joining me from new york is bernie meyerson. how are you using these patents? for instance, we have entered a new era, we used to talk about memory, the reality is, information technology is an assistant technology and these patents support that. we have patents that look at the issue of -- can i help somebody who has alzheimer's complete a phrase when they get lost? this is an issue. we get results out of taking watson even further into the future. when it speaks, it has to be emotive. if a building is on fire, you do not want it to say, run for the exits. you want it to say, run! we started working on them many years ago. now they are seeing the light of day as a product. emily: there is a quantity versus quality question here. bernie: the truth of the matter is, i would debate whether or not it is an issue of quality. if you look at the patents we have, many of them tend to be foundational. these are at the leading edge of an emerging technology. when a patent is issued in 2015, it may have been filed in 2011, 2012, and it may have been worked on five years p

emily: bernie meyerson, thank you so much. be watching to see if you are on the top of the list in 2016. the most cutting-edge innovations in biotech showcase at a major industry conference here in san francisco this week. our steep declines in biotech stock -- are steep declines in theech stocks hurting industry? " is next.mberg west ♪ emily: the jpmorgan health care conference has been underway in san francisco this week. it is one of the most important conferences of the year for this industry with 300 companies presenting to more than 4000 investors. it is usually a week of optimism, investors cannot ignore the sea of red as biotech stocks get off to the worst start in trading in years. third rock partner joins me now to discuss whether public market sentiment is spilling over into private funding. it has been a bad start to the year with a lot of companies. >> it is ugly. a lot of the fundamentals are very strong and great. it is a great conference except for all of that red. biotech is cyclical. it has a lot of volatilit