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[Music] GLP-1 drugs have become increasingly popular. Eli Liy coming to save us here
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has had its market capitalization increase by about 860% since he became
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CEO and the stock price is up a little bit more than a,000%. No need for needles. Eli Liy says it has
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a pill. Eli Liy's experimental pill appears to work as well as the injected drug.
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It's everyone's job to move the science. We should always be pushing forward. [Music]
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Ladies and gentlemen, please welcome Eli Liy CEO Dave Ricks.
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[Music] How are you?
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Hi, David. Good to see you. Good to see you. How are you? How are you, Dave? All right.
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You want to say thank you? I just want to Dave. Yes. I don't want to make it awkward.
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Well, we were sitting here three years ago on this pod and Chimath was calling me a fat bastard.
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He wasn't wrong. I was 213 lbs. I'm afelt 172 right. Awesome.
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And it's because of what you've done. Thank you. Can I give you a hug? You can. Yeah. Bring it in here. Bring it in here.
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I appreciate it. Congratulations. That's also Sax lost 20 pounds. So together we've lost a Freedberg. That's actually
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my husband. Come on. Nice. Nice. How much money are you guys printing? My
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lord. What do you do with it? You have wheelbarrels. What do you do with Can I
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please start? Yes. Go ahead. Okay. Sorry. I got four more jokes. I'll get them in the end. Um I mean you really have built one of
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the most incredible business in America, but you've done it because you took an enormous bet long time ago.
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Yeah. Um, do you want to talk us through the journey and the process you had to
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go through and what you saw early on and um, how you made the bet on this class of drug? Yeah, great. And thanks for having me
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here. I'm trying to up my cool factor. That's what they tell me in M Midwest I need to do. Can you get a Tomas Ford uh, suit as
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well? No, I'm actually disappointed in the in the ties. Like that's I don't know. That's not
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You and I are you and I guy wears ties. Dave Suit Supply does a great job. Just own it. Okay, there we go. Just donate.
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Okay, so uh yeah, GLP1 drugs, we all know about it. It feels like an overnight success, but what what happened? You know, drug development is
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hard and long and requires a fair amount of failure and discipline, a huge amount
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of capital. So, actually in 2006, we launched the first GLP-1 drug. Nobody really knew the name of it. It was a
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twice a day injection for diabetes, but the cover of our annual report uh in 2007 had a lady on it and she said
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there's a quote. It says, "Oh, my diabetes is under control and I'm losing a little bit of weight." So, that was 18
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years ago. I mean, and since that time, we're now we've been inventing new versions of that, solving various
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problems with that twice a day. We wanted to make it more convenient. Needed to get the dose up and people tended to lose weight, more weight when
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you when you got the dose up. And then tzepide which um you ask how much money
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we're making but in actually in Q2 we reported uh global sales which surpassed Kitruda to becoming the bestselling drug
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in the world. Actually the bests selling drug in the world of all time in Q2 this year. How much did it make in Q2?
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We 8.1 billion in revenue and growing at 80%. Yeah.
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And and how many people are on a GLP1 globally now? I'd estimate around 20 million take
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prescription GLP1s. some unknown amount of people take nonprescription. But
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anyway, so that would be compounding compounded or synthetic. Yeah. Or just like not for human use. We
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can talk about all that. Yeah. So anyway, um 2014 comes along. Uh four
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scientists at Lily decided to combine GLP-1 with another peptide that your stomach produces when you eat that's
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appetite suppressing. They made the single molecule culture. That's what's Mjaro now. But that happened in 2014.
