CONTRACT RESEARCH ORGANIZATION INDUSTRY OVERVIEW
|
|
- Sophie Goodwin
- 8 years ago
- Views:
Transcription
1 CONTRACT RESEARCH ORGANIZATION INDUSTRY OVERVIEW April 2014 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
2 Pre-Discovery Investigational New Drug (IND) Application Submitted New Drug Application (NDA) Submitted DRUG DISCOVERY AND DEVELOPMENT PROCESS Discovering and developing safe and effective pharmaceuticals is a challenging undertaking that can take 10 to 15 years and cost $1.0 to $1.5 billion. The drug development process requires sophisticated technology and a broad array of medical and laboratory expertise, which include: Disease target identification Preclinical evaluation Toxicology and safety testing Clinical trial design and implementation For every 5,000 to 10,000 potential compounds that are evaluated, ultimately only one receives approval from the FDA. DRUG DISCOVERY AND DEVELOPMENT PROCESS Drug Discovery Pre-Clinical Clinical Trials FDA Review Manufacturing Post-Approval Number of Compounds: k 5,000 10, Phase I Phase II Phase III Phase IV 1 FDA Approved Drug Number of Volunteers ,000 5, years 6 7 years years Indefinite Given the cost and time to develop drugs, pharmaceutical manufacturers and biotechnology companies are increasingly outsourcing development activities to remove fixed costs and gain efficiencies. Sources: Equity research and innovation.org. 1
3 CONTRACT RESEARCH ORGANIZATIONS Contract Research Organizations ( CROs ) offer outsourced services to support R&D functions for pharmaceutical, biotechnology, and medical device companies. CRO services span the range of research and development ( R&D ) activities including: drug discovery, pre-clinical (pre-human in-vitro and in-vivo animal research model), and clinical (in-human) testing. Growth in the CRO market will be driven by: 1 Growth in R&D spend 2 Increased outsourcing of R&D activities CRO MARKET GROWTH For the Years Ended and Ending December 31, 2013 to 2017P ($ in billions) '13 - '17P CAGR $40 $35 $30 $25 $20 $15 $10 $5 $0 $25.3 $19.9 $27.0 $21.2 Total: 6.6% Clinical: 6.4% Pre-clinical: 7.4% $28.8 $22.5 $30.6 $24.0 $32.7 $25.5 $5.4 $5.8 $6.2 $6.7 $ E 2015P 2016P 2017P Pre-clinical Clinical CRO CORE SERVICES Research model production and services Discovery services Toxicology studies Bioanalytical services Central laboratory Investigator and patient recruitment Site monitoring Data management services and technology Safety and pharmacovigilance Study and development program design and consulting Regulatory affairs advisory and a variety of post-marketing surveillance and consulting services Source: Equity research estimates. 2
4 GROWTH IN R&D SPEND SLOWING PATENT CLIFF AND INCREASED DRUGS APPROVALS After experiencing a significant loss of branded sales over the last five years, pharmaceutical manufacturers have seen an uptick in new drug approvals. From , approximately $65 billion of branded drugs came off patent protection. Pharmaceutical companies looking to stabilize profitability levels and maintain operating margins have introduced cost saving initiatives with R&D being a core target In addition, pharmaceutical companies shifted focus to late stage R&D development in an effort to drive drugs to market and replace lost revenue Early stage CROs experienced significant pricing pressure that began to stabilize in 2013 as capacity levels stabilized with some larger pre-clinical players closing capacity 39 compounds were approved by the FDA in 2012 that are expected to generate $16 billion in sales in the fifth year after launch. 1 BRAND SALES AT RISK For the Years Ended and Ending December 31, 2007 to 2022P ($ in billions) INCREASE IN APPROVALS For the Years Ended and Ending December 31, 1999 to 2012 ($ in billions) $40 $35 $30 $25 $20 $15 $10 $5 $34.7 $22.2 $14.7 $15.1 $15.3 $14.5 $13.2 $11.2 $11.8 $9.8 $8.2 $9.0 $6.0 $7.2 $4.1 $2.1 $18 $16 $14 $12 $10 $8 $6 $4 $2 $7 $8 $9 $13 $8 $15 $7 $9 $5 $5 $6 $11 $10 $ $0 $0 0 USA Sales 5 Years After Launch Number of NMEs Approved Sources: Equity research, EvaluatePharma, and FDA. 3
