Thank you.
Mr. Clark, in the PMPRB's most recent annual report, you noted the following:
...the ratio of R&D expenditures to sales revenues for pharmaceutical patentees in Canada has been falling since the late 1990's, and has been under the agreed-upon target of 10% since 2003. In 2018, it was at 4.0% for all patentees and 4.3% for members of Innovative Medicines Canada.
In your view, Mr. Clark, will the PMPRB regulatory changes being proposed result in lower research and development investment in Canada?