TD Cowen Insights

Recorded on 09/10/24Evernorth has played a leading role in the development of value-based contracting programs to assist plan sponsors in managing rising pharmaceutical costs. As plan sponsors are faced with the cost impacts of the rising mix of specialty drugs, they are increasingly turning to solutions such as Evernorth's SafeGuardRx, which combines financial arrangements for plans with clinical value-based features for members. Since the launch of SafeGuardRx in 2015, nearly all of Evernorth's plan sponsors have adopted at least one SafeGuardRx program. Evernorth has continued to innovate on solutions that help plan sponsors manage the high costs of innovative pharmaceutical treatments, such as offering the EncircleRx program to help plan sponsors control GLP-1 costs and offering private label biosimilars to provide options to plan sponsors for lower cost specialty drugs. To discuss this topic, we're joined by Harold Carter, Senior Vice President of Pharma Trade Relations at Express Scripts (an Evernorth company). https://go.td.com/PodcastDisclosure

Recorded on 09/30/24In this episode, TD Cowen Washington Research Group’s Chris Krueger discusses 3 signals to watch in the 2024 noise: 1) VP Debate Preview; 2) All-Important Campaign Ground Game; 3) Nikki Haley Primary Voters. https://go.td.com/PodcastDisclosure

When we think of the biopharmaceutical industry, we naturally think of innovation in terms of discovery of novel medicines treating any number of diseases and conditions. The innovation occurring in the pharma industry isn't limited to drug discovery, and has also extended into the application of technology in pursuit of developing new therapies. In this episode, we dive into how the pharma industry thinks through the development and deployment of novel technology. Technologies such as clinical operations software, AI, and machine learning have increased the efficiency of every stage of the drug development process. This embrace has helped drive the discovery of new therapeutic classes and the development of drugs for targets and diseases that were previously thought untreatable. To discuss this topic, we're joined by Shobie Ramakrishnan, GSK's Chief Digital and Technology Officer. Since joining GSK in 2018, she has transformed the company’s capabilities in digital, data, and analytics, and has played a pivotal role in establishing a more agile commercial operating model. Before joining GSK, Shobie held senior technology leadership roles in organizations including AstraZeneca, Salesforce, Genentech, and Roche. https://go.td.com/PodcastDisclosure

Recorded on 09/12/24In this episode, we host Katie Storer from Blackstone Growth, Blackstone’s dedicated growth equity investing platform, to hear about her investment strategies and beauty brands that are disruptive in the market. We also discuss the overall consumer landscape, key attributes that drive longevity, and the importance of connecting with the next generation for beauty brands. https://go.td.com/PodcastDisclosure

In this episode, TD Cowen Washington Research Group’s Chris Krueger discusses three big wild cards to watch in the 2024 noise: 1) Omaha & Impact of an Electoral College Tie; 2) Pivot Counties to Watch; and 3) Three States to Watch on Election Night as Wave Indicators  https://go.td.com/PodcastDisclosure

Recorded on 09/10/24Walgreens launched its Clinical Trials business in 2022 to make clinical trials more accessible, convenient, and equitable for the nearly 80% of Americans who live near a Walgreens store. Since then, the company has seen solid growth in this business, now working with more than 25 biopharmaceutical companies, academic institutions, nonprofits, and government entities. CROs and manufacturers are highly interested in working with a partner like Walgreens that can address patient convenience, study recruitment efficiency, and trial participant diversity. Walgreens is also able to scale this business in a capital light approach, leveraging its existing retail pharmacy network. To discuss this topic, we're joined by Ramita Tandon, Walgreen's Chief Clinical Trials Officer.  https://go.td.com/PodcastDisclosure

In this episode, TD Cowen Washington Research Group’s Chris Krueger discusses the top four big-picture signals to watch in the 2024 noise: 1) Presidential election; 2) $5T+ Tax/Fiscal Cliffs on Horizon; 3) Congressional Undercard; and 4) Harris/Trump Macro Policies. https://go.td.com/PodcastDisclosure

Recorded on 09/12/24Welcome to a special edition of the TD Cowen FutureHealth Podcast, where Charles Rhyee and Ryan Langston recap key takeaways from TD Cowen's 9th Annual FutureHealth Conference held September 10, 2024, in New York. The conference featured a number of panel sessions covering transforming care delivery models and sites of care, the evolution of Digital Health 2.0, artificial intelligence, and cybersecurity. We also highlight fireside chats with Cigna, where we discussed the increasing adoption of value-based contracting programs, and Walgreens, where we discussed the role retail pharmacies are playing in the clinical trial space to improve patient access, enrollment efficiency, and recruitment diversity. https://go.td.com/PodcastDisclosure

In this episode, we look at the PBM industry, which has been in the spotlight in recent months, and not necessarily in a good way. PBMs have been painted as the unnecessary "middle man" that is driving up the cost of drugs. But is this really the case? The PBM industry traces its roots back over 50 years, with an initial narrow focus on efficient benefits administration, creating systems that told pharmacies in real-time what each patient's specific insurance plan meant that customer was supposed to pay for a specific prescription. Over time, PBMs leveraged their intermediary role in the pharmaceutical supply chain to take on additional responsibilities, including pharmaceutical cost & clinical control, pharmaceutical dispensing, and disease management. Among the various stakeholders in the pharma supply chain, PBMs have the least interface with consumers and the general public, which often leads to confusion about the role PBMs play. In this discussion we hope to provide clarity on the various roles of PBMs and how PBMs interact with other stakeholders in the US healthcare system.To discuss this topic, we are joined by Ronald Fox, who is currently a health care consultant, specializing in the PBM and health plan sectors. Previously, Ron spent over 21 years in the PBM industry, most recently serving as President of the Health Plan Division at Express Scripts, now part of Cigna's Evernorth division.   https://go.td.com/PodcastDisclosure

Supply Chain 101: Faster & Less Expensive Can Win the Retail Race. Portless founder Izzy Rosenzweig helps us contextualize the rise of the ultra-fast fashion model, catalyzed by leaders Temu & Shein, while highlighting opportunities for brands to optimize their supply chains. We discuss the impact of direct logistics on cash flow & margins and the importance of agility and strategic planning.  In this episode, we feature Izzy Rosenzweig, Founder and CEO of Portless, a next-generation fulfillment platform for e-commerce brands. With Portless, Mr. Rosenzweig is revolutionizing the retail industry by helping brands ship directly from China to optimize their margins and working capital needs. We delve into evolution of the e-commerce logistics and the disruptive impact of the direct shipping strategy deployed by Temu and Shein. In our view, the retail industry needs to: (1) deploy a test-read-react model across planning, production, and design, (2) balance novelty and core merchandise, and (3) invest in a tech-enabled supply chain integrated across all key distribution channels.  https://go.td.com/PodcastDisclosure