let's bring in jared holz. great to have you with us.let's first talk about this study, it was phase three. in heart failure, specifically. how does this differ from novo's select data, which was also in heart conditions, prevented things like heart attacks? >> right, it's slightly different. i mean, they were looking for an indication that is not exactly what novo had in terms of cardiovascular risk and stroke. this is particularly a heart failure indication. it's similar in context in that it improves or expands the market. we already know how powerful the drug is. now we're looking for increased reimbursement, increased access to patients that have these underlying conditions, where it's much easier to write the script for, so, big positive. >> basically, it expands the total addressable market, because you can write a prescription for a broader range of heart conditions. >> exactly. i think that's what we saw with the select data, that's why it was so profound. you've seen a lot of patients, at least via is surveys that are done, and

jared holz tim, you are a pharma investor how do you think about this?arma company, you put all this money into research and development, getting it through the fda approval process, you paid all that money, you think you have a patent, you have pa tetent excl stifty, and then the government says, a few years before that expires, we're going to negotiate. and if you don't, we're going to tax you. >> i don't think anybody is surprised by this, especially in the c-suites of the top companies there are some benefits there's volume dynamics that more than cover out of pocket costs, break evens and -- some of this is very good for these companies. i appreciate the conversation that we've had, is that the headlines today, what came through today on pricing, no impact in the short-term bristol myers talked about eliquis, the impact is net to what they've guided to consensus, so, i don't think anybody is that concerned in the short run. we're all talking about what this means down the road but i think a lot of these companies, and certainly bmy, pfizer, j&j, may