Alice Han

Novo Nordisk actually won a legal case with the Supreme Court in China to uphold its patent of semaglutide, which is used in its GLP-1 drug.

And that's used for diabetes and weight loss.

So potentially that gives it a bit of a moat in China and elsewhere.

But it seems like these new variations...

coming out of China that use different protein structures.

So that could be really interesting.

And I don't think people are tracking this closely.

But as we know, James, having studied China for a bit, is that as soon as China gets into the market, just think about the number of different entrants there'll be and the prices that they'll push down.

I mean, if you had told me, James, 10 years ago that this is where China was heading, I would not have believed you.

We've come to a point where people are giving, not only having cats, but they're giving their cats weight loss drugs.

This is absolutely insane.

But I wonder what your experience was like in China, James, because what I've noticed in the last, call it five years,

is that instead of eating at home and cooking at home, people are eating out a lot.

Waimai is so cheap.

They call it Waimai, which is, you know, takeout.

It's so cheap and so readily available and good that people do it all the time.

And this is so different from a culture that used to, I think, focus heavily on home-cooked meals.

And I think a good model for this is Hong Kong because Hong Kong has a strong culture that is pro-aging.

You regularly see some of the oldest people in the world living in Hong Kong and generally very fit because people are walking a lot.

They're eating home-cooked food a lot and they're eating vegetables, seafood, a huge mix.