>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NEW JERSEY CHAMBER OF COMMERCE, WORKING TO KEEP NEW JERSEY IN BUSINESS.

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NJBIA HAS BEEN THE VOICE OF BUSINESS FOR MORE THAN 110 YEARS, AND IS BUILT TO SERVE OUR MEMBERS IN TODAY'S NEW NORMAL.

NJCU SCHOOL OF BUSINESS, A GAME CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, WHERE BUSINESS ANALYTICS AND DATA SCIENCE.

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>>> THIS WEEK ON "NJ BUSINESS BEAT."

WITH THE PRIMARY BEHIND US WE BREAK DOWN HOW GOVERNOR PHIL MURPHY AND JACK WOULD SHARE THE STATE.

>>> PLUS MORE MONEY, MORE PROBLEMS, NEW JERSEY IS FLUSH WITH CASH AND LAWMAKERS ON BOTH SIDES OF THE AISLE HAVE IDEAS ON HOW TO SPEND IT.

WE PUT THE HEALTH CARE INDUSTRY IN FOCUS, LOOKING BEYOND THE PANDEMIC TO HOW PATIENT CARE WILL CHANGE AND THE BREAK THROUGH INNOVATIONS COMING FROM NEW JERSEY'S BIO TECH INDUSTRY.

>>> THAT'S AHEAD ON "NJ BUSINESS BEAT."

>> Announcer: THIS IS "NJ BUSINESS BEAT," WITH RHONDA SCHAFFLER.

>>> HELLO, I'M RHONDA SCHAFFLER.

THANKS FOR JOINING US ON "NJ BUSINESS BEAT."

IF YOU'RE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

>>> WE BEGIN WITH THE BUSINESS OF POLITICS AND WHY THE ECONOMY WILL PLAY A HUGE ROLE IN NEW JERSEY'S GUBERNATORIAL RACE.

THE RACE IS UNDER WAY AFTER PRIMARY ELECTION DAY WHEN VOTERS DECIDED DEMOCRAT PHIL MURPHY WILL FACE JACK CHIT RELY THIS FALL.

SO WHAT ARE THE ISSUES YOU'LL HEAR ABOUT AND HOW WILL PANDEMIC RELATED ECONOMIC CHANGES INFLUENCE THE CAMPAIGN?

FOR ANSWERS WE TURN TO PROFESSOR JANE HUGHES.

EVERY ELECTION CYCLE POCKETBOOK ISSUES ARE BIG, WHETHER THAT'S ADDING JOBS, GROWING THE ECONOMY OR LOWERING TAXES.

WOULD YOU EXPECT THOSE ITEMS TO DOMINATE THE GUBERNATORIAL CAMPAIGN THIS YEAR?

>> YES, THEY WILL.

BUT I THINK WE REALLY NEED TO UNDERSTAND THAT WE ARE PROBABLY GOING THROUGH A POST-PANDEMIC ECONOMIC RESET.

A POST-PANDEMIC ORGANIZATIONAL RESET.

AND WE'RE NOT GOING BACK TO THE WORLD OF FEBRUARY 2020 BEFORE THE PANDEMIC HIT.

BUT CERTAINLY ALL OF THOSE COST FACTORS, PROPERTY TAXES AND THE LIKE ARE GOING TO BE MAJOR, MAJOR ISSUES.

HOWEVER, GIVEN THE INFLUENCE OF TECHNOLOGY, GIVEN THE INFLUENCE OF WORK FROM HOME, REMOTE LEARNING, AND THE LIKE, WE HAVE A WHOLE DIFFERENT SET OF FACTORS WITH MILLENNIALS MOVING INTO THE SUBURBS AT A VERY, VERY RAPID PACE, ONE OF THE ISSUES MAY WELL BE A SHORTAGE OF SINGLE-FAMILY HOMES, HOUSING AFFORDABILITY, HOME OWNERSHIP AFFORDABILITY, AS PRICES GET BID UP AND THE LIKE.

ARE WE GOING TO BE COME PET TIFF WITH NORTH CAROLINA, ARE WE GOING TO BE COMPETITIVE WITH KANSAS CITY AND THE LIKE ARE ALSO KEY ISSUES.

>> SO WHAT WE KNOW NOW ABOUT PHIL MURPHY THE CANDIDATE AND JACK CHIT RELY THE CANDIDATE AND THEIR REPRESESPECTIVE PARTIES H WILL EACH SIDE APPROACH THESE IMPORTANT ISSUES, DO YOU THINK?

