Bill Taranto

It's either going to be acquired by another pharma that was licensing that or they're going to license that target out for their own good.

And then that company has to redevelop another target for someone else to license or build.

It's interesting.

If you look at Arma Services, most of the companies in here, pharma doesn't need to own.

They just need to exist in the world.

And we kind of come together as an industry saying, yeah, it's good if these things, and we'll just be clients of all of them.

The one area that's proprietary, though, is this AI and ML and drug discovery.

That's where pharma will buy these companies.

Because the reality is if they create a target for you, you're going to want to acquire it, or you're going to definitely license it in.

So it's probably the one area that really is going to be

almost impossible to scale.

Though we've had some ideas around it, but I would say, mostly speaking, those will remain almost independent point solution companies because they kind of, we want an area that works as a point solution versus anywhere else.

The areas that we see tons of consolidation happening is supply chain is a wonderful area, manufacturing as well.

The data space is still, you know, worldwide data is still a consolidating play.

And even in the patient access, all those other areas that I talked about,

are all ripe for consolidation.

And even in the clinical development, the e-clinical trial space, that will be a consolidation.

The only thing I'll just say is probably that won't consolidate is that AI and ML for drug discovery, very, very specific around targets.

But a great area to invest.

It's probably the biggest area, one of the biggest areas where we probably have over 15 portfolio companies in AI and ML and drug discovery.