Month: March 2024

The Landscape for Global Digital Health in 2024

The Kingsley Gate Life Sciences Practice have been diligently observing a prevailing trend: the imminent globalization of digital health. Our prediction is grounded in the fundamental notion that technological expertise ought to be shared to propel advancements in global healthcare. To validate our insights, we recently engaged in extensive discussions with our esteemed venture capital clientele over a span of ten days. The vast majority confirm that the globalization of digital health will be one of the defining themes for 2024.

Globalization for portfolio company management teams isn’t easy. It involves leaps of faith, trust in different cultures, and addressing thorny questions such as who owns product development & market access. Moreover, it prompts organizational restructuring at both the board and executive levels.

Should our projections hold true, then other important challenges will also come into play.

How to Evaluate Executive Search Firms’ Capabilities

When selecting an executive search firm, several factors should be considered to ensure that the firm is well-equipped to meet the specific hiring needs of an early-stage biotech or medtech company. This process ensures that the chosen firm is not only adequately equipped but also ideally suited to cater to the nuanced hiring requirements of early-stage ventures in the biotech and medical device sectors.

As such, highlighted below are some of the top selection criteria to keep in mind when engaging an executive search firm.

Preparing for Y2Q: Meeting the Talent Requirements of Quantum Computing’s Disruption Chase Harrison of Kingsley Gate in conversation with NBC News Radio

Listen to Senior Partner Chase Harrison in conversation with NBC News Radio, where he dives into the Y2Q disruption and explores the connection to quantum computing’s inevitable impact on cryptography, cybersecurity, and beyond.

Join us as we explore key insights from this dialogue, including the potential dangers of quantum computing to current encryption standards and the promising advancements it could unlock in various fields.

Reporter: Thank you for joining us today, Chase. We’re here to talk about Y2Q. Why don’t we start by defining what that is?

Key Insights by Chase

  • Current cryptography systems will go obsolete: Y2Q, or “Year to Quantum,” refers to a future point in time when quantum computers will be powerful enough to break current cryptography systems.
  • This is similar to Y2K: Y2Q prioritizes a focus on the vulnerability of data security.

Reporter: Tell us a little bit about the dangers involved. Are these computers so much more powerful that they can just break through any kind of encryption?

Key Insights by Chase

  • Quantum computers will significantly weaken current encryption: Compared to traditional computers which might take hundreds of years, quantum computers could break current encryption systems in a few hours.
  • The timeframe is uncertain for this event: Estimates for when quantum computers will pose a threat to cryptography vary widely, ranging from 4-5 years to 10-15 years from now.
  • The impact of Y2Q will be widespread: Various sectors like finance, aerospace, and defense will be significantly affected by the weakening of current encryption.

Reporter: So, no one knows exactly how long this will be, but it sounds like something people don’t want to be caught off guard about. How seriously are people taking this right now?

Key Insights by Chase

  • Key stakeholders are actively preparing for Y2Q: Entities like financial institutions and government agencies understand the potential risks and are taking steps to mitigate them.
  • Awareness of the implication of Y2Q is on the rise: While awareness of the potential risks associated with Y2Q is increasing, the level of preparation varies across industries and organizations.
  • Data stolen today could be vulnerable in the future: Even if data is encrypted now, it could be decrypted by quantum computers in the future, potentially compromising its security.
  • Current safeguards aim to protect data from future threats: Existing security measures are being implemented with Y2Q in mind, focusing on protecting data stolen today from future decryption attempts.

Reporter: This is a completely different situation from Y2K, but I know it took a massive effort of people working together. What kind of effort is this going to take to prepare?

Key Insights by Chase

  • Y2Q is an ongoing concern requiring continuous effort: The threat of quantum computers breaking encryption is already present and will likely require ongoing efforts to mitigate.
  • Post Quantum Cryptography (PQC) offers potential solutions: Advancements in mathematics, like PQC, are being developed to protect data even after current encryption becomes vulnerable.
  • Focus on both protection and opportunities: While Y2Q raises cybersecurity concerns, it also presents exciting possibilities in various fields beyond just cryptography.

Reporter: Tell me a little bit about what we can expect to see. What are the benefits here?