5 GROWTH IN R&D SPEND DRIVING SALES GROWTH AND MODEST R&D SPEND GROWTH 1 Moderate global prescription drug sales growth is driving a 1.4% annual increase in R&D spend from $137 billion in 2012 to $149 billion in 2018P. Improving FDA approval levels and positive sales outlook are allowing pharmaceutical companies to allocate more capital to R&D spending. CROs are poised to provide the scientific expertise and infrastructure necessary to drive new drug candidates through the development process as the funding environment for biotechnology companies improves. The first half of 2013 yielded 16 biotechnology IPOs that raised $1.2 billion in capital PRESCRIPTION DRUG SALES GROWTH For the Years Ended and Ending December 31, 2012 to 2018P ($ in billions) $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 $716 $743 $ % CAGR $800 $831 $862 $ E 2015P 2016P 2017P 2018P $137 PHARMACEUTICAL R&D SPEND For the Years Ended and Ending December 31, 2012 to 2018P ($ in billions) $150 $148 $146 $144 $142 $140 $138 $136 $134 $132 $130 $139 $ % CAGR $143 $145 $147 $ E 2015P 2016P 2017P 2018P Source: EvaluatePharma. 4
6 INCREASED OUTSOURCING NAVIGATING COSTS AND COMPLEXITY 2 Increasingly complex protocols are driving increases in clinical trial costs, making it more difficult for pharmaceutical companies to recoup R&D investment and driving outsourcing. Significant increases to drug development costs are driven by: Increasing complexity of clinical trials Greater number of regulatory hurdles Investment in state-of-the-art technology A growing number of pharmaceutical companies are partnering with CROs who have the required infrastructure and expertise to manage costs and deadlines. By outsourcing a portion or all of the drug development process to CROs, pharmaceutical companies can more easily manage costs by converting fixed costs into variable costs. COST PER NEW APPROVED DRUG ($ in millions) $1,400 $1,200 $1,000 $800 $ % Increase $800 $1,200 $400 $200 $140 $320 $0 Mid 1970s Mid 1980s Late 1990s Early 2000s Sources: Equity research and PhRMA. 5
7 INCREASED OUTSOURCING INTERNATIONAL REACH 2 Clinical trials are increasingly becoming global, placing a premium on CROs having global capabilities to serve their client s needs across geographies. Increased globalization of clinical trials is being driven by numerous factors: Increased speed of enrollment Faster approval of trials Access to global populations Cost considerations Involving local populations is subjected to local regulatory requirements Maximizing the value of R&D spend by receiving regulatory approval from several countries For the Years Ended December 31, 2004 to 2013 CRO GEOGRAPHIC REVENUE MIX 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 60% 54% 54% 52% 50% 49% 47% 46% 46% 43% 40% 46% 46% 48% 50% 51% 53% 54% 54% 57% International U.S. Note: CRO index includes Albany Molecular Research, Charles River Laboratories, Covance, ICON, PAREXEL, Quintiles, and WuXi PharmaTech. Sources: Public filings and equity research. 6
8 INCREASED OUTSOURCING GROWTH IN SPECIALTY DRUGS Pharmaceutical companies will increasingly rely on the robust infrastructure and clinical expertise of CROs as specialty drugs become a larger portion of the market. Approximately 8% of approved and marketed products today are specialty drugs, but it is estimated that over 42% of drugs in the development pipeline are specialty drugs. Outsourcing will be more important than ever to pharmaceutical companies as specialty drugs require highly tailored clinical trials and specific scientific expertise which significantly increase costs. Experience with biomarkers, genomics, companion diagnostics, and delivery routes will differentiate top-tier CROs The number of specialty drugs in the market is expected to increase 19% over its 2011 level to 42% in 2016P. 2 SPECIALTY DRUGS IN THE MARKET IN 2011 For the Year Ended December 31, 2011 SPECIALTY DRUGS IN THE MARKET IN 2016P For the Year Ending December 31, 2016P Traditional Drugs 77% Specialty Drugs 23% Traditional Drugs 58% Specialty Drugs 42% Sources: Equity research and Omnicare, Inc analyst day event data. 7
