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Risk and investment issues in medical R&D


Investments in medical innovation are currently insufficient despite the large gains associated with medical R&D.


Cures for cancer, for example, are known to be significantly underfunded.


This half-day conference aimed to understand the main sources of risk that may limit investment in medical R&D, such as tentative medical progress or uncertainty about the direction of future government policy. 


The agenda explored how such risks can be shared with broader capital markets through pooling and securitisation, leading to greater investment and ultimately to potential breakthroughs in medical research that positively impact broader society.

Leading academics, industry experts, and regulators came together at this high profile event to discuss the challenges and opportunities of funding medical R&D through financial innovation.


Learn more about the event:


Download the event agenda

Event brochure

Read the news story


Download speaker materials:


Download Professor Andrew Lo’s presentation

Download Shiva Dustdar’s presentation

Download Professor Margaret Kyle’s presentation

Download the two handouts from Dr Eliot Forster's talk: Building the third global cluster and Global Ambitions


Read the speaker bios below:

Conference Chairs

  • Francisco Gomes, Professor of Finance, London Business School

    Francisco Gomes

    Professor Francisco Gomes’ areas of expertise include capital markets, asset allocation, household finance, and macroeconomics. His research has been published in leading journals, such as The Journal of Finance, The Review of Financial Studies, the Journal of Financial Economics and The American Economic Review. He has given numerous seminars worldwide and he has been covered by The Financial Times, BBC and Bloomberg, among others.

    Professor Gomes joined London Business School, in 2000, as an Assistant Professor of Finance – following receipt of his PhD from Harvard University. After earning his BA from the New University of Lisbon (Universidade Nova de Lisboa), he worked at the Bank of Portugal in its research department.

    Professor Gomes is one of the Academic Directors of the AQR Asset Management Institute at LBS and a Research Affiliate of the Centre for Economic Policy Research.

  • Ralph Koijen, Professor of Finance, London Business School

    Ralph Koijen

    Professor Ralph Koijen’s areas of expertise include investments, insurance markets, and financial econometrics.

    In addition to being Professor of Finance at London Business School (LBS), he is a Research Fellow of the Network for Studies on Pensions, Ageing and Retirement. Before joining LBS, Ralph was a visiting assistant professor of finance at New York University’s Stern and an assistant and associate professor of finance at the University of Chicago’s Booth School of Business. He received his MA and PhD at Tilburg University.

    Ralph's research has been published in leading journals, such as The Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, and the American Economic Review. He has also given numerous seminars worldwide.

    Ralph’s research is consistently recognised and he has received many awards, including the Skandia 2015 research award on “Long-Term Savings” for his contributions with relevance for banking, insurance, and financial services, the 2014 Distinguished Amundi Smith Breeden Prize at the Journal of Finance Prize (in addition to being a finalist for the best paper award in 2011), the 2015 and 2010 Swiss Finance Institute Outstanding Paper Awards, the 2014 Banque de France- Toulouse School of Economics Junior Prize in Monetary Economics and Finance, and the Utah Winter Finance Conference Best Paper Prize in 2012.

Conference Speakers

  • Brendan Bradley, Former Chief Innovation Officer and Member of Eurex Executive Board

    Brendan Brdaley

    Brendan has worked within the exchange traded derivative industry for 30 years and has in-depth knowledge of product development, market structures, clearing and technology issues. He has played a major part in the development of most of today’s high volume European futures and options contracts during his time with LIFFE or Eurex.

    From 2013-16 he has been Executive Board Member and Chief Innovation Officer at Eurex with responsibility to "champion new ideas" both internally and externally and advise on new opportunities within the changing market environment. More recently he has focused on the opportunities presented by the changing regulatory environment and built a network amongst entrepreneurial FinTech firms that can benefit from the changing trends.

    He also acts as Chairman of Deutsche Boerse Holdings Asia, Non-Executive Director for GMEX and Digital Vega, where he is responsible for managing Deutsche Boerse’s minority equity holdings, and holds DB's Observer seat on the Illuminate FinTech VC Fund Investment Committee.

  • Shiva Dustdar, Head of Innovation Finance Advisory, European Investment Bank

    Shiva Dustdar

    Shiva heads the Innovation Finance Advisory Division in the EIB. She has been at the EIB since 2003, first in Risk Management, then in its Lending Directorate financing higher risk, innovative projects before joining the Advisory Services Department.

    Before EIB, Shiva was Director of High Yield at Fitch Rating Agency developing its European High Yield rating business and worked in the M&A Advisory and Emerging Markets Investment Banking Group at J.P. Morgan in New York and London.

    Shiva holds a BA in Economics from Columbia University and an Executive MBA from London Business School (LBS). In 2000, Shiva co-founded the European High Yield Association (EHYA), which is now part of the Association for Financial Markets in Europe (AFME). In 2006, Credit Magazine nominated Shiva to its Top 50 Women in Credit.

