Health Care Sector Update and Outlook


Health Care Sector Update and Outlook

Teresa McRoberts and C.J. Sylvester recently provided valuable insights into innovation in Covid-19 therapies and immunization, and they discussed the impact the upcoming U.S. presidential election may have on the health care industry. The call was hosted by Dennis Hearns, a senior vice president and divisional manager in our distribution organization.

TERESA MCROBERTS Senior Vice President Senior Analyst Portfolio Manager

Please note, this transcript is from a call on June 24, 2020 and it has been edited for clarity and brevity.

Dennis Hearns: Welcome to our call. My name is Dennis Hearns and I'll be your host this morning. I'm joined today by Teresa McRoberts, who is a 35-year veteran of health care investing. She's a senior vice president, senior analyst, portfolio manager of the Alger Health Sciences strategy and head of the firm's health care sector team. We are also joined by CJ Sylvester, who is vice president and analyst covering biotech and pharmaceuticals. In other words, he covers those companies making drugs and vaccines. He has over 23 years of investment experience in the health care sector. For those of you keeping score at home, it's been just over 15 weeks since we started to shelter from home and it's been just over 10 weeks since we heard from Teresa last. And so while 10 weeks is not really a reasonable investment time horizon, it seems like a lifetime from a work from home standpoint, with regular news flashes about the virus and the level and direction of infection and the potential remedies and cures. So, Teresa, can you tell us about what the health care industry has learned about the virus over these past 10 weeks? Teresa McRoberts: Well, I can't tell you everything because that would be a multi-hour call, but I think we've learned a lot of things. One of the things we've learned is a lot of the initial assumptions people made— this is a virus; we've seen other viruses like this; we know how to deal with it; we know what to do when people appear in a hospital with certain symptoms—were not always true and not necessarily the right thing to do. I think that there's been a lot of learning, unbelievably rapid learning in the health care system. If you look at the very unfortunate death rates in the New York Metro area, how high they were, other cities may see a fraction of that because they benefited from a lot of the learnings from what doctors learned in the New York area about how to treat patients, what regimens of drugs, and we have had the initial authorization for remdesivir that's been widely used. But I think people have learned an immense amount.

CJ SYLVESTER Vice President Analyst

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