9 INDUSTRY EVOLUTION CROs have evolved from being a provider of additional capacity to being an integral element in the drug discovery and development process. CROs arose in the 1970s to provide spill-over capacity for a limited group of services. Data management, clinical site monitoring, and biostatistical analysis Not viewed as strategic partners due to concerns over quality of work and scientific expertise In the 1980s, rising development costs forced pharmaceutical companies to partner with CROs to increase efficiency and lower the overall cost of bringing a drug to market. To further improve profitability levels and reduce margin pressure, pharmaceutical companies began utilizing preferred provider lists in the early 2000s and more recently creating strategic partnerships with CROs. 1980s 1990s Early 2000s Mid 2000s - Today Events Synopsis Model Transactional / Functional Service Provider Preferred Vendors Strategic Partnerships CROs are mainly used as spill-over capacity for pharmaceutical companies CROs began expanding their portfolio of offerings to become a broader provider of services The performance of the CRO industry suffered due to pharma / biotech consolidation Rise of the pharma / biotech companies that utilize CROs for strategic outsourcing Consistent demand from clients and profitability levels allow CROs to improve scale Numerous CRO IPOs Glaxo / SmtihKlineBeecham and Pfizer / Pharmacia mergers Quintiles taken private in 2003 Pressures from the recession, pharma / biotech consolidation, and pipeline rationalization depresses industry growth Reduction of internal capacity levels at pharma companies and growth in strategic partnerships drive outsourced penetration Big Pharma mergers in 08 and 09 Several CROs are taken private Rise of the strategic partnership model Source: Equity research. 8
10 STRATEGIC PARTNERSHIPS Strategic partnerships with big pharmaceutical companies are driving market share gains for top-tier CROs. Large pharmaceutical and biotechnology players have recently moved away from using preferred provider lists and have shifted toward creating strategic partnerships with only one or two CROs. Over 50% of biopharmaceutical companies use less than 5 preferred providers Approximately 50% of potential partnerships have already been awarded Partnership agreements do not include minimum purchase commitments Given the level of investment needed to transition protocols to CROs, typical strategic partnership relationships are considered to be sticky with contract terms ranging from 3 to 5 years, leading to increased visibility. NUMBER OF PREFERRED PROVIDERS USED KNOWN STRATEGIC PARTNERSHIPS Date Announced CRO Partner % % % None 6% % July-13 Quintiles Ascendancy Healthcare May-13 Quintiles Merck April-13 Lab Corp / Quintiles Bristol-Myers Squibb October-12 Charles River Laboratories AstraZeneca May-12 Covance Bayer Healthcare April-12 PRA International Amgen August-11 ICON Bristol-Myers Squibb May-11 ICON / PAREXEL Pfizer February-11 Covance / Quintiles Takeda February-11 Pharmaceutical Product Development Elan January-11 PAREXEL Merck September-10 Covance Sanofi-Aventis September-10 PAREXEL / Pharmaceutical Product Development GlaxoSmith Kline September-10 PAREXEL Eli Lilly June-10 ICON / PAREXEL Bristol-Myers Squibb November-09 Quintiles AstraZeneca November-09 ICON Eli Lilly July-09 Covance Merck June-09 ICON Eli Lilly August-08 Covance Eli Lilly Trend towards strategic partnerships will continue to drive strategic M&A as larger CROs attempt to fill out their full spectrum of service offerings. Sources: ContractPharma 2013, company data, and equity research. 9
11 CRO SERVICE OFFERING HW&Co. expects continued M&A activity as CROs fill out their service offering across the drug development spectrum and position themselves for strategic partnerships. KEY PLAYERS AND SERVICES OFFERED Early Stage Late Stage Other Pre-Clinical Clinical Peri-Approval Research Models Discovery Services Chemistry Bioanalysis Toxicology Phase I Phase II Phase III Central Lab Imaging Phase IV Consulting CSO / Commercialization Publically Traded CROs Charles River P P P P P P Covance P P P P P P P P P P P P P ICON P P P P P P P P P P Lab Corporation P PAREXEL P P P P P P P P P Quest Diagnostics P Quintiles P P P P P P P P WuXi P P P P P P P P Private CROs Celerion P P P P Harlan Sprague P P P P INC Research P P P P P P P inventiv P P P P P P MPI Research P P P P P PPD P P P P P P P P P P PRA International P P P P P P Ricera Biosciences P P P P Taconic P WIL Research P P P P Source: Equity research. 10
