Theo Jaffee

I mean, the takeaway, like, you know, just on a high level to me, it's like there's a political problem here.

And, you know, there's an information problem, which is the people who say, if we take just what the administration, the current administration is doing really well in the space, it sounds to me like,

there's an awareness problem in the market, which is like, you want your pharmaceutical companies to know what's going on here.

You want them to be able to take every little dereg that goes through.

You want your greedy pharma execs to be absolutely optimizing the hell out of that little deregulation or that change in the rules because you want new drugs coming through the pipeline, right?

And on the other hand, it seems to me there's this long term

a long list of learnings that we could take from Chinese structural reform in this space or Chinese policy reform in this space and apply in the slightly different context of the US, of course.

That seems to me, it seems politically, like you could pitch this to the left, you could pitch it to the right.

It's like quite a bipartisan approach.

Subject, right?

I mean, it makes sense to me, Cram, that there'd be certain people, and maybe yourself included, who would take a kind of – there is a useful lens here, which is the kind of zero-sum lens of global competition, which is to say the US gets a bunch of strategic benefits from being at the cutting edge of medical research.

The population of the US gets a bunch of benefits.

Yeah.

Americans benefit from being at the cutting edge here.

They get the best treatment.

They get it fastest.

Maybe they pay a little bit more money for it, but you know, people are willing to pay.

When you're rich, you're willing to pay for an extra year of your life.

So it seems like there's that angle and that makes perfect sense.

Stepping back, it seems to me like there's also a kind of positive something happening here, which is, and you said at the start, right, you were like, the rest of the world is not pulling their weight in terms of innovation in this space.