Ep170: David Schenkein on Investing in the Future of Biotech

David Schenkein's Career Journey

David Schenkein's diverse career path showcases a unique blend of medicine and biotechnology. Born and raised in Queens, New York, he was influenced by his immigrant parents' struggles and his interests cultivated in a competitive educational environment. His early role model as a pediatrician inspired him to pursue medicine, leading to a specialization in hematology during a pivotal time in the AIDS epidemic. His experiences in both academia and industry—including prominent positions at Millennium Pharmaceuticals and Genentech—helped him realize the potential impact of drug development on patient lives.

Cultural Impact in Biotech Companies

Schenkein emphasizes the critical role of company culture in biotech, using both Millennium Pharmaceuticals and Genentech as models of success. These companies shared a relentless commitment to patient-centered decision-making while promoting the hiring of top talent. He notes Millennium's consensus-driven approach contrasted with Genentech's emphasis on single decision-makers, which fostered accountability. Throughout his career, Schenkein has maintained that a positive culture, free from toxic personalities, is essential for innovation and success in the demanding field of biotechnology.

Lessons from the Agios Experience

As CEO of Agios Pharmaceuticals, Schenkein faced the challenges of leading a biotech startup during the financial crisis, focusing on stringent capital allocation. He instituted a culture where transparency around failure was encouraged, allowing teams to celebrate the learning experiences from unsuccessful trials. This approach not only built resilience but also empowered innovation within the company, resulting in four FDA-approved drugs developed entirely in-house. His leadership strategy emphasized hiring great people, fostering a flat organizational structure, and openly discussing setbacks to enhance learning.

Investing in the Future of Biotech

Now a general partner at GV, Schenkein focuses on identifying high-impact biotech opportunities that leverage cutting-edge science. His investment strategy prioritizes early-stage companies with promising technologies and strong leadership teams, while also navigating the complexities of syndicate dynamics. Schenkein believes that despite current market challenges, the rapidly evolving understanding of biology and diverse therapeutic modalities present unprecedented opportunities in biotech. He advocates for a balanced perspective, encouraging investors to maintain focus on long-term goals and innovate in underexplored areas of healthcare.

The Long Run with Luke Timmerman

Ep170: David Schenkein on Investing in the Future of Biotech

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

David Schenkein's Career Journey

Cultural Impact in Biotech Companies

Lessons from the Agios Experience

Investing in the Future of Biotech

Remember Everything You Learn from Podcasts