(from left to right: Greg Simon, Lance Armstrong, Eli Broad, Michael Milken, Carl Schramm)
The New Philanthropists and the Future of Medical Research Funding: Breakout Session
Speakers:
Lance Armstrong, Seven-time winner of the Tour de France; Founding Director, Lance Armstrong Foundation
Eli Broad, Founder, The Broad Foundation; Chairman, AIG Retirement Services Inc.; Founder-Chairman of KB Home and AIG Retirement Services Inc.
Michael Milken, Chairman, Milken Institute; Chairman, FasterCures / The Center for Accelerating Medical Solutions
Carl Schramm, President and CEO, Ewing Marion Kauffman Foundation
Respondents:
Robert Beall, President and CEO, Cystic Fibrosis Foundation
Kathy Giusti, President, Multiple Myeloma Research Foundation
Moderator:
Greg Simon, President, FasterCures / The Center for Accelerating Medical Solutions
What's the future of cancer reseach? Who is giving--and who should be giving? What should be the goal in terms of philanthropy? These are some of the questions being addressed by these participants...
Being that it's his conference, Michael Milken kicks it off, speaking about philanthropy in general. Much of philanthropy works like a business, Milken points out, and what is the rate of return that your company is getting? He points out that when the Milken foundation gave money to younger scientists, the company had a better rate of return, than when his company gives money to more established, older scientists.
Carl Schramm talks about philanthropy in general, noting that people like Henry Ford and Bill Gates have really had a hand in changing civilizations with their philanthropic work. As Michael adds, being charitable isn't just about giving money, but giving hope. Lance, whose public battle with testicular cancer led him to found his own foundation, talks about how he didn't have any background in science or medicine, but was able to start a foundation by leveraging his own ideas. He points out that his arrangement with Nike to sell yellow wristbands was a basically a total fluke--but worked to raise a ton of money.
He also criticizes the lack of attention paid to stem cell research in the most recent Presidential debate, despite the fact that both Kerry and Bush either had cancer, or had a family member with the disease.
Lance is also critical of the NCI (National Cancer Institute), noting that there is a real lack of morale and leadership at the group.
Schramm adds that leading with people, just like Lance, as well as ideas, is what is key to a company's sucess. He also notes that people like John Rockefeller really transformed the idea of philanthropy, and that there needs to be individuals that are constantly re-inventing philanthropic companies.
Kathy Giusti, a cancer survivor, comes out. She notes that disease groups need to have a good business plan to get money, and that not enough do. She also wants to ensure that cancer research companies are sharing their information other cancer research companies. And for their part, philanthropy companies must conduct due diligence on potential non-profit funding companies.
She also notes that drug development is the most important element when it comes to cancer research.
Guisti is joined by Robert Beali, president and CEO of the Cystic Fibrosis Foundation, who notes that his company has more than 200 clinical trials in the pipeline.
Milkin, also a cancer surivor, wonders what's next in terms of cancer research. Merck, he points out, was one of the most admired companies in the world in 1990, but what company now has taken over that role? He also notes that one important route now enacted by philanthropy companies is essentially acting as a distributor, in the same way the Gates Foundation operates.
Meanwhile, Armstrong also points out how important education is when it comes to cancer. As he notes, 50 percent of cancers are preventable. With childhood obesity on the rise, he notes that it's more and more important for young children to be educated about cancer.
