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The Challenge on the Reimbursement Side Is in Part CMS and Other Payers, Too
Anali: I would agree, it continues to be the biggest risk factor. When we think about at what stage we can invest in a new technology on its path to the US market, we have to have reasonable timelines. Our funds are raised with 10-year lives to them. So ideally we're making new investments or new commitments to companies that come into the portfolio in years one through three. And if it takes 15 to 20 years to get from a new idea to an idea in the market that's got coding coverage payment and FDA approval, it doesn't make sense to invest in the first three rounds of a new medical device company.