>> I THINK THAT'S A GREAT UNKNOWN RIGHT NOW AND THERE'S A PERIOD OF TESTING ON HOW THE POTENTIAL ELECTORATE OR POLING THE POTENTIAL ELECTORATE.

HOW THEY ESSENTIALLY RESPOND TO THESE VARIOUS ISSUES.

ALL OF A SUDDEN, PROPERTY TAXES ARE HIGH, OBVIOUSLY THE HIGHEST IN THE NATION, BUT THERE HASN'T BEEN MUCH DISCUSSION ABOUT THEM RECENTLY.

WE'VE HAD OTHER ISSUES TO DEAL WITH, IN TERMS OF HIGH EMPLOYMENT RATES, THE EMPLOYMENT DEFICIT THAT FACES THE STATE.

SO I THINK WE'RE GOING TO GO THROUGH A PERIOD OF TESTING OUT WHICH ISSUES ARE GOING TO RESONATE.

>> IT'S INTERESTING BECAUSE WE DO SEE SOME OF THE ISSUES REALLY RESONATE YEAR AFTER YEAR.

BUT YOUR POINT ABOUT HOW THE ISSUES HAVE CHANGED A BIT, THE DISCUSSION HAS TO CHANGE, TOO, THEN, RIGHT?

SO THE CANDIDATES PROBABLY HAVE TO THINK VERY DIFFERENTLY THAN THEY HAVE IN THE PAST.

>> IT WASN'T SO LONG AGO, 18 MONTHS AGO, THAT SUE BURBURBIA LOOKED AT AS YESTERDAY'S WAY OF LIVING.

HOWEVER THE MIGRATION FROM NEW YORK, PHILADELPHIA AND THE LIKE BY MILLENNIALS IN THE FAMILY RAISING STAGE OF THE LIFE CYCLE HAVE REJUVENATED THE SUBURBS.

SO ZOOM TOWNS WAS NOT EVEN A PHRASE THAT WAS ON OUR RADAR SCREEN 18 MONTHS AGO.

AND NOW IT'S A KEY ELEMENT OF HOW WE'RE REORGANIZING THE STATE AND HOW THE RESIDENTIAL LANDSCAPE IS CHANGING.

>> PROFESSOR, IT'S BEEN A PLEASURE SPEAKING TO YOU AGAIN.

THANK YOU FOR YOUR TIME.

>> THANK YOU.

>>> YOU CAN'T TALK ABOUT ELECTIONS WITHOUT TALKING ABOUT MONEY.

FIGURES RELEASED BY NEW JERSEY'S ELECTION LAW ENFORCEMENT COMMISSION AHEAD OF THE PRIMARY ELECTION SHOWED THAT THE DEMOCRATS, WHICH CONTROLLED BOTH HOUSES OF THE LEGISLATURE RAISED SPENT MUCH MORE THAN THE REPUBLICAN CANDIDATES IN THE LEGISLATIVE CAMPAIGNS, DEMOCRATS RAISED NEARLY $27 MILLION COMPARED TO 6.6 MILLION FOR THE GOP.

>>> SO THIS IS SOMETHING YOU DON'T OFTEN HEAR, NEW JERSEY STATE GOVERNMENT IS SWIMMING IN MONEY.

BILLIONS OF DOLLARS, IN FACT.

NO BUDGET SHORT FALL HERE.

THE MURPHY ADMINISTRATION SAYS TAX COLLECTION SOARED $3 BILLION HIGHER THAN PREVIOUS ESTIMATES FOR FISCAL YEAR 2021 AND CONTINUES INTO NEXT YEAR WITH $1 BILLION MORE IN PROJECTED REVENUE, PRODUCING A MASSIVE $10 BILLION SURPLUS.

REMEMBER, IT WASN'T THAT LONG AGO THAT NEW JERSEY BORROWED BILLIONS OF DOLLARS OVER FEARS OF A BUDGET GAP.

BUT THE LATEST REVENUE FORECAST SHOWS A MUCH DIFFERENT STORY.

I ASKED BUDGET AND FINANCE WRITER JOHN WRIGHTMEYER WHAT THE STATE IS GOING TO DO WITH THE MONEY.

>> THE ANSWER IS STAY TUNED.

THE MURPHY ADMINISTRATION -- THERE'S A LITTLE BIT OF NEW SPENDING BUT MUCH OF IT GOES INTO BUDGET RESERVES, AN AREA THAT NEW JERSEY HAS LONG NEGLECTED.

WHETHER LAWMAKERS GO ALONG WITH THE PLAN IN THE NEW FISCAL YEAR THAT STARTS ON JULY 1 REMAINS TO BE SEEN.

