Word: pharma
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...market more generally? I'm a valuation guy. I look at P/Es and things like that to tell me where the market is. As you get near the bottom of these things, that tends to be where valuations are attractive. I'd move away from the staples and pharma and into the more cyclical names. I'm looking forward to doing that. We've been looking for an opening, and we hope to get it in the next six months. But if I'm wrong, then maybe it will be the six months after that...
Tiller says that business travel will slow but not disappear altogether. "It's more mixed that people think," he says. "We're hearing that pharma and agra companies are actually increasing their travel budget." Companies, while not cutting out travel, are looking for ways to tighten their belt. "Instead of sending 10 people, they'll send 7 to a convention, for fewer days." Instead of sending managers to meet with colleagues, "they'll be spending that money on sending salespeople to meet with their clients." If those salespeople are smart, they'll haggle for freebies and upgrades...
...pharmaceutical industry is one of the few sectors around that appears to be weathering these difficult times with relative ease. On Friday the European Commission suggested why that might be: it claims Big Pharma systematically rigged the market to squeeze out copycat medicines...
...evidence collected during January raids at the headquarters to some of the world's biggest drug companies, including U.S. companies Pfizer and Johnson & Johnson, Britain's GlaxoSmithKline, Anglo-Swedish giant AstraZeneca, and Sanofi-Aventis of France. The other companies known to be raided were Wyeth, Merck, Bayer Schering Pharma and Roche, as well as generic firms Teva and Sandoz...
...irony, say critics of current practice, is that abusing the patent system doesn't necessarily help Big Pharma in the long run. Generics account for just over 40% of the market by volume in Europe, against more than 60% in the U.S. But over the past decade, the U.S. pharmaceutical market has grown twice as fast as the European market. According to IMS data, 65% of sales of new medicines marketed since 2002 are generated on the U.S. market, compared to 24% on the European market...