Claude Bertrand48:38
Thank you for your questions. The foundation: you need to understand the cash flows. We live only from the money generated by selling our medicines. That money comes back into the company for operations, improvements, building a new R&D center on the Saclay plateau for 400 million, a new factory in Normandy for 100 million, and then funding R&D. This year's R&D budget is 800 million euros. The executive committee decides together. The big difference with a public company is that it belongs to shareholders who expect a return on investment. In a foundation, we are self-financed. At Servier, the ultimate beneficiary of our investments is the patient. There is no family; 60% is the Beaufour family and 40% other shareholders, but they want a return. The beauty is that we are masters of our own destiny as long as we maintain the foundation for future generations. We can invest in a disease that affects only three children in France if we think we have the right technology. We do a lot in pediatrics because big companies don't because it's not profitable. We can invest in oligonucleotides as a future modality for 20 years. In a public company, you have three-year cycles; if it doesn't work, you kill it. But in pharma, three years is nothing. So we have the freedom to take long-term risks. Then there are European initiatives like IMI, now IHI, which are consortiums of academics and industrials. Also, small labs with great discoveries sign agreements with us. In France, it's complicated because everyone wants a piece. Inserm, university, CEA... sometimes it takes so long that it's not worth it. Innovation is everywhere; we must not be arrogant to think we have the best ideas. We need to cross paths. When a researcher comes with an idea, I first ask if someone else has already had it. They must come with a complete dossier on what's been done worldwide. If I see a big lab with a good reputation, I say call them to see where they are, because it can save us time.