12 MARKET PERFORMANCE Despite encountering several instances of volatility, the CRO industry has trended upward and outperformed the broader market over the last decade. CRO MARKET PERFORMANCE For the Years Ended December 31, 1999 to 2013 and Three Months Ended March 31, % 600% 500% 400% Concerns over big pharma consolidation arise due to Pfizer / Pharmacia merger Continued bookings and revenue growth led to rally In a limited funding environment with foreign exchange headwinds, concerns over pharma and biotech consolidation re-appear Significant increase in the number of CRO strategic partnerships Quintiles completes its second IPO since % 200% 100% 0% S&P 500 CRO Sources: Equity research and Capital IQ. 11
13 MARKET VALUATION PUBLIC COMPANIES TEV / EBITDA CURRENT TRADING PERFORMANCE ($ in millions) 18x 12x 15.5x 14.1x 13.9x 12.9x 12.3x 11.6x Median: 12.9x 10.0x 6x 0x Enterprise Value Revenue Three-Year Revenue CAGR EBITDA Margin WuXi PharmaTech Quintiles Covance ICON Charles River $2,196 $7,831 $5,040 $2,277 Laboratories $3, ,808 2,402 1,336 1, % 7.6% 7.7% 14.1% 0.9% 25.4% 14.6% 15.1% 13.2% 22.1% PAREXEL $2,837 1, % 13.1% Albany Molecular Research $ % 19.1% FIVE-YEAR TRADING STATISTICS (INDEXED TEV / LTM EBITDA) 1 COMPARABLE COMPANY TEV / LTM EBITDA 1 ( 09 14) 16x CONTRACT RESEARCH ORGANIZATIONS 5.9x 5-Year Min 9.8x 5-Year Median 13.4x Current 14.6x 5-Year Max 12x 8x 4x Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 S&P 500 Index CRO Comparables Index (1) Market capitalization weighted. Sources: Capital IQ and company filings. 12
14 OVERVIEW OF PRECEDENT COMPARABLE TRANSACTIONS CRO transactions have traded at a median 11.6x LTM EBITDA multiple. ($ in millions) Enterprise Enterprise Value/LTM Target Target Company Acquirer Date Value Sales EBITDA Contract Research Organizations Aptiv Solutions, Inc. ICON Public Limited Company Pending $143.5 Confidential 1.3 x 15.9 x Medpace, Inc. Cinven Limited Apr Galapagos NV, CRO Services Division Charles River Laboratories International, Inc. Mar x 12.0 x Lifetree Clinical Research, L.C. PRA International, Inc. Dec ReSearch Pharmaceutical Services, Inc. PRA International, Inc. Sep Novella Clinical, Inc. Quintiles Transnational Corp. Sep PRA International, Inc. Kohlberg Kravis Roberts & Co. Jun HERON Group Limited PAREXEL International Corporation Apr BioClinica, Inc. JLL Partners Mar x 10.5 x ClinStar, LLC PRA International, Inc. Mar Vital River Laboratories Co., Ltd. Charles River Laboratories International, Inc. Jan Liquent PAREXEL International Corporation Dec Confidential 1.9 x 12.0 x Accugenix, Inc. Charles River Laboratories International, Inc. Aug Caprion Proteomics Chicago Growth Partners Jul Confidential 3.8 x 11.1 x eresearchtechnology, Inc. Genstar Capital, LLC Jul x 9.0 x SeraCare Life Sciences, Inc. Linden LLC Apr x 13.4 x BioReliance Corporation SAFC, Inc. Jan x -- Pharmaceutical Product Development, LLC Hellman & Friedman LLC; The Carlyle Group LP Dec-11 3, x 10.4 x PharmaNet Development Group, Inc. inventiv Health Inc. Jul Kendle International Inc. INC Research, LLC Jul x 14.3 x Ingenix, Inc., i3 Clinical Development Businesses inventiv Health Inc. Jun ReSearch Pharmaceutical Services, Inc. Warburg Pincus LLC Feb x 15.1 x Lifetree Clinical Research, L.C. CRI Worldwide, LLC Jan INC Research, LLC Teachers' Private Capital; Avista Capital Holdings, L.P. Aug inventiv Health Inc. Thomas H. Lee Partners, L.P. Aug-10 1, x 8.7 x BioDuro, LLC Pharmaceutical Product Development, LLC Nov Excel PharmaStudies, Inc. Pharmaceutical Product Development, LLC Nov MDS Pharma Services INC Research, LLC Jul Piedmont Research Center, LLC Charles River Laboratories International, Inc. May PharmaNet Development Group, Inc. JLL Partners Mar x 8.6 x Low of Entire Group: $ x 8.6 x Median of Contract Research Organizations: $ x 11.6 x High of Entire Group: $3, x 15.9 x Sources: Capital IQ, company filings, and press releases. 13
15 DISCLOSURES Harris Williams & Co. ( is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT +1 (804) The information and views contained in this report were prepared by Harris Williams & Co. ( Harris Williams ). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams prior written consent. Copyright 2014 Harris Williams & Co., all rights reserved. 14
340B DISCOUNT DRUG PROGRAM OVERVIEW
340B DISCOUNT DRUG PROGRAM OVERVIEW March 2014 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which
