Expectedn with an release later this fall. It is said to include more than 10 sensors to help track health and fitness. Apple unveiled new service out the annual development conference. Hasdian Chelsea Handler inked a deal to host a new talk show on netflix. Chelsea lately will begin a new show on netflix, the first of its kind. Frequency of shows has yet to be determined but opens the door for a larger variety of original content. Her latenight program on e network is scheduled to end this year. Now to the lead story of the day, time for apples longawaited smart watch may be coming soon. Apple is working on multiple versions of a watch incorporating several different screen sizes and more than 10 sensors to track things like health and fitness. They showed off a new app called health and theyre working with nike and mayo clinic. Joining us is the head of Technology Equity research at s and b capital and bringing in our special guest host, general partner at Kleiner Perkins caulfield byers. A physician by training and a former chief medical officer at amgen. Now you are an investor in many biotech and health tech companies. You is a perfect story for to discuss. Her closely have you been following the potential iwatch from apple . Very closely and im very excited. From a physicians point of view , 60 of all healthcare care costs are due to lifestyle choices. Right amount the of exercise. If you do not get that, it can treat. Ven times more to got, what are you hearing from your sources in the supply chain and elsewhere and whether or not its coming this year . Hearing . What are you we actually think it will happen and it will happen this it seems also because the speculation of apple and a variety of offerings kind of manifests itself and then nothing seems to materialize. Beforek that definitely the Holiday Shopping season apple will have at least an iwatch product in the market, but to be honest with you, emily, we are not so sure this will be a slamdunk product like a lot of folks expect. On that note, one third of consumers have heard of wearable fitness devices. Only 28 by of them and a huge number stopped using them when they have them. How important will it be . We will see what the market adopts. When you think about things like used for ais not long enough time, but a great statistic i saw a recently as over the past two years, people who wore fitbit walked 2. 4 the equivalent of walking from here to saturn. Its kind of incredible. You need to measure reward. People respond when they have a reward at the end of it. Just seeing your steps are seeing a measurement is not enough. You have to give people a prize. Give them an opportunity to be rewarded for what they are doing. Think abouten you how widespread watches could potentially be, do you think it could become as big as a smart phone market or will never come close . With the to agree more latter of those two conclusions, emily. The way we think about this is, as was just referenced, a lot of companies have introduced a lot of related products and, to be frank, it seems like notwithstanding the enthusiasm, these offerings have not had sustainable success, i would argue to a large extent and its kind of interesting this is something people can buy to improve their lives yet, seemingly, more people are app thand in yo the these herbal devices. People need to think about priorities but in light of that, we think apple will have an uphill climb when it comes to this category. Ive tried out a lot of these wristbands and they are now in my drawer. Im not compelled to use it everyday day. Of the bands out there, pebble smart watch, Samsung Galaxy jawbone, do you think apple will hurt the competition . Optionsll be different for different people. One option for todays band is the engagement. If apple can find a way to have a twoway interaction, i think people will be more engaged and therefore more willing to use it. I hate the way they look. What we where is such an expression of who we are. What do you make of the report that theyre working on multiple screen sizes . Still only one screen size. Indeed working on multiple sizes, what does it tell us . Thats a surprising characterization of where apple is going was early in the process with regards to this particular category. We are frankly a little bit skeptical as to whether or not you will see right off the back two separate or multiple separate screen sizes and product offerings. Frankly, i think what it says perhaps is apple is aware, as best indicated, different product will cater to different types of users and use cases. I do think, while its important that the product is beautiful and garners peoples interest and attention, think about it in the context that people will be using this when they are working out so they need something rugged and something that will be able to hold up to sweat and other kinds of tribulations. We think the way this will play out is not exactly how people could expect at this point. Are their startups out there banking their futures on an iwatch . Once apple comes out with something, we are going to go big. Your investing a lot of these companies. Are any of these companies waiting for this . I have not heard it exactly spoken that way, but they are waiting for a broader platform to be able to expand the amount of things that they can measure. Idenberg frome Kleiner Perkins. ,nd Scott Kessler from s p thank you. Youe she sees potential and can watch a streaming on your tablet, found, bloomberg. Com, apple fire tv apple tv, and amazon