>> REPUBLICAN LAWMAKERS HAVE AN IDEA ON HOW THE MONEY SHOULD BE SPENT INCLUDING EASEING THE TAX BURDEN ON BUSINESSES THAT'S FACING A TAX TO HELP REPLENISH THE STATE'S UNEMPLOYMENT TRUST FUND.

THE FUND WAS DEPLETED AFTER PAYING OUT SO MANY CLAIMS IN THIS YEAR OF ECONOMIC HARDSHIP.

SOME OF THE BUDGET WINDFALL IS DUE TO FEDERAL RELIEF MONEY AND A PORTION OF THAT SHOULD BE SPENT ON I.T.

MODERNIZATION IN THE STATE GOVERNMENT.

>> PEOPLE KNOW HOW BAD THE MOTOR VEHICLE SYSTEM HAS BEEN, HOW BAD THE UNEMPLOYMENT TECHNOLOGY SYSTEM HAS BEEN, SO THERE'S MORE THAN ENOUGH KIND OF LONG-TERM KINDS OF PROJECTS THAT THIS MUSH COU -- THIS MONEY COULD BE USED FOR.

I DO THINK, AND I HEARD A LOT OF DISCUSSION ABOUT THE FACT THAT IT NEEDS TO BE USED FOR LONG-RANGE KINDS OF PROJECTS THAT HELP SET US UP FOR A NUMBER OF YEARS.

>> YEARS OF HARD WORK HAS LED TO THE PROMOTION OF ONE NEW JERSEY EXECUTIVE AND A MAJOR MILESTONE.

KIM HANMAN, THE SENIOR VICE PRESIDENT AND CHIEF OPERATING OFFICER AT PSE&G WAS NAMED THE NEXT PRESIDENT OF THE STATE'S BIGGEST UTILITY EFFECTIVE JUNE 30th.

SHE'LL BE THE UTILITY'S FIRST FEMALE PRESIDENT IN ITS 118 YEAR HISTORY.

I SAT DOWN WITH HER TO TALK ABOUT HER PLANS TO ACCELERATE CLEAN ENERGY INITIATIVE AND HOW COVID PREPARED HER FOR HER NEW ROLE.

KIM, IT'S GREAT TO TALK TO YOU.

MY FIRST QUESTION IS WHEN ARE WE GOING TO GET TO THE POINT WE DON'T HAVE TO DESCRIBE YOU AS A FEMALE EXECUTIVE?

>> AS EXCITED I AM FOR THIS OPPORTUNITY, I THINK IT'S ALL OF OUR GOALS TO GET TO THE POINT THIS ISN'T CONSIDERED HISTORIC OR A BIG NEWS EVENT, THAT'S FOR SURE.

I THINK WE'RE GETTING THERE WITH WHAT WE'RE DOING IN HIRING AND BRINGING ALONG WOMEN AND PEOPLE OF COLOR AND LOWER -- BUILDING OUR PIPELINE FOR THE FUTURE.

>> YOU'RE REALLY COMING INTO THIS ROLE AT AN EXCITING TIME I WOULD THINK FOR YOUR INDUSTRY GIVEN THE MURPHY ADMINISTRATION'S PUSH TOWARD CLEAN ENERGY AND I KNOW PSEG HAS BEEN WORKING TOWARD THAT GOAL.

HOW WILL THAT NEEDLE MOVE EVEN FURTHER UNDER YOUR LEADERSHIP?

>> THE NEW COMPONENT AND A REAL AREA OF FOCUS GOING FORWARD WILL BE THESE CLEAN ENERGY -- OUR CLEAN ENERGY FUTURE PROGRAM.

AND THAT'S AIMED AT A COUPLE OF KEY AREAS, FIRST IS ENERGY EFFICIENCY, IT'S ABOUT -- ESTIMATED TO SAVE OUR CUSTOMERS ABOUT A BILLION DOLLARS IN ENERGY WITH ENERGY EFFICIENCY PROGRAMS DESIGNED FOR RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL CUSTOMERS.

NEXT IS OUR A.M.I.

OR SMART METER PROGRAMS.

SO FOUNDATIONAL TO THE CLEAN ENERGY FUTURE WILL BE THE INSTALLATION OF THESE SMART METERS IN ALL OF OUR CUSTOMERS' HOMES.

IT WILL GIVE OUR CUSTOMERS THE INFORMATION THEY NEED.

AND THEN THE LAST BIG PART OF IT IS OUR E.V.

PROGRAM, TOO.

SO THE STATE HAS VERY AGGRESSIVE GOALS IN ITS ADOPTION OF E.V..

GOALS OF ABOUT A MILLION E.V.s BY 2030.

