Karen Owen Gibbs
Partner, McDermott Will & Emery
Office: Chicago
Years at the Firm: 5

What is your favorite part of practicing health care law?

US health care law is interesting, fast-changing and relevant to virtually every person in the United States. As the health care space changes to incorporate new technologies and adjusts to meet patient expectations, I work with my clients on a range of issues that were not on the radar 10 or even five years ago. For example, I do a lot of work in the pharmaceutical industry, including facilitating collaborations between traditional pharma companies and new players, helping clients address reimbursement challenges resulting from the transition to value-based care, and helping providers navigate the opioid crisis. It’s an exciting time to help clients bring new and better care to patients.

What is the biggest opportunity and the greatest challenge facing clients in your area of focus today?

The challenge and the opportunity are closely related. Many clients are seeking to maximize opportunities within today’s rapidly evolving regulatory and reimbursement climate. Current health care policy is highly focused on delivering better care to more people at a lower cost. Our clients are looking for opportunities to deliver on that challenge. That can include collaborating with partners from outside the health care industry such as technology companies or retail companies. It can be challenging to navigate the regulatory requirements around those collaborations, but it is very rewarding when you see them come to life.

Who is your favorite health care leader or influencer to read, watch or follow, and why?

I keep up-to-date with industry and policy developments through government websites and various daily health care publications. While I do not have a single favorite source, I pay particular attention to any article that one of my colleagues calls out as interesting—which happens about once a day. We enjoy sharing through client alerts, special reports, blogs, webinars and conferences.

What is the proudest moment of your career to date?

That’s a tough one, but I would say it was the day that an associate whom I had mentored since she was in law school became a partner. I had worked with her extensively on her writing. At one point, I had her give me every single thing that she wrote for an entire month, edited it and gave it back to her. She wanted to improve and was willing to work hard. To this day, my favorite part of the job is helping more junior lawyers identify and follow a path to success – which means different things for different people.

Do you focus on any volunteer or pro bono work?

I take huge pleasure in doing a wide variety of pro bono work. I enjoy seeing entirely new areas of law while also making a concrete difference in our clients’ lives. It is great getting to collaborate on pro bono matters with colleagues across the Firm whom I might not otherwise know well. I have helped clients with adoptions, disability compensation, immigrant visa applications and prisoner clemency petitions, to name just a few favorite projects.

Click here to learn more about Karen’s practice. 

We greatly appreciate our readers continuing to turn to us for insight on the most critical legal, regulatory and transactional developments, and innovative collaborations transforming health care. Over the past year, McDermott’s Health practice made headlines for our work on several of the most high-profile collaborative transformations that took place in 2018: We were one of several law firms to advise CVS Health Corp. on its approximately $70 billion cash and stock purchase of health insurer Aetna Inc. McDermott also assisted Air Medical Group Holdings in its $2.44 billion acquisition of American Medical Response (AMR), a medical transportation company, from Envision Healthcare Corporation. It is because of our role in ground-breaking transactions like these that—for the fifth time in 10 years—McDermott was recognized by Law360 as the Health Practice Group of the Year.

We’re passionate about the results our clients are achieving and our role in helping them transform health care. We are equally passionate about what these results mean for the industry and health care consumers. Through our blogs, articles and health-focused events, we are committed to providing you with thought leadership that will help expand your field of vision as you navigate the rapidly changing health care landscape.

To read Law360’s profile of McDermott’s industry-leading health care practice, click here. McDermott was also named Practice Group of the Year in the Tax category. For more information about our approach to Collaborative Transformation, visit mwe.com/collaborativetransformation.

With equal parts hope and optimism, we look ahead to an eventful New Year. This is particularly true for the physician practice management (PPM) industry: we reflect on the progress of the past while looking forward to the opportunities today’s growing and increasingly complex landscape provides. We believe the trends we’ve seen shape the industry will continue to be influential, including:

The growing involvement of private equity investors

Last year, we hosted the 2018 Health Care Services Private Equity Symposium, where we discussed how various business and legal opinions have an impact of private equity in the PPM industry. Watch this space, as they say, in 2019. PPMs continue to garner an emerging interest from investors, who are noting their benefits for assisting physicians in an increasingly complex reimbursement and regulatory environment.

