Shen NANPENG Talks With Li Feifei, Klausner And Du Ying: Investment Should Have A Long-Term Belief That "It + Bt" Will Bring About A New Medical Revolution

"In the past one or two years, we can see that one intersection is developing rapidly, that is, it and BT are converging faster than at any time in history." In an overseas connection on March 26, Shen NANPENG, the global executive partner of Sequoia Capital, told Li Feifei, known as "the goddess of Chinese AI".

The summit dialogue between investors and AI scientists was held at the 2021 Redwood global health industry summit held in Shanghai. In the 9-hour medical feast, 16 summit dialogues included the construction of public health system, scientific and technological warfare, medical diagnosis and treatment innovation and the evolution of digital medicine.

Sequoia China began to invest in the medical and health field in 2006. In the past 15 years, Sequoia China has invested more than 180 companies in this field, covering innovative drugs, medical devices, medical services, precision medicine, digital medicine, etc., and has successively obtained nearly 30 IPOs, including a series of stars such as zaiding medicine, new industrial biology, betaine, burning stone medicine and Jianfan biology Enterprise and industry leader.

At the beginning of 2021, Sequoia China and one of the largest insurance companies in China have reached strategic cooperation to further improve the industrial development ecology and enhance the ability to provide all-round help to entrepreneurs.

"As a fund, stick to your faith. We believe that health care is one of the most important industries in China and will invest in the long term. " In Shen NANPENG's opinion, the current development stage of China's medical and health industry is like the Internet industry in early 2000, and there is still a huge space for development.

He said that the Sequoia team believed in the broad prospects of health care and would invest resources, including the lead partner's time.

During the three fireside talks, Shen NANPENG also answered questions raised by Li Feifei, Professor of Sequoia Capital and co president of Hai of Stanford University, Richard D. Klausner, founder and CEO of Lyell immunopharma company, and Du Ying, founder, chairman and CEO of zaiding medical.

The following is the transcript of the dialogue:

Li Feifei: you and Sequoia have always been very sensitive to cutting-edge technology. I am also a science and technology person. I would like to ask you, as a global executive partner of Sequoia, what kind of judgment do you have on the development and application of AI in medical care in the next ten years?

Shen NANPENG: as investors, our focus is actually the same as that of scientists doing research. We should pay attention to the major problems of the industry, including its ultimate problems, and where the biggest pain points are. This is the key to investing in a good company.

Second, it is very consistent with what you just said. In the past one or two years, artificial intelligence has made many platform breakthroughs in the field of new drug development. We see a thriving intersection between it and BT, which is converging faster than at any time in history. From the online medical services we have been paying more attention to, to the application of AI in the whole process of diagnosis and treatment services, and in the development of new drugs, all these constitute a new revolution in the whole medical industry.

Richard D. Klausner: what are the changes in the field of life science and technology in China and abroad in your eyes? Can you compare them?

Shen NANPENG: I think we are still in the stage of catching up. We have a group of very talented CEOs, some with overseas education and work experience, and many of them have returned to China because the market here has the opportunity to accept these innovative technologies. We believe that they should first develop the domestic market, but gradually they may become a world-class company capable of producing good global products. In some areas, we really need to catch up and rely on Chinese universities and scientific research institutes to transform these scientific researches into products.

The point you mentioned earlier is very important. We need entrepreneurs to have working experience in large enterprises and also hope that they have research background. It's not easy to find someone who has both experiences. Of course, we hope to find such talents in China. China will undoubtedly become a global leader in biotechnology, and Sequoia hopes to serve as a bridge between scholars and researchers as well as practical application scenarios.

Du Ying: I want to ask President Shen two questions. From starting a business to investing, you have always been in a leading position. Looking back on TMT and healthcare industry, what are your suggestions?

Shen NANPENG: when we just started to look at medical projects, the pace was not very fast. You remember that we saw the project together. In one year, there were only six or seven life technology companies worth seeing in China.

This industry has developed rapidly in recent years, a bit like the PC Internet in 2000 and the mobile Internet in 2010. As a fund, we should stick to our faith. We believe that health care is one of the most important industries in China, and we will make long-term investment.

When I looked at Beida and Huada genes, it was hard to imagine that they had reached the market value today. New drug companies have experienced ups and downs, until the recent two years of science and technology innovation board and Hong Kong 18a.

Therefore, medical investment should be determined and determined to make long-term investment. If we believe in this matter, we will put resources into it, including the time of the lead partner.

There have been cases in the industry where some treatments have proved unsuccessful, which is also a time to test whether investors have the determination to work for a long time. Today we see the prosperity of TMT industry, including a large number of successful companies with a market value of 100 billion US dollars. But looking back at the past 20 years, TMT industry has also experienced a trough, and investors have doubted whether there will be new companies in China's mobile Internet industry that can challenge big companies. Today, when we look at the medical industry, many aspects are similar, and there is still a long way to go.

Du Ying: the last question is, what makes great entrepreneurs?

Shen NANPENG: the most important thing is to have ambition. When we looked at health care investment together, Samantha had two obvious characteristics: the first was entrepreneurship. We said that excellent investors should have entrepreneurial spirit, especially entrepreneurs. The second is to have ambition and dream. Today, zaiding has achieved such a large scale. I believe you are already thinking about the next big dream, which is an important point to make a great company.