Healthcare Data: The Need For A National Strategy with Jason Novak, a partner at Norton Rose Fulbright

[00:00:01] This podcast is produced by Outcomes Rocket, your healthcare exclusive digital marketing agency. Outcomes Rocket exists to help healthcare organizations like yours to maximize their impact and accelerate growth. Visit outcomesrocket.com or text us at 312-224-9945.

[00:00:25] Hey everyone, Saul Marquez here with the Outcomes Rocket with the amazing Jason Novak. He is a partner at Norton Rose Fulbright, specializing in IP and data rights for healthcare. And we're here in their beautiful office building. What building is this? It's a ferry building.

[00:00:46] Ferry building right here. Just tremendous. Just got the tour. As part of our JP Morgan health insights and predictions, I had to come visit Jason. He's added a ton of value to our podcast. And today we're going to be hearing from him some more. So Jason, welcome. Thank you very much. Hey, I love interacting with you. We've had some great times on previous podcasts and love to provide some insights today.

[00:01:08] And you always do. So with that in mind, Jason, tell us a little bit about what is top of mind for you as far as insights for the healthcare leaders tuning in and that want to do things with their businesses. Yep. So one of the biggest things that we do in our practice is advise on data rights and intellectual property.

[00:01:26] And when it comes to technology and innovation in the healthcare space, folks often lean on intellectual property first as sort of their guideposts, sort of the first thing that they want to get straight when it comes to protecting their innovation. And one of the keys that we've been trying to teach others is that if you think about things chronologically, your data sets determine what your innovation is.

[00:01:48] And so having a data strategy, not from a privacy or cybersecurity standpoint, but from data as an asset, an asset you monetize or an asset that you're trying to gather in from outside third parties who are monetizing it, thinking about that strategy first. Because without having your data as an asset, you're not going to have the innovation that's going to be a big part of the market. And so thinking about those things in that order is counterintuitive to how much innovation works.

[00:02:14] It's usually about IP first and everything else secondary, not when it comes to data, not when it comes to data within healthcare space. I love it. It's always these paradigm shifts that you're introducing to us, and that's a phenomenal one. As we think about the things happening here at JPMorgan conference this year and 2025 moving forward, we've got a new administration, a lot of things happening. What are your predictions for 2025? I will call it a prediction.

[00:02:41] I'll call it a hope, is that we as the United States starts to think about data, the healthcare data from a national perspective. What is the national strategy going to be around healthcare data? What makes the US so unique is that it is the most heterogeneous data set you can possibly have.

[00:03:02] We have every race in this country, and the ability to provide real good clinical insights or have data for real quality drug discovery is having the availability of heterogeneous data. If at this point we don't think about it as a country, how we're going to protect that data so that it as a comprehensive asset is utilized the most effective way, it can be in danger of being dispersed throughout the world.

[00:03:30] And US then does not become the market leader in drug discovery, let's say, 10 years down the road. I am hoping that the government starts to think about this. The government has always been focused on defense and things like that from a national perspective. It's time to start thinking about healthcare data from a national perspective. I love that. I love that. And what's your prediction? Are we going to do something about it for the positive or...? I absolutely think there's going to be a discussion about it.

[00:03:56] You know, whether or not some real movement, tangible movement happens in the near future, I can't say for certainty. I know these discussions have started to happen. I think with the new administration, it could get a little bit more aggressive if it becomes top of mind. But until then, there are other countries that are ahead of us in terms of thinking about healthcare data as an asset that has a lot of long-term benefit to those particular countries.

[00:04:21] Well, we certainly want to maintain leadership in this space. And so I love your call out there. Definitely a fresh one in the series. For a lot of the viewers and listeners, Jason, that either come to JPMorgan regularly or maybe they haven't done it. Why would you come and what tips and best practices would you share with them to make the most out of it?

[00:04:44] A lot of it depends on who you are and why you're here. So if you are, let's say for example, an investor, you're obviously going here to try to meet companies potentially, maybe cold, maybe going through some startup presentations, or you're looking here to close deals. It is a good opportunity if you're a VC from Boston and looking to invest in a company from North Carolina. You both may be here at the time.

[00:05:08] So it's a great opportunity to close deals. If you're a founder coming here looking for cold introductions, it's a good opportunity to make cold introductions face-to-face. If you're looking to close deals with those warm intros, it is a good opportunity to do that. I think the most important thing you can do is know who you are and why you're here. And then once that happens, there are so many events. There are so many guides on what those events are.

[00:05:33] Really particularly start to look at events that are particularly catered for your needs. And often that isn't the biggest branded events, that isn't the largest events. Because if you go to some very, very large events with four or 500 people here, you can't hear yourself think. So if you really want to have a really comprehensive, sophisticated discussion, that may not be where it is.

[00:05:54] But if there's a particular technology-focused small conference where there's less than 100 people and it's two to three hours and it gives you that opportunity and that time and that air to breathe to be able to make the connections with the people that are going to be most interested in what you have to say. Whether you be on the VC side, the investor side, or the startup side. I love it. And so how do you find them? The events? Yeah. How do you find them? Two to three months, maybe in the beginning of Q4, you just do search 2025 JPM event guide.

[00:06:24] Love it. And just rerun it over and over again. And a lot of the major companies will start to generate these guides. It used to be five, six years ago, some mystery entity would have the Excel spreadsheet with all the events. That's not the case anymore. They're easy to find out. Some are better than others. But a lot of these will get you 75% of the way there. But then also use this opportunity to reach out to folks that you want to see where you're going to be at. Because often those events that they're going to be at aren't on your event calendar.

[00:06:53] But if you know the people you want to see and what events they're going to be at, you're most likely to meet others at that event you're going to want to meet. Yeah. Spread the word. Have those conversations. Absolutely. I love that. I love that. Well, some very practical tips there. Some amazing predictions and great insights as always. Jason, really want to thank you for being with us again. Absolutely. I love it every time. And for everybody out there, make sure you check out the show notes. If you have IP or data rights questions in healthcare, Jason's your man.

[00:07:20] So we'll leave ways to get in touch with him via LinkedIn in the show notes. Thank you all for tuning in to this JPMorgan Insights and Prediction series. Thanks, Jason. Take care. This podcast is produced by Outcomes Rocket, your healthcare exclusive digital marketing agency.

[00:07:49] Outcomes Rocket exists to help healthcare organizations like yours to maximize their impact and accelerate growth. Visit outcomesrocket.com or text us at 312-224-9945. Thank you.