Category: Aging

The Wealth of Project Entrepreneurs Is Fragile

The stories of Alfred E. Mann (below) as well as that of Malcom McLean, the entrepreneur behind standardized shipping containers, support George Gilder’s point that innovative project entrepreneurs have most of their wealth tied up in their projects. Their wealth only stays large as long as the projects continue to go well.

(p. A20) Alfred E. Mann, who started medical device companies that pioneered in the development of pacemakers for erratic hearts, insulin pumps for diabetics, cochlear implants for the deaf and retinal implants for the blind, died on Thursday [February 25, 2016] in Las Vegas. He was 90.
. . .
Mr. Mann, who spent most of his career in the Los Angeles area, became a billionaire from his entrepreneurial activities. His biggest success was MiniMed, which became the leader in insulin pumps, wearable devices that deliver insulin throughout the day, allowing people with diabetes to more precisely control their blood sugar levels.
. . .
In all, Mr. Mann started and largely financed 14 companies, nine of which were acquired for a total of almost $8 billion, according to MannKind.
. . .
In 1979, while running Pacesetter, Mr. Mann was visiting a cardiac ward and was challenged by a doctor there to work on diabetes, which caused many of the heart problems in patients. That led to the creation of MiniMed and later to MannKind, which developed a form of insulin that is inhaled instead of injected.
MannKind, Mr. Mann’s last big venture, may also have been his Waterloo, eating up much of his fortune.
The pharmaceutical giant Pfizer suffered a costly marketing flop with an inhaled form of insulin in 2007. After that, other big insulin manufacturers dropped their own plans for similar products.
But Mr. Mann, who was chief executive of MannKind for many years, would not give up. He insisted MannKind’s inhaler was better than Pfizer’s and that its insulin had desirable medical characteristics beyond being inhalable. He put about $1 billion of his own money into the company he had named for himself, keeping it afloat through years of setbacks.
“I believe this is one of the most valuable products in history in the drug industry, and I’m willing to back it up with my estate,” Mr. Mann told The New York Times in 2007.
The inhaled insulin, called Afrezza, was finally approved by the Food and Drug Administration in 2014, but sales have been dismal. In January, Sanofi, the big French drug company, pulled out of an agreement to market the product. MannKind is now in danger of going out of business, though it is vowing to survive.
“Our resolve is now stronger than ever to continue Al’s legacy of medical innovation, as a tribute to this remarkable man, who did so much to help mankind,” Matthew Pfeffer, chief executive of MannKind, said in a statement Friday.
Mr. Mann, who worked seven days a week even when he was in his 80s, was divorced three times.

For the full story, see:
ANDREW POLLACK. “Alfred E. Mann, 90, Pioneer in Medical Devices, Is Dead.” The New York Times (Sat., FEB. 27, 2016): A20.
(Note: ellipses, and bracketed date, added.)
(Note: the online version of the story has the date FEB. 26, 2016, and has the title “Alfred E. Mann, Pioneer in Medical Devices, Dies at 90.”)

Gilder defends entrepreneurial wealth in:
Gilder, George. “The Enigma of Entrepreneurial Wealth.” Inc. 14, no. 10 (Oct. 1992): 161-64, 66 & 68.

