Interview, Fireside Chat
Dr. Tony Coles, President, CEO and Chairperson of Cerevel Therapeutics
- Dr. Tony Coles serves as President, CEO, and Chairman of Cerevel Therapeutics and is co-chair of the Black Economic Alliance (BEA).
- He describes the biopharmaceutical industry's evolution from a phase of "happenstance" and ingenuity to the "platinum age of science," driven by human genome sequencing, cell therapy, and immuno-oncology advancements over the last 15 years.
- Coles notes a shift in business models from physician-focused sales to direct-to-consumer initiatives and social media, facilitating greater consumer-physician dialogue.
- Pricing and reimbursement transparency has emerged as a critical industry trend, addressing disparities between US and ex-US markets and defining the value chain for novel therapies.
- Regarding pandemic preparedness, Coles asserts that current scientific breakthroughs enable "breakneck progress" in vaccine development.
- The Black Economic Alliance was founded shortly after the 2016 election by Black business leaders to harness collective power for a policy agenda focused on work, wages, and wealth.
- BEA emphasizes reskilling for the tech economy, citing data that 60% of jobs likely to be displaced by technology are held disproportionately by African Americans.
- Without intervention, the unemployment rate for Black Americans is projected to rise to 20–25% by 2030 as manual jobs convert to tech-based roles.
- BEA's strategy addresses economic inequity through pathways including access to credit for homeownership, capital for entrepreneurs, and reskilling programs.
- Coles argues that the dysfunction of the political system has created a vacuum requiring businesses to assume a moral, leadership, and stewardship role regarding the "triple threat" of COVID-19, social injustice, and economic inequity.
- Internally, Covel Therapeutics, a 100-employee startup, prioritizes aggressive diversity initiatives and leadership-driven conversations to address 400 years of systemic racism.
- Externally, Coles highlights a survey by Edelman of 2,000 adults which found that 60% of respondents intend to buy from or boycott businesses based on their response to the George Floyd protests and social unrest.
- Edelman data further revealed that nearly 70% of adults aged 50 and older believe businesses have a moral obligation to drive social change, countering the perception that only younger generations prioritize this.
- Coles warns that failure to reconcile with social issues poses a direct revenue risk, as consumers increasingly "vote their conscience" regarding brand engagement.
- Key criteria for hiring next-generation talent include moral compass, intellectual curiosity, and agility.
- Coles identifies "courage" as the paramount leadership quality, necessary for making tough decisions that prioritize employee well-being over pure analytics in a polarized climate.
- He asserts the business community cannot return to "shadows" on social issues, as a clear voice on societal debates is now a permanent expectation.