In this episode of the Med City Pivot Podcast, host Arundhati Parmar speaks with Lars Petersen about one of the most remarkable corporate transformations in modern business history.

Facing a catastrophic collapse of its core film business in the mid-2000s due to the rise of digital photography, Fujifilm executed a bold and strategic pivot into healthcare and life sciences. The company diversified aggressively, leveraging its deep expertise in materials science, imaging, and innovation to build a thriving biotechnology and medical technology ecosystem.

Today, Fujifilm operates as a global Contract Development and Manufacturing Organization (CDMO), partnering with leading pharmaceutical companies and startups alike. The conversation explores how strategic investment, diversification, long-term thinking, and innovation—including AI—enabled Fujifilm not just to survive, but to lead in a completely new industry.

• Connect with Arundhati Parmar

• aparmar@medcitynews.com

• https://twitter.com/aparmarbb?lang=en

• https://medcitynews.com/

Fujifilm
Pivot
Healthcare
CDMO
Biotechnology
Biologics
digital transformation
business strategy
Innovation
AI in healthcare
Pharma
Manufacturing
monoclonal antibodies
gene therapy
cell therapy
Diversification
corporate strategy
MedTech

• 00:00–00:23 – Introduction to the concept of "pivot" and Fujifilm's survival story

• 00:00–00:47 – The collapse of the film industry and existential crisis

• 00:00–01:15 – Fujifilm's transformation into a healthcare company

• 00:02:39–00:03:28 – 2006: the pivotal year and 60% revenue loss

• 00:03:28–00:03:45 – Strategic decision to diversify long-term

• 00:04:22–00:05:08 – Why Fujifilm succeeded while competitors failed

• 00:05:35–00:06:26 – Key investments and acquisitions (including Biogen assets)

• 00:06:52–00:07:30 – Why healthcare is a stable, long-term growth industry

• 00:07:53–00:08:29 – Expansion into medical devices and imaging technologies

• 00:09:42–00:10:34 – Core therapeutic focus: biologics, gene therapy, cell therapy

• 00:10:49–00:11:22 – Serving both startups and global pharma giants

• 00:12:39–00:13:40 – Competitive positioning vs. Samsung Biologics & Lonza

• 00:15:08–00:15:44 – "Partners for life" philosophy and long-term trust

• 00:17:52–00:18:49 – AI integration across manufacturing ecosystems

• 00:18:54–00:19:42 – Final takeaway: building shared ecosystems for the future of medicine

In this episode, Arundhati Parmar interviews Shalin Shah, CEO of Marius Pharmaceuticals, about Testosterone Replacement Therapy (TRT) and the long-standing regulatory classification that places testosterone as a Schedule III controlled substance.

Shah explains that testosterone was scheduled in 1990 following Olympic doping scandals — despite opposition at the time from the FDA, DEA, and the American Medical Association. More than 30 years later, he argues that the regulatory framework no longer reflects current clinical evidence and may be doing more harm than good.

The conversation explores:

• The scientific evidence surrounding cardiovascular and prostate safety
  
  

• The differences between injectable and oral testosterone therapies
  
  

• The stigma and logistical barriers created by controlled substance status
  
  

• How GLP-1 drugs intersect with hormone health and muscle preservation
  
  

• The possibility of expanding testosterone therapy access to women
  
  

• Whether the current regulatory environment may revisit testosterone scheduling
  
  

At its core, this episode examines whether testosterone is being regulated based on outdated controversy rather than modern clinical science — and what that means for patients navigating care today.

• Connect with Arundhati Parmar

• aparmar@medcitynews.com

• https://twitter.com/aparmarbb?lang=en

• https://medcitynews.com/

Testosterone Replacement Therapy
TRT regulation
Schedule III classification
Controlled substances
Hormone therapy stigma
Men's health
Women's hormone therapy
TRAVERSE study
Cardiovascular risk
Prostate cancer risk
Oral testosterone
Injectable testosterone
Hematocrit levels
GLP-1 muscle loss
Hypogonadism
FDA regulation
Healthcare policy
Hormone optimization

00:00–01:40 - Why testosterone became a Schedule III controlled substance in 1990
01:40–02:30 - Political backlash after Olympic doping scandals
02:30–03:56 - Testosterone as the only controlled hormone
03:56–04:58 - The physiologic role of testosterone across multiple organ systems
04:58–06:19 - Cardiovascular and prostate cancer risk: What the TRAVERSE study showed
06:19–07:04 - Physiologic vs. supraphysiologic dosing
07:04–08:49 - How controlled status creates stigma and access barriers
08:49–10:10 - Provider tracking, pharmacy hurdles, and patient friction
10:10–11:48 - Would deregulation increase abuse or doping?
11:48–13:20 - GLP-1 drugs, rapid weight loss, and muscle preservation
13:20–15:08 - Testosterone in women: The overlooked half of the population
15:08–16:22 - Injectable vs oral TRT: Mimicking natural diurnal rhythms
16:22–17:40 - Hematocrit elevation differences between injections and oral therapy
17:40–19:07 - Side effect profiles and hormone signaling differences
19:07–20:32 - Go-to-market strategy: Cash pay vs insurance coverage
20:32–21:24 - Stigma among payers and barriers to reimbursement
21:24–22:43 - Expanding label indications and idiopathic hypogonadism
22:43–22:22 - Could the current administration reconsider testosterone scheduling?

Summary

Tune into MedCity Pivot Podcast with host Arundhati Parmar as three healthcare tech leaders—Serge Perras, Ton Roelandse, and Bertil Chappuis—decode AI's true potential in healthcare. Explore its role in enhancing efficiency and busting myths about AI supremacy.

Episode Highlights

00:00:19 - The high bar for AI safety in healthcare.

00:01:29 - AI's current hype and exaggerated promises.

00:03:57 - Misconceptions about AI replacing healthcare roles.

00:05:51 - Meaningful AI use cases: Prior authorization automation.

00:06:52 - AI in triage and its capacity enhancements.

00:08:10 - AI's role in modernizing healthcare infrastructure.

00:10:46 - Clarifying AI vs. RPA in tech solutions.

00:13:30 - Importance of governance and guardrails in AI.

00:16:38 - Humanizing healthcare through AI.

00:18:27 - AI's potential and challenges in medical coding.

00:21:31 - AI's impact on job roles and productivity boosts.

00:24:25 - Use of AI in personal life for everyday tasks.

Episode Resources

• Connect with Arundhati Parmar

• aparmar@medcitynews.com

• https://twitter.com/aparmarbb?lang=en

• https://medcitynews.com/

Keywords

• Artificial Intelligence

• Healthcare Innovation

• AI Applications

• Healthcare Safety

• Technology Hype

• Serge Perras

• Abarca Health

• Ton Roelandse

• Trexin Consulting

• Bertil Chappuis

• Xtillion

• Machine Learning

• Generative Media

• Super Agents

• Risk and Reliability

• Clinical Prediction Models

• Automation Bias

• Prior Authorization Process

• Agentic Systems

• Healthcare Infrastructure

• Modernization

• Robotic Process Automation (RPA)

• Data Quality

• Governance and Guardrails

• Human vs AI Roles

• Healthcare Workforce Transition

• AI Augmentation

• Patient Care

• Medical Coding

• Electronic Health Records (EHR)

• AI Ethics

• Data Fragmentation

• AI Engineering

• Healthcare Economics

• AI's Net New Jobs

• AI Sounding Board