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2016 I be I was named a CEO and I got a call that fall and one of our chief
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scientists called me and said hey we're we have to stop an early phase study for tepatide that's usually a bad call so
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I'm like ah like this is the followup to our second gen version of the GLP1 he
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said no no it's actually good good news we were running this study in Singapore with healthy male volunteers you can
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imagine what a healthy male Singaporean looks like at baseline right they're
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they're not overweight And we had to stop the study because they were losing too much weight too quickly. They were
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basically not eating. So scientists like actually it's good news. We can tune the
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dose down. We can work with this. And from there it was kind of just just execution. We knew it was going to be
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huge. And we started building out supply chain, building out factories, running a
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massive clinical program. We currently have over a hundred clinical studies with the medicine going on for all kinds
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of other uses as well, not just slowing down. We're going to go there in one sec, but I just want to go back to this. So the
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problem now, and maybe you can comment on this, is you have this enormous success. Yeah.
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There is a very active gray market, particularly in China, peptide
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synthesis, that are producing drugs that are basically the equivalent of your drugies,
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working around copies. Y um talk to us about that. How do you deal with that and what do you do about
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that and what should people do about that and when they encounter it? Yeah, it's an unusual situation. I think
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there's always been counterfeit medicines. We're not used to it in the United States because we one have a for
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most people a pretty good system to subsidize some of the benefit via the insurance markets. So there's not a lot
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of incentive to go outside the system. That's different for these drugs because insurance quality is poor. or most I
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don't know if you bought out of your own pocket but most people have um and so did you pay out of pocket? Well, interestingly when I first got it
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four years ago I had this revelation when I was in forto de Mar and um I had
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heard Tim Ferrris talk about it on his podcast with a friend of mine Kevin Rose and I went to my doctor and I said hey I
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want to get on this. He said what is that? He said oh no you don't need that. That's for people who are diabetic. You're not even pre-diabetic. I said no
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I want to do it for weight loss. It's off market. He said I don't know if I can do that. I said I'm going to get a different doctor if you don't. and he said, "Let me try."
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Yeah. And he got it on prescription. After I lost 20 pounds and my BMI got below 30,
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which really, I mean, I don't want to get emotional, but I got three daughters. I want to stick around. And it really changed my life incredibly.
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And in in many ways, I was embarrassed that I couldn't have the discipline to do it. And then I realized there was a
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food noise that I had that was constantly screaming. And once I cycled off of it for many months and now I'm on
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extremely low dose, the food noise and my discipline has come back. There's something about a certain moment where
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you get too far over it. So now I I do have to pay for drug. Yes.
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You've always Yeah. And I I think you know the the question I have for you
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about this big picture is there's a lot of demand for it. It is still a bit too expensive. You're wildly
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profitable. This going to be a pill format. I think you're Yeah, that's ours. That's coming next year.
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So, is there some thinking when your, you know, head hits the pillow, hey, I'm having such a profound impact on so many
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people's lives that all of the diseases we have are downstream of obesity. We
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know that this thing is helping with many other things. Do you have a moral imperative to bring
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this down, you know, 50% in price? I would think you that must weigh on your conscience that it's too expensive and
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you're too profitable in a way and there's shareholders who want you to print money but there are lives at stake here and there's longevity and there's
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health span so maybe unpack that. Yeah, we're committed to bringing the pricing down and I want to come back to the supply situation because that led to
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some of the compounding but also affects pricing. Um you know we've we've led in reducing the out-of- pocket costs but
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from it was originally $1,000 now it's $4.99 from us. Um, we'll push that down further with new medicines like orals.
