All Segments
Ken Frazier, CEO of Merck & Co, Inc.
20 segments available
For the school year’s last View From The Top, Merck CEO Ken Frazier discussed improving the global healthcare system, the opportunity gap in the U.S., and the importance of leaders providing dynamic mentoring. “I’m a CEO because my previous leaders provided me access, took an interest in me, and forced me out of my comfort zone.”
Segments Timeline
The Opportunity Gap: A Personal Journey
Ken Frazier shares his upbringing in Philadelphia and the impact of school desegregation on his life. He reflects on how being given opportunities that many of his peers did not receive shaped his understanding of the opportunity gap in society. Frazier emphasizes the importance of giving back to those who are less fortunate and helping them reach their full potential.
"so again thank you so much for being here with us today we really appreciate it I'm thrilled to be here as Sara alluded to in your introduction you had an upbringing and thought to your career as a de..."
From Lawyer to CEO: A Serendipitous Path
Frazier discusses his unexpected transition from a successful legal career to becoming the CEO of Merck. He recounts a pivotal moment when he was invited to interview at Merck and how his spouse encouraged him to consider this new opportunity. He reflects on the adventures he had in law and how he discovered a new adventure within the corporate world.
"started off I guess in my career thinking about how do we those of us who are lucky enough to have these opportunities how do we give back how do we figure out how we can help those other people who w..."
The Broader Purpose of Business
In this segment, Frazier critiques traditional business education and emphasizes the need for leaders to address societal issues through sustainable business practices. He discusses the evolving conversation around corporate purpose, arguing that companies like Merck must focus on helping people rather than solely maximizing shareholder value.
"know that there was going to be a real adventure inside mark 2 through serendipity or not a lot of us have ended up here be Brawl doing MBAs in the past you've been quoted as being slightly skeptical ..."
Making Difficult Choices: Ethics in Leadership
Frazier reflects on the tough decisions he faced during his career, including the Sandusky investigation at Penn State. He shares the importance of prioritizing ethical considerations over institutional reputation and discusses the lessons learned from his father's advice about focusing on doing the right thing, regardless of public opinion.
"thing is that you have to remember that the company exists for this purpose so I came to work for a really great CEO named Roy Vangelis and I could tell you a lot of stories but the thing that I remem..."
Navigating Hostility in Advocacy
Frazier shares his experience as a defense attorney in a death penalty case, illustrating the challenges of advocating for justice in a hostile environment. He underscores the necessity of believing in one's convictions despite public opinion, drawing parallels to current societal issues and the need for constructive dialogue on complex topics.
"that whether it's Penn State you take a death penalty case it sounds great in retrospect when you start that case my client was 13 days before his execution day there was a lot of hostility in that sm..."
The Challenge of Nuanced Conversations
Frazier discusses the current societal climate marked by a loss of trust in institutions and the difficulty of having nuanced conversations about capitalism and democracy. He reflects on his own journey from viewing himself as a socialist to becoming a CEO, emphasizing the need for balanced discussions on economic inequality and its impact on democracy.
"time well I don't think that I can sit here and give you one short set of solutions what I would say is that what I am greatly concerned about our society is the inability the seeming inability for us..."
Balancing Economic and Political Inequality
In this segment, Frazier addresses the inherent economic inequalities within capitalism and the potential for these to translate into political inequalities. He raises critical questions about how to maintain a balanced economy that serves all citizens while preserving the strengths of the current economic system.
"that economic inequality to translate into political inequality for example people who have a lot of money can in fact by elected representatives then I have a problem with that and so how do we think..."
A Patient-Centered Healthcare System
Frazier outlines his vision for a patient-centered healthcare system, critiquing the misaligned incentives that currently exist among pharmaceutical companies, insurers, and healthcare providers. He advocates for a unified approach that prioritizes patient welfare and aligns the interests of all stakeholders in the healthcare ecosystem.
"between one thing or the other certainly not lost you'd answer all those questions but we'll ask you down to one particular one we're relying on decisive leaders like you in health we have a system th..."
Addressing Drug Pricing Challenges
Frazier discusses the complexities of drug pricing in the U.S. healthcare system, highlighting the paradox of high list prices and the negative impact on consumers. He shares insights from Merck's experience with pricing strategies and the broader implications for access to medications.
"system right now how does that kind of conversation stop how do you get everywhere in the room together is it politically led is it industry led you know we're trying to do it a bunch of us are going ..."
Global Health and Pharmaceutical Research
In this segment, Frazier reflects on the global disparities in pharmaceutical costs and the responsibility of different countries in funding research. He emphasizes the importance of American consumers in supporting drug development and shares Merck's commitment to addressing neglected diseases through its R&D efforts.
