Over the last decade, the number of drug candidates entering development has doubled, yet the number of successful drug approvals remains flat at ~50 per year.

This week, we sit down with Formation Bio founder and CEO Ben Liu. His company has raised more than $600 million to build what he hopes will become the first new enduring pharmaceutical company in decades, powered by AI. Ben explains why he believes clinical development, not drug discovery, is becoming the industry's biggest bottleneck, and how AI could fundamentally change the economics of bringing new medicines to patients.

Is 2026 the year that changes everything in healthcare? We’re coming off the most brutal year ever for health plans, massive budget cuts, and providers became some of the fastest adopters of AI.

Steve and Halle sit down with legendary healthcare VC Annie Lamont for their annual predictions episode to dive into 2026 predictions and trends that founders and operators should pay attention to.