Key Insights by Chase

  • Quantum computing has the potential to revolutionize industries such as finance, healthcare, logistics, and materials science by solving complex optimization and simulation problems.
    • Drug Discovery and Design: Y2Q will revolutionize the pharmaceutical and healthcare sectors by facilitating a better understanding of chemicals, leading to efficient drug design and discovery.
    • Material Science and Engineering: This technology will play a crucial role in developing new materials like advanced batteries with improved design and efficiency.
    • Logistics and Transportation: Y2Q holds immense potential in optimizing transportation and logistics through efficient route planning and supply chain management, addressing issues like disrupted supply chains witnessed during the COVID-19 pandemic.
    • Unforeseen Opportunities: Similar to the initial uncertainty surrounding cloud computing in 2004, Y2Q presents a vast landscape of yet-to-be-discovered opportunities across various fields.

Reporter: How will Y2Q’s emergence impact talent recruitment?

Key Insights by Chase

  • Quantum specialists across various disciplines: The emergence of quantum computing necessitates the development of new roles, such as quantum machine learning engineers, quantum software engineers, and even specialists in finance and data science with a focus on quantum applications.
  • Demand for individuals with physics expertise: Human expertise in physics-based methodologies will be essential for harnessing the full potential of quantum computing and addressing cybersecurity challenges.
  • Continuously growing workforce needs: The quantum computing industry is experiencing a constant increase in demand for skilled personnel, indicating strong future job market growth.

Embracing Innovation in Investment Management: Breaking Traditions & Driving Change 

The investment management industry has long operated within the confines of tradition and conservatism. However, in today’s rapidly evolving markets, significant rewards await players who can successfully deliver innovation. Faced with shifting investor demands and dynamic regulatory landscapes, firms must now reassess their approaches, with some starting to embrace change in order to remain competitive.

How Early Athletic Beginnings Help Shape Leadership

This article delves into the profound influence of early athletic experiences on the leadership styles of three accomplished pharma and medtech executives:

Dr. Jeffrey Humphrey
Dr. Jeffrey Humphrey, MD, former CEO of RADD Pharmaceuticals, and board member of Cyteir Therapeutics, grew up wrestling and later achieved the advanced level of Pan American champion in Brazilian jiu-jitsu.
Dr. Mary Ruisi
Dr. Mary Ruisi, MD, Vice President of Clinical Development at Dragonfly Therapeutics, excelled as a multi-sport athlete in volleyball, basketball, and softball.
Skip Kiil, President of Cranial & Spinal Technologies at Medtronic, played Major League baseball after starring on his college National Championship team.

Conversations with each leader explores how, by competing in sports, they became comfortable with failure and developed the mental toughness and confidence to quickly rebound in times of uncertainty. There were also common themes that emerged around how sports can influence leadership capabilities like effective decision making (which, according to Bain1, is correlated with financial performance at a 95% confidence level across industries, geographies and company sizes1), resilience, team-building and mentorship; ultimately leading to business success within the biotechnology and medical technology sectors.

Oportunidades y Desafíos Para las Empresas Latinoamericanas en 2024

The year 2024 represents a window of opportunity for Latin American companies. After the pandemic years and the economic recovery in the United States, regional GDP growth is expected to be between 2.3% and 2.5%, with Mexico and Central America leading the way. The decrease in interest rates opens up possibilities for investment in infrastructure and projects with attractive returns. However, taking advantage of this situation will depend largely on the management of human talent and the leadership styles adopted by companies.

According to a study conducted by Kingsley Gate and the Financial Times on decision-making processes, the incorporation of new employees and executives has been the main factor for improvement in many firms. But for them to bring innovation, they need to be given a high degree of empowerment and autonomy. Otherwise, they are likely to seek new horizons, as 79% of Latin American leaders have considered resigning because they do not feel sufficiently empowered.

However, empowerment does not imply absolute freedom. Executives ask for it so that they can be creative and democratically involve their teams, shareholders and board. Regional companies tend to be more democratic and creative than conventional, because of the scarcity of hard data to guide decisions. Hence the importance of combining the vision and sensitivity of the founders with the management skills of new executives.

In short, 2024 offers great opportunities for growth in Latin America. But not all businesses will be able to take advantage of them. The ability to attract and retain the right talent, along with modernizing leadership styles, will be decisive factors.

79% of regional leaders have considered resigning due to lack of empowerment. This contrasts with 62% globally, making it an aspect that is especially valued in Latin American culture.