Technology Extends Capabilities of Older Japanese

(p. A1) TOKYO–At an office-building construction site in the center of Japan’s capital, 67-year-old Kenichi Saito effortlessly stacks 44-pound boards with the ease of a man half his age.
His secret: a bendable exoskeleton hugging his waist and thighs, with sensors attached to his skin. The sensors detect when Mr. Saito’s muscles start to move and direct the machine to support his motion, cutting his load’s effective weight by 18 pounds.
“I can carry as much as I did 10 years ago,” says the hard-hatted Mr. Saito.
Mr. Saito is part of an experiment by Obayashi Corp. , the construction giant handling the building project, to confront one of the biggest problems facing the company and the country: a chronic labor shortage resulting from a rapidly aging population. The exoskeleton has allowed Mr. Saito to extend his working life–and Obayashi to keep building.
. . .
(p. A14) The Fujisawa Aikoen nursing home about an hour outside Tokyo started leasing the “hybrid assistive limb,” or HAL, exoskeletons from maker Cyberdyne Inc. in June.
In Hokkaido, 60-year-old potato-pickers use rubber “smart suits” making it easier to bend over. Baggage handlers at Tokyo’s Haneda airport employ similar assistance.
In cases where older people simply can’t do the job or aren’t available, Japanese manufacturers are turning to robots, which help them keep costs down and continue growing.
Bank of Tokyo Mitsubishi UFJ, Japan’s largest bank, employs a small robot speaking 19 languages to greet customers, while a Nagasaki hotel staffed mainly by robots opened in July. Komatsu Ltd. is developing self-driving vehicles for construction sites, while industrial robot maker Fanuc Corp. is designing machines that repair each other.
Toyota Motor Corp. is testing in homes its “human support robot,” a videophone/remote-controlled android that allows family and friends to perform tasks for distant elderly people as if they were in the same home. In one demonstration, a young man uses a tablet to look around a bed-bound older man’s room, then directs the robot to open the curtains and bring the older man a drink.
SoftBank Group Corp. earlier this year drew global attention when it put on sale in Japan an automaton called Pepper, which it called the world’s first robot capable of understanding emotions. One of the earliest uses for the 4-foot-tall white humanoid is as a nursing helper.
In a Kanagawa Prefecture test, Pepper entertained a room of 30 80- to 90-year-olds for 40 minutes. He led them in light exercises and tested their ability to recognize colors and letters. Women patted his head like a grandchild.
Showing a video of Pepper with a dementia patient on another occasion, Shunji Iyama, one of the developers, says the robot may sometimes work better than people. “That man keeps repeating himself over and over again,” Mr. Iyama said. “If Pepper were human, he’d get fed up, but he just repeats the same reaction and doesn’t get tired.”

For the full story, see:
Jacob M. Schlesinger and Alexander Martin. “Graying Japan Tries to Embrace the Golden Years.” The Wall Street Journal (Mon., Nov. 30, 2015): A1 & A14.
(Note: ellipsis added.)
(Note: the online version of the story has the date Nov. 29, 2015, and has the title “Graying Japan Tries to Embrace the Golden Years.”)

Uber Attracts Older Drivers for the Freedom, Flexibility, Adventure and Money

(p. B1) When Carol Sue Johnson, 73, wheels her silver Mazda S.U.V. out of her driveway in suburban Minneapolis, she doesn’t know how much money she will make driving for the ride-hailing service Uber, but she’s sure she will have an adventure.
Her passengers run the gamut, she said, from three visiting Chinese business executives who were surprised to see a female driver, to teenagers needing a ride to hockey practices or games.
When one group of teenagers “started to get too rowdy,” said Ms. Johnson, who goes by Sue, “one of them told the others to stop because ‘Grandma’s in the car.'”
. . .
(p. B4) For most senior drivers, the biggest advantage is the extra income. Many of those who continue working after 65 do so because they would be too poor otherwise, according to a new report from the labor-backed Economic Policy Institute that found the current retirement system inadequate.
But driving for a ride-booking service, some retirees said, also can offer more than money.
“I love the freedom, the flexibility — and the cash coming in every week,” said Maureen Mahon, 59, who first saw an Uber advertisement on the side of a bus in Manhattan. Ms. Mahon, who lives in Brick Township, N.J., said she had been laid off twice in recent years from Wall Street, and has been driving intermittently since mid-2014.
“I meet businessmen, college kids on their way out for the night, folks going to parties, pretty much the whole range,” she said. “You can drive as much or as little as you like. If the weather’s bad or you have a doctor’s appointment, you just don’t turn on the app.”
Another attraction, compared to driving a taxi, is safety, since customers are screened and no cash is exchanged. So, too, is the opportunity for drivers to shape the job on their own terms.
Driving for Uber “is like a game,” said Stephen B. McPhail, 66, a former charter bus driver who lives in Covington, Wash., south of Seattle. “I like to map out how I spend my time to make the most money.”
An early riser, he gets up at 4:30 a.m. to land several airport rides. Typically, he said, “I work five hours to make between $100 and $150 a day, and I can be done as early as 10 a.m.”

