He’s not calling it retirement.
But after a successful career as CBIA senior counsel and executive director of the Connecticut Bioscience Growth Council, Paul Pescatello is ready for “a little bit of rebalancing.”
Pescatello joined the CBIA BizCast to reflect on his career and the state of the biotech industry.
Pescatello started his career as a banking and insurance regulatory lawyer with Shipman and Goodwin.
“They needed somebody to do some lobbying to start a new bank,” he said. “There was actually legislation needed to make it happen.
“So, I volunteered and that's sort of how I learned how to lobby in Connecticut.”
Pescatello’s interest in the bioscience and pharmaceutical industry arose from a family crisis.
“My oldest brother, who I was really close to, came down with glioblastoma, which is a really, really terrible form of brain cancer,” he said.
“I think when something like that happens to you or to somebody you know really well— you want to do something.
“You want to channel your energies into something that would help this person or help people in the future.”
He said being involved in his brother’s care and treatment drew him to the research that pharmaceutical companies were doing.
“I really love the industry. It was such a fascinating industry,” he said.
Pescatello started doing pro bono work in the area and ran a bioscience advocacy organization.
He joined CBIA in 2014, and started managing the Connecticut Bioscience Growth Council.
Pescatello said his goal was to educate people that the innovation and research done by the pharmaceutical industry was key to solving the healthcare crisis.
“People here at CBIA have heard me talk about it over and over again—as costly as some drugs are, they really are a cost saver to the overall health system,” he said.
Pescatello said that a major expense in the cost of drugs is the vast amount of research and development that goes into the process.
“It's just hard to wrap your mind around the really unique research and development arc of bringing a drug from idea to FDA approved products,” Pescatello said.
It takes $2.7 billion and about 10-12 years to bring a drug from idea to product.
“When legislators ask, ‘why are drug prices so high here?’ It’s true, we really do pay the world’s R&D.”
Pescatello credited the buy-in from legislatures and administrations to understand the importance the industry carries in the state.
That buy-in has led to Connecticut being at the forefront of research and development tax credits for biotech companies.
“They're spending tons and tons of money, but they have no income coming in,” Pescatello said.
“So those research and development tax credits—they can carry them forward into the future.”
He said it’s critical for the state to stay competitive to support and grow the industry.
“Things like the research and development tax credits—other states have copied that,” he said.
“We have to keep in the game on that.”
Pescatello said it’s been satisfying to see the growth of the industry in Connecticut.
“I drive a lot of satisfaction from the range of companies that are here and the range of products that come out of Connecticut,” he said.
“We should all really take a victory lap for how big the industry is in Connecticut and how sustainable it is.”
As he “rebalances,” Pescatello said he's looking forward to spending more time with his five grandchildren.
But he said he plans to continue his advocacy for the bioscience industry.
“I love the industry,” he said.
“I really care about it in terms of its effect on all of us and on patients and disease—understanding the mechanisms of disease and finding treatments and cures for disease.”
________________________________________
The CBIA BizCast is made possible through the generous support of Google. Please rate, review, and subscribe to the BizCast wherever you get your podcasts—we appreciate your support!