Theo Jaffee

This is definitely not the only one.

But it seems to me like the big picture here is like, this has effects on what you pay for medication.

It has effects on how fast you can get treatment for novel conditions.

It's like actually like kind of flowing through all these different channels as well.

I guess if you die, you just start replying to texts.

You're not going to reply and be like, yeah, I am dead.

It's like, oh, did they leave the trial?

Yeah.

So, I mean, we're coming up here on like, I don't know, half an hour, 40 minutes or something like that, Krem.

So, and I think if we can just kind of like bring everyone up to where we are now, it's like, we've talked about this a couple of times, but it's like the US, clearly on a bunch of different measures, China producing a lot more...

they're kind of pushing more drugs through trials.

They're targeting specifically a kind of more unique or the frontier of a bunch of different candidates.

And there's some kind of, there's like, it seems to me that the

The reasons for that are, you know, if you go very granular, they're very complicated.

But the high-level reason seems to me that they have taken a principled approach to doing some policy reform in the space.

Yeah.

And they have traded, you know, they have been careful about trade-offs between speed and efficacy, you know, speed and policy goals and how they do this.

And they've designed good institutions that produce good – I mean, this is like classic Ezra Klein liberalism.

They really have.

So take us through –