For the full story, see:
ELIZABETH OLSON. “Retiring; Retired, and Now Hitting the Road for Uber and Lyft.” The New York Times (Sat., JAN. 23, 2016): B1 & B4.
(Note: ellipsis added.)
(Note: the online version of the story has the date JAN. 22, 2016, and has the title “Retiring; Older Drivers Hit the Road for Uber and Lyft.”)

Challenging Videogame Improves Attention and Memory in Seniors

(p. R1) Neuroscientist Adam Gazzaley and his colleagues at the University of California in San Francisco have found that playing a challenging videogame upgrades our ability to pay attention.
As reported in the journal Nature in 2013, the Gazzaley lab trained 60- to 85-year-old subjects on a game called NeuroRacer. The multitask version involves simulated driving along a winding road while quickly pressing keys or a game controller to respond to a green sign when it appears on the roadside. As a control, some subjects played a single-task version of the game that omits the winding road and involves only noticing and responding to the green sign. To ensure that subjects were genuinely challenged but not discouraged, the level of game difficulty was individualized.
After 12 hours of training spread evenly over a month, multitasking subjects were about twice as efficient at shifting attention as when they started, a huge improvement by any standard. Remarkably, their new scores were comparable to those of 20-year-olds not trained on NeuroRacer. The subjects still tested positive six months later.
The multitaskers also got an unexpected brain bonus. Their sustained concentration and working memory (briefly holding information such as a phone number) improved as well. The training had targeted neither of these functions, but the general benefits emerged nonetheless.

For the full commentary, see:
PATRICIA CHURCHLAND. “MIND AND MATTER; A Senior Moment for Videogames as Brain-Boosters.” The Wall Street Journal (Sat., Oct. 3, 2015): C2.
(Note: the online version of the commentary has the date Sept. 30, 2015, and the title “MIND AND MATTER: Videogames for Seniors Boost Brainpower.”)

The Gazzaley article mentioned above, is:
Anguera, J. A., J. Boccanfuso, J. L. Rintoul, O. Al-Hashimi, F. Faraji, J. Janowich, E. Kong, Y. Larraburo, C. Rolle, E. Johnston, and Adam Gazzaley. “Video Game Training Enhances Cognitive Control in Older Adults.” Nature 501, no. 7465 (Sept. 5, 2013): 97-101.

Affluent Are More Likely to Work During Retirement

That the affluent are more than twice as likely to work past retirement, may be a sign that the better paying jobs are also the more satisfying jobs.

(p. B9) But retirement isn’t for everyone. Affluent individuals are more than twice as likely as other people to keep working in retirement, according to a July survey by Bank of America’s Merrill Lynch and Age Wave, a research firm based in Emeryville, Calif., that specializes in aging populations.

Some 33% of retirees with $1 million to $5 million in assets are working, as are 29% of those with more than $5 million. Most say they do so because they want to, not because they have to, according to the survey.
Half of affluent working retirees have shifted to a different line of work, most often because of greater flexibility of scheduling, the opportunity to experience new things, and the pursuit of a passion or interest, the survey found.
The results show how important it is to consider what you will do with your time and to think hard about whether that will be satisfying.

For the full commentary, see:
LIZ MOYER. “Can You Afford to Retire Early?” The Wall Street Journal (Sat., Aug. 2, 2014): B7 & B9.
(Note: the online version of the commentary has the date Aug. 1, 2014.)