THIS PROGRAM IS FOCUSED TO ACCELERATE THE ADOPTION OF E.V.

AROUND THAT CRITICAL INFRASTRUCTURE TO ACCEPT THE CHARGING STATIONS WHETHER IT'S A PERSON'S HOME, COMMERCIAL BUSINESS OR THESE PUBLIC CHARGING STATIONS, TOO.

>> THERE'S AMBITIOUS GOALS, TOO, AROUND HIRING WORKERS AND MORE CLEAN ENERGY.

DO YOU THINK WE'LL BE ABLE TO MEET THOSE GOALS AS A STATE, BECAUSE OBVIOUSLY YOU'LL PLAY A ROLE IN MAKING THAT HAPPEN.

>> ABSOLUTELY WE ARE COMMITTED TO WORKING WITH THE STATE REGARDING THAT -- OUR ENERGY EFFICIENCY PROGRAM WILL CREATE OVER 3,000 JOBS SO WE ARE WORKING VERY CLOSELY WITH THE STATE AND OTHER PARTNERS HOW WE DO THAT AND CREATE THESE GOOD, WELL-PAYING JOBS FOR THE PEOPLE OF NEW JERSEY.

TELL ME WHAT YOU LEARNED HELPING THE UTILITY MANAGE THROUGH THE COVID SITUATION.

WHAT WAS THAT LIKE FOR YOU?

>> LAST YEAR WAS ABSOLUTELY THE MOST CHALLENGING.

SO WE HAD TO REDESIGN ALL OF OUR WORK PROCESSES AND WE WERE AIMED AT HOW DO WE KEEP OUR EMPLOYEES SAFE AND OUR CUSTOMERS SAFE, AND HOW DO WE CONTINUE TO PROVIDE THE ESSENTIAL SERVICES WHETHER IT'S CRITICAL INFRASTRUCTURE PROJECTS OR GOING INTO PEOPLE'S HOMES TO REPAIR THEIR APPLIANCES.

SO WE PUT IN A NUMBER OF JOB HAZARD ANALYSIS THAT WERE DESIGNED AROUND PERSONAL PROTECTIVE EQUIPMENT, PHYSICAL DISTANCING, HOW WE SEPARATE PEOPLE, BUT REALLY SPENT A GREAT DEAL OF TIME, STARTING BACK IN FEBRUARY, OF REIMAGINING OUR BUSINESS.

>> ITS'S BEEN A PLEASURE SPEAKING WITH YOU THANK YOU SO MUCH.

>> THANK YOU FOR THE TIME.

>>> THIS WEEK OFFICIALS SAID COVID-19 HOSPITALIZATION CONTINUED TO DECLINE AS CASE COUNTS FALL IN THE STATE.

NEW JERSEY'S HEALTH CARE INDUSTRY IS STILL TRYING TO GET BACK TO NORMAL AS THE PANDEMIC CHALLENGED PROVIDERS AND IMPACTED THEIR FINANCES.

BUT THE PANDEMIC ALSO HAS CREATED NEW WAYS TO DELIVER HEALTH CARE AND PUT A NEW EMPHASIS ON RESEARCH.

WE WANTED TO DIG DEEPER INTO THOSE ISSUES SO WE'RE PUTTING HEALTH CARE IN FOCUS.

THE HOSPITAL SECTOR PLAYS AN IMPORTANT ROLE IN NEW JERSEY ADDING MORE THAN $26 BILLION TO THE ECONOMY AND 120,000 JOBS.

COVID HAD AN HISTORIC IMPACT ON HOSPITAL FINANCES.

ACCORDING TO THE NEW JERSEY HOSPITAL ASSOCIATION, IN A REPORT LAST FALL.

PATIENT REVENUES DROPPED 6%, ER CASES TUMBLED 23%, ADMISSIONS FELL 8%, AND OUTPATIENT VISITS FELL 22%.

AT THE TIME THE SURVEY WAS CONDUCTED, MORE THAN HALF OF NEW JERSEY'S HOSPITALS WERE OPERATING IN THE RED.

SO WHERE DO THINGS STAND NOW?

WE SPOKE WITH BOB GARRETT, THE CEO OF HACKEN SACK MERIDIAN HEALTH ON THE BIG LOSSES AND LESSONS LEARNED FROM COVID-19.

BOB, AT THIS POINT HAVE THINGS CALMED DOWN FOR YOUR HEALTH CARE SYSTEM?

DO YOU FEEL LIKE YOU ARE FULLY BACK TO NORMAL AFTER WHAT HAS BEEN AN AMAZING CHALLENGE FOR YOU OVER THE PAST YEAR OR SO?

