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Thomas, welcome.

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Just give me an overview, if you
would, of the current state of

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health care in Europe.

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It's a global market, so, by
definition, European health care

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companies compete on the same
standards that everyone else does.

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There are a few specificities

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that I think are interesting.

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First, health care companies in
Europe tend to be a bit less

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exposed to the patent cliff that
is on the mind

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of so many health leaders.

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And so, for instance . . .  I
mean, we do have countries in

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Europe that are revising their
GDP productions upwards because

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of the dynamics of the
GPL-1--companies like Novo

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Nordisk that have been very much
growing through those products.

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And then there's always with
Europe, some regulations news --

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some of those that will
help innovation.

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I think the EU Commission
actually introduced something

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for joint clinical assessments
and joint medical devices review

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that will kick in this year.

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And so definitely that should
help innovation, as well as a

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potentially an AI regulation act
that will come later this year.

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I mean, you spoke about
regulation there, innovation.

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What are the sort of key trends
do you think will be shaping

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health care this year?

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I mean, definitely innovation
and AI--that's definitely top of mind.

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It's also an area where Europe
is very, very active.

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And I think we definitely just
barely scratch the surface on

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how much AI can reshape the
health care industry And what's

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And what’s top of mind
for industry leaders?

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What are they telling you?

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What are you speaking
to them about?

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I think at the end of it is very
much getting back to the basics.

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It's a market where fundamentals
are still very much strong.

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It's still about innovation.

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There's question on where do you
get that innovation from?

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Do you want to do it internally?

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Do you want to
get it externally?

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Do you want to retain a
traditional R&D model, or do

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you want to reshape that

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with AI? Do you want to get it
in the US or in Europe, or do

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you want to tap into China?

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So I think the questions are more

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how do we get that innovation?

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But fundamentally, it's still
very much getting back to the

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basics of that market.

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Thomas, thank you so much
for your time.

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Thank you very much.