To FDA Aging Is Not a Disease, So FDA Will Not Approve Drugs that Extend Life

(p. D1) Some of the top researchers on aging in the country are trying to get an unusual clinical trial up and running.
. . .
The trial aims to test the drug metformin, a common medication often used to treat Type 2 diabetes, and see if it can delay or prevent other chronic diseases. (The project is being called Targeting/Taming Aging With Metformin, or TAME.) Metformin isn’t necessarily more promising than other drugs that have shown signs of extending life and reducing age-related chronic diseases. But metformin has been widely and safely used for more than 60 years, has very few side effects and is inexpensive.
The scientists say that if TAME is a well-designed, large-scale study, the Food and Drug Administration might be persuaded to consider aging as an indication, or preventable condition, a move that could spur drug makers to target factors that contribute to aging.
. . .
(p. D4) Fighting each major disease of old age separately isn’t winnable, said S. Jay Olshansky, another TAME project planner and a professor at the school of public health at the University of Illinois at Chicago. “We lower the risk of heart disease, somebody lives long enough to get cancer. If we reduce the risk of cancer, somebody lives long enough to get Alzheimer’s disease.”
“We are suggesting that the time has arrived to attack them all by going after the biological process of aging,” Dr. Olshansky said.
Sandy Walsh, an FDA spokeswoman, said the agency’s perspective has long been that “aging” isn’t a disease. “We clearly have approved drugs that treat consequences of aging,” she said. Although the FDA currently is inclined to treat diseases prevalent in older people as separate medical conditions, “if someone in the drug-development industry found something that treated all of these, we might revisit our thinking.”

For the full story, see:
SUMATHI REDDY. “To Grow Old Without Disease.” The Wall Street Journal (Tues., March 17, 2015): D1 & D4.
(Note: ellipses added.)
(Note: the online version of the story has the date March 16, 2015, and has the title “Scientists’ New Goal: Growing Old Without Disease.”)

Longevity and Frugality Allow More Happiness Through New “Second Act” Jobs

(p. B7) Research suggests that happiness over the course of our lives is U-shaped, with our satisfaction deteriorating through our 20s and 30s, hitting bottom in our 40s and then bouncing back from there.
What causes the decline in our happiness during our early adult years? We don’t know for sure. It might be the stress of juggling work and home life, or it could be the gradual realization that we won’t fulfill all of our youthful ambitions.
But for some, midlife dissatisfaction may reflect growing disenchantment with their chosen career. The good news: Today, thanks to our longer life expectancy, we have time for a second act.
In fact, that second act may be necessary if we are laid off. Our new career could prove more fulfilling, but it might come with a smaller paycheck.
This is a reason to start saving as soon as we enter the workforce. If we do that, we likely will have the financial flexibility to swap into a less lucrative job. What if we haven’t been good savers? We may be stuck in a job we have come to hate.

For the full commentary, see:
JONATHAN CLEMENTS. “Can You Afford a Long Life?” The Wall Street Journal (Sat., APRIL 25, 2015): B7.
(Note: the online version of the commentary has the date APRIL 23, 2015, and has the title “What Long Life Spans Mean for Your Money and Career.”)

117 Year Old Said “Her Life Seemed Rather Short”

(p. A10) Misao Okawa, the world’s oldest person, died Wednesday, a few weeks after celebrating her 117th birthday.
. . .
Ms. Okawa, . . . , said at her recent birthday celebration that her life seemed rather short.

For the full story, see:
THE ASSOCIATED PRESS. “WORLD BRIEFING; Japan: Weeks After a Birthday, the World’s Oldest Person Dies.” The New York Times (Thurs., APRIL 2, 2015): A10.
(Note: ellipses added.)
(Note: the online version of the story has the date APRIL 1, 2015.)

26 Different Drugs Lengthen Healthy Life Span in Mice

(p. F5) For thousands of years, people have sought to escape or outrun their mortality with potions, pills and elixirs, often blended with heavy doses of hope and will.
In the “Epic of Gilgamesh,” a Mesopotamian king searched for the secret of immortality after the death of his best friend. At least three Chinese emperors in the Tang dynasty died after consuming treatments containing lead and mercury that they hoped would make them immortal. In the late 19th century, a French-American physiologist seemed to have found the elixir of life by injecting the elderly and himself with extracts from animal testicles.
. . .
“By targeting fundamental aging processes, we might be able to delay the major age-related chronic diseases instead of picking them off one at time,” said Dr. James Kirkland, a professor of aging research and head of the Robert and Arlene Kogod Center on Aging at the Mayo Clinic. “For example, we don’t want to have situation where we, say, cure cancer and then people die six months later of Alzheimer’s disease or a stroke. It would be better to delay all of these things together.”
This is where the field known as the biology of aging is moving — to develop drugs that will increase life span and what researchers refer to as health span, the period of life when people are able to live independently and free from disease.
Dr. Kirkland said that at least six drugs had been written up in peer-reviewed journals and that he knew of about 20 others that appear to affect life span or health span in mice. The goal is to see if those benefits can be translated into humans to increase their longevity, “to find interventions that we can use in people that might, say, make a person who’s 90 feel like they’re 60 or a person who’s 70 feel like they’re 40 or 50.”
Other researchers are studying centenarians, seeking to understand whether certain genes have carried them past 100 years old and kept them in good health.

