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• Case | HBS Case Collection | June 2020

  Breakthroughs at Blueprint Medicines

  Richard G. Hamermesh, Kathy Giusti and Susie L. Ma

  Precision medicine company Blueprint Medicines was building a successful track record for bringing drug therapies to market 40% faster than average. The company had spent $40 million dollars and two years building a compound library that became its drug development engine. Blueprint’s drug development strategy was twofold—it focused on creating a single drug compound for multiple disease indications, while at the same time developing drugs to track a disease through its progression. The company’s goal was to become a fully integrated biopharmaceutical company that could move from drug discovery to development to marketing. But it was increasingly challenging to prioritize and manage programs, personnel and partnerships.

  Keywords: precision medicine; cancer; biotechnology; drug development; Strategy; Expansion; Science; Genetics; Technology; Entrepreneurship; Organizational Culture; Management; Growth and Development; Pharmaceutical Industry; United States; Cambridge; Massachusetts;

  Citation:

  Hamermesh, Richard G., Kathy Giusti, and Susie L. Ma. "Breakthroughs at Blueprint Medicines." Harvard Business School Case 820-001, June 2020.  View Details

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• Case | HBS Case Collection | September 2019 (Revised June 2020)

  Engineering An Inclusive Bioeconomy

  Tarun Khanna, Raffaella Sadun and Susie L. Ma

  In 2019, entrepreneur Juan Carlos Castilla-Rubio was developing a project he hoped could generate and share wealth from the natural resources of the Amazon without destroying those resources. His idea, called Earth Bank of Codes (EBC), would create a library of the genomic codes of all known species that could be tapped for discovery and innovation, from new medical interventions to more efficient manufacturing processes. He proposed to use blockchain technology to make the data both accessible and trackable so that its use could be monitored. Castilla-Rubio envisioned a time when a company in the U.S. could access a biological asset from the Peruvian Amazon, develop and commercialize a product based on the asset, and have a fraction of the resulting sales land directly in the bank account of various beneficiaries, including the Peruvian government and indigenous communities. Now he was facing major decisions about how to structure EBC to achieve his goals. Should he start at the top and build partnerships with national governments and inter-governmental organizations as the cornerstone of EBC? Or would it be better to forge ahead with a few stakeholders in an entrepreneurial project?

  Keywords: Decision Making; Development Economics; Entrepreneurship; Innovation and Invention; Intellectual Property; Emerging Markets; Market Design; Marketplace Matching; Science; Genetics; Natural Environment; Environmental Sustainability; Climate Change; Social Enterprise; Strategy; Strategic Planning; Technology; Ownership; Social Psychology; Trust; Society; Biotechnology Industry; South America; Amazon Basin;

  Citation:

  Khanna, Tarun, Raffaella Sadun, and Susie L. Ma. "Engineering An Inclusive Bioeconomy." Harvard Business School Case 720-356, September 2019. (Revised June 2020.)  View Details

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• Article | Review of Economic Studies | May 2020

  How Quantitative Easing Works: Evidence on the Refinancing Channel

  Marco Di Maggio, Amir Kermani and Christopher Palmer

  We document the transmission of large-scale asset purchases by the Federal Reserve to the real economy using rich borrower-linked mortgage-market data and an identification strategy based on mortgage market segmentation. We find that central bank QE1 MBS purchases substantially increased refinancing activity, reduced interest payments for refinancing households, led to a boom in equity extraction, and increased aggregate consumption. Relative to QE-ineligible jumbo mortgages, QE-eligible conforming mortgage interest rates fell by an additional 40 bp and refinancing volumes increased by an additional 56% during QE1. We estimate that households refinancing during QE1 increased their durable consumption by 12%. Our results highlight that the transmission of unconventional monetary policy to the real economy depends crucially on the composition of assets purchased and the degree of segmentation in the market.

  Keywords: monetary policy; MBS; quantitative easing; LSAP; refinancing; deleveraging; HARP; GSE; Central Banking; Global Range; Financing and Loans; Credit; United States;

  Citation:

  Di Maggio, Marco, Amir Kermani, and Christopher Palmer. "How Quantitative Easing Works: Evidence on the Refinancing Channel." Review of Economic Studies 87, no. 3 (May 2020): 1498–1528.  View Details

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