>> WELL, YOU KNOW, RHONDA, THANK YOU FOR HAVING ME.

I WOULD SAY THAT WE'RE NOT BACK TO WHAT I WOULD CALL NORMAL, MEANING PRE-COVID NORMAL, BUT THINGS HAVE DEFINITELY CALMED DOWN SIGNIFICANTLY.

WE'VE SEEN OVER 30,000 COVID PATIENTS SINCE THE BEGINNING OF THE PANDEMIC AND AT THE PEAK, WHICH WAS APRIL 14, 2020, WE WERE ACTUALLY SEEING OVER 3,000 HOSPITALIZED PATIENTS.

TODAY, AS WE SPEAK, WHERE THE NUMBER IS UNDER 100, SO WE'RE NOT TOTALLY OUT OF THE WOODS YET, BUT IT CERTAINLY IS CALMED DOWN SIGNIFICANTLY.

>> IN TERMS OF THE WORKERS, ARE YOU STRUGGLING TO KEEP YOUR STAFF AT FULL LEVELS?

>> THE ADVANTAGES OF HAVING A HEALTH NETWORK REALLY CAME INTO PLAY.

SO A COUPLE EXAMPLES OF THAT.

YOU KNOW, WHILE WE GOT HIT VERY HARD EARLY ON IN THE NORTH AT OUR MEDICAL CENTER, NURSES FROM THE SOUTHERN PART OF OUR NETWORK, OCEAN MEDICAL CENTER, WERE ABLE TO COME UP AND HELP COLLEAGUES UP NORTH.

AND REALLY IN A HEROIC WAY, LITERALLY COMMUTING SOME OF THEM TWO HOURS PER DAY PER WAY TO HELP THEIR COLLEAGUES.

SO THE ADVANTAGES OF HAVING A HEALTH NETWORK WHERE WE COULD REALLY REDEPLOY STAFF DEPENDING ON WHERE THE NEED WAS MOST ACUTE WAS VERY, VERY HELPFUL.

>> WHAT ARE YOU SEEING IN TERMS OF A RETURN OF ELECTIVE SURGERIES, IN TERMS OF THE FINANCIAL IMPACT FOR THE SYSTEM.

AND ARE YOU SEEING PATIENTS NOW FAR MORE WILLING TO GET CARE WHEN NEEDED?

>> BETWEEN THE LOSS OF REVENUE BECAUSE OF ELECTIVE SURGERIES, PROCEDURES BEING SHUTDOWN BECAUSE OF THE RELUCTANCE OF PATIENTS WILLING TO COME BACK EVEN WHILE THOSE PROCEDURES WERE REINSTATED, THAT COUPLED WITH THE ADDITIONAL EXPENSIE REQUIRE TO TREAT COVID PATIENTS AND SOURCE THE ADDITIONAL STAFF WE SPOKE ABOUT AND SOURCING PROTECTIVE EQUIPMENT, PAYING INCREDIBLE PRICES WE HAD TO SOURCE IT FROM ALL OVER THE WORLD.

IN TOTAL THERE WAS ABOUT A $1 BILLION HIT TO OUR ORGANIZATION.

SO IT WAS A SIGNIFICANT, SIGNIFICANT HIT.

I THINK, IN GENERAL, PATIENTS ARE MORE WILLING TO COME BACK NOW, BUT WE HAVE NOT SEEN VOLUMES 100% RETURN TO PRE-COVID LEVELS.

THERE'S STILL SOME APPREHENSION OUT THERE, BUT IT'S CERTAINLY AS MORE PEOPLE ARE VACCINATED, I THINK THERE'S LESS HESITANCY AS THE MONTHS GO ON.

>> WHAT HAVE WE LEARNED ABOUT PATIENT CARE THROUGH THIS WHOLE EXPERIENCE?

HOW DO YOU APPROACH THINGS DIFFERENTLY NOW GOING FORWARD?

>> WE LEARNED THROUGH THIS PROCESS THAT ALMOST A DAILY COMMUNICATION, EVEN WHEN WE'RE OUT OF THE PANDEMIC ITSELF, IS REALLY IMPORTANT TO OUR TEAM MEMBERS.

WE ALSO REALIZE THAT OUR TEAM MEMBERS, ALTHOUGH THEY'RE VERY RESILIENT AND AS I SAID THEY TRULY ARE HEALTH CARE HEROES, THEY ARE TRUE AMERICAN HEROES IN MY ESTIMATION.

EVEN IN SPITE OF THAT THEY NEEDED EXTRA SUPPORT.

