One of the Isle of Man’s richest residents has told how this is a ‘wonderful time’ to be alive.
Businessman Jim Mellon, estimated in the Sunday Times Rich List to be worth £850 million, says it will not be many years time before people can expect to live to 120.
And with advances in bio medicines and research he fully expects cancer to be curable or at least reduced from being a life-threatening disease to being a chronic condition.
He also believes there are superb chances for the Isle of Man to develop its so-called biomed sector.
Mr Mellon, an Isle of Man resident, employs around 400 people here through his interests in businesses.
He told Business News he was excited by the future prospects for local businesses he has a concern in. These include the Manx Financial Group, which owns Conister Bank. These were also exciting times for Sleepwell Hotels, he said.
The Claremont Hotel in Douglas, a member of the Sleepwell chain, was the setting for last week’s second ManxBioMed Conference. It attracted more than 100 delegates from all corners of the biomed industry.
Mr Mellon, who denies charges that he is the Isle of Man’s version of US tycoon Warren Buffett, was a keynote speaker and gave the audience, many of whom had braved the windy conditions to fly from across the world, plenty to think about.
He said: ‘[The number of] people dying from cancer will fall dramatically in the next few years. Already in the developed world 75 per cent of patients with cancer live beyond five years.
‘There is an accumulation of lots of little different things reducing our chance of early death.
‘And, as they say, many, many raindrops, billions of raindrops create a flood and we are at that point at the moment.
‘In scientific discovery that flood is almost upon us.
‘So it’s a wonderful time to be alive.
‘And cancer is on its way to be curable or at least to become a chronic condition.’
Mr Mellon was introduced to the audience by event chairman Professor David Onions as a legend and one of the world’s leading investors in bio technology and other enterprises.
Mr Mellon has recently written a new book called Fast Forward which touches upon life sciences and it reinforces in his mind that ‘this is the most interesting, exciting business that you can be in in the world.’
He added: ‘Why is it that we live much much longer than the people from the caveman era, who lived ostensibly a much healthier lifestyle? The answer is modern medicine.
‘That pace of scientific advance that we have all benefitted from is accelerating.’
He added: ‘We are going to live in a world of life extension. There is a sign on the way in from San Francisco airport which says: ‘‘The first person to be alive till 150 years old is alive today.’’ ’
He said that he absolutely believes that this will happen, ‘barring war or famine, all of which I hope don’t befall our modern world.’
He added: ‘This is all due to the fusion of modern science. Medical advance with computer technology.
‘We live in an era of incredible advance where one by one disease is being knocked down and many diseases have been turned from [being] terminal into chronic conditions or indeed in the case of Hepatitis C being curable.’
Mr Mellon said HIV is now ‘a long term chronic condition and not a death sentence which it was 15 years ago.’
He added: ‘Robotic surgery is also coming into its own.’
Mr Mellon said the Isle of Man was well placed to expand its biomed cluster.
link with university
During last year’s inaugural biomed conference Mr Mellon had suggested the island should seek some sort of link with a university. He was pleased to see that Courtenay Heading, co-founder, Manx BioMed Cluster had been forging connections with the University of Manchester.
He said: ‘I like the idea that the Isle of Man attracts rich people for tax purposes to this lovely environment. And the rich people will then spend money on lawyers, accountants and financial services.’
He added that the island could be ideal for clinical trials, to bring wealthy people here and they would fund clinical trials with their own money. That would open up a whole new array of trial activity which otherwise is underfunded. There are plenty of compounds out there that need trials done on them.
‘But fundamentally I think the Isle of Man has the right focus which is to concentrate on services, high value added assemblies and manufacturing.
‘Look at the London model of co-investment, that’s the Mayor of London’s fund, to co-invest along with entrepreneurs.Keep the focus on university linkages and stay away from pure scientific research because this is not the place to do it, at least not yet.
‘But overall I’m incredibly excited the Isle of Man has joined in the enthusiastic chorus for what is the most exciting business on the planet and will remain so for the rest of our very very long lives to come.’
Speaking to Business News after the presentation Mr Mellon said the current life expectation level is around 90 ‘and I think it will go to 120 and then beyond.’ He added: ‘Life expectancy is rising by around one and a half a decade but that’s going to accelerate.’
On another issue for which he has spoken about in recent times and is touched upon in his new book, Mr Mellon firmly believes driverless cars will be here in a few years.
He told Business News: ‘[They are] very safe, you can go home after a few drinks without any worry, you can send your children to school without having to drive them there. They will come here within 10 years all over Europe.’ Asked if driverless cars would become a familiar sight in the Isle of Man he said: ‘I hope so,’ and he indicated he would probably be one of the first to buy one.
He has also been referred to in some quarters as Britain’s Warren Buffett. Asked about this Mr Mellon. who has two homes in the Isle of Man, told Business News: ‘The answer is definitely no. He’s a lot older, a lot richer and a lot better invester.
‘And I don’t think that you should sit on a huge big pile of money and just make more of it. I think that you should do good or enjoy it, or possibly both.’
Dr Lorin Johnson, founder of American based Salix Pharmaceuticals gave the keynote scientific address.
He told Business News he hoped by telling the story of his business he could inspire budding enrepreneurs.
His business was started in a bedroom and has now built to being worth around 8 billion dollars and employing arround 374 people.
gold rush mentality
He spoke of the ‘gold rush mentality’ that could inspire entrepreneurs in the biomed sphere.
Also speaking at the conference was Dr Lizzie Tuckey, life sciences and healthcare at KPMG in London. Dr Tuckey teamed up with Nick Quayle, a director of KPMG in the island, the company being a gold sponsor of the event which drew experts from all over the world.
On the final day, Friday, there was an opportunity for delegates and speakers to chat informally at the ‘Bun and Breakfast’ morning session, sponsored by SMP Partners. SMP group chairman Steve McGowan said the conference had been ideal not only to hear about the latest developments but also to explain why the island has the infrastructure to support existing and start-up biomed companies.