leadership view you? Amgen and Genentech, but they both PY: To me, a job is a job. If others do THC: Economist Professor Amartya have gone into production. not like what I do, it is not my problem. Sen said that post-2008 financial crash, If I had hindsight, I would have gone the Europeans have not collapsed in THC: Do you feel that we have ahead to make a lot of money. I believe terms of their quality of life because not enough private VCs (venture strongly that the system needs to allow of their social safety nets including capitalists) here? one’s freedom to do things. universal healthcare. The Americans are PY: “VC” is a misnomer. The VC will There was no model for the Biopolis. facing more significant pressure points not respond to you unless there is a What I did was look around and in this respect. Your thoughts? ready product, so the fact that every wonder why institutes and research PY: I was in Europe last month, and scientist thinks that their idea can were separate entities. Why couldn’t did not see any homeless people. This become commercial is simply not viable. industries be located together with is in contrast to the homeless people in If one deals with IT, that is easy, public and private research? the US, even in Cambridge/Harvard because it has to do with applications. Square. Many Americans have been laid What we see in the biomedical field is THC: There is disappointment off in this economic downturn, and new knowledge. Today, the amount of surrounding the outcome of Germany’s there is no net to catch them. new knowledge far outweighs that in biomedical enterprise, and the success Europeans are no less innovative. the 1990s, when we first started doing rate of Biopolis is projected at only I was with the Party Secretary of biotechnology. Perhaps the issue has to 50% by one international journal. How Jiangsu two years ago as I am one of his do with the full journey of clinical trials is success defined, and what would advisors. This man was in his early 50s, taking such a long time. ensure the success of such a venture? and said that following the American PY: Germany’s biomedical field was model might have been a mistake. THC: What are you currently reading? like throwing money at them. The There are lessons to be learnt from the PY: I am reading The Invisible Hook: people involved want instant results European model, unlike the extremes of The Hidden Economics of Piracy by and biotechnology companies. Most the American system. The bottom line is Peter Leeson. Piracy is basically about of the results are science, not products that a society must be able to look after venture capital. If I had a pirate ship, or services. its lowest tier. I would go around looking for other Biopolis is a foundation, which people; it is property sharing. No prey, will take a long time for its success – it THC: It’s been a great interview. Thank no pay! is a 15 to 20 year effort. There was you, Chairman.

sma News november 2009 9