Hey everybody,
This interview was supposed to be posted on Monday, but got lost with our new website and report. In our ongoing effort to expand this section to include an even more diverse array of interviews, this week we are bringing you a Q and A from David Kliff, the man behind both www.diabeticinvestor.com and www.healthyoutcomes.com, in addition to countless appearances on major diabetes websites and a regular guest speaker on CNBC. He’s been studying the business landscape of diabetes since his diagnosis many years ago and marks our first interview with someone in this sector of the diabetes universe.
NOTE: This interview does not reflect the beliefs of the Juvenile Diabetes Cure Alliance. We believe in a Practical Cure for type 1 and want to create an alliance with donors to help change the diabetic landscape and make this happen. There are many obstacles to the pursuit of a cure, especially the lucrative treatment diabetes market (please see our latest report, Partnering with Commercial Enterprises for more information). But in the interest of keeping our perspectives diverse and open, here are David Kliff’s responses:
1.While there is a bio on your site, tell us a little bit about yourself—how you came to create Diabetic Investor, and some of your life with diabetes. You’re also a type 2 insulin dependent, which is a very unusual combination for a diabetic.
About 17 years back when I was diagnosed my wife and I went to a local high school for a diabetes education event . During lunch people asked what I did, and back then I was a financial advisor for high income high net worth individuals. They asked me to look into some publicly traded diabetes companies as investment opportunities. When I did I found two things: many of these companies were not covered by analysts and the ones that were covered were written by people who knew nothing about diabetes. When I looked for better research and couldn’t find any I decided to do it myself and that was the beginning of Diabetic Investor.
2.What are some of the greatest challenges facing the diabetic universe, from a business perspective?
There are many challenges but I would say the biggest challenge is the sheer size of the market –simply put it takes a ton of money and people to effectively reach the millions of patients with diabetes and the physicians who treat them.
3.Do you ever believe that business aspects of treatment get in the way of advancements, or even cures?
No and I think this is one of the biggest misconceptions out there today – given the size of the market and epidemic growth rate of diabetes anyone who finds a cure or makes a major advancement in treatments stands to make billions.
4. Do you have any feelings on the occurrences at the recent UN summit for non-communicable diseases? Do you feel enough is being done to combat this disease?
I am not familiar with the UN summit but I do feel enough is being done. While we may not be seeing results fast enough I am actually hopeful looking towards the future.
5. As you work in the investment side of things, do you think diabetics should start using their dollars to support only the initiatives/companies they want?
Given the way the markets have been lately investing in any company is risky ,and I think how a person invests their money is a personal choice based on their goals and objectives. But on the other hand, I don’t see anything wrong with investing in companies that are helping patients.
6. Are donors beginning to ensure that their money is going toward their intention (whether than be a treatment, cure, etc.)?
This is actually a big issue for non-profits as wealthy donors are becoming proactive in their approach to giving. Frankly, these people are used to having some sort of control over how their money is spent even when they are donating their money. I also see donors becoming more educated as they want to insure that their money is being well spent and not wasted on pie in the sky ideas.
7.Where do you think the future of diabetes care lies?
Looking ahead I see a more connected world with more interaction between the patient and their healthcare team. The technology already exists and to me it’s just a matter of time before more patients start using these interconnected systems. I also see drugs like Bydureon having a big impact in the Type 2 world as they make treating diabetes easier for the patient.
The JDCA aims to be an independent analyst of the type I diabetes philanthropic landscape. We are seeking to form a paradigm-shifting coalition of donors who will work together to facilitate a cure for type 1 diabetes by 2025. Two of our major tenets are the importance of defining a cure and establishing a cure-by date.
9. What is your definition of a cure? When do you think one could possibly be achieved?
Many years ago a very respected diabetes researcher told me that since we don’t know what causes diabetes, how can we cure it? I have long believed that while we should look for a cure it’s just as important to develop better drugs and devices that make it easier for patients to manage their diabetes. I have always divided the diabetes population into three groups: in Group A you have people like me who are engaged with their diabetes and are effectively managing their diabetes, Group C is the exact opposite these people are totally disengaged and there is nothing anyone can do to get them engaged , and Group B (by far the largest group) are people who know they have diabetes but they want diabetes management to be part of their lives not dominate their lives.
This group of patients needs better drugs and devices – drugs and devices that are more patient friendly and do not require hours of training. I am also a strong advocate of diabetes education as I see education as THE most effective tool for achieving better outcomes. This is why I started www.healthyoutcomes.com, a web site which incentivizes patients to become more educated about their diabetes. Each of these patients has what I call a trigger point something that triggers them to take a more proactive approach towards their diabetes.
The reality is we have some great drugs and great devices available today that when used properly will effectively manage a patients diabetes, the problem is most patients don’t receive the education they need so they understand how to use these drugs and devices effectively. Diabetes is a complex disease state which requires a high level of patient interaction and patient responsibility – it’s is a job that requires attention 24 hours a day 365 days a year with no days off. Too many researchers forget this fact and falsely believe that just because someone has diabetes they will be engaged or care about their outcomes . This is why education is critical as as an educated patient learns how to manage THEIR diabetes. It’s not a one size fits all disease state and too often patients are treated like lab rats and told what to do, when to do it with no regard for the other things a patient must deal with beyond their diabetes. People need to be more empowered, if anything.
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