Building an AI-Powered Pharmaceutical Services Business: VIDA CEO Susan Wood (Part 6)

Sramana Mitra: Data is clearly going to change the pharmaceutical industry.

Susan Wood: Similarly to find sites. Here are 50 sites that do high-quality imaging work. We went into this by getting imaging biomarkers. That’s an important thing, but more importantly, there are so many disconnects and inefficiencies in running these trials that our data can help in other ways.

I can go and sell a better endpoint, but if I tell them, “I’m going to find you patients and sites faster,” that’s eye-popping for them. Basically, streamline a bunch of inefficiencies by putting a portal out there that add services in and around those imaging biomarkers.

Sramana Mitra: How many drugs are you working on?

Susan Wood: Over 20.

Sramana Mitra: Fabulous! Is there anything else you wanted to discuss?

Susan Wood: An important part of my journey is, I’m a female entrepreneur. One of my passions is to democratize the funding in the space. 2% of VC funding goes to women entrepreneurs. That means that we haven’t unlocked the full potential of women tech founders.

Sramana Mitra: How do you analyze that? Do you think it’s because there’s a bias against women?

Susan Wood: I think that if it’s that skewed, there has to be a bias.

Sramana Mitra: There’s a bias in the pipeline.

Susan Wood: There’s a bias in the check writers and the board rooms.

Sramana Mitra: My take is slightly different. We start with the funnel of highly-technical entrepreneurs. It’s getting better. There are highly-trained women in technical disciplines. There is a gap in that. That gap is improving.

As a result, we are seeing a lot more women founders with the right kind of background. It is a bias, but it’s a bias that starts earlier in the funnel. VC’s want people with backgrounds because they’re signing checks and giving money to people who are most likely to be able to execute.

Susan Wood: I agree on the STEM funnel.

Sramana Mitra: That’s the number one problem.

Susan Wood: The STEM funnel is not 2%. It might be less than 50% but not 2%.

Sramana Mitra: The STEM funnel is less than 2% when you started.

Susan Wood: That’s true.

Sramana Mitra: The STEM funnel was 0.2%.

Susan Wood: Touche. There’s also an issue because it’s perpetuated. The STEM funnel has perpetuated a model and environment that tends to be dominated by one side. There’s a picture of JP Morgan health tech conference bathroom where the women’s bathroom was completely empty.

I do think there’s a difference in thinking and solving problems out there to make it work. I agree with you on the STEM funnel. I shouldn’t be satisfied that I have one female on my board.

Sramana Mitra: You can have many women on your board, but they have to be qualified women. I don’t believe in unqualified affirmative action.

Susan Wood: I agree with you.

Sramana Mitra: You don’t want a board member that doesn’t add value.

Susan Wood: I think the numbers are too skewed. One of my continual goals is, I can help that next generation of female founders.

Sramana Mitra: It was very nice to meet you. Thank you for your time.

This segment is part 6 in the series : Building an AI-Powered Pharmaceutical Services Business: VIDA CEO Susan Wood
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