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modest decline in the growth rate in recent years, healthcare continues to account for a very high portion of U.S. GDP. The Centers for Medicare and Medicaid (CMS) estimates healthcare spending in the United States will reach $5 trillion in 2022 and represent about 20 percent of GDP. Long term CMS expect
ners, and there is a potential for additional conflicts of interest between the Fund and such co-investors since they may have diverging interests. Long-Term Investment An investment in the Fund requires a long-term commitment. The Fund may choose to hold its investments for longer than the anticipated five (5)- to
oval process for generic biologics and granting exclusive marketing rights to original manufacturers for 12 years, (iv) increased drug rebates to the Medicaid program, and (v) disclosure requirements for financial relationships between various healthcare entities. Within the U.S., the pharmaceutical indust
cation of investment opportunities by the General Partner will not give rise to conflicts of interest between the investors of the respective funds. Long-Term Investment An investment in the Fund is a long-term commitment, and there is no assurance of any distribution to the Limited Partners prior to or upon liquidati
healthcare spending and its seemingly relentless growth are problematic for the US. Public spending on healthcare—primarily through the Medicare and Medicaid programs—is crowding out other state and national priorities, including education, social security, national defense, and deficit eduction. High he
the Fund's Partnership Agreement could be disruptive to the smooth operation of the Fund or otherwise frustrate the expectations of the Partners. Long-Term Investment An investment in the Fund is a long-term commitment and there is no assurance of any distribution to the Limited Partners. Limited Transferability
Entities connected to both Medicaid and Long-Term Investment

United States
LOCATION
Eric Trump
PERSON
Robert Gates
PERSON
Norway
LOCATION
Boris Nikolic
PERSON
North America
LOCATION
Bill Gates
PERSON
New Zealand
LOCATION
Belgium
LOCATION
the Internal Revenue Service
ORGANIZATION
Eric Holder
PERSON
Finland
LOCATIONthe University of Pennsylvania
ORGANIZATION
Melinda Gates
PERSON
Western Europe
LOCATIONImmunology
ORGANIZATION
Principals
ORGANIZATION
Novartis
ORGANIZATION
Croatia
LOCATIONErnst & Young
ORGANIZATION