Jacob Kimmel

We have an external innovation department.

If we don't have one internally or we're collaborating with a startup that's doing something similar.

And so you can kind of think of the market structure like you have a bunch of biotechs, which are kind of like the startups in your ecosystem.

And then they're working with something like an oligopsony of pharmas, where it's like a limited number of buyers for this particular type of product, which is a therapeutic asset that is ready for a phase one, phase two trial.

And so there's a very liquid market for the phase one, phase two assets.

And that's the point at which these partnerships can come to fruition.

And so I think that's what a lot of those leaders would say.

Now, some of them, by contrast, for instance, Roche bought Genentech back in 2013.

R&D is currently run by Aviv Radev, one of the scientists I admire most in the world, who is like a thousand times smarter than me.

And, you know, she's one of the people who invented this technology and has a big group doing this sort of work there.

So it's not like every pharma takes that view, but I think that's sort of a general trend.

Interesting.