For the full story, see:
TRACEY SAMUELSON. “Science (and Quacks) vs. the Aging Process.” The New York Times (Weds., Nov. 19, 2014): F5.
(Note: ellipsis added.)
(Note: the online version of the story has the date NOV. 18, 2014.)

Solution to Problems of Retirement: Don’t Retire

(p. A13) Unsurprisingly, one response to the retirement challenge is: Don’t do it. Not, at least, until you really must. As Mr. Farrell argues (with plenty of supporting evidence), there is no magic element of personal doom attached to one’s 65th birthday or whatever age is believed to separate honest labor from a twilight of idleness. If you like what you do well enough, can perform your tasks competently and could use the income, why not keep working? The satisfactions of work are too often unrecognized in the popular imagination. Without it, a lot people wouldn’t know what to do.
And the longer you work, of course, the more money you will have when you eventually do retire, a strategy that works to the good of society too, since your paychecks will be contributing to FICA and will help keep the system running.

For the full review, see:
GEOFFREY NORMAN. “BOOKSHELF; Second Acts After 65; People who could be playing golf and doting on their grandchildren are starting businesses. One senior launched a coffee house in Detroit.” The Wall Street Journal (Weds., Sept. 24, 2014): A13.
(Note: the online version of the review has the date Sept. 23, 2014, and has the title “BOOKSHELF; Book Review: ‘Unretirement’ by Chris Farrell; People who could be playing golf and doting on their grandchildren are starting businesses. One senior launched a coffee house in Detroit.”)

The book under review is:
Farrell, Chris. Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and the Good Life. New York: Bloomsbury Press, 2014.

Moss Revived After 1,500 Years

(p. D3) Typically, plants break down into organic matter as they become permafrost. Looking at the ancient moss from Signy Island, however, Dr. Convey and his colleagues wondered if, after centuries of frozen darkness, it could grow again.
It was an unlikely idea. Scientists had not managed to revive moss that had been frozen for more than 20 years. Still, Dr. Convey thought it would be interesting to try. “It was just kite-flying,” he said.
The scientists put a core of Signy permafrost under a lamp in a lab in Britain and misted it from time to time with water. After a few weeks, the moss was sending up new green growth.
The deepest layer in which the resuscitated moss grew was three and a half feet below the surface. Based on radiocarbon tests, as they report in the journal Current Biology, the revived moss turned out to be more than 1,500 years old. It’s been in a state of suspended animation, in other words, since the age of King Arthur.
. . .
In some cases, organisms may naturally revive after thousands of years without scientists’ help. And it’s possible that they play an important role in their ecosystems.
At the end of each ice age, for example, retreating glaciers leave behind bare ground that develops into new ecosystems. Dr. Convey wonders if moss, and perhaps other species, may survive under the ice for thousands of years and revive when the glaciers melt. “That gives you a very different way of understanding the biodiversity of a region,” he said.
While cloning mammoths remains speculative, reviving dormant organisms is now passing out of its proof-of-concept stage. The research could lead to using revival to help bolster endangered species.
“You could use whatever is stored in ice or sediment as a sort of backup for biodiversity,” said Luisa Orsini of the University of Birmingham in England. But, she said, “one has to be really, really careful introducing something from the past.”

For the full story, see:
Carl Zimmer. “MATTER; A Growth Spurt at 1,500 Years Old.” The New York Times (Tues., MARCH 18, 2014): D3.
(Note: ellipsis added.)
(Note: the online version of the story has the date MARCH 17, 2014.)

The academic paper reporting the research summarized above, is:
Roads, Esme, Royce E. Longton, and Peter Convey. “Millennial Timescale Regeneration in a Moss from Antarctica.” Current Biology 24, no. 6 (March 17, 2014): R222-R223.