fire tv. Im emily chang and this is bloomberg west. The new surface pro three hits stores today in the u. S. And canada with a starting price of 799 with a 12 inch screen. It is thinner and lighter than its predecessor. Microsoft net loss from the surface exceeds 370 6 million since the release of the original surface back in october 2012. We will see if this one sells any better. Were back with her special guest host for the hour, dr. Beth seidenberg. She focuses on Life Sciences investing in a range of biotech and Digital Health companies where she advises on everything from finding a cure, cancer, and developing mobile apps to help manage medication. How does investing in Life Sciences to for from consumer and Enterprise Technology companies . Weve focused a lot on consumer and Enterprise Technology. How is health tech different . Someone in the main differences is its very personal. If you think about what people are doing with their information , whether it is to get healthier or find out what the health is about, its personal. A number of things we do are regulated. You cannot just go out and put something out that will tell you about your Disease State or die now see without the fbi getting involved. Is there more or less competition, more or less volume . There is a tremendous amount of volume. I cannot process all of the opportunities coming our way. Were are very excited about the opportunities. There is less competition, but it is heating up. We are seeing a lot of traditional Digital Investors seeing the path and the pattern of opportunity in the healthcare space. Kleiner has put a big bet on healthcare services. What have been the returns . What makes it worth it for you guys . Returns matter. Our returns particular on biotech and soon on the Digital Health side will be equal to our digital returns so we are doing well. What makes it worth it is were making a difference and its part of the partnership fabric of who the partnership is and who we care about. What are the most exciting trends . What are you most excited about . We are excited about trying to address the problem in front of us with baby boomers. Why is that important . Whats the problem . Theres a lot of them. They are not very healthy, but they love technology. Years, 10,000t 15 boomers will turn 65 every single day. Happy birthday to all of those who turned 65 today. [laughter] if you look at the other statistic, there are 3 million new people joining medicare every year. Projected toow increase in the amount of spending. People will be more responsible for their health. In order to address that, we think that Digital Technology will make a big difference. When you look at the baby boomers, the internet trend and the amount of time they spend on the internet is equal to the millennial generation. Its shocking. I did not know that. What kind of digital things will help them . Perhapslked about one, the watch. There was a pew survey that looked at people between 50 and 64. Baby boomers but not quite over the edge yet to be in the medicare generation but they measure their weight, exercise, or calories in some way. Find engaging tools, so things like an iwatch, fitbit, or things like myfitness pal, one of our companies, there are over 80 million users. There have been over 100 Million Pounds lost. 30 of americans are obese. We need to fix that problem. What about the Affordable Care act and the making of all of the Health Records electronic . Opportunities are you seeing there . Is it working . What are the challenges . A challenge anytime you introduce new technology into a field that has basically thought hightech was a fax machine. Theres a big cultural shift in the physicianprovider area. We are building the pipes so that now over 80 of hospitals have Electronic Medical records. We are only at 50 in the ambulatory outpatient medicine. Once we get there, people will have access to the information. We know valuations are soaring in the private market. The nasdaq biotech index is up more than 50 in the last year but took a deep dive in march. There has been talk about a biotech bubble. What are your latest thoughts on the environment . We spoke about this last time i was on the show. Has anything changed . Market when the charges started to go down. I sent you there was no biotech bubble and then thought it was going to have to eat my words. I still dont think theres a bubble. If you look at whats happened here today, 33 ipos and they are overall up 28 . Just this week, three great ipos. There are more coming. There is still a lot of optimism. Theres a lot of money to be made. Because we are able to now come up with better treatments that are going to get through and help patients. Speaking of treatment, more on efforts to cure cancer later in the show. Im excited to see what kind of progress is happening there. Dr. Beth seidenberg of Kleiner Perkins, our guest host of the hour. We will be back with the latest in the book battle next on bloomberg west. Welcome back to bloomberg west. Im emily chang. The Worlds Largest long time online retailers making an exception to the book locking and accepting orders for the latest book from j. K. Rowling. Five are still showing out of stock messages as amazon seeks a bigger cut in ebook rices. Now to our wiring the world series looking at how tech is shaping the future of health care. Hang going to the doctor, there is an app for that. In the process of launching technology letting you diagnose medical problems from the comfort of your living room. Sam grobart