More informationThe Top 10 Contract Research Organizations
OUTSOURCING The Top 10 Contract Research Organizations Positioning, performance and SWOT analyses Table of Contents Copyright 2009 Business Insights Ltd This Management Report is published by Business
More informationHEALTHCARE STAFFING MARKET OVERVIEW. November 2015
HEALTHCARE STAFFING MARKET OVERVIEW November 2015 HEALTHCARE STAFFING INDUSTRY OVERVIEW Healthcare staffing is an $11.1 billion industry in the United States, with expected growth of 7% per annum through
More informationHOME HEALTH OVERVIEW. February 2015
HOME HEALTH OVERVIEW February 2015 LARGE, RAPIDLY GROWING MARKET Home health is a rapidly growing $87 billion market. Several trends drive strong industry growth Aging population results in strong demographic
More informationPHYSICAL THERAPY MARKET OVERVIEW
PHYSICAL THERAPY MARKET OVERVIEW February 2014 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which
More informationORTHOPEDIC INDUSTRY OVERVIEW
ORTHOPEDIC INDUSTRY OVERVIEW May 2014 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised
More informationWorkers Compensation Overview
Workers Compensation Overview November 2013 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which
More informationINTRAOPERATIVE NEUROPHYSIOLOGICAL MONITORING OVERVIEW. October 2014
INTRAOPERATIVE NEUROPHYSIOLOGICAL MONITORING OVERVIEW October 2014 IONM OVERVIEW Intraoperative Neurophysiological Monitoring ( IONM ) protects patients during surgery by providing critical neurophysiological
More informationAPAC CRO Market A deep dive into the trends transforming APAC CRO industry. P86A-52 June 2015
APAC CRO Market A deep dive into the trends transforming APAC CRO industry June 2015 Table of Contents Section Slide Numbers Executive Summary 10 Key Findings 11 Total CRO Market Size By Stages of Clinical
More informationIn-depth analysis of the report is based on propriety databases, primary and secondary research and inhouse analysis by a team of experts.
Brochure More information from http://www.researchandmarkets.com/reports/1882193/ Top 20 Contract Research Organizations (CRO) - Asia-Pacific, Especially India and China, Positioned to Benefit from Rising
More information2014 Wells Fargo Healthcare Conference June 17, 2014 NYSE: Q
2014 Wells Fargo Healthcare Conference June 17, 2014 NYSE: Q Copyright 2013 Quintiles Forward Looking Statements and Use of Non-GAAP Financial Measures This presentation contains forward-looking statements
More informationOracle Buys Phase Forward Expands Oracle s solutions for the life sciences and healthcare industries
Oracle Buys Phase Forward Expands Oracle s solutions for the life sciences and healthcare industries April 16, 2010 Oracle is currently reviewing the existing Phase Forward product roadmap and will be
More informationAPAC Contract Research Organisation (CRO) Market
Brochure More information from http://www.researchandmarkets.com/reports/3308444/ APAC Contract Research Organisation (CRO) Market Description: The research service presents an overview and analysis of
More informationGlobal Contract Research Organization (CRO) Industry: Overview and Trends, 2008
A Service of Indigo Research A Cipher www.indigoresearch.com Global CRO Market 2005- $15 Billion Global Contract Research Organization (CRO) Industry: Overview and Trends, 2008 Published April 2008 CRO
More informationPharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019 Single User License: US $ 4595
Transparency Market Research Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019 Single User License: US $ 4595 Buy Now Request Sample Published Date:
More informationOptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures
Nov 14, 2014 Healthcare OptimizeRx Platform Potential Continues to Grow Other OTC OPRX Buy Rating Unchanged Current Price $0.87 Target Price $4.00 Market Capitalization 20.32M Shares Outstanding 23.36M
More informationTransforming relationships Unleashing innovation
Transforming relationships Unleashing innovation Translating Discoveries Into Products A model for innovation driven economic growth Barbara Handelin, PhD 1 The Innovation Gap Economic Opportunity Industries
More informationexactly. The need for efficiency in developing effective new therapeutics has never been greater.