"filling a prescription at the pharmacy counter you're paying a copay based on the list price so you would actually rather have a lower price we actually ran that experiment with a hepatitis C drug tha..."
Merck's Commitment to Global Health
Frazier explains Merck's approach to research and development, emphasizing their agnostic stance towards therapeutic categories. He shares the company's response to the Ebola outbreak, detailing how Merck developed a vaccine that proved to be 100% effective. This segment underscores Merck's dedication to addressing global health crises through scientific innovation.
"the matter at the end of the day the only thing worse than Americans paying a very substantial amount for drugs is Americans not paying a substantial amount for drugs because if they didn't frankly we..."
Addressing Maternal Mortality
In this segment, Frazier passionately discusses Merck's initiative to reduce maternal mortality rates, particularly among women in childbirth. He presents alarming statistics about the disparity in maternal health outcomes for black women in the U.S. compared to their white counterparts. Frazier outlines Merck's commitment to investing in solutions that address preventable causes of maternal deaths.
"very proud that in the field test that drug that vaccine has been shown to be so far 100% effective that's amazing and muk muk does a lot what it's hard to be more than a hundred percent yeah much doe..."
The Impact of Institutional Bias
Frazier explores the factors contributing to the high maternal mortality rates among black women, acknowledging institutional bias within the healthcare system. He emphasizes the need for clear protocols to address preventable complications during childbirth and highlights the broader societal issues that affect healthcare delivery.
"that we don't have these clear protocols to deal with the issues like hemorrhaging like spikes in blood pressure like sepsis it used to be in this country if you had a heart attack you die now you don..."
Bridging the Opportunity Gap
Frazier discusses the concept of the opportunity gap, sharing his personal experiences of mentorship and access in his career. He emphasizes the importance of dynamic mentoring relationships, particularly for minorities in business, and critiques the discomfort surrounding close mentoring between men and women. This segment highlights the need for equitable access to opportunities within organizations.
"different people very clearly issues more broadly in society and we've all heard about the opportunities gap before you mentioned this earlier at the beginning of the interview in the past I've heard ..."
The Importance of Diverse Mentorship
Frazier addresses the discomfort surrounding close mentoring relationships between men and women, stressing that this discomfort can hinder women's access to essential mentorship. He argues that while talent is evenly distributed, opportunities and access are not, which needs to change for true equity.
"and so we have to be mindful that you know talent may be evenly distributed I believe it is but opportunities and access are not evenly distributed you're at the very top now you have access to boardr..."
Changing Boardroom Dynamics
Discussing diversity in corporate boardrooms, Frazier notes the ongoing conversation about representation. He critiques the traditional selection criteria that often exclude qualified women, urging a reevaluation of these standards to foster true inclusivity.
"challenges so for example there's a lot of focus now on recruiting women to boards I'll use that as an example but the selection criteria have lagged that conversation so everybody's eager to recruit ..."
The Challenge of Minority Representation
Frazier reflects on the decline of African American CEOs in Fortune 500 companies, emphasizing the need for future leaders to actively work towards improving diversity. He highlights the nuanced challenges in discussing diversity within corporate America.
"problem with boards is group fake and so if you get a bunch of people who come from the same background they're more likely to see this the problem the same way then people who come from different bac..."
Closing the Opportunity Gap
Frazier encourages young leaders to recognize the disparities in opportunity and access. He shares his own journey as a product of mentorship and stresses the importance of enlightened leadership in bridging these gaps in both education and corporate environments.
"CEOs a few years or a whole six out of 500 now there are three we're all hoping to be leaders in the future what do you want all of us to do to make sure we change this for the better so I think this ..."
Healthcare Challenges of an Aging Population
Frazier discusses the significant challenges posed by chronic diseases in an aging population, highlighting the economic burden on the healthcare system. He emphasizes the need for compassionate solutions as longevity increases healthcare demands.
"but the opportunity came from somebody who was willing to invest in me so came before we turn to audience Q&A I got one last huge societal problem for you to solve for us okay you're if you succeed at..."
Words of Wisdom for Graduating MBAs
In a lightning round, Frazier shares quick advice for soon-to-be graduates, emphasizing the importance of taking opportunities, being tactful, and maintaining optimism. His insights reflect a blend of practical career advice and personal philosophy.
"way to deal with people as they age so Ken about half of us here are a second year MBA s we're about to graduate we've got a month to go we can have as much fun as possible in that month but soon real..."