Bill Taranto

But I think for us, what's fascinating is those four quadrants don't necessarily change for us.

It's the evolution of those four quadrants and how do we

think about where that evolution is going and making sure we're making the right investments in those.

But we're pretty bullish on all four of those.

Yeah, I would say the majority is around access, but it's a really timely question because, you know, Merck is a global healthcare company and the fund traditionally is focused mostly on the U.S.

But in the last 18 months, we've made a concerted effort to focus a lot of our investing outside the U.S.

And we did that by starting two things.

We started something called our Idea Labs in one base in Singapore and one base in Berlin.

And the idea behind that was how do we solve

local problems in local markets for our local MSD organizations that are struggling to do things like around access, especially around vaccines.

And what we did was we made an agreement with our local MSD organizations.

So what we did was in 10 markets within Asia, we said, we'll invest up to $15 million in equity if you invest up to $5 to $7 million in commercial agreements.

to build out these use cases that are most important for the local businesses.

So it could be anywhere from India, Vietnam, Philippines, Taiwan.

And root-solving those, but allowing us to deploy capital outside the U.S.

in ways we had, because now we have a local MSD support with those companies.

Because I don't have a staff locally in those areas.

And then the one in Berlin is more of the five larger markets, the G5 sort of markets.

But again, doing the exact same thing, solving local MSD problems in those markets around Europe.

And so we did the same thing with them.