An increased focus on specialties entering the PPM fray

In the late 90s, we saw a fast, chaotic rollout of PPMs in the health care industry. Now, the reintroduction of PPMs has been more deliberate and evenly paced, allowing for stronger, strategic alignment with physicians and the ability to truly deliver on the value proposition PPMs provide. As such, more specialty practices are coming into the mix, including ophthalmology, gastrointestinal, women’s care/OBGYN, orthopedics and urology. Still, the rising trend of consolidating physician practices and the federal oversight that accompanies this undoubtedly will have an impact on the ultimate success of PPM companies.

Compliance continues to be key

As PPMs grow, the need to adhere to compliance programs is critical. As the health care regulatory landscapes continues to become more complex, appropriately evaluating risks can be even more challenging. Many PPMs can grow too quickly and risk being in violation of Stark Law, or other Federal or state laws. Having a clear, detailed compliance plan in place could save many legal headaches down the road.

More sophisticated staffing and increased transactional expertise

The industry will continue to see PPMs cultivating more sophisticated staff to ensure they have the resources in place for the best transaction results. Companies are also developing internal corporate development teams, an emerging trend for PPMs actively looking for transactions and a good indication of where the industry is going from a directional development perspective.

More and different transaction alternatives

Expect to see a new level of transaction alternatives as PPMs continue to prioritize increasing their value pre-sale. It used to be that practices considering transactions had two options: either do it or don’t do it. However, the emergence of a new “sub-industry” of consulting firms dedicated to advising practices on how to be best positioned for a sale, will continue to shift the balance of power in practices’ favor when it comes to transaction options.

Growing turmoil between physician practices and PPMs

We previously mentioned that one of the biggest issues in the late ‘90s was the “us versus them” mentality that existed between physicians and physician practice management companies, both in terms of how deals were structured and the economics of the deal itself. It’s important to learn from this dynamic as PPMs continue to evolve. PPMs that simply aggregate physician earnings and are not delivering value to bend the cost curve will be in dire straits. To avoid this tension and truly be successful, PPMs must approach deals with solid, strategic plans that show their value-add to physicians. They also must truly integrate acquired practices into the PPM company, and not have a loose arrangement in which the practice maintains its independence.

Emphasis on improving profitability and operations

As we touched upon above, a strong component of proving a PPM’s value to physicians will be to bend the cost curve. With the industry maturing, PPMs that merely stack EBITDA will eventually run into significant problems. The PPMs that will truly thrive are those that improve profitability and operations, such as truly accomplishing “income repair” and guide integration of practices. The more PPMs can do to help improve these areas, the better.

Ultimately, it will be interesting to watch the PPM landscape in 2019. While challenges certainly remain, the industry can expect to see more continuity, increased consolidation, and a heightened focus on transaction optimization coming down the pike in the coming year.

At the 2019 Physician Practice Management & ASC Symposium, taking place in Nashville, TN, on May 7–8, McDermott, Will & Emery will convene PPM and ASC leaders from around the country to address the changing environments and strategic and legal imperatives for growth and investment success in 2019. Below is more information about the event.

2019 Physician Practice Management & ASC Symposium

May 7-8, 2019

Nashville, TN

To stay up to speed on all of the regulatory challenges and growth opportunities in the PPM space, as well as the health and life sciences industries overall, bookmark our “Health & Life Sciences News” blog and connect with us on LinkedIn.

Technology companies are pouring unprecedented capital, time and energy into the health care and life sciences industry, and are reshaping the deal landscape in the process. The top 10 US tech companies have made $4.7 billion in acquisitions in the health care space since 2012, according to CB Insights. Key market factors driving health care joint ventures and mergers and acquisitions include the merger of molecular science and computer technology, a growing focus on patient-centric care, increased mobility of consumer health products and services, and deep capital markets. In this fast-paced, proactive deals environment, traditional health players have exciting—and disruptive—new opportunities to enter into unexpected partnerships and pursue transformative innovation.

With Great Disruption Comes Great Opportunity

A helpful analogy for understanding the role of tech companies in this rapidly evolving sector is Uber’s disruption of the ride-hailing industry. When Uber came on the scene, on-demand ride-hailing was only available through taxicabs, and frequently only available in major cities. Now on-demand ride hailing is available through numerous companies and in areas that previously did not have such services available. Ride-hailing companies have also expanded their services offering to include food delivery.