exactly. The need for efficiency in developing effective new therapeutics has never been greater. As demands on the global healthcare system increase and treating disease becomes more complex, the research,
More informationTaking Strategic Partnerships to the Next Level: An Alternative Approach to Licensing Your Development Asset
Taking Strategic Partnerships to the Next Level: An Alternative Approach to Licensing Your Development Asset Introduction In this era of strategic development deals, inventiv Health has significantly broadened
More informationCOVANCE INC. NYSE: CVD
COVANCE INC. NYSE: CVD JOE HERRING CHAIRMAN AND CEO June 3, 2014 Safe Harbor Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings,
More informationQuant Picks United Breweries
October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i
More informationCHEM-E4140 Selectivity 12. Pharma Business
CHEM-E4140 Selectivity 12. Pharma Business Prof. Ari Koskinen Laboratory of Organic Chemistry C318 Pharma Business Total volume ca 1100 G$ (Shell 421G$; Walmart 486G$; Toyota 252 G$). Annually approx 25
More informationU.S. Contract Research Outsourcing Market: Trends, Challenges and Competition in the New Decade. N8B7-52 December 2010
U.S. Contract Research Outsourcing Market: Trends, Challenges and Competition in the New Decade December 2010 Table of Contents Notes on Methodology 8 Market Introduction and Segmentation Introduction
More informationTo know more about Pharmacovigilance and Clinical Trials Data Management
To know more about Pharmacovigilance and Clinical Trials Data Management 1. What is Pharmacovigilance? Pharmacovigilance (PV) is the pharmacological science related to the detection, assessment, understanding
More informationCobalt Benchmark Report
Cobalt Benchmark Report UK & US Application Software Sector: Key Company Performance Metrics May 2013 Introduction Welcome to this edition of the Cobalt benchmark report, a review of key company valuation
More informationThe Procurement Value. and the key challenges to efficient execution
The Procurement Value IN LIFE SCIENCE and the key challenges to efficient execution Table of Contents Executive summary 3 1 Procurement: Untapped value for Pharmaceutical companies 4 2 Three main challenges
More informationLater-Stage Development: Ensuring Compliance During. for a Competitive Advantage Webinar Series
Part II: Later-Stage Development: Ensuring Compliance During Clinical i l Trials Process Driven Compliance for a Competitive Advantage Webinar Series 29 September 2010 Process Driven Compliance Webinar
More informationCreative financing: Private equity in life sciences
: Private equity in life sciences The Colonnade Hotel, Boston, MA October 28, 2008 Industry trends and implications 2 Setting the Stage Overall trends Aging population Emerging market opportunities - access
More informationBreakthrough oral drug delivery technology for diabetes, drugs and vaccines November 5, 2014
Oramed Pharmaceuticals, Inc. Initiating Report Breakthrough oral drug delivery technology for diabetes, drugs and vaccines November 5, 2014 Key data Sector Rating Biotechnology BUY Target Price $45.00
More informationTime and Cost Reduction in Clinical Trials- Outsourcing and IT to Optimize Patient Recruitment, Logistics, Data and Site Management
Time and Cost Reduction in Clinical Trials- Outsourcing and IT to Optimize Patient Recruitment, Logistics, Data and Site Reference Code: GBIHC088MR Publication Date: June 2011 Biopharmaceutical companies
More informationTHE BIOTECH & PHARMACEUTICAL INDUSTRY
THE BIOTECH & PHARMACEUTICAL INDUSTRY ESSENTIAL CAREERS INFORMATION CALUM LECKIE KATIE BISARO CAREERS CONSULTANTS What we will cover Sector overview Types of role Graduate recruitment trends and issues
More informationBioMed Partners. The rocky way from science to market. Dr. Karsten Fischer BioMedPartners AG. VPM Days Hannover