takes a look at three of these companies. Like certain Technological Breakthroughs have a way of making our lives seem more like Science Fiction than reality. Big about the first time youve ever used a smart phone or see someone use Microsoft Xbox kinect. The future is happening right now. These giant leaps of already changed the way that we work and communicate. The next step is going to be how we take care of our bodies. We soon may be able to diagnose andelves using tiny sensors the Computing Power already in our hands. Using a handheld sensor you would hold to your four head to get temperature, heart rate, blood oxygen level, and other data points. The sensor would then send all of that via bluetooth to your smart phone which could share the data with you or email it to your doctor. Another company has developed a mobile accessory that turns your phones camera into a sort of ear scope. Put it in your kids gear and send the video to your kids doctor and you may be able to get that ear infection diagnosis and that antibiotic prescription without ever leaving home. Ae third outfit has developed smart phone based ultrasound machine that costs less than 8,000. A senate a standard rig would run you into six figures and is being used in developing nations to provide more accurate diagnosis. There are some skeptics out there. Ake you cannot just throw sensor on the body and get accurate data. In some cases, they may be right. Progress buts in the improvements seem to be inevitable. 10 years ago, we barely knew what a smart phone was and now we are talking about driverless cars. If you look at the history of the future, one thing seems clear. Its happening faster. Bloomberg businessweek sam grobart. Our guesteidenberg, host. Cannot believe the smartphone is so smart. I think were going to see more and more of these mind of apps and technologies. What i am most excited about is the data. If you think about it, weve never had this data before. In between hospital visits, physician visits, all of a sudden you will be informed and empowered and it will be awesome. Kleiner perkins Beth Seidenberg will be with us for the hour. Coming up, buzz feed is one of the Fastest Growing site on the web. We talk with the companys ceo about how buzz feed gives the rate viral content. Watch us on your tablet, phone, bloomberg. Com, apple tv, and amazon fire tv. Time now for Bloomberg Television on the markets. Im jonathan ferro. Lets get you caught up on where stocks traded in a very happy way. Higher 0. 2 on the s p 500, a sixth day of gains and a record high. Outnasdaq refuses to miss on the party, 0. 2 higher. Vix higher as well. Bloomberg west will be right back. Bloomberge watching west where he focused on the future of business. Discussg in france to the future of the business. Seeing business grow in an older audience, one of the hot topics was has to catch the attention of the variety of groups now active on social media. Stephanie ruhle attended the event and sat down with buzz feed ceo and started by asking if was be the starting to attract an older audience. It is still growing quickly, but my gut feeling is that we are starting to see a little bit of a shift. It with the level of individual posts so if we do a post about parenting, we will see and reach an older audience and if we do a post about signs that you missed your senior year of high school, it will skew to a younger audience. Year, do thet traditional media icons want to understand how your business works . Buzz feed become part . You have a partnership with cnn, but could we see you with these iconic traditional media brands . We hear from people at Big Media Companies but people from doing work inses the space. Its definitely fun to have people watching what were doing and appreciating it, valuing it. Ago, we were not on anyones radar. Its a different moment for us where we are able to operate and have influence in a larger industry where people see what we do. Do you have a dream partner . Like my wife . Nice. Bloomberg is a great company. Tend to take the approach of making content ourselves. We work with lots of brands ly from branded content so we have a lot of partners who are marketers and major brands. We were with 76 of the top 100 now. We do a lot of partnerships. Feele content side, we like the social platforms are a great partner and its less about having a contractual agreement and more about having aligned interests to make the newsfeed and content streams of all the social platforms better by creating really great content that can be shared across the social web. When theres one about people you cannot believe really exist. It is more like a laughing out loud sort of thing. How do you find these extreme people you dont believe exists, monsters, the most extreme . Part of it is having a team of people who really live and inathe the web and meet small groups and brainstorm ideas. A lot of these are the product of internal email lists where people are just throwing ideas around. Have you seen this and this . And then having the data feedback of what people are sharing helps us understand what people really love. If they share something a lot, why is that . Maybe theyre sharing it because corgis, because its tied to fathers day, xyz. Then you say lets test that and make another piece of content that is tied to a holiday but does not have one of the other elements. You start to get that are in better at understanding what really touches peoples heads and hearts, funny bones. And we make some of the things that people will