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Like much of the rest of the health care sector, the drug-wholesaling industry has proved mostly recession-proof. Revenue rose 8% in 2008, to $386 billion, and an additional 6% bump is expected for last year, according to Pembroke Consulting, a Philadelphia distribution and manufacturing consultancy. Plus, an aging population and reform will be extra boons. "In theory, more insured people should mean more drug utilization," says Adam J. Fein, an economist and the founder of Pembroke. "That means more money in the pockets of wholesalers...
...catch up with rivals on delivering specialty drugs. Netting $134 billion globally in 2008, these therapies for treating chronic diseases--about half of which are oncology drugs--represent one of the fastest-growing segments of the health care market. AmerisourceBergen's revenue in the sector topped $16 billion last fiscal year. "If Cardinal is going to play, they have to move now," says Sanford C. Bernstein & Co. analyst Helene Wolk, who is bearish on Cardinal. "And they're going to have to buy, not build, to get to scale as quickly as possible...
...about-face, President Obama abandoned his plan to try Khalid Sheikh Mohammed and four other alleged 9/11 plotters in a lower Manhattan civilian court, days after New York City Mayor Michael Bloomberg rescinded his support. The trials, which could last years, would have cost as much as $1 billion in security in the city's financial district. The Justice Department is now considering other locations, such as military bases and prison complexes. Meanwhile, several U.S. Senators announced Feb. 2 that they would move to cut off funding for the federal trials unless the Obama Administration tries the suspects in military...
...runway by a departing Continental plane pierced one of the Concorde's tires and the rubber debris punctured a fuel tank, causing the aircraft to catch fire. Continental's lawyers say they can prove that the Air France flight caught fire beforehand. The trial is expected to last four months; if found guilty, the individual defendants could face up to five years in prison, while Continental could be fined more than...
Starting Sept. 29, the company recalled 4.9 million cars because of a floor mat that could come loose and jam down the gas pedal. Last month Toyota issued a recall of 2.3 million vehicles (most of which were in the earlier group) because of a fault with the pedal mechanism itself. Toyota has told drivers to remove the mats; its fix for the sticky pedal requires a free half-hour shop repair. The DOT has urged owners of recalled models to use caution and get to a dealer. Still unknown: whether an electronic problem is also a culprit in sudden...