How has your experience been since becoming CEO of CSL last year, and what sets CSL apart from other life sciences companies?
My journey with CSL has been deeply influenced by our unique approach to innovation and our passion for patients. Unlike many in our industry, CSL's focus on operational innovation is as equally important as product innovation. This is particularly significant given our scale in various segments like plasma-derived proteins, vaccines, and our iron business. We strive for improvements not just in product development but in the efficiency of our processes. This holistic approach, blending scientific innovation with operational efficiency, sets CSL apart in the industry. It's an exciting challenge, especially as we aim to balance these innovations with shareholder expectations.
In such a dynamic field, how does CSL decide which segments to focus on and where to invest?
Deciding where to focus in a diverse field like life sciences is challenging but critical. Like many life sciences companies, at CSL, we are first focusing on those therapeutic areas and product platforms where we believe we have the expertise to be most successful. Our choices have been shaped by historic strength, as well as by an internal and external strategic assessment of future unmet patient need. To be most cost efficient, we look for synergies across therapeutic areas and adjacencies between new opportunities and current therapeutic offerings. The other important aspect of our strategy are multiple decision points, which stage our investments and encourage faster proof of concept or failure. This method enables a dynamic portfolio but also necessitates discipline in decision-making. It's crucial to stop projects that don't meet our expectations as promptly as we accelerate promising ones. This strategy ensures we invest our resources in areas with the highest potential for success and impact.
Can you elaborate on CSL's sustainability strategy and its importance in the life science industry?
Sustainability is a key focus for CSL, and it extends beyond environmental concerns. While reducing our scope 1, 2 and 3 emissions by 2030 is a significant goal, our sustainability efforts encompass a broader spectrum, including workforce sustainability and access to medicine. Our Sustainability strategy is not a standalone, but importantly also integrated into our business strategy. Our approach integrates sustainability into our engineering standards, affecting everything from facility design to process development. When addressing scope three emissions, we emphasize the importance of choosing the right partners to achieve these goals. This comprehensive view of sustainability is not just a corporate responsibility; it's embedded in our operational ethos.
What motivates you in your work in life sciences after 30 years?
No doubt --- it’s all about treating patients and protecting public health.
The driving force behind my three-decade-long commitment to life sciences is the profound impact we make on patients' lives and public health.
The opportunity to fundamentally change the trajectory of a disease is both exhilarating and humbling. As an engineer, the process of translating science into impactful products is what initially attracted me to this industry. It's the combination of scientific innovation and its real-world application that keeps me motivated. Witnessing firsthand the transition of diseases from being deadly to manageable is a testament to the power of our work. It's this ability to improve lives through science that fuels my passion.
Where do you see CSL heading in the next 5 to 10 years?
Looking ahead, CSL's goal is to continue differentiating and advancing our product portfolio. We don’t just aim for incremental improvements; our focus is on transformative innovations that significantly enhance patient journeys. For instance, in areas like HAE (Hereditary Angioedema) and hemophilia, we have consistently demonstrated our commitment to not just treat but revolutionize patient care. It’s about understanding the disease journey and being passionate about disrupting ourselves to deliver better solutions. This approach ensures we are not complacent but constantly striving to elevate patient care to new heights.
Can you discuss CSL's partnership with UniQure on gene therapy and its impact on CSL's growth strategy?
Our partnership with UniQure in gene therapy epitomizes our strategic approach to collaborations – and it’s a good example of what I like to call “Collaborating with Purpose.” We prioritize strategic partnerships where our combined capabilities with another company may potentially create greater value than working separately. This is evident in our venture into gene therapy with UniQure, particularly in the realm of hemophilia treatment. Such partnerships allow us to offer new, transformative treatments like gene therapy alongside our traditional standards of care. This not only diversifies our portfolio but also significantly enhances patient care, offering long-term solutions where frequent treatments were once the norm.
Do you believe the general public accurately perceives the pharmaceutical industry today?
The pharmaceutical industry is complex and often misunderstood by the general public. The pandemic did shed some light on the sector, but the understanding was somewhat fleeting. Vaccine fatigue and misperceptions about the industry are challenges we face. There's a need for ongoing education about the benefits and complexities of our work. For example, the current decline in vaccination rates is concerning and reflects a broader issue of public engagement and understanding. We need to work closely with governments and health organizations to improve public awareness. It's essential to convey the immense effort and innovation that goes into pharmaceutical development, far beyond what patients see at the pharmacy counter.