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What's the goal for orals? The the main goal is to get it reimbured. Why is it we pay for anti-hypertensive drugs that the moment
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you stop taking them, you have the same exact risk as before, but we don't pay for anti-obesity drugs? That makes no
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sense to me. Why do we pay for surgeries that don't work, but we don't pay for these? What's the number on the pill? What's
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the target? You can tell us. Yeah, I don't have a target in my mind, but lower is the direction. We've told
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we've told the street expect singledigit deflation in this category over time. 5% a year it goes down
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uh or more. Yeah. Or more. 10%. So you get it down from 5%. But here's here's the risk Jason is if if we cut the price to say I don't know
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$100, there will be no more new medicines in this category. Okay? Because we'll have snuffed out
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essentially the incentive to create the next thing R&D. So we have to balance that. We want to create the next better medicine. We
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spend 25% of sales on R&D. This year that'll be 14.2 2 billion. Wow. That has to get paid for paid for
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through revenue. So, so with the cash flow that the business is generating, is that how you think about capital allocation? Some
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percent to R&D, some percent I'm assuming, to capex and supply chain durability,
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some percent maybe to buybacks. I mean, how do you think about where the capital should be allocated? And maybe on the R&D side, you can tell us a little bit
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about diversification and and how else you think about deploying capital. Yeah. Well, I think we're we've had this
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totally asymmetric uh success. So what do we do with it? I think one version of it is to sort of play out the cash flow
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game, return it to shareholders and return at some future date remembering that in pharma all our we have no
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enduring franchise. Everything we make goes to zero because of the patent system. So in 2030 something Mjaro will
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go to zero. Yeah. And so should we think about our company as one that will just return to the
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previous baseline, send all that money back to our shareholders who took that risk over 15, 20 years with us and pay
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them back. That's a little bit like I don't know how kind of Apple is running their company, right? Yeah. And
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that's viable. That's great for shareholders. I And at Lily, we think about our job a little differently. We
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want to create a solution to some other problem people have. And we think we're good at that and can uniquely do it. So,
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we should try. We should not try to no end. That's wasteful. You can just bury all that money. And that's sort of the history of
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the industry is people have found success. Wasted money. they go back to the baseline anyway, but the
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shareholders don't get rewarded. That's the So, we're we're running this experiment now. We're betting a lot on
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organic R&D buildout. We currently have about 4,200 PhD scientists at Lily, by
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the way. That's about the same as MIT and Harvard combined. So, the scale of the science enterprise
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is huge. How do you Dave, how do you push people on the risk spectrum? There's a tragedy of riches that can happen because you're
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so successful. There's this one drug. There could be like some emergent scientist in your organization who wants
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to take a long shot but then just doesn't feel motivated because like h it's just like this is not going to do anything. Yeah.
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How do you get that person unlocked so that they go for the big moonshots? You mean that their idea isn't big enough to matter.
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They think that but they may not know and they may stumble in a different path. I don't think that's our bigger problem. I think in big companies in general and
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pharma companies maybe in particular the bigger problem is people thinking they have a big idea but having no way to
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advance it. Right. So I'm trying to work on that side which is if you think you have something that could be big, how does it become easier
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to advance your idea in our company versus leaving us and raising money in venture? We can talk about venture and biotech in a second because it's totally
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totally broken broken right now. But um anyway back to David's question. So first priority invest in organic R&D.
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Secondly build out the supply chain. What's different about MARO and the following drugs is they're injectable
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drugs. These are very capital intensive technically difficult things to scale. We've committed with President Trump uh
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to build all that in the US. We're currently constructing six plants. We're going to announce four more in the next
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6 months. I was hoping to be able to announce one today, but that'll come in a few weeks. So, yeah, this is creating
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um 20,000 construction jobs in this period and ultimately five or six thousand manufacturing jobs. Um and so
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we'll become a net exporter at scale for these. And unless some Chinese stateowned enterprise gets in this
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business, it'll be very hard for others to build that out and follow. Well, they're doing in the car business. So,
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yeah, if they're determined, they might. But then the final is is actually to buy external innovation where it makes sense
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to tuck it in. And maybe that leads us to market. You just you bought that gene therapy,
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right? Yeah. We recently bought a gene therapy company in in June. We can talk about that. But um we're doing a deal about
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every two weeks. Most of them are smallish. Biotech funding right now is a
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is in a dumpster fire. U peak got to about 20 billion in new checks a year
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into biotech. We're now around five. Um and just just walk walk the audience through
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the dynamics. So why is biotech cratered? Why is it so hard for capital to flow back in? What's what are the
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dynamics that are that are that are driving this market condition right now? many factors but the first one is
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competition for other venture ideas driven by the industry you guys are in right so there's just a crowd out going
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on with AI and other things that if it your cycle time to return is just more
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visible or faster biotech is hard and slow um secondly I
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think too many biotechs IPOed in the last decade and so the liquidity market
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has sort of collapsed because there's a lot of investors deeply underwater half of biotech that's publicly traded is
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trading at or below cash, right? So investors look at that and say, "What's
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my future here?" Yeah. It's unless you can really analyze the technology and take a differentiated bet
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on the drugs they're working on. I think general investors don't want to participate in that.
