Ragon believes he can succeed where major governments have failed: By bringing together top doctors, scientists and engineers in a moon-shot bid to cure one of the world's wiliest viruses
Terry Ragon, the billionaire founder of software company, InterSystems
Image: Michael Prince For Forbes
It’s opening day at the Ragon Institute’s new building, a sparkling 30,000-square-meter glass-and-steel edifice on Main Street in Cambridge, Massachusetts. Governor Maura Healey, New England Patriots owner Robert Kraft and presidents past and present of MIT, Harvard and Mass General Brigham are sipping lemon spritzers and nibbling hors d’oeuvres. A choir of a dozen scientists and staffers starts singing Somewhere Over the Rainbow. Everyone is here to toast Phillip “Terry” Ragon, the billionaire founder of software company InterSystems, and his wife, Susan, also an executive at the firm. The Ragons have donated $400 million for research to harness the immune system to fight disease. Soon, instead of singing, these same scientists will be running experiments on gleaming white-and-silver lab benches in a bid to cure one of the world’s most elusive viruses: HIV.
“We started to evolve this whole idea of a Manhattan Project on HIV,” says Ragon, 74, in a rare interview, referring to America’s massive R&D program to build the first atomic bomb during the Second World War. “If you tried to do the Manhattan Project back during World War I, you would have failed because we didn’t know about quantum mechanics. If you waited until World War III, you’d have been too late.”
Ragon, who is the sole owner of InterSystems and is worth an estimated $3.1 billion, believes—despite all good evidence to the contrary—that we are on the cusp of a similar scientific breakthrough when it comes to curing the estimated 39 million people worldwide living with HIV, the virus that causes AIDS.
It’s a bit crazy. After all, huge organizations with vastly more resources than the Ragon Institute have spent decades trying to develop an HIV vaccine. After years of trials and a $500 million pledge, Johnson & Johnson pulled the plug on its last large-scale trial in 2023, a vaccine based in part on Ragon Institute research. In total, governments, nonprofits and companies have spent about $17 billion on HIV vaccine development over the past two decades, per HIV nonprofit AVAC. Not a single one has made it beyond Phase III clinical trials. Ragon, however, is not deterred. He says government funders typically evaluate research proposals not just upon their importance, but also on the likelihood of the experiment working out. That never made sense to him. “You would expect most experiments to fail,” he says, which is why he believes his efforts, focused on funding riskier, earlier-stage research, will succeed where bigger players have fallen short.
The need is dire. In wealthy countries, HIV and AIDS have been largely contained by expensive drugs, but the disease still killed some 630,000 people in 2022, mostly in sub-Saharan Africa and Southeast Asia. United Nations (UN) research estimates ending the epidemic could generate economic benefits of $33 billion a year in lower-income countries through 2030. The Centers for Disease Control and Prevention, or CDC, says about 1.2 million Americans are HIV positive; the lifetime cost of treating each person is around $420,000, per a 2021 study.
(This story appears in the 20 September, 2024 issue of Forbes India. To visit our Archives, click here.)