SO BOTH FROM A PHYSICAL PERSPECTIVE BUT ALSO FROM AN EMOTIONAL AND MENTAL HEALTH PERSPECTIVE.

SO WE HIRED A CHIEF WELLNESS OFFICER AS AN EXAMPLE TO REALLY HELP OUR FRONT LINE SUPPORT STAFF, OUR TEAM MEMBERS OUR NURSES, DOCTORS, AND THAT'S GOING TO BE AN ONGOING PROCESS BECAUSE EVEN OUTSIDE THE PANDEMIC, THESE FOLKS THAT ARE ON THE FRONT LINES AND DEALING WITH PATIENT CARE CHALLENGES ARE GOING TO NEED THAT KIND OF SUPPORT.

>> THANK YOU.

AND YOUR ENTIRE STAFF FOR ALL THE VERY HARD AND DIFFICULT WORK YOU DID DURING THE PANDEMIC AND BEYOND.

THANKS.

>> THANK YOU SO MUCH, RHONDA.

>> THE PANDEMIC AND HOW COMPANIES RESPONDED TO IT ALSO LED TO INNOVATIONS THAT WILL STICK AROUND LONG AFTER COVID-19.

FOR A LOOK AT HOW THE PHARMACEUTICAL AND BIOTECH INDUSTRY MOVES FORWARD FROM HERE WE TURN TO WILL LEWIS, CHAIRMAN AND CEO OF INSTA MED, A COMPANY THAT FOCUSES ON TREATING RARE AND SERIOUS DISEASES.

WILL, FOR EXECUTIVES LIKE YOURSELF IN THE BIO PHARMA INDUSTRY, AS YOU REFLECT ON THE YEAR WE JUST HAD WITH COVID, HOW HAS IT CHANGED POTENTIALLY THE BUSINESS MODEL FOR A COMPANY -- COMPANIES LIKE YOURS GOING FORWARD?

>> WELL, IT'S INTERESTING.

THIS LAST YEAR IS GOING TO SIT IN HISTORY AS ONE OF THE MOST MEMORABLE IN TERMS OF THE CHALLENGES WE FACED.

BUT OUR THINK OUR INDUSTRY GENERALLY AND PARTICULARLY NEW JERSEY STEPPED UP TO THE PLATE TO RESPOND.

IN TERMS OF WHAT WE DID FOR COVID, WE COULD TALK ABOUT THAT FOR A LONG TIME.

BUT IN TERMS OF WHAT IT MEANS FOR BUSINESS, I THINK YOU'RE GOING TO SEE A HYBRID MODEL EMERGE IN TERMS OF HOW TO ENGAGE YOUR EMPLOYEES AND HOW TO BRING THEM INTO THE IMPORTANT WORK DEVELOPING MEDICINE THAT HELPED SAVE PATIENTS' LIVES AND TRYING TO CAPTURE SOME OF THE INNOVATION WE SAW BROUGHT FORWARD DURING THE COVID-19 ERA INTO THE MAIN STREAM FOR THE FUTURE SO WE SHORTEN THE TIME LINE FOR DRUG DEVELOPMENT AND FIND CREATIVE WAYS TO REACH PATIENTS WHO WILL BENEFIT FROM THE MEDICINE.

>> WHEN YOU SAY CREATIVE WAYS, WHAT DO YOU MEAN BY THAT?

>> WE THINK ABOUT THE BUSINESS OF DEVELOPING A DRUG FOR PATIENTS WHO HAVE SERIOUS DISEASES LIKE COVID-19 WE NEED A LOT OF CLINICAL TRIAL WORK FOR DRUGS TO BE DONE TO SHOW THEY'RE SAFE AND EFFECTIVE.

IN A WORLD WE'RE REMOTE WE HAD TO FIND WAYS TO PERMIT PATIENTS FROM DOING MORE AND MORE AT HOME INSTEAD OF GOING TO A HOSPITAL OR DOCTOR'S OFFICE WHERE THEY WOULD NORMALLY BE TREATED.

THAT GAVE US OPPORTUNITIES TO THINK ABOUT CLINICAL TRIALS IN A DIFFERENT WAY GO FORWARD.

>> ARE YOU EXPECTING TO SEE MORE SPORT FOR YOUR INDUSTRY, WHETHER THAT'S THE FEDERAL OR STATE LEVEL?

>> I THINK YOU'RE GOING TO CONTINUE TO SEE OUR INDUSTRY TRY TO ADVANCE AND WE HAVE APPRECIATED THE SUPPORT WE RECEIVED BOTH FROM THE FEDERAL AND STATE LEVEL IN THE LAST YEAR.