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And then you have China, which is the other factor, right? So China is investing heavily like they do every other stateowned thing. They're
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subsidizing their own companies. They have like a swarm model here where they'll subsidize many small things
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really against followon ideas betting they can execute faster than us. Um it's a national priority for a long time.
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Can you talk about issue there the patent and IP issue? So in the US you know when we make a filing and what goes
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on with respect to China they don't respect any of our IP do they? Well, I think right now they they are okay
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amongst so if I have a patent and I file and launch a product, I don't see immediate copies because it's in their
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interest to have a patent system right now for the reason you're raising. So we um changed the patent laws in the US in
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2011 I think the American vents act where it's first to file. It used to be first to invent and all the pat
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litigation we had was all about whose lab notebook said January 5th versus January 4th on this invention. that was
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the case not did you file it in a reasonable time but did you invent it first now it's first to file so there's no question about who we don't care who
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invented it first it's just who got into the patent office as a consequence of that our biotech companies and big
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companies like Lily Fizer etc we file as soon as we can because we don't get beat on first to file what does that do it a
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patent exposes the invention to the world China's getting very good at patent hacking so what they do is they
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look at that chemical structure they work backwards sometimes driven by AI algorithms to find chemical structure
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that will behave similarly but are outside the patent scope and they go fast. So they're really quite a
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derivative biotech market but that is also hurting biotech valuations in a significant way.
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How old are you? I'm 58. You're 58. You look great. Thank you. You look like 40. What do you want? Off
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the menu. You come on. You look great.
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There's You got some off the menu stuff going on. What do you got? You're on the Wolverine. You want
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It's actually an interesting question. What is your lifestyle routine? Like, do you supplement? Is there anything else? I know. You have Brian Johnson coming.
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Okay. I I follow him on on X. I'm not doing the Brian Johnson. He's the opposite of you. He looks like
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he's dying. You're handsome. That guy looks like he's turning into a You know, that's a vampire.
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There's another Brian Johnson, the liver king. I don't know if you ever follow. Yeah. Both of these guys are taking it too far. But but seriously, be
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I get up early. I I work out. I read. Okay. Try to go to bed early. Sleep is important.
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Sleep. Okay. There's like four things in life that I think really matter where there's evidence. Sleep, eating healthy foods, mostly plants, movement, and
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social relationships. I think those are the things that over time that's cuz I
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got a meditation app. If you got a feedback, you tried to get me to do that. I My wife tried I haven't tried yours. But
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have you been motivated to try some of these drugs prophylactically? You know, I people ask me if I've used the GOP one drugs use. I haven't. Um
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yet is my answer because what's happening as with all medicine technologies you start with the sickest
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the most extreme cases and you work your way as you prove safety to general use.
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I think what we're seeing now with the broad benefits everything from metabolic
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disease less drinking lower inflammation uh our competitor Nova is going to read
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out a study in a few months on dementia risk. It probably won't be positive.
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That's my guess. But it will probably be in the right direction. So you have these sort of general what scientists would say pleotropic effect like
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broad-based positive things. I think we're going to get to a point where taking pretty low doses for most
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people say over 60 58 is not a terrible idea and may help you live longer.
