David Sans, PhD, FAARM MBA, is a biotech and pharma executive with experience in corporate finance, business development, operational, and commercial roles spanning both large pharmaceutical and emerging biotechnology companies.
David Sans currently serves as Director of Healthcare at EF Hutton, where he oversees all Healthcare Transactions at EF Hutton spearheading and driving a wide range of industry transactions.
Previously, David served as Head of Market Analytics at Pfizer during the launch of Rebif® (interferon beta-1a for MS) and Macugen® (pegaptanib) and as Sr. Medical Scientist at Novartis in Basel, Switzerland during the launch of Glivec® (imatinib), at ImClone Systems and Head of Corporate Development and David served as an Executive Officer at Mount Sinai Health Systems completing Business Development transactions with Philips, LabCorp, and Agilent. David is also a Board Member of the Lymphatic Education & Research Network in New York.
What is your typical day, and how do you make it productive?
My typical day starts early, around 7-8am, when I review overnight emails and market news relevant to our healthcare deals and clients. I prioritize my time rigorously, focusing on high-impact activities that drive revenue and strengthen client relationships. I then lead team meetings to discuss our ongoing deals, pitch opportunities, and client relationships, delegating effectively while providing clear direction and expectations. Throughout the day, I connect with key healthcare clients and prospects through calls, meetings, and business lunches or dinners. A significant portion of my time is spent reviewing and providing strategic input on pitch materials, deal models, and client presentations. I also participate in management committee meetings to discuss our group’s strategy and performance. To stay productive, I block out focused time for strategic thinking and deal origination, and leverage my assistant to manage my calendar and handle logistics. Mentoring and developing junior team members is an important aspect of my role. On average, I spend 1-2 days per week traveling to meet with clients or attend healthcare industry conferences, ensuring I stay well-connected and informed about industry trends. I stay on top of these trends through selective reading and conversations with thought leaders. To sustain high performance, I maintain a disciplined routine for exercise and personal time, which helps me balance the demands of my role.
How do you bring ideas to life?
I believe that when you have an idea, especially in something as complex as healthcare investment, it’s crucial to really think it through, understand the industry, and do the necessary research and preparation. You have to know what you’re getting into, both in terms of the market dynamics and the specifics of the deal. Knowledge is power, and the more you prepare, the more confident you’ll be in the decisions you make. A lot of great ideas never get off the ground because people wait for everything to be perfect or think they need to have it all figured out first. But I believe in just starting. Lay out a plan, take the first step, and start. It doesn’t have to be perfect, but by diving in, you’ll begin to see how the idea evolves, and you’ll know what adjustments to make moving forward. Whether you’re exploring emerging technologies in healthcare or crafting a complex deal structure, starting the process is what makes the difference. Once you begin, you can refine and improve the idea as it develops. So don’t wait for everything to be perfect—just start, and learn along the way.
What’s one trend that excites you?
One trend that particularly excites me is the rapid advancement and integration of artificial intelligence and machine learning in healthcare. This trend is transforming multiple facets of the industry and creating significant investment opportunities. Specifically, AI and ML are revolutionizing areas like drug discovery, diagnostic support, and workflow optimization. We’re seeing these technologies enhance research capabilities, improve operational efficiencies, and ultimately accelerate innovation across the sector. What’s especially compelling is how AI is poised to reshape personalized medicine and gene editing approaches. These advancements have the potential to dramatically improve patient outcomes while also creating new avenues for investment and growth.
What is one habit that helps you be productive?
One habit that has significantly boosted my productivity is prioritizing and protecting my focused work time. Every day, I block out 2-3 hours of uninterrupted “deep work” time, usually in the early morning before meetings start. This is when I focus exclusively on high-value, strategic tasks. To ensure these sessions are effective, I take several steps: I turn off all notifications, avoid checking email, and let my team know I’m unavailable unless there’s a true emergency. I also prepare the night before by outlining key priorities for the session. This habit allows me to make meaningful progress on important initiatives that drive the business forward, while avoiding distractions and reactive tasks that can derail the day. It also sets a strong example for my team, showing them the value of dedicating time to focused, high-impact work.
What advice would you give your younger self?
If I could offer advice to my younger self, it would be to prioritize developing a deep understanding of the healthcare industry from the start. Staying curious about emerging trends, regulatory changes, and technological innovations is crucial, as this knowledge will be invaluable as your career progresses. Equally important is building a strong professional network early on. Relationships are key in healthcare investment, so attend industry conferences, join relevant associations, and actively connect with peers, executives, and thought leaders. These connections will not only provide insights but also open doors to opportunities that will shape your career. In addition, remember to prioritize work-life balance from the beginning. The demands of the job can be intense, especially in the early years, but maintaining your physical and mental well-being is essential for long-term success. Develop strategies to manage stress and avoid burnout, as this will help you sustain high performance over time. Also, seek out mentors both within and outside your organization. Their guidance can be instrumental in navigating your career path, helping you make key decisions, and offering perspectives that will shape your professional growth.
