Blackstone announced the appointment of Dr. Mark McClellan (MD, PhD), a physician and economist who served as both the commissioner of the U.S. Food and Drug Administration (FDA) and administrator of the Centers for Medicare & Medicaid Services (CMS), as a Senior Advisor.
Dr. McClellan will bring his expertise across the life sciences, healthcare, economics and public policy sectors to advise across the firm’s businesses, with a focus on Blackstone Growth (BXG) and Blackstone Life Sciences (BXLS).
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Jon Korngold, Global Head of Blackstone Growth (BXG), said: “Dr. McClellan is a globally respected figure at the intersection of healthcare and public policy. The current environment has only underscored the importance of long-term investment in the healthcare sector and we believe private capital can play a critical role. As the only individual who has led both the FDA and CMS, we look forward to the deep insights Dr. McClellan can provide to our portfolio companies and investing teams.”
Nicholas Galakatos, Ph.D., Global Head of Blackstone Life Sciences (BXLS), said: “Mark’s experience in the approval of innovative pharmaceutical and medical technology products is a terrific and complementary addition to the capabilities of Blackstone Life Sciences. He will be an important resource for our investment team, our product development partners, and our portfolio companies as we advance breakthrough medicines and medical technologies to the patients who need them.”
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Dr. Mark McClellan added: “I’m pleased to be advising Blackstone. This is a critical time for entrepreneurship in the healthcare sector, and I’m looking forward to working with Blackstone and their diverse partner companies to develop innovative and efficient approaches to address unmet medical needs.”
Ram Jagannath, Global Head of Healthcare for Blackstone Growth (BXG), said: “We are thrilled to have Dr. McClellan work across the firm in support of our portfolio companies and evaluating new opportunities to invest in the healthcare sector.”
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