IN LESS THAN ONE YEAR COMPANIES IN NEW JERSEY WERE ABLE TO PRODUCE MULTIPLE VACCINES, THE FIRST EVER SALIVA TEST TO CONFIRM THE PRESENCE OR ABSENCE OF COVID-19.

WE HAD MORE THAN 70 NEW JERSEY COMPANIES WORKING ON TREATMENTS TO TREAT COVID-19 AND THE STATE WAS HAND IN GLOVE WITH US DURING THAT TIME TRYING TO MAKE THIS POSSIBLE.

>> CAN THE STATE MAINTAIN ITS LEADERSHIP IN LIFE SCIENCES?

>> IT CAN, AND I THINK YOU WILL SEE THAT IT WILL.

I'M INCREDIBLY PROUD OF WHAT HAS HAPPENED IN NEW JERSEY IN TERMS OF OUR RESPONSE TO THE COVID-19 THREAT.

NONE OF US STOPPED THE IMPORTANT WORK WE DO TO DEVELOP NEW MEDICINES FOR A WHOLE VARIETY OF DISEASES AND CONDITIONS.

AND OUR COMPANY, INSTA MED IS AN EXAMPLE OF THAT.

THIS PAST YEAR WAS THE MOST TRANSFORMATIONAL IN A POSITIVE WAY IN OUR COMPANY'S HISTORY.

WE WENT FROM A SINGLE PRODUCT APPROVED IN THE U.S. TO MULTIPLE PROGRAMS AROUND THE WORLD.

AND WE ARE NOT ALONE.

>> DO YOU EXPECT THAT RESEARCH AND DEVELOPMENT AS A WHOLE WILL BECOME INCREASINGLY IMPORTANT ESPECIALLY IN LIGHT OF THE COVID PANDEMIC.

>> NOW IS AN INCREDIBLY EXCITING TIME IN THE LIFE SCIENCES INDUSTRY.

NOT ONLY DO WE FEEL A SENSE OF PRIDE FOR THE CONTRIBUTION AMONG MANY WHO HELPED TO FIGHT COVID-19 BUT ALSO THE FUTURE OF WHAT LIFE SCIENCES CAN DO FOR SOCIETY.

WE'RE AT A TIME OF DESPERATION IN THE SENSE OF AWARENESS ABOUT DISEASES THAT ARE REALLY FACING SIGNIFICANT CHALLENGES, AND INCREDIBLE OPTIMISM BECAUSE OF THESE TECHNOLOGIES COMING DOWNSTREAM THAT ARE BEGINNING TO SHOW CLEAR IMPACT FOR THE BENEFIT OF THESE PATIENTS.

>> WELL, IT'S BEEN A PLEASURE SPEAKING WITH YOU.

THANK YOU SO MUCH.

>> IT'S BEEN MY PLEASURE.

THANK YOU, RHONDA.

>> POST-PANDEMIC HEALTH CARE HAS BEEN FOREVER CHANGED BY AN INNOVATION THAT, HONESTLY, ISN'T ENTIRELY NEW BUT IT REALLY TOOK OFF LAST YEAR.

AND THAT'S TELEHEALTH.

I SPOKE WITH DR. STEVEN SHARE AT ATLANTIC HEALTH SYSTEM ABOUT ITS USES, LIMITATIONS AND HOW IT INTERSECTS WITH IN-PERSON VISITS.

ONE OF THE BIG AFTERMATHS OF THE COVID PANDEMIC WE SAW WAS THE BOOM IN TELEHEALTH THAT STARTED AS THE PANDEMIC TOOK HOLD, BUT IT'S CONTINUING NOW.

TELL ME WHAT'S HAPPENING IN YOUR HEALTH SYSTEM WHEN IT COMES TO HELD HEALTH.

>> RHONDA, BEFORE THE PANDEMIC WE WERE SEEING SOMEWHERE 30 PATIENTS BY TELEHEALTH A WEEK, A THOUSAND PROVIDERS IN NEW JERSEY.

WITH THE PANDEMIC IN MARCH OF 2020 WE IMMEDIATELY FLIPPED TO A STRATEGY OF TELEHEALTH IN ORDER TO REMAIN ENGAGED WITH OUR PATIENTS.

WE WENT FROM 30 A WEEK TO 14,000 A WEEK PRETTY MUCH IN THREE DAYS.

IT WAS REALLY A CRITICAL COMPONENT TO US IN TAKING CARE OF OUR PATIENTS.

>> HOW DID YOU EVEN MANAGE THROUGH THAT GROWTH?

