It is critically important as we make investment decisions, bring new drugs to market, that we know what the rules of the game are so that we can have a predictable, transparent intellectual property system.

Having 40 million people who are uninsured is absolutely scandalous.

The court decision is another important victory for medical innovators who invest in high-risk research to develop life saving medicines, as well as for the patients who benefit from those medicines.

This is a rapidly evolving field, and it's bringing a lot of different disciplines together. Unlike drugs or radiation, which are given to the patient, do their damage, and leave, what we're doing is asking the patient's own immune system to mount an attack on the cancer. It's very, very different from standard chemotherapy.

This could be a positive sign of their willingness to have a common set of rules for transit and investment.

With few new drugs coming through the pipeline, significant investment is required to build a pipeline sufficient to support future growth, especially in light of patent expiries in 2007-9. Nevertheless, we see significant share price downside as unlikely.