#18: Investing in the transformation of health with Julia Angeles

<p>Julia Angeles joined Baillie Gifford in 2008 and is the Portfolio Manager of the Health Innovation Strategy.&nbsp;</p> <p>Prior to Baillie Gifford, Julia worked as a management consultant for McKinsey &amp; Co advising firms in Denmark, Russia and Hungary. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy.&nbsp;</p> <p>She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology.&nbsp;</p> <p>Julia is also a member of the International Growth portfolio construction group.</p> <p>Julia obtained a BSc, MSc and PhD in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish.</p> <p>We cover the following in our conversation:</p> <ul> <li>How do you define biotech and healthcare?</li> <li>How are we on the cusp of a revolution in healthcare?</li> <li>Moderna Inc: investing in the biotech firm which developed the first COVID-19 vaccine.</li> <li>How do you think about the companies you invest in and what is the key criteria you use?</li> <li>Why do you identify disruptive businesses in the healthcare sector and why is this important?</li> <li>Being part of an all-female team, how might your approach in how you invest differ (to say an all-male team of fund managers in the same industry)?</li> <li>As more women lead investment funds and drive investing decisions at the institutional level, how do you think this will shape the market on a global scale?</li> <li>'The nature of asymmetry is such that investment returns are driven by a few big winners...The main constraint to us appreciating that potential is our imagination': can you elaborate what you mean by that?</li> <li>What wou