Conference Presentation, Panel
Leadership in the New Normal: Business Leaders Respond to COVID-19 - Conference Call Series
- The Milken Institute plans to release the session video recording online tomorrow and intends to schedule future calls covering Asia, mental health, media, long-term care, and other scientific, social, and economic challenges.
- Barbara Humpton anticipates China will resume operations as US outbreaks begin to facilitate global coordination, while expecting North Atlantic storm systems to activate within a couple of months and infection rates in the Americas to peak during summer months.
- Humpton expects Siemens to utilize virtual reality for remote expert assistance in maintenance and aims to secure FDA emergency use authorization for a new antibody test by the end of May.
- Jane Frazier predicts the banking sector will operate with high productivity without physical office presence, implementing a hybrid business model combining high-tech digital relief with high-touch human advice.
- Frazier notes a currently quiet front regarding state-sponsored cyber attacks and expects banks will not enact foreclosures or evictions at the moment, though some economically impacted individuals will require significant financial restructuring with fears that some may not bounce back.
- Frazier anticipates the US will demonstrate generosity to emerging markets once domestic conditions improve, while the banking industry may see fundamental shifts in business models.
- Mike Milken forecasts the government response will be greater than any in history, with private industry capable of actions surpassing those during World War II.
- Milken expects the US government and others to co-fund vaccine manufacturing with companies like J&J or Moderna prior to efficacy confirmation, predicting a solution to the virus will be found within the next couple of months.
- Milken anticipates the US will solve testing and accuracy issues within the next 30 days and expects the US to export ventilators, masks, and PPE to developing regions by the end of May.
- Milken predicts healthcare, specifically telehealth for seniors, and education will fundamentally change and not return to pre-2020 levels, with healthcare viewed with more respect potentially driving a surge of young entrants into the bioscience field.
- Milken forecasts that hospitality companies will need time to redefine themselves while stock markets will differentiate bioscience and food distribution firms from the hospitality industry.
- Milken expects machines to be developed for virus identification, societal operation with reduced leverage and increased focus on public health, and humans to view businesses differently leading to behavioral changes.
- Milken expresses concern that more people may die from the virus or commit suicide this year due to psychological impacts and anticipates a more conservative population influenced by the crisis.
- Kevin Clowden expects the new normal will require collective effort to address persistent issues, with the institute monitoring the number of individuals entering the bioscience field.