Antoine Papiernik

are the biotechs and the pharma companies.

So these are, from a business model standpoint, more tech companies that will generate a turnover, an ARR, as they say.

So they will generate business in order to help those companies develop products.

So that's one pillar of tech bio.

And the other one, which is often referred to as health tech, is really

all these technologies that connect the patient, the physician, the hospital.

So how do we improve on this, on where most of the costs are, which is, you know, that setting, you know, the patient is going to visit the hospital

The physician in a hospital is where 80% of the cost of our healthcare systems are.

And I think there's a lot that digital medicine, of course, the use of AI can do to improve that.

So those are what we're focusing on.

And we thought you need to have a dedicated team to understand this.

The co-investors, by the way, are very different.

They are more tech co-investors rather than just the run-of-the-mill people who know about developing drugs.

No, well, it's a great question.

And several thoughts come to my mind.

First of all, you know, ChatGPT has been just an amazing... ChatGPT and all the LLMs have opened up, you know, people's brand to what AI could do.

But my take, and, you know, I'm not the AI specialist in the world for sure, but what I can see just looking at...

the discussion of pharma industry, for instance, is that, you know, these horizontal models, the chat GPTs, including the mistrials of this world, I mean, by definition, they're super good at this horizontal layer.

What more and more people understand

Per industry, you need to dig deep into the knowledge that you have in one industry.