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I just want to follow up on this one specifically. Um these peptides are becoming quite the rage in the
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biohacking space. Have you been tracking the Wolverine Protocol, BPC 157, and the
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tremendous impact people are reporting from it? There's lots of communities like this trying different things. We don't ever
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recommend that because we live in a world of clinical studies and FDA approvals, but you watch it, of course. Yeah.
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And what do you think of those specifically? I are you pursuing them? There are broad
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well we're pursuing them in the path we do which is taking those disease states or people with the pre- disease state
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like pre-diabetes and then we study it and we prove an outcome. So we did that with MARO and showed a 93% reduction in
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conversion from pre-diabetes to diabetes. That's kind of how we work is like slicing the medical stack. These
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guys are coming at it the other way which is sort of saying I'm already healthy. Can I generally stay healthier
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uh with small doses or other regimens, supplements? That's not our game, but we watch it. There's a handful of drugs that I would
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say are epidemically prescribed in America. Probably at the top of the list would be SSRIs and anti-depressants.
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Yeah. And there's a lot of anecdotal evidence that GLPS and this class of drug
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actually is quite helpful with just the psychological health of an individual. Um can you talk
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to us about that? Like what's ongoing? What is a readout that you think could be transformational in that space?
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Yeah, so this is interesting. I mean sometimes we engineer a medicine to do something like we did GLP GIP towards
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appetite to reduce body weight, lower blood sugar and lipids and then sometimes along the way you discover an
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effect you didn't predict. So one of those is like smoking sensation. When we started doing these studies at scale it
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was immediately obvious people stopped smoking. Like a lot of people stop smoking. also gambling and
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gambling and online shopping all kinds of this is why on it because he was stuck in the game
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poker's not gambling but go on so any anyway I was talking about craps so then there have been reports and
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there's a big VA study that read out and we know our veterans suffer from a lot of mental health yeah and there were
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pretty dramatic reductions for those that were using GOP1s who had diabetes so we are now right now starting studies
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in bipolar disorder and major depressive disorder along with these addictive hedonic pathways where you're sort of
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self-medicating um with a new GOP1 a different one that probably that has a little less weight
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loss but a little more brain activity really so dialed in for these uses so we'll get
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that drug in three or four years if it works and I think it could really change some of these terrible mental health
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conditions well can you take a step back maybe and jump off from SSRIs
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give us a description of the landscape of the American human health the ma the maha movement
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you know what Bobby and his team are now doing at HHS. Yeah. Long overdue. I mean, I think the
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the food system in particular um I you're working on this, but could be
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changed in a much more positive way. I think we are the the least healthy metabolic big country and probably the
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reason for that is the food we feed ourselves. processed food chemicals, highly processed food chemicals. This
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whole carb thing that went on for 30 years, which was has been totally debunked and uh food companies have a
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lot of influence and they've you're saying the anti-carb the low carb or no carb thing, the the anti-fat, high carb diets, which
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we were feeding people for 30 years, and I think most people don't believe in that anymore, but it led to a big part
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of the obesity curve, glycemic index kind of thing. So, I I'm all for all
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that and I think we should reform that and find ways to make quality food cheaper and more accessible for many
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people Kennedy. You like that he's shaking it up. It's a big part of Bobby Kennedy. I think that part I think we we
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have a lot of alignment on. I worry about um I'm all for skepticism of
00:21:30
science. That's what scientific process is is questioning and challenging. I worry about some of the stuff going on
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with vaccines right now. Uh because I don't see why we're making the asking these questions. But it's okay to ask
00:21:41
them. But if we restrict access while we're asking them, I worry about that. Can that hasn't really affected the
00:21:47
medicine world. We don't make vaccines. But um at least recently we have. Let me ask you a hard question. Yeah.
00:21:52
Um the mainstream media in many cases make 25 50% of their revenue off of
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advertising from companies like yours. Yes. We allow you to advertise. Should we
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allow you to advertise? And have you captured that mainstream media? Is that the intent when Anderson Cooper makes
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double digits of his money from your firms? Uh well, I would be for a system where
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we don't have nearly as much drug advertising to be clear. Yeah. Yeah.
