Theo Jaffee

I mean, GLP-1's obviously kind of originally developed overseas.

It's driving the trade deficit with that country, but the biggest markets in the US.

So tell us a little bit more about that.

Let's not throw around the C word like that.

It's a mixed economy, Cram.

It is.

So it sounds like without kind of presupposing, you know, without getting ahead of you here, it sounds like the kind of general story here is there are like good aspects to, if we're looking generally, how has the Chinese clinical trial process changed?

How is that changing the contribution to kind of global medical research?

There are some kind of pros and cons.

The kind of like meta story here that you're also interested in, Cram, is like there's a strategic element to being the country that is driving funding

kind of cutting edge medical research.

And I suppose, again, I don't want to get ahead of your conclusion here, but it strikes me that there are probably process reasons, kind of internal bureaucratic and policy reasons in the US why China has been able to pull ahead here in what you might think is an area where the US has a natural advantage.

So maybe I'll stop just predicting what you might be able to say and let you go through and take us through your thoughts here, Grant.

Yeah, let's do it.

And what's the total rate?

Like if you take of all the interventions that go into trials, it's like something like 10% make it through.

People buying them off the dark web, getting them shipped to San Francisco, getting very skinny.

That's right.

Yeah, I see.

But China is not just- And so just the context for the audience, if you're just tuning in, we're talking about kind of Chinese, changes in Chinese in the clinical trial space and how that's kind of translating through to kind of interventions being approved in China and for the rest of the world.