>> WELL, WE LEVERAGED OUR TECHNOLOGY TEAMMATES AND WE ENGAGED OUR PERMISSIONS AND TURNED IT PRETTY QUICKLY SO THESE PATIENTS WHO WERE DESPERATELY ILL COULD ACCESS ASSISTANCE.

IN ADDITION WE REMAINED CONNECTED WITH OUR PATIENTS WITH CRITICAL CONDITIONS WHO DIDN'T HAVE COVID AS WELL.

SO IT WAS REALLY A STORY OF THE HEALTH SYSTEM MEETING THE CHALLENGE OF THE TIME AND GREAT THINGS CAN HAPPEN IF WE PULL TOGETHER IN TIMES OF GREAT CHALLENGE.

>> HOW WILL TELEHEALTH NOW PLAY A ROLE IN WHAT WE HOPE IS POST PANDEMIC CARE?

>> WELL, WE'VE ALWAYS THOUGHT, BEFORE THE PANDEMIC AND NOW WE KNOW AFTER THE PANDEMIC, THAT TELEHEALTH AND VIRTUAL CARE IS GOING TO BE A KEY COMPONENT OF VALUE BASED CARE IN THE FUTURE.

IT'S A WAY TO REMAIN CONNECTED WITH OUR PATIENTS WHEN THEY'RE OUTSIDE THE OFFICE SETTING TO MAKE SURE THEY ARE ON THEIR HEALTH CARE JOURNEY, TAKING THEIR MEDICATIONS, THEY'RE ADHERING TO THEIR LIFESTYLE CHANGES.

AND IT'S ALSO APPROPRIATE FOR CONDITIONS ON THE PATIENTS' TERMS WHEN THEY WANT TO COME TO THE OFFICE.

>> CAN IT FULLY REPLACE, THOUGH, ONE-ON-ONE CARE BETWEEN A DOCTOR AND A PATIENT?

>> CLEARLY TELEHEALTH HAS A ROLE, VIRTUAL CARE HAS A ROLE, BUT IT'S NOT GOING TO SUB PLANT IN-PERSON CARE.

IT'S GOING TO BE ESSENTIAL TO DELIVERING LOW COST AND EFFECTIVE CARE, MAINTAIN HEALTH AND WELLNESS BUT ALSO IN CASES TAKING CARE OF PATIENTS.

>> HOW IMPORTANT WILL IT BE TO HAVE SUPPORT AT THE FEDERAL LEVEL FOR THE INDUSTRY TO THRIVE?

>> WELL, THE KEY BARRIER TO INFLUENCE PATIENTS WITH TELEHEALTH WAS NOT TECHNOLOGY BEFORE THE PANDEMIC IT WAS REGULATORY.

TO YOUR POINT ALLOWING PATIENTS TO HAVE TELEHEALTH SERVICES IS KEY.

THAT NEEDS TO CONTINUE AFTER THE PANDEMIC AS WELL.

IT IS REALLY A LOWER COST WAY OF DELIVERING CARE.

AND IT IS PRETTY MUCH THE ONLY FINANCIALLY VIABLE WAY OF DELIVERING CARE TO THE VALUE BASED ENVIRONMENTS.

>> HAVE YOU USED TELEHEALTH YOURSELF AND WHAT WAS YOUR IMPRESSION?

>> I HAVEN'T PERSONALLY.

MY FAMILY HAS.

IT'S IMPORTANT.

IT NEEDS TO BE APPROPRIATELY USED LIKE EVERYTHING ELSE.

BUT IT'S HERE TO STAY, A HEALTHCARE DELIVERY SYSTEM OF THE FUTURE.

>> DOCTOR, THANK YOU FOR YOUR TIME TODAY.

>> THANK YOU.

>>> AND THAT WRAPS UP OUR SHOW FOR THIS WEEK.

THANK YOU FOR WATCHING.

I'M RHONDA SCHAFFLER.

WE'LL SEE YOU NEXT WEEK.

>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY, NEW JERSEY CHAMBER OF COMMERCE.

WORKING TO KEEP NEW JERSEY IN BUSINESS.

ONLINE AT NJCHAMBER.COM.

NJBIA HAS BEEN THE VOICE OF BUSINESS FOR MORE THAN 110 YEARS AND IS BUILT TO SERVE OUR MEMBERS IN TODAY'S NEW NORMAL.

AND NJCU SCHOOL OF BUSINESS, A GAME CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, WHERE BUSINESS ANALYTICS AND DATA SCIENCE.

WE'RE STEPS AWAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY AND MINUTES FROM WALL STREET.

LEARN MORE AT NJCU.EDU/GAMECHANGER.

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