  • Eliot Forster, Executive Chair, MedCity

    Eliot Foster

    Dr Eliot Forster is Executive Chair of MedCity, launched by Mayor of London Boris Johnson in April 2014 to promote collaboration, entrepreneurship and investment in the life sciences sector of the London-Oxford-Cambridge “golden triangle”. He has almost 25 years of industry experience in biotechnology and pharmaceutical companies, including his current role as Chief Executive Officer of Immunocore, an Oxfordshire-based biotech focused on the discovery and development of novel immune-oncology therapies.

    His previous experience includes CEO of the UK biotech Creabilis, CEO of Boston-based Solace Pharmaceuticals, Head of EU Development and of Development Operations in the EU and Asia at Pfizer, and a number of non-executive posts in biotech companies.

    He holds a PhD in neurophysiology from Liverpool University and an MBA from Henley Management College.

  • Axel Hoos, Senior Vice President, Oncology and R&D, GlaxoSmithKline

    Alex Hoos

    Dr. Axel Hoos is Senior Vice President, Therapeutic Area (TA) Head for Oncology R&D and Head of Immuno-Oncology at GlaxoSmithKline Pharmaceuticals (GSK). In this role he leads the Oncology TA and builds the immuno-oncology portfolio of GSK across the modalities of antibodies, small molecules, bispecific molecules and cell & gene therapies, for which he directs discovery and development.

    Dr. Hoos also serves as Chairman of the Board of Trustees of the Sabin Vaccine Institute (SVI), a Global Health organization, Director on the Board of Imugene, a biotech company, Co-Director of the Cancer Immunotherapy Consortium (CIC) and Scientific Advisory Board Member of the Cancer Research Institute (CRI).

    His efforts in Medicines Development and Global Health focus on novel therapies for life-threatening diseases, scientific and procedural innovation, and broad collaboration across multiple constituents. Through his leadership a new paradigm for the development of cancer immunotherapies has been defined, which helped launch the field of Immuno-Oncology.

    Previously, Dr. Hoos was the Global Medical Lead in Immunology/Oncology at Bristol-Myers Squibb (BMS) where he developed Yervoy (Ipilimumab), the first life-extending therapy in Immuno-Oncology. Before BMS, Dr. Hoos was Senior Director of Clinical Development at Agenus Bio (previously Antigenics), a biotech company.

    Dr. Hoos holds an MD from Ruprecht-Karls-University and a PhD in molecular oncology from the German Cancer Research Center (DKFZ) both in Heidelberg, Germany. He trained in surgery at the Technical University in Munich, Germany and further in surgery, molecular pathology and tumor immunology at Memorial Sloan-Kettering Cancer Center in New York City. He is an alumnus of the Program for Leadership Development at Harvard Business School.

  • Margaret Kyle, Professor of Economics, MINES ParisTech

    Margaret Kyle

    Margaret Kyle currently holds the Chair in Intellectual Property and Markets for Technology at MINES ParisTech, where she is Professor of economics. She studies innovation, productivity and competition, particularly in the health sector. Her recent work examines the effect of trade and IP policies on the level, location and direction of R&D investment and competition. She also works on issues of innovation and access to therapies in developing countries. Her papers have been published in various journals of economics, strategy, and health policy, including the RAND Journal of Economics, Review of Economics and Statistics, Journal of Law and Economics, Strategic Management Journal, Management Science, Health Services Research, and Health Affairs.

    Margaret holds a PhD in economics from the Massachusetts Institute of Technology. She previously held positions at Carnegie Mellon University, Duke University, London Business School, and Toulouse School of Economics. She has also been a visiting scholar at the Center for the Study of Innovation and Productivity at the Federal Reserve Bank of San Francisco, the University of Hong Kong, and Northwestern University. She is a Research Fellow at the Centre for Economic Policy Research.

  • Andrew Lo, Charles E. and Susan T. Harris Professor of Finance, MIT Sloan School of Management

    Andrew Lo

    Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, the director of MIT’s Laboratory for Financial Engineering, and a principal investigator at MIT’s Computer Science and Artificial Intelligence Lab. He received a B.A. in economics from Yale University in 1980, and an A.M. and Ph.D. in economics from Harvard University in 1984.


    His most recent research focuses on systemic risk in the financial system, evolutionary models of investor behavior, and applying financial engineering to develop new funding models for biomedical innovation.

    He has published extensively in academic journals (see http://alo.mit.edu) and his most recent book is Hedge Funds: An Analytic Perspective. His awards include Sloan and Guggenheim Fellowships, the Paul A. Samuelson Award, the Harry M. Markowitz Award, the CFA Institute’s James R. Vertin Award, and election to Academia Sinica, the American Academy of Arts and Sciences, the Econometric Society, and Time Magazine’s 2012 list of the “100 most influential people in the world.” He has also received teaching awards from the University of Pennsylvania and MIT.


    He is an advisory board member for the CFTC, New York Fed, OFR, SEC, and a member of the Board of Overseers for Beth Israel Deaconess Medical Center.

