I’m curious, genuinely, about what portion of health tech / pharma innovation comes from and is funded by the American system vs the rest of the world. The US system is so radically different from everywhere else. Does the American system disproportionally fund the rest of the world or vice versa? Everywhere else is very tightly state managed and to a large part funded through the tax system. Where as basic research is publicly funded in the US but after that it’s coming from fiat markets and private companies.