The rocky way from science to market Dr. Karsten Fischer BioMedPartners AG VPM Days Hannover November 2013 Content I. Stage 1 II. Setbacks 6 III. Hope 12 IV. Solutions 17 V. Expertise 20 Page 1 The Challenge
More informationCMC Sourcing in Transition: Consolidation, Offshoring and the Market Outlook. Pharmaceutical Technology Breakfast at AAPS November 7, 2005
CMC Sourcing in Transition: Consolidation, Offshoring and the Market Outlook Pharmaceutical Technology Breakfast at AAPS Market conditions CRO/CMO posted strong results in H1 2005 H1 2005 Revenue Growth
More informationClinical Research Innovation through Shared Clinical Data Warehousing
Clinical Research Innovation through Shared Clinical Data Warehousing Jerry Whaley Pfizer Jerry Whaley is senior director of development business technology at Pfizer and is involved in the implementation
More informationLife Sciences Outlook. New Jersey 2015
Life Sciences Outlook New Jersey 2015 New Jersey M&A activity in New Jersey has led to the consolidation of surplus real estate holdings and diminished head counts. However, midsized companies are helping
More informationCredit Suisse Healthcare Conference
Credit Suisse Healthcare Conference November 14, 2013 Safe Harbor Statement 2 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: To the extent any statements made in this
More informationAvoca s Quality Metrics Consulting Service Offering
Avoca s Quality Metrics Consulting Service Offering Avoca s Quality Metrics Consulting The Challenge Biopharmaceutical companies and CROs struggle in defining how best to utilize quality metrics to optimize
More informationCanadian Life Insurance Industry
A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September
More informationIndustry Top Trends 2016 Healthcare
CORPORATE INDUSTRY CREDIT RESEARCH December 9, 215 Industry Top Trends 216 U.S. HEALTHCARE REFORM IS DRIVING A CHANGING LANDSCAPE Credit Analysts David Peknay New York +1 212 438-7852 david.peknay@ standardandpoors.com
More informationINDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor
The information that appears in this Industry Overview has been prepared by Euromonitor International Limited and reflects estimates of market conditions based on publicly available sources and trade opinion
More informationBuilding Products Industry M&A Outlook Q2 2015
Building Products Industry M&A Outlook Q2 2015 About Us Calabasas Capital is a boutique investment banking firm focused on serving lower middlemarket privately-held companies. We specialize in representing
More informationBayer Invests Heavily in R&D and is committed to innovation Sustained Innovation Output from all Subgroups
Open Innovation@BayerHealthCare Dr. Daniel Forler External Innovation Therapeutics Global Drug Discovery, Bayer HealthCare ASTP-Proton Conference Page 1 Bayer Invests Heavily in R&D and is committed to
More informationOrphan Pharma: pathfinders for an increasingly specialised industry
Orphan Pharma: pathfinders for an increasingly specialised industry Foreword We are continuing our series by profiling the R&D and Clinical Development leadership of European and North American specialty
More informationCorporate Presentation. CMIC Co., Ltd. Chairman and CEO Kazuo Nakamura
Corporate Presentation CMIC Co., Ltd. Chairman and CEO Kazuo Nakamura Current Topics Dec.10 2007 Eisai announced its acquisition of US-based MGI Pharma Feb 4,2008 Amgen and Takeda announced their exclusive
More informationSouth Dakota Public Funds Investment Trust (FIT) Fixed Rate Investment Options & Services
South Dakota Public Funds Investment Trust (FIT) Fixed Rate Investment Options & Services FIT Fixed Rate Account Service Features Free multiple accounts Free electronic transfers Online access to account
More informationBurcon NutraScience Corp.