clearly get excited to share. At the creativity festival in cannes. The 42 peopleup you cannot believe exists and its pretty epic. Headed tondler is netflix. They signed a deal with the comedian including five specials in addition to a new talk show set to start in early 2016. Her current latenight talk show is ending its run on the e network. For more on what the deal means, i want to bring in jon erlichman. Still with us, our special guest host for the hour. Why did chelsea make the switch . Levels, this is not surprising to me. Netflix is about comedy and chelsea is hungry to find Something Interesting in the. And new. Back arrested development. They have orange is the new black. Ae first thing she will do is comedy special. They did one with aziz ansari from parks and rec. Asre im a little unsure there talking about redefining the rules of the talk show. If you think about where netflix has avoided stuff, content so far, its those things that are really tied to linear television. Are you going to get into sports and they will say, not really . Sports rightset but whats the value of a sporting event after everyone has already watched it when you are an ondemand player. How they avoided topical issues that seem less relevant a week or a year afterwards the key people interested in Chelsea Handler. They will figure it out. Specials shes doing but shes also doing a talk show which may be tied to an actors movie release or some sort of news. Will that play as well on netflix . The first name that came to mind was Jerry Seinfeld. He has had some success on another platform, crackle, on aboutny with a show comedians getting in vintage cars and they just talk. She may have to avoid those references to its coming out tomorrow, but theres no reason why you would not want to be have after people who movie to pitch because thats one of the great ways that talk shows exist. You can go and get someone because they want the publicity out there but those are some of the big issues they will probably have to talk about. It was just a few years ago that stock was plummeting. Its a spectacular turnaround story and its amazing. I love netflix. You watch a lot of stuff on netflix . House of cards, homeland. Hs she bringing chuy wit her . [laughter] shes not saying anything yet but she does have a team. 20 tons like you will watch. I will watch. Im a chelsea fan as well. Any other favorite comedians . I love Jerry Seinfeld and billy crystal. Went tooliver recently netflixs nemesis and hes doing a weekly show and its gotten mixed reviews emma though i personally love john oliver. What do you make of the two Different Directions theyve gone in here . Is a great opportunity in the shifting landscape of late night for netflix to have made the moves theyve made. In terms of the kind of stuff that ends up being discussed, i do think you have a big difference. He can say to his audience, be sure to tune in on sunday to watch this. Will they be exploring the same kind of subject . They do not really to begin with so that probably will not be a big issue. He would have to take a different spin if he was on an ondemand platform. Netflix hasle like this global reach which is why some comedians have already teamed up with them. Erlichman, senior west coast correspondent, thank you. Kleiner seidenberg from perkins, stay with us. Forgot to take your meds . Theres an app for that. Helping patients to the medical treatment plans next. Im emily chang in this is bloomberg west on Bloomberg Television, your phone, tablet, bloomberg. Com. Looking at how tech is changing the future of health care. Four out of five adults take a combination of prescription drugs and overthecounter supplements. How often are they taking a properly . San franciscobased mango health howdeveloped an app on medications could be interacting. They just raised a series a round led by Kleiner Perkins. Dr. Beth seidenberg just with us. Of mangod the board health. What did you see in the company . Thanks we saw an opportunity to address a huge problem. They just dont take their meds. Ofyou look at the cost chronic diseases and not taking your meds, its in the hundreds of billions of dollars. Its an enormous problem. We see this as an opportunity to have a mobile platform that can engage people. Is a spectacular entrepreneur who took his experience in mobile gaming and moved it to health care. Tell me about that. It used to work in zynga and the gaming community. You intricate it some gam ification into it. It sounds crazy but its actually quite similar work. Our focus is Building Products that Consumers Want to use every day for a long time and we apply that now to solving some of the most difficult problems. What are the most difficult problems . Much or aseases very focus. It represents about 75 cents of all u. S. Health care spend it represents about 75 are sent. About . Are we talking hypertension, high cholesterol, diabetes. They are not feeling the effects of this disease every day. Were inspiring them to start thinking about this part of their lives now. There are so many health and wellness apps out there. Why does mango stand out to you . Of it is taking the Gaming Experience and bringing at the health care. Its all about engagement. If we can make these apps fun and reward people, we will see a big uptick in adherence. That is what jason is doing. We believe it will really make a difference. Great example, my mom. Jason knows. We get realtime feedback. I have her on mango health. Its really making a difference she has multiple