“We continue to see investments going in there strongly. And so we don't anticipate any near-term impact due to Fed rate in that particular area.”

In context

“rket? Rainer Blair: Could you -- I'm sorry, could you repeat the second question, please? It came through a little garbled. Jack Meehan: Sure. Sorry. Just thoughts on how higher rates might influence demand from customers on the development side versus those with commercial products. Rainer Blair: Understood. Well, let's start with the rate. Well, it's early days, of course, and we'll see where those go. As we look at the markets that we play in or broadly, the impact of those rates could be different. But generally speaking, we see our end markets to be able to perform and drive growth even in a market where we see incrementally higher Fed rates. An example of that would be, if you look at biotech and aggregate, you see that the cash positions in these companies, is extraordinarily high. We continue to see investments going in there strongly. And so we don't anticipate any near-term impact due to Fed rate in that particular area. And that would, of course, overlap with the development part of your question. And as it relates to those that are already in commercial production, they are out there driving growth and ensuring the penetration of the incredibly efficacious biologic drugs, not just in the developed markets, but increasingly also in some of the higher growth markets. So we see really the demand drivers here going beyond any one country's monetary policy and continue to see that in a very positive light. So Fed policy is one thing. The specific markets that we play in, we would be less impacted by any of the incremental rate increases that are being discussed. Jack Meehan: Great. And then Dan just asked about CapEx going in on the CDMO side. I wanted to ask a similar question but focused all the CapEx goin”