Tech companies entering the health industry today are doing the same thing: reimagining and redefining the fundamentals of consumer access to health care. These companies often have deep insight into distribution and consumer purchasing behavior, and are willing to invest more capital and take on more risk than traditional health industry players in order to explore and develop creative health care offerings. Furthermore, the solutions they are developing don’t just offer incremental improvements—creating a more expensive service or drug option doesn’t cut it. Instead, they want to create dramatic solutions that make health care better overall. Tech companies in the health care space are pursuing innovation that carries value in context of the entire health ecosystem. Continue Reading Dealmaking in Life Sciences – Valuations and Partnerships that Work

It’s the industry disruptors, the unusual partnerships, and the cross-border and cross-sector relationships that are driving Collaborative Transformation in the health care and life sciences organizations. But a Collaborative Transformation takes more than signing paperwork and shaking hands. A successful Collaborative Transformation takes cultural integration between non-traditional partners, incorporating new technologies into health care regulatory compliance structures, and so much more. At McDermott, we’ve recently had the opportunity to help our clients pursue their own Collaborative Transformations, and are proud to showcase their achievements.

Innate Pharma Expands its Collaboration with AstraZeneca

McDermott Will & Emery advised Innate Pharma, a French oncology-focused biotech company, in signing a multi-term agreement with AstraZeneca and MedImmune – AstraZeneca’s global biologics research and development arm. This agreement broadens the existing collaboration, aimed at accelerating the development of an oncology portfolio of each of the parties and to provide patients with more rapid access to new therapeutic options. This extended collaboration will permit Innate Pharma to develop and commercially strengthen its investment ability to develop its immuno-oncology portfolio (IO) and its R&D platform. For its part, AstraZeneca will enrich its IO portfolio with new clinical and preclinical programs. For more information on this collaboration, click here.

CVS + Aetna

McDermott is one of the firms that has advised CVS Health in connection with its $69 billion purchase of Aetna. The transaction, one of this year’s largest M&A deals, is expected to transform the US health care sector. For more information on this collaboration, click here.

Continue Reading Pursuing Progress: Collaborative Transformation in Action

For biotechs, success involves a several year hike through mazes of complex, cross-border, business, scientific, financial and regulatory issues. During this year’s BIO2018 conference in Boston, McDermott gathered a panel of industry leaders and McDermott practitioners and led a case study assessment of cross-border biotech M&A, linking life sciences hubs in Europe, Asia and North America. I had the opportunity to moderate our panel as we walked through the structuring and closing of an M&A transaction that involved the auction of a fictional US biotech company that has oncology platform IP/technology. While the company described in the case study was fictional as such, the company and its circumstances were a composite of McDermott’s actual deals.

Our panel’s examination of this case study yielded valuable insights into the context, cross-border dynamics, practicalities, opportunities and challenges underlying the growing volume of international life sciences M&A deals. For example, here are six takeaways.