different meds she has to remember to take every day. Quite frankly, she loves the reward. Target points and other things earn is really motivating. What kind of stats are you seeing . Initially the first month you see a lot of engagement and then some people sort of dropped off, the same problem youre seeing with some of these Health Devices and wristbands. Thing to track is used over time. What we tend to see is 90 days in, we see about 67 of our audience still in the app regularly, three times higher than what is typically seen in medication and health apps. We are very pleased with that. Equally important is levels of adherence. That translates to lower cost of care over time. We were talking about iwatch and the potential to come out with something. Is that exciting to you because they have their own health app . We are excited about building a tool for daily cap daily health management. At her Health Starts theres a thats really been our focus. I want to ask you a little more about this. We focus on consumer and enterprise tech where there is outany venture capitalists there and beth is more in a league of her own really. That the case when it comes to Life Sciences and health tech . We sit right at the intersection of Consumer Tech and Enterprise Health care. There are very few firms that understand the intersection of those two things. Kleiner perkins and beth happened to be one of them and they have a very unique perspective. Even health careoriented investors do not understand where we are. With the incentives in health care shifting, there are huge dollars to be saved here. We are just so pleased that a firm like kleiner has the expertise. Keep the all of you different kinds of investments for k. P. . King one thing that differentiates us is we work as a team. Hes in there working with roderick. And john is working on design. With all of working the engineers at twitter helping scale the organization. Its really a team effort and it takes a village. Beth seidenberg, our guest host for the hour and Jason Oberfest from mango health, thank you. How good genome Mapping Technology help doctors treat cancer . Using tech to hunt for a cancer cure next on bloomberg west. Watch a streaming on your phone, tablet, bloomberg. Com, apple tv, and amazon fire tv. Bloombergback to west. Time now for the bwest byte. ,ur guest host, Beth Seidenberg from Kleiner Perkins is with us today. 1. 7 million. Whats that . Whats the number of people in the United States diagnosed with cancer in 2013. You do a lot of work processing Cancer Treatment what kind of process is there . Were making major, major strides. Based onve technology the human genome project where cancer genome. You can map a tumor. You can take an individual and then provide the list of the appropriate drugs or therapies that are going to be effective for that individuals tumor. A company that we invest in, foundation medicine, is doing we arerk today and seeing major project. The Cancer Institute Just Launched a project for lung cancer where they are using this to test multiple different drugs to figure out a cure for lung cancer. You are also looking at how to regulate the immune system to fight cancer. How does that work . Ooncology. There is a product on the market which basically is for melanoma. In that case it uses this antibody to go in and regulate the t cells that will go in and kill the cancer cells. Its regulated. Of therapy is taking an individual patients t cells, removing them from the antibiotic an ells, and thent c putting a virus into those cells. It takes about 10 days to go through that process. You take the patients own cells and put them back in the party and they become smart bombs. You put them back in the body. They hone in 20 cancer cell is like a trojan horse. They invade the cell and they kill the cancer cell and replicate themselves so they take over the replication process and then they go off and do it again. Spectacular results. You hear a lot about this unicorn that someday cancer will be cured. They act in so many different ways. As the cure for cancer going to be much more incremental . Or isnt someday boom cancer is cured . It will not be a boom, but it will not be a bust. We have technology that by being able to map the genome we have the knowledge to know what treatments to give. Like hiv and other illnesses, it will become a chronic disease. I believe that will happen in our lifetime. We are seeing such dramatic changes that we are at the beginning of that journey. You are saying with in decades . Im confident within decades we will see certain cancers, you are calling it a cure, but basically test and check so that it becomes chronic, indolent, and people will not die from that illness. He will die from something else. They will die from something else. Does the fda and regulations make your job more difficult . Interesting. T more the fda, they helped make the breakthrough because of breakthrough therapy designations. From. Beth seidenberg Kleiner Perkins caulfield buyer. Its been great to have you. Thank you all for watching this edition of bloomberg west. At friday. Have a wonderful weekend. Its friday. Welcome to money clip where we tie together the best business news. I am adam johnson. The ceos of hbo and time are there. Anything you can do i can do better. Its a singalong in france. New york, meanwhile, going into a pot state of mind. Another state legalizing marijuana. In sports, the new york jets coach says managing is not easy
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