  • Neal Masia, Vice President, Global Economics and International Treasury, Pfizer

    Neal Masia

    Neal Masia is Vice President, Global Economics and International Treasury at Pfizer Inc. and is an Adjunct Associate Professor of Economics and Business at Columbia University. He is Pfizer’s chief corporate economist and leads teams in New York, Dublin and Singapore supporting financing activities for the company’s global affiliate network. He plays a significant role in Pfizer’s strategic transactions and major business development activities. Previously, Neal managed investments in Pfizer’s $13 billion pension plan and led Pfizer’s capital markets function, and earlier held roles in public policy and corporate strategy. Prior to joining Pfizer, Neal worked as a strategy consultant, as an economist with the U.S. Congressional Budget Office, in strategy and marketing at a venture-backed technology startup, and as a key health policy advisor on a national Presidential campaign. His teaching at Columbia focuses on public policy and the healthcare industry.

    He earned a B.A. (High Honors) in Mathematical Economics from Colgate University and Ph.D. in Economics from the University of Rochester, where he specialized in Public Finance and Game Theory.

  • Tomas Philipson, Daniel Levin Professor of Public Policy, University of Chicago

    Tomas Philipson

    Tomas J. Philipson is the Daniel Levin Professor of Public Policy Studies in the Irving B. Harris Graduate School of Public Policy at The University of Chicago. He is an associate member of the Department of Economics and a former senior lecturer at the Law School. His research focuses on health economics, and he teaches Masters and PhD courses in microeconomics and health economics at the University.

    Philipson was born and raised in Sweden where he obtained his undergraduate degree in mathematics at Uppsala University. He received his MA and PhD in economics from the Wharton School and the University of Pennsylvania. He was a visiting faculty member at Yale University in the academic year 1994-95 and a visiting fellow at the World Bank in the winter of 2003.

    Philipson has served in several public sector positions. He served in the second Bush Administration as the senior economic advisor to the head of the Food and Drug Administration (FDA) during 2003-04 and subsequently as the senior economic advisor to the head of the Centers for Medicare and Medicaid Services (CMS) in 2004-05. He served as a senior health care advisor to Senator John McCain during his 2008 campaign for President of the United States. In December of 2010, he was appointed by the Speaker of the US House of Representatives to the Key Indicator Commission created by the recent health care reform.

    Philipson is the recipient of numerous international and national research awards. He has twice (in 2000 and 2006) been the recipient of the highest honor of his field: the Kenneth Arrow Award of the International Health Economics Association (for best paper in the field of health economics). In addition, he was awarded the Garfield Award by Research America in 2007 (for best paper in the field of health economics), The Prêmio Haralambos Simeonidisand from the Brazilian Economic Association in 2006 (for best paper in any field), and the Distinguished Economic Research Award from the Milken Institute in 2003 (for best paper in any field of economics). Philipson has been awarded numerous grants and awards from both public and private agencies, including the National Institutes of Health, the National Science Foundation, the Rockefeller Foundation, the Alfred P. Sloan Foundation, the John M. Olin Foundation, and the Royal Swedish Academy of Sciences.

    Philipson is a founding editor of the journal Forums for Health Economics & Policy of Berkeley Electronic Press and has been on the editorial board of the journal Health Economics and The European Journal of Health Economics. His research has been published widely in all leading academic journals of economics such as the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Journal of Economic Theory, Journal of Health Economics, Health Affairs, and Econometrica.

    Philipson is a fellow, board member, or associate of a number of other organizations outside the University, including the National Bureau of Economic Research, the American Enterprise Institute, the Manhattan Institute (where he is chairman of Project FDA), the Heartland Institute, the Milken Institute, the RAND Corporation, and the USC Shaeffer Center for Health Economics and Policy. At the University of Chicago, he is affiliated with the John M. Olin Program of Law & Economics, the George J. Stigler Center for the Study of the Economy and the State, the Northwestern/University of Chicago Joint Center for Poverty Research, the Population Research Center, and the National Opinion Research Center (NORC). He was a member of the University-wide Council on Research in 2000-02 and is currently a member of the Advisory Committee to the University's Office of Intellectual Property and Technology Transfer (UCTech).

    Philipson has done executive consulting for both private corporations, including many U.S. Fortune 100 companies, as well as government organizations domestically and internationally. This has included work for the President's Council on Science and Technology, the National Academy of Sciences, and the UK National Health Service. It has also included work for multi-lateral organizations such as the World Bank, the World Intellectual Property Organization, and the OECD. He is the co-founder of Precision Heath Economics LLC, on the honorary board of directors of the internet-based consulting firm the Round Table Group, on the board of directors of MedErr Inc, on the board of the Center for Medicine in the Public Interest, on the council of advisors for the Gerson-Lehrman Group, and a consultant for Compass-Lexecon, Bates White, and Analysis Group.

    Philipson’s research is frequently disseminated through the popular press. He is a monthly op-ed contributor for Forbes magazine and frequently appears in numerous popular media outlets such as CNN, CBS, FOX News, Bloomberg TV, National Public Radio, New York Times, Wall Street Journal, Business Week, The Economist, Washington Post, Investor's Business Daily, and USA Today. He is a frequent keynote speaker at many domestic-and international health care events and conferences. Philipson has been selected for inclusion in The International Who's Who in The World.

    Philipson is a dual citizen of the United States and Sweden and before leaving Sweden served in its army and played volleyball at the national team level.

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