  • Take a good look in the mirror. First, differentiate between your company’s wants vs. its needs, said Greg Benning, managing director and head of financial advisory at Back Bay Life Sciences Advisors. Review your company’s access to resources, particularly its near term funding, to make sure you can accomplish your development objectives regardless of whether your M&A aspirations are achieved. Next, conduct an in-depth analysis of the company’s platform and its asset portfolio, and assess how third parties will view it. This process should yield a realistic assessment of actionable alternatives. “Having defined the playing field, we can start to look at the position of different alternatives more objectively and clearly,” Greg said.
  • Map out your IP strategy early. Your IP strategy must be optimized from the very beginning, said McDermott partner Kristina Bieker-Brady. Do not wait to do this until you suddenly wish to market the company or to raise funding. And don’t be too enamored of broadly scoped patents–narrowly designed patents may generate more defensible and credible IP, and in the case of platform IP, can result in a discrete, valuable assets that you can sell and/or commercialize (and use to prosecute infringers) without jeopardizing your company’s core platform. You then optimize your ability to structure for optionality in your future–preserving the luxurious ability to postpone to the future the decision of whether it is best to sell your whole company all at once, or perhaps to sell/outlicense your IP on an asset by asset basis?McDermott partner Linda Ji also recommended that a US company’s early patent strategy should include China. This enables the US company to make the most of opportunities to sell or outlicense to Chinese life sciences investors and companies, which will not be as interested in an IP asset that lacks IP protection in China. Remember that China’s middle class market alone is roughly equal to the size of the entire USA.
  • Prepare to jump through extra hoops for overseas buyers.Investment and acquisition activity in the United States by EU and Chinese companies continues to increase year over year,” I noted. But before Chinese investors can execute international transactions in the US, they must secure exchange control approval from the Chinese government, which can take several months. Also, on the US side, EU, Chinese and other foreign buyers and investors transactions will often need approval from the Committee on Foreign Investment in the United States (CFIUS). Recently, the US government has taken a broader view of what types of transactions implicate “national security,” and there are reasons to expect dramatic expansion of the CFIUS rules. In particular, we believe that biotechnology itself will be regarded as one of the industries in which investment and acquisition will require approval. This could affect both M&A activity and also venture capital and private equity investments. In response to such examples of China and USA government regulation of deal-making, transaction parties might start to explore various risk mitigation measures, for example, a reverse break-up fee payable by the party that cannot obtain the government approval; or multi-staged closings of investment deals to permit some investors to close before other investors; or dual-level investor rights so that some investors have greater rights than certain other investors. And, it would be interesting to determine if the commercial appetite for representation and warranty insurance might also begin to extent to similar insurance be obtained to cover risks from exchange control or CFIUS non-approval.
  • Parallel processing–aka, keeping options on the table. Most companies will prepare themselves for parallel paths to maximize value, be it another private financing, an IPO or an M&A deal. Even if short-term gain via M&A is a goal, preparing an S-1 for a prospectus to go public can serve as leverage to maximize private M&A bids. “The more options you can keep on the table longer, the more likely you are to have an outcome that you like,” said Henry Skinner, senior vice president at Tekla Capital Management.
  • Early on, avoid the back-to-school blues. If at all possible, when a company is in its early stages of building its IP portfolio, it should avoid or amend in-licenses that grant a university or scientific institute the authority to approve all transactions (such as M&A deals). Such a license undesirably “shifts most of the leverage to the university,” said Michael Mano, lead counsel, business development, at Biogen, Inc. Also, he counsels against university licenses that contain poorly drafted exclusivity provisions that saddle a potential buyer with non-commercial restrictions that–though sensible for a really small, really young biotech–make no sense for a large pharmaceutical company bidder. For example, if a potential buyer has a competing program that runs afoul of that exclusivity, your M&A deal could face significant structuring and risk-allocation headaches before it can close.
  • Don’t let your know-how walk out the door. Patents don’t leave a company, but people do, and they take their valuable know-how with them. Retaining valuable people requires being sensitive to cultural differences among staff, and also requires appropriately structured incentives, said Jeff Lu, co-founder and CEO of Engine Biosciences. A biotech company’s management can play a key role in aligning the employees’ equity incentives with the selling investors’ interests.

In a new Governing Health vidcast, McDermott partner Michael Peregrine breaks down why you may need to revamp your conflicts of interest procedures, and how the general counsel and the compliance officer can work together to protect the health system from conflicts-related risks.

Many health systems’ conflict of interest policies and protocols haven’t been updated since the 1990s. While these approaches—based on duty of loyalty and simple concepts of financial interests—may have fit the bill in the past, today’s rapidly shifting environment poses new governance-related challenges that have direct implications for the process by which conflicts of interest are identified, disclosed and addressed. These challenges include:

  • Diversification of health system portfolios, featuring investments in a broadening scope of products, services and enterprises, particularly in the case of innovative technology and delivery of care platforms
  • Growing officer and director interest in investing alongside their health system
  • Swift consolidation of the inpatient health care provider market and increasing ambiguity in identifying competitors
  • Sharpening focus on material bias arising from personal relationships (intra-board or external)
  • Non-traditional market participants, including high-tech market disrupters and powerful new organizations formed by vertical or horizontal combination
  • State regulators’ attention and reaction to media reports regarding high-profile instances of conflicts of interest
  • The presence of constituent directors on corporate and joint venture boards
  • New case law focusing on how personal interests may affect leadership decisions

Continue Reading Addressing Conflicts of Interest: It’s a Whole New Ballgame

At a time when health care organizations are facing greater financial and reputational costs than ever before, more than 150 health care industry leaders, legal and compliance executives, and investors gathered for McDermott’s Health Care Litigation, Compliance & Investigations Forum at the Ritz-Carlton in Chicago to discuss strategies for proactively managing and effectively responding to compliance risks, investigations and litigation.

Sylvia Mathews Burwell, Secretary of Health and Human Services from 2014 to 2017, delivers the keynote presentation.

The event covered a wide range of issues, including fraud and abuse (such as False Claims Act and Stark Law matters), governance, cybersecurity, antitrust, white-collar, intellectual property, products liability and tax-exemption disputes. The event also featured a keynote address by Sylvia Mathews Burwell, Secretary of Health and Human Services from 2014 to 2017, on the foundations of the Affordable Care Act (ACA), the ramifications of the elimination of the individual mandate and the ACA’s prospects going forward.

If your organization needs support in current litigation or wants to ensure best practices to help avoid one, we’re here to help.