Tell us something you believe almost nobody agrees with you.
I believe that the healthcare industry’s obsession with achieving economies of scale through mergers and acquisitions is often misguided and can be detrimental to patient care and innovation. While conventional wisdom in our industry favors consolidation to reduce costs and improve efficiency, I’ve observed that many large-scale healthcare mergers fail to deliver on their promised benefits. In fact, I believe that in many cases, smaller, more nimble healthcare organizations are better positioned to innovate, adapt to changing patient needs, and provide high-quality, personalized care. This view often puts me at odds with many of my peers and clients who are constantly seeking the next big merger opportunity. However, I’ve seen numerous examples where smaller, specialized healthcare providers outperform larger conglomerates in terms of patient outcomes, satisfaction, and even financial performance. I advocate for a more nuanced approach to healthcare M&A, focusing on strategic partnerships and targeted acquisitions that truly enhance capabilities or expand into complementary services, rather than pursuing scale for its own sake. This perspective often challenges the prevailing deal-driven culture in investment banking, but I believe it ultimately leads to better long-term outcomes for both healthcare organizations and the patients they serve.
What is the one thing you repeatedly do and recommend everyone else do?
One practice I consistently follow and recommend is staying on top of healthcare industry trends and emerging technologies. I dedicate at least 30 minutes each day to reading the latest news, research reports, and regulatory updates, which ensures I’m always informed about key developments. I also make it a point to attend one major healthcare conference or symposium per quarter to gain insights into emerging trends and network with industry leaders. In addition to reading and attending events, I maintain regular conversations with executives across various healthcare subsectors, including biotech, pharma, and healthcare IT. These discussions offer real-time insights into industry challenges and opportunities. I also encourage my team to develop specialized expertise in specific niches within healthcare, as this enables us to provide more strategic and valuable advice to our clients. Staying ahead of industry knowledge allows us to identify investment opportunities and anticipate market shifts, which has been crucial to our success in healthcare investment.
When you feel overwhelmed or unfocused, what do you do?
When I find myself unfocused during work, I often turn to breathing exercises or a quick walk to reset my mind. Taking a few minutes for deep breathing helps calm my thoughts, improve clarity, and restore focus. I’ll inhale deeply, hold for a few seconds, and then slowly exhale, repeating it a few times to bring my mind back to center. If I need a bit more movement, I step outside for a short walk. A brief walk, even just around the block, can help clear my head, boost energy, and bring fresh perspective. Both breathing exercises and walking are simple but effective ways to recharge and regain the focus I need to get back to work.
What is one strategy that has helped you grow your business or advance in your career?
One strategy that has been essential in growing my healthcare investment portfolio and advancing my career as a healthcare investor is cultivating deep industry expertise and thought leadership. I make it a priority to stay on top of healthcare trends, emerging technologies, and regulatory changes by dedicating time each week to reading industry reports, attending conferences, and engaging with healthcare executives and innovators. Building a network of experts with diverse backgrounds—such as former physicians, healthcare consultants, and biotech researchers—has been equally important. This multidisciplinary approach allows me to gain more nuanced insights into the sector, which helps me make better-informed investment decisions. In addition to staying informed, I focus on developing and sharing original research and analysis on key healthcare topics. This includes publishing reports, speaking at industry events, and contributing to healthcare publications. These thought leadership efforts have helped establish me as a trusted voice in healthcare investing. I’ve also invested in building proprietary databases and analytical tools tailored to specific healthcare subsectors, which allows me to identify unique investment opportunities and trends that other investors may overlook. Finally, cultivating relationships with key opinion leaders—such as healthcare executives, investors, and policymakers—provides me with valuable market intelligence and often opens the door to new opportunities. By consistently demonstrating my expertise and forward-thinking approach, I’ve been able to stand out in a competitive market, driving both my investment success and career growth.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
One significant failure in my career was underestimating the regulatory challenges in a major healthcare transaction I was advising on. The deal, involving two large pharmaceutical companies, ultimately fell through due to antitrust concerns that we hadn’t fully anticipated. I was focused on the financials and strategic fit but overlooked the depth of regulatory scrutiny. This failure taught me the importance of thorough regulatory due diligence, not just financial analysis. To overcome this setback, I took full responsibility and led a post-mortem analysis with my team. We developed a stronger regulatory assessment framework, involving legal and regulatory specialists much earlier in the process. I also built relationships with regulatory experts to deepen our understanding of the evolving landscape. The key lessons were clear: never underestimate the regulatory environment, empower team members to raise concerns early, and continuously educate ourselves on regulatory changes. This experience ultimately strengthened our team and became a key differentiator in our approach to future transactions.
