Really enjoyed your analysis, especially the “infrastructure vs. innovation” split. Is it worth looking at the different business models within pharma, eg. clinical research vs. manufacturing & drug sales; medical devices or laboratory testing. Pfizer, for example, is heavily engaged in clinical research and drug development, but has also proven it can be first to deliver a vaccine when urgency demands it. From my perspective, clinical research in particular is in urgent need of stronger IT, better software, and more efficient business processes.