Below are key insights from the sessions:

Every Day’s Adventure: How Leading GCs Are Thinking about Compliance and Enforcement

  • Collaboration between the general counsel and the compliance officer provides a proactive and team-oriented approach to substantive legal and policy issues.
  • Keys to effective collaboration include communication, coordination and a culture of sharing, coupled with respect for the independence of the compliance/audit function.
  • Transparency is key; bad news is OK, but surprises are not. Stay closely engaged with the board and internal audit team. Of audience members surveyed, 40 percent brief their board on legal or compliance matters about once a quarter, and 47 percent do so every board meeting.
  • Preventative compliance measures involve a formal enterprise risk management plan and proactive two-way communication with line teams regarding trends and solutions.
Attendees share their thoughts on the biggest practical takeaway that has emerged from Escobar.

Trendspotting: Government Enforcement 2020

  • Cooperation and individual accountability will remain government priorities in enforcement efforts and settlements with companies.
  • Government investment will continue to center on the opioid crisis and Anti-Kickback Statute/False Claims Act enforcement. The Granston and Brand Memoranda are unlikely to curtail the latter.
  • For an in-depth discussion of these issues and other recent developments, see McDermott’s Health Care Enforcement Quarterly Roundup Q3.

Avoiding Dante’s Inferno: Dealing with Physician Disputes

  • During a physician practice management organization acquisition, transparency and education regarding the transaction and integration process help prevent physician disputes down the road. Be clear regarding the goals of, and rationale for, the transaction. Effective integration is the most important factor for success in a transaction with physicians, according to 56 percent of audience respondents.
  • Internal physician champions foster cooperation; seek buy-in by demonstrating how the integration will advance quality of care.
  • Align incentives and economics to keep physician and company goals consistent.

    Attendees share what they consider to be their biggest digital health compliance threat.

Managing Compliance and Data Privacy in 2018: From Human Error to Artificial Intelligence

  • Creating a culture of compliance is critical for managing risk, but doing so is increasingly challenging for organizations seeking to innovate within health care and apply expertise and ideas from other fields.
  • Compliance and legal, while serving separate purposes, are inextricably intertwined. Align these functions thoughtfully to ensure optimal performance and clarify the relationship between the compliance officer and the general counsel.
  • Artificial intelligence (AI) offers powerful tools not only for health care delivery but also for managing an organization’s compliance risks. Currently, 20 percent of audience respondents use AI to identify or investigate compliance issues. Like any tool, AI must be thoughtfully leveraged. Establish rigorous processes to prevent human error and ensure data security.

Expecting the Unexpected in a Government Investigation: From Ambush Interviews to Unbudgeted Legal Fees

  • In responding to investigations and promoting business concerns, care must be taken to avoid even the appearance of obstructing the investigation. Be accurate and observe ethical boundaries.
  • Early credibility and candor with the government can promote collaboration on narrowing the scope and burden of response, especially regarding digital data.
  • Discourage employee speculation about the identity of the whistleblower in order to reduce the risk of retaliation claims.
Attendees share their highest communication priorities during a crisis.

Crisis Management: Weathering the Storm and Protecting Your Reputation

  • When mapping out a crisis management strategy, think “when,” not “if.” Twelve percent of audience respondents reported that their organization has no crisis response plan in place and 33 percent were unsure.
  • Even if a crisis event does not reflect on an organization’s performance, the organization’s response to the crisis often shapes public perception of its standards and quality.
  • Tone is key, as is demonstrating core values such as integrity, competence, transparency and empathy. An effective crisis response shows care for victims, promises a thorough investigation and implements speedy corrective actions.

McDermott lawyers who presented at this event included David S. Rosenbloom, Laura McLane, Stephen W. Bernstein, Monica Wallace, Tony Maida, Amy Hooper Kearbey, Amandeep S. Sidhu, and Paul M. Thompson.

The latest episode of the Governing Health podcast gets back to basics: the board’s responsibility for monitoring the impact of key economic trends and indicators. McDermott partner Michael Peregrine welcomes special guest John Challenger, CEO of executive outplacement firm Challenger, Gray & Christmas, who recently appeared on the Today Show and is one of the foremost thought leaders on the US economy and workforce. Together, John and Michael delve into today’s top economic issues and their significance for health system board governance.

Today’s “million dollar question:” How long is the economy expected to grow, and when should the finance committee look for signs of a recession?