What is one business idea you’re willing to give away to our readers?
A promising business idea in the healthcare space is developing an AI-powered platform for personalized medication management and adherence. This platform would integrate with electronic health records and pharmacy systems to gather comprehensive patient data, using machine learning algorithms to analyze individual profiles, including medical history, current medications, lifestyle factors, and genetic information. It would generate personalized medication schedules and dosage recommendations, considering potential drug interactions and side effects. Patients would have access to a user-friendly mobile app offering reminders, educational content, and real-time support. Additionally, wearable device data could be used to monitor vitals and adjust recommendations accordingly, while a provider dashboard would allow healthcare professionals to track adherence and intervene proactively when necessary. A telemedicine feature would also enable quick consultations about medication-related concerns, and predictive analytics could identify patients at risk of non-adherence or adverse events. The potential impact of such a platform is profound. It could improve medication adherence, leading to better health outcomes and reduced healthcare costs, while decreasing adverse drug events through personalized dosing and interaction checks. The platform would also enhance patient engagement, streamline communication between patients, pharmacists, and healthcare providers, and provide data-driven insights for pharmaceutical companies to improve drug development and patient support programs. Medication non-adherence is a major issue that costs the U.S. healthcare system billions annually, and by leveraging AI and mobile technology, this platform could address this problem while creating a scalable and potentially lucrative business model. The key to success would be building strong partnerships with healthcare providers to ensure seamless integration and widespread adoption.
What is one piece of software that helps you be productive? How do you use it?
One tool that has significantly boosted my productivity as an investor is our proprietary healthcare analytics platform. It allows me to quickly analyze vast amounts of data, helping identify market trends and emerging opportunities across pharmaceuticals, biotechnology, medical devices, and healthcare services. The platform also integrates financial data, enabling me to build and adjust valuation models rapidly, which is crucial for accurate pricing. Additionally, it provides relevant deal comparables and assesses how regulatory changes might impact specific healthcare segments, ensuring I can make more informed investment decisions. The platform’s visualization tools are key for creating data-driven client presentations, saving time while enhancing impact. It also helps me manage our investment pipeline by tracking opportunities and prioritizing resources effectively. By leveraging this software, I’m able to make faster, more informed decisions and ultimately drive greater value in my investments. It’s a powerful tool that gives me a competitive edge in the complex healthcare market.
What is the best $100 you recently spent?
The best $100 I recently spent was on a high-quality noise-cancelling headset for my home office. This purchase has proven invaluable, both personally and professionally, for several reasons: Enhanced productivity, Improved client communication, Work-life balance and stress reduction. This relatively small investment has significantly improved my daily work experience and efficiency. In our industry, where every minute counts and clear communication can make or break a deal, this purchase has already paid for itself many times over in terms of productivity gains and reduced stress.
Do you have a favorite book or podcast from which you’ve received much value?
One timeless book that has been incredibly valuable to me is “The Innovator’s Dilemma” by Clayton Christensen. While not specifically about healthcare, its insights on disruptive innovation have been crucial in understanding the dynamics of the healthcare industry. It provides a framework for understanding how established companies can be disrupted by new technologies or business models. This is particularly relevant in healthcare, where we’re seeing significant disruption from digital health, AI, and new care delivery models. Christensen’s ideas have helped me identify promising investment opportunities in healthcare technology. Companies that are positioned as potential disruptors often represent the most exciting growth prospects. As for podcasts, I regularly listen to “The Healthcare Policy Podcast.” It provides in-depth discussions on healthcare policy issues, which is crucial in our industry. Understanding the regulatory and policy landscape is essential for advising our clients on strategic decisions and anticipating market trends.
What’s a movie or series you recently enjoyed and why?
I really enjoyed Sean Penn and Dakota Johnson at Daddio: during a taxi ride from JFK Airport to Manhattan. This confined setting allows for deep character exploration, as the dialogue reveals their vulnerabilities, regrets, and personal histories. Since I live in New York, this movie was especially captivating.
Key learnings:
- Deep industry knowledge and the ability to stay current on rapidly evolving trends and technologies
- Don’t underestimate the role that the regulatory framework (today and tomorrow) has in the healthcare industry.
- Strong combination of financial acumen with an understanding of complex healthcare business models and stakeholder dynamics
- Ability to analyze both financial and clinical/operational metrics is essential when evaluating healthcare companies and transactions