Raising Health

• How to Build This Generation's Big Pharma Company

  Drug discovery has doubled the flow of candidates, but approvals remain roughly flat. The constraint is development, not discovery. In this episode, a16z General Partner, Jorge Conde talks with Formation Bio cofounder and CEO Ben Liu about building a modern pharma company around clinical execution. They discuss Formation Bio’s hub-and-spoke model for acquiring and advancing assets, how AI compresses trial timelines and costs, picking winners, regulatory strategy, and what it would take to move from about 50 approvals a year to many more. They also touch on global competition and why clinical proof still drives value in today’s market.\ Timecodes: 0:00 Introduction0:38 Why Formation Bio? Origins and Mission1:12 The Real Bottleneck: Clinical Development4:56 Formation Bio’s Business Model7:50 Picking Winners: The Art and Science of Drug Selection11:54 First-in-Class vs. Best-in-Class Strategies14:04 Overcoming Regulatory and Market Challenges17:26 The Stakes: Can We Approve More Drugs?19:07 How Formation Bio Cuts Cost and Time21:43 AI’s Role in Drug Development25:10 The Future: From 50 to 500 Drug Approvals?35:18 Global Competition: The Rise of China39:28 The Path Forward: Data, Regulation, and Access41:47 Conclusion: Realizing the AI Revolution in Pharma Resources: Find Ben on X: https://x.com/BenjamineYLiuFind Jorge on X: https://x.com/JorgeCondeBio Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the Raising Health Podcast on Spotify: https://open.spotify.com/show/4fjb8YTzHDuPBgDXc3ElkRListen to the Raising Health Podcast  Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/raising-health/id1529318900Follow our host: https://x.com/eriktorenbergPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  --------  

  41:04

  --------

  41:04
• CVS Health: Building Healthcare’s Consumer Platform

  Josh Weiner left Meta to return to CVS Health with two painful realizations: consumers don't manage their health—they expect it, and the healthcare market fundamentally violates every principle of economics. In this conversation with a16z's Julie Yoo, the CVS Senior VP explains why 50% of Americans can't afford a healthcare emergency, how CVS is becoming a platform to solve structural healthcare problems, and why the future depends on consumers finally controlling their own health data. Timecodes: 0:00  The Healthcare Market Isn't Functioning 2:30  Consumers Don't Manage Health, They Just Expect It 3:39  Why Consumer Playbooks Die in Healthcare5:41  Motion vs Progress: The Innovation Illusion8:46  Platform Philosophy: "It Takes a Village"11:38  The Vaccine Paradox Under One Roof19:37  The 40% Hidden Reality: Healthcare Is Caregiving21:04  The Deductible Comprehension Crisis22:10  "This Does Have an Expiration Date"24:40  The Health Passport Future Resources:Find Josh on LinkedIn: https://www.linkedin.com/in/joshweiner2/Follow Julie on X: https://x.com/julesyoo Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the Raising Health Podcast on Spotify: https://open.spotify.com/show/4fjb8YTzHDuPBgDXc3ElkRListen to the Raising Health Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/raising-health/id1529318900Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  --------  

  27:53

  --------

  27:53
• Dyno Therapeutics: Empowering Patients with Genetic Agency

  For the first time in human history, we can diagnose thousands of genetic diseases—often for under $1,000—but we still can't treat most of them. The problem isn't understanding what's broken; it's delivering the fix to the right cells.Eric Kelsic, CEO of Dyno Therapeutics, joins a16z's Jorge Conde to explain how AI-designed protein shells are solving gene therapy's delivery crisis. They explore why Huntington's patients can now get 15 extra years of healthy life, how Dyno inverted the liver-to-brain delivery ratio by 1000x, and why capsids evolved by nature are now being designed by machine learning models trained on millions of variants.Eric introduces the concept of genetic agency—humanity's first-ever ability to take action at the DNA level—and details why solving delivery for common diseases will make ultra-rare disease treatments economically viable. Plus: what happens when gene therapy requires neurosurgery today but could be a simple injection tomorrow, why recent deaths in clinical trials prove we need better technology now, and how genetic medicine could become as routine as surgery within our lifetimes. Resources:Follow Eric on X: https://x.com/ekelsicFollow Jorge on X: https://x.com/JorgeCondeBioLearn more about GATC 2025: https://www.dynotx.com/gatc2025 Stay Updated:If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYXListen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711Follow our host: https://x.com/eriktorenbergPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  --------  

  47:28

  --------

  47:28
• Value-Based Oncology at Scale: Inside Thyme Care

  Cancer care in the U.S. costs over $250 billion each year, and nearly 2 million Americans receive a new diagnosis annually, yet too often the journey begins with silence: no call, no plan, no guide.In this episode, a16z’s Vineeta Agarwala and Jay Rughani talk with Thyme Care leaders Robin Shah (cofounder and CEO), Bobby Green, MD (president and CMO), and Brad Diephuis, MD (president and COO) about rebuilding oncology around the patient. They cover where the system breaks, how navigation plus value-based contracts align incentives, how AI can extend clinicians, and what scale looks like today, more than 83,000 active patients. A concise blueprint for truly patient-centered cancer care. Timecodes: 0:00  Introduction 1:47 Personal Stories & Early Days of Time Care5:27 Building the Team & Mission7:07 The Patient Journey: Where the System Fails9:58 Why Tech Hasn’t Solved Cancer Care (Yet)15:45 Scaling Impact: Growth & Partnerships17:45 How Time Care Works: Value-Based Care Explained23:15 Technology, AI, and the Human Touch37:06 Building for the Future: Generational Impact Resources: Find Robin on LinkedIn: https://www.linkedin.com/in/robin-shah-8072bb35Find Bobby on LinkedIn: https://www.linkedin.com/in/drbobbygreen/FInd Brad on LinkedIn: https://www.linkedin.com/in/bdiephuis/Find Vineeta on X: https://x.com/vintweetaFind Jay on X: https://x.com/JayRughani Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the Raising Health on Spotify: https://open.spotify.com/show/4fjb8YTzHDuPBgDXc3ElkRListen to Raising Health on Apple Podcasts: https://podcasts.apple.com/us/podcast/raising-health/id1529318900Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  --------  

  41:16

  --------

  41:16
• The Consumer Becomes the Payor: How ICHRA Unlocks a New Era in Healthcare

  In this episode, Julie Yoo and Jay Rughani are joined by Thatch cofounders Chris Ellis and Adam Stevenson to explore why ICHRA—a more recent policy innovation—might quietly revolutionize employer-sponsored health benefits. Unpacking the surprising history of how U.S. healthcare became entangled with employment, they make the case for a defined-contribution future that mirrors the rise of the 401(k) and HSA. Tailored especially for today’s distributed and fast-moving workforce, ICHRA allows employers to offer tax-free health dollars employees can spend how—and where—they choose. For healthcare entrepreneurs, the conversation provides a blueprint for navigating a rapidly shifting payer landscape, including insight into how fintech infrastructure, policy tailwinds, and carrier ecosystem integrations unlock market readiness. This episode was originally published in October of 2024. The conversation remains relevant today.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  --------  

  28:05

  --------

  28:05

More Science podcasts

Trending Science podcasts

About Raising Health