Like canaries in a coal mine, the early warning signs of a slow-down are already present—if you know where to look. The current job creation statistics and record low unemployment numbers signal a tight job market for skilled workers. Companies may start to put expansion plans on hold for fear of being unable to recruit enough skilled workers to staff new plants or operations. “You can’t get to this full of an employment situation without the risks of a recession starting to grow,” John said. “Two years from now, it seems inevitable we’re going to be in some kind of recession.”

What are the governance ramifications of the most recent unemployment and job creation statistics?

Despite low unemployment and competition for skilled workers, wages are not going up. The board should engage with HR executives and recruiters to analyze how best to allocate capital toward growth-oriented plans. Retention of high-performing and high-skilled employees should be at the top of the board’s agenda. “Look at your talent inside your organization and understand who your key leaders are—the people you need most to stay at the organization and not be recruited away,” John said. “Fighting to keep them and making sure there are plans in place to hold them is really critical, because replacing them means you have to find new people with those same skills.” Even if you can find the right skillset in this tight job market, the new hires will not have the corporate memory or know-how that makes your current employees so valuable, he said.

Recent employment statistics also indicate that ambulatory jobs are at the forefront of job creation in the health sector. “This suggests that we’re beginning to see direct manifestations of health systems moving their focus to ambulatory care and away from the inpatient facility,” Michael said.

Does John Flannery’s departure from GE after just over a year as CEO indicate a new phase of “short termism” in board oversight of the CEO?

More than 150 CEOs were discharged in September 2018, a sharp uptick from the previous month. “That may be an anomalous situation, but it’s interesting that it happened at the same time that John Flannery left GE,” John said. “Usually when you see CEOs leave within less than a year, or just over a year in this case, there are communication problems inside the board and the C-suite. There was a sense from the news reports that the board expected much quicker decisive action on the new CEO’s part that wasn’t being taken.”

Today’s boards are quick to act in response to perceived CEO performance issues. If an organization’s share price is dropping, it often means that the CEO’s days are numbered, John said. To combat potential communication problems, a close relationship between the board and the CEO in his or her first year—and particularly the first 100 days—is helpful. “Alignment in terms of what’s expected and what the objectives are is crucial,” John said. “It shouldn’t be the kind of situation where the CEO is acting on his or her own with a board that’s not engaged in the strategic decisions being made.”

How much longer will the current trend of “older CEOs keeping their jobs longer” continue?

Recent statistics suggest that boards are more willing to retain senior CEOs longer than they did previously. This is likely due to the economy, John said. Because so many companies are posting excellent results, there is no immediate impetus to move a long-tenured CEO out.

What are the broader implications of recent “organizational justice” developments, such as Amazon’s decision to raise wages?

“It’s always the most successful companies that can make these kinds of decisions,” John said. “Sometimes they lead the way and others follow.” Because Amazon is a market leader, the real question is whether less successful competitors will be able to follow suit. That will determine whether Amazon’s minimum wage increase is the beginning of a broader trend.

In a similar development, Harvard University (John’s alma mater) recently increased its employee wages as a means of corporate social responsibility. In John’s view, the move was an ethical rather than a business decision. At the same time, the economic implications of large-scale wage increases is a significant matter that boards should monitor. “We’ve seen minimum wage laws in places like Seattle and other cities get enacted that would move wages up for people in the low-skilled or semi-skilled area of the workforce,” he said. “There’s always the question, if that were instituted on a wider basis, whether that would depress job creation, as companies could afford fewer workers. It’s an open issue and it’s going to become even more important.”

Click here to listen to the full episode.

As the health care and life sciences fields experience ever-increasing levels of disruption, diverse entities across the industry are teaming up to embrace and foster innovation. These new pairings are shaping the future of health care, as organizations come together to tackle the industry’s most pressing issues with redoubled agility and pooled resources.

In an environment of change and uncertainty, this trend of Collaborative Transformation is yielding improved financial outcomes, increased operational efficiencies, and a fresh infusion of diverse talent and perspectives—all of which result in enhanced quality of care.

This is where the McDermott Health and Life Sciences team comes in. As a top-ranked US health law practice and a leader in life sciences with decades of experience advising the leading players in US and cross-border health and life sciences, we have the skill, market insight and ingenuity to partner with you wherever your innovation takes you. Whether you are forming innovative alliances across borders and industries, creating or implementing groundbreaking technologies and services, or restructuring investments to position your organization at the cutting edge of the market, our team can work alongside yours to achieve excellence.

Click here to learn more about McDermott Health, our recent work executing collaborative transformations on behalf of our clients and how we can help your organization form innovative business relationships.