John Burn-Murdoch

You've worked yourself quite closely with Larry Ellison in the past.

Should we be concerned that there's a sort of fickleness or capriciousness here that puts a lot of these gains at risk?

Does this mean that countries like the UK or parts of Europe should be thinking, rethinking their approach to working with China in this space?

And so what explains why, with Britain's history here, or look at some of the GLP-1s coming out of Denmark, what explains why Europe and the UK seem to be quite good at that side of things, but very bad at the scaling, the financial side of it?

It feels like there's a bit of a catch-22 here because when I hear about the calls to force or strongly encourage UK investors to invest in UK firms, the pushback is, well, UK firms have performed poorly.

If we'd been doing that for the last 30 years, we'd be worse off than investing in the US.

But maybe a catch-22 there that growth in the UK pharma and tech firms has been weaker because of that lack of investment as well.

Another aspect of this that often comes up, and we'll get into this more in the Q&A section with listeners as well, is...

Inequality.

We're talking here about increasingly expensive and technologically and data intensive treatments and approaches.

Is there a concern here that whereas previous general health care gains were distributed across the world, things like penicillin, we're now talking about things which are much more concentrated among wealthy countries and even within those countries, wealthy individuals.

You should say here, you know, the NHS are not in the room with us now, and I'm sure they would say something differently.

What should the NHS be doing with things like GLP-1s?

And isn't part of the problem here, again, that they are significantly more expensive than a lot of the treatments that the NHS has covered in the past?

And is there something that maybe needs to look different in the funding model when we're talking about everything coming in at six figures and...

Thinking perhaps more broadly than the UK, when you look five years down the track, where do you think other gains have come from?

Well, other gains, but also other impacts of the gains we're seeing today.

What is this all going to look like in a few years' time?

How do you think about AI in that space?

Because it strikes me as interesting that