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Well, that that's paradoxical. How do you then you just want to rise and fall based on your reputation?
00:22:30
Mutually assured destruction, right? People the ads annoy people. They're poorly constructed. Why? Because of
00:22:36
regulation built, believe it or not. If you read the regulation, 1992 FDA published a regulation on advertising
00:22:42
built for magazine print advertisements. Yes. And now we have to follow that regulation for TV advertisements, which
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is why you have the scrolling side effects as if they were printed on the back of the ad. That's literally how we're here. So the ads are poor. They
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don't represent the patients we're serving, etc. By the way, more than half of our consumer spending to reach
00:23:02
consumers is not on TV. So already the technology does work for you. Does it move the needle when you do
00:23:07
a big ad buy there? It does unfortunately. Um that's why people keep doing it. Uh of course
00:23:13
the the productivity of that is debased when your competitor does it but then you're then everyone wants to go up
00:23:18
above the prisoners dilemma. Yeah. A little bit. So um I would be for a system where that got reduced. There's
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been a lot of legal actions that said that that were fought over this through the years and it's pretty clear under first amendment we can do it. It's hard
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to regulate. There's been some efforts in Congress to tax it differently. I'm okay with that. Yeah, it doesn't move my
00:23:37
needle at all. You'd rather see that money go into R&D. I would suspect
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Yeah. You're not going to know what what's available off the sh, you know, on the doctor's shelf to you without any
00:24:02
sort of knowledge or information. Truth is most primary care doctors are way too busy right to even attend a continuing education
00:24:09
even know what's happening people what what do you think of people using chat GPT and large language models
00:24:16
to do their research and then they come to their doctors sometimes with much deeper research than the doctor's aware
00:24:22
of. Is this a plus or a minus? Do you trust it? Do you do it yourself? I think it's a huge plus I would say and
00:24:28
I do do it myself. I also do it just to see what the different models are producing about our drugs. Yeah, it's
00:24:34
like an audit. Um, but mostly it's accurate and um, they've it's gotten better over the last two years. I'd say
00:24:41
substantially better. And many, including Google, to their credit, have a like a way to sort of uh, click through
00:24:47
and check the facts directly, which is a useful thing. They've served that up a little more proactively. That's good.
00:24:53
Poor consumers owning their health and for more information. Do do you work directly with them? Do you have an arm that will go to Grock,
00:24:59
go to Gemini and say, "Hey, we did these searches. Here's some things you need to improve." So, we've pointed things out when there
00:25:06
are mistakes. It does feel a little bit like we're lobbing into a black hole. Um, and maybe that's a capacity issue on
00:25:12
their end, or maybe it's a they're taking the point of view that our model's just trained on the internet,
00:25:18
the corpus of information on Reddit. Yeah. Yeah. Right. And it is what it is. We don't want to own
00:25:23
the bastion of intellectual. Yeah. We don't want to own the outcome of that. Before we run out of time, I just want
00:25:29
to get your view on um uh research funding in this country. The NIH uh
00:25:35
budget uh cuts have been that have been proposed. How what will the follow-on effects be? Are these cuts going to be
00:25:42
to low ROI research programs that ultimately wouldn't have translated into
00:25:47
the clinic and and into improving lives? or are you worried about NIH funding
00:25:52
cuts and what they're going to do to the pipeline of therapeutics in America? When will we realize the effects of
00:25:59
that? Yeah, great question. I don't think anyone knows the answers to those. It's not obvious. Let me put it that way. No
00:26:06
doubt that the NIH over its history has done some landmark things that no market could do. And I'm for more of that.
00:26:15
mapping the human genome, a mega project that could only be done by government
00:26:20
and undoubtedly produced a ton of good and economic value for the country. Um,
00:26:26
I think if you look at the first of all, NIH total budget is a little over $40 billion.
