Why AI Can't Replace Drug Development — Diego Braguglia (VI Partners)

Diego Braguglia has spent 25 years investing in healthcare, and his most important lesson isn't about science or exits — it's about cash. Through the dot-com crash, the 2008 financial crisis, and multiple market downturns, his firm VI Partners survived by staying diligent, keeping liquidity, and refusing to compromise on the quality of science. In this conversation, Braguglia walks through the mechanics of early-stage healthcare investing, the structural advantages of evergreen funds over traditional 10-year vehicles, and why he believes price is what you pay but value is what you get.

The discussion covers Braguglia's transition from molecular biology and gene therapy research to venture capital, the founding of VI Partners in 2001 with 100 million Swiss francs from blue-chip Swiss corporates, and the discipline required to allocate capital only where it creates real added value. He explains why healthcare companies typically need three to four CEOs between first investment and exit, how he models time and capital to foreseeable exits, and the importance of identifying logical strategic buyers during due diligence. The conversation also touches on the role of artificial intelligence in drug development, the strength of Switzerland's spin-out ecosystem at ETH Zurich, and what makes a founder truly capable of scaling through different stages of company growth.

🧬 No compromise on the quality of science — the first filter for every investment decision 💰 Cash is king: surviving crises means being diligent, not frugal, and betting only where value is provably created 📉 The average portfolio company requires 3.2 CEOs over a 7.5-year holding period 🎯 Early due diligence includes mapping logical strategic buyers and estimating time and money to exit 🤖 AI accelerates in silico drug development, but biology still requires validation in carbon, not just silicon

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