What if the biggest opportunity in healthcare isn’t new drugs—but reinventing how the entire system works? In this episode, I sit down with David Berry, Founder of over 20 companies including seven $1B+ businesses, to discuss why the traditional biotech model is breaking and where the next wave of innovation in healthcare is emerging. David explains how pricing pressure, rising costs, and global competition are compressing returns in drug development, while AI, data, and new business models are unlocking entirely new ways to deliver care. We also explore how technology is transforming clinical trials, why healthcare is shifting beyond pharmaceuticals, and how investors can find opportunity in mispriced parts of the market.

Highlights:

Why biotech returns are structurally declining despite innovation
How AI is changing clinical trials and drug development timelines
The unappreciated impact of China on global biotech competition
Why healthcare is a $5T opportunity beyond pharmaceuticals
How data and longitudinal patient insights unlock new discoveries
The next frontier in longevity, wearables, and personalized health
Why the middle stage of venture is undercapitalized today
How supply-demand imbalances create the best investment opportunities

Guest Bio:

David Berry is a founder, entrepreneur, and investor who has built over 20 companies, including seven valued at over $1 billion. He spent nearly two decades at Flagship Pioneering, where he helped create and scale leading biotech companies, and later founded Valo Health. He is now the founder of Averin Capital, where he focuses on the technology-driven transformation of healthcare and investing in companies at the intersection of biology, data, and innovation.

Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with David Berry:

LinkedIn: https://www.linkedin.com/in/davidberrymdphd/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why Biotech Returns Are Quietly Breaking (0:15) The Hidden Shift Making Life Sciences More Attractive (1:00) Why Drug Prices Are Falling—and Innovation With It (3:22) The Unintended Consequence: Fewer New Drugs (4:17) Why Investors Are Choosing Rockets Over Biotech (5:38) China Is Becoming the World’s Drug Factory (8:06) The $5 Trillion Opportunity Most Investors Miss in Healthcare (9:43) Why AI Could Cut Years Off Drug Development (13:41) The Hidden Flaw in How We Test Drugs Today (21:31) How He Raised $450M in One of the Hardest VC Markets