00:26:32
Most of that is extra mural. They're granting that to institutions in very in smaller checks, sometimes very small
00:26:38
checks. I personally kind of wonder what the impact of that. Is it sort of a VC
00:26:44
model where we spread a ton of bets and a few of those will bloom into giant successes or is it just sort of filtered
00:26:50
out without a strategy? I I think that's a question that should be asked and maybe Jay's asking that. Um I think the
00:26:58
other problem with the NH granting is as you do that like any government mechanism it gets influenced by the
00:27:05
people who are making the grants. Who are those people? People receiving grants. M so there was a little bit of a
00:27:11
backscratching uh issue here and I think exposing some sunshine onto that to you know sort of
00:27:18
say what is that process is it truly competitive and is it truly pursuing
00:27:23
ideas that the market can't solve itself and should it be done at universities let me just ask you this are
00:27:29
universities the right research institutions today and going forward we've got two university leads tomorrow
00:27:34
that we're going to have a conversation with about this topic amongst others but what's your you when you look around the world at how research is done xus what's
00:27:43
the right what's a what's a what's the right model is this the right model I probably too much that way I'm on the
00:27:49
board of an R1 university so I have to I'm a little biased maybe myself but I think a lot of good things have happened
00:27:54
in universities but we should not exclude that to other applicants I I think there could be a place for other
00:28:01
participants Dave um tomorrow we're going to have Mark Cuban yeah great and we're going to talk about PBMs
00:28:07
yeah And one of the big he's on fire. Well, one of the big boogeymen in healthcare are these PBMs. Can you just
00:28:13
explain, you know, quickly 30 seconds. What do they do? And what's your view on whether they should even exist in
00:28:19
American healthcare? Probably we're at the end of that S cycle and we should get to something else. We actually owned a PBM in the
00:28:26
'90s. Why do they exist? Two reasons. To match up claims. So you can go into any pharmacy in the country with a card that
00:28:33
says here's my benefit and that benefit can be adjudicated to you. That was a big IT problem in 1993. It's not really
00:28:39
a big IT problem now. And there's dozens of these so-called transparent or light PBMs. Actually, our company is moving to
00:28:46
one off of one of the mainline ones because it's in our business interest, but also their service is better. The other thing is negotiate like bulk
00:28:53
discounts. So, gather up a bunch of employers or plans, go to the drug companies, get a lower deal. I think that's fine. I'm for that, too. What
00:29:00
happened is you know the like any uh consolidated terminal state of an
00:29:06
industry what's the term the inification of their service is they just they just become so every every action they make
00:29:14
is about their benefit not the customer and that's what's happened that's why everybody hates them
00:29:19
s kind of came out of nowhere as this big category what if you had to guess what
00:29:26
do you think the next big surprise category would be that we're not thinking out. It's hard to predict that, but I would
00:29:31
say probably a brain disease. I think if you look at human suffering globally, 40% is brain diseases. And it's so broad
00:29:38
we we could spend a whole panel talking about them. Um, and what we've had so far has not worked. You know, when
00:29:45
Bobby's raising the question, why do we have so much autism? That's a great question. What's causing it? Depression rates despite the advent of I we
00:29:52
invented Prozac, so many drugs. People are aided, but it's not solvent. We still have lots of depression in this
00:29:57
country and maybe it's growing in youth. So these are huge problems as our population ages dementia and brain you
00:30:04
know these. So I'd bet there part of what we try to do is allocate capital into spaces where there are no drugs
00:30:11
hoping you know to hit hit the dart board where there isn't a competitor. That's how we got obesity drugs. We're
00:30:17
working on that but it'll be hard to it's hard to predict. Ladies and gentlemen, please thank you David. Take a break.
00:30:23
Thanks bro. Great to see you. Yeah, I'll be I'll get ready. Good to see you, baby. Yeah. Thanks, baby. Appreciate it.
00:30:31
Congratulations, my man. I appreciate you. Appreciate it. Take care.
