SWIGGY PORTER'S FIVE FORCES TEMPLATE RESEARCH B_93 Licensing costs are a significant

Licensing costs are a significant operational expense for tech companies

These facilities burn cash-operating costs ~ $260M annually per hub-but deliver breakthroughs moving programs toward INDs and first commercial candidates in 2026

4% market share (Loblaw) vs ~20% (Walmart)

0% take rate)

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