OUTTHINK OUTPERFORM REPEAT OFTEN The best ideas are the ideas that make clients money. That s why Paradigm Capital approaches every investment opportunity with calculated boldness and fresh perspectives,
More informationE-discovery Market Map. Shea & Company
E-discovery Market Map Shea & Company e-discovery Will Continue to be an Active Sector in 2014 We expect the level of acquisition activity to remain strong in the coming year as consolidation continues
More informationSmall Cap Liquidity in 2013
Small Cap Liquidity in 2013 A Year Over Year Comparative Analysis Weeden Program Trading Group January 2014 Disclosure: This publication is prepared by Weeden & Co.'s trading department, and not its research
More informationHIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015
HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS September 2015 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationMEDICAL DEVICE OUTSOURCING Q1 2014 BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY CONTACTS
MEDICAL DEVICE OUTSOURCING CONTACTS Eric Williams (215) 854 4065 ewilliams@capstonellc.com Mark Surowiak Director (215) 854 4063 msurowiak@capstonellc.com STATE OF THE MED TECH INDUSTRY At the start of
More informationSPHERIX INCORPORATED (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationIn the largest and perhaps the most ambitious collaborative
FEATURES THE BIRTH OF TRANSCELERATE BIOPHARMA, INC. Revolution in Clinical Research Partnerships by Dalvir Gill and Garry Neil In the largest and perhaps the most ambitious collaborative effort ever initiated
More informationMeeting Priorities of Biotech & Small Pharma Companies
Meeting Priorities of Biotech & Small Pharma Companies Dr. Andreas Orfanos, MBBCH,FFPM,MBA Thrasos Therapeutics Inc. Vice President Clinical Research & Development 28 Oct 2015 Montreal Technoparc Private,
More informationEuropean Freight Forwarding Index
European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12
More informationAon Risk Solutions. Life Sciences Practice. Providing End-to-End Solutions for Life Sciences Companies. Risk. Reinsurance. Human Resources.
Aon Risk Solutions Life Sciences Practice Providing End-to-End Solutions for Life Sciences Companies Risk. Reinsurance. Human Resources. 1 The Life Cycle Risk Continuum An overview of industry-specific
More informationDecember 2012. Emerging Markets Small Cap: The Undiscovered Frontier
December 212 Emerging Markets Small Cap: The Undiscovered Frontier 1 23481 The EM Small Cap Opportunity Set Global Small Cap Universe Number of Companies Emerging markets small cap comprises approximately
More informationSaaS/Application Software
SaaS/Application Software 2Q Travels: New Innovation Suggests the HCM Novel is Far From Written REPORT HIGHLIGHTS: We had the opportunity to visit with several private HCM companies and HCM events during
More informationBrochure More information from http://www.researchandmarkets.com/reports/2011199/
Brochure More information from http://www.researchandmarkets.com/reports/2011199/ Healthcare BPO Market - Payer (Claims Processing), Provider (Medical Billing & Coding) & Pharmaceutical (Clinical Trial
More informationOverview of the CRO Market
Overview of the CRO Market July 2010 Brocair Partners Industry Survey Series Brocair Partners 317 Madison Avenue, 21st Floor, New York, NY 10017, USA Phone: +1.212.500.5015 www.brocair.com 22, Rue du General-Dufour,
More informationRandox Laboratories Ltd. - Product Pipeline Analysis, 2014 Update
Randox Laboratories Ltd. - Product Pipeline Analysis, 2014 Update Randox Laboratories Ltd. - Product Pipeline Analysis, 2014 Update Sector Publishing Intelligence Limited (SPi) has been marketing business
More informationThe Biotech Business Life Cycle. The Lawyer s Role as Counselor and Advisor
The Biotech Business Life Cycle and The Lawyer s Role as Counselor and Advisor ASU February 15, 2010 1 BIOTECH BUSINESS CYCLE AN INTERDISCIPLINARY APPROACH TO LEGAL REPRESENTATION Intellectual Property
More informationPG Diploma in Clinical Research, Pharmacovigilance, Regulatory and Clinical Data Management
PG Diploma in Clinical Research, Pharmacovigilance, Regulatory and Clinical Data Management Contact: +91 9886735658, 080 28411665 ext 5103 Email: crtraining@avesthagen.com PG Diploma In Clinical Research,
More informationThe M&A Process and the Role of a Financial Advisor
The M&A Process and the Role of a Financial Advisor My Background 1996 University of Florida undergrad with BS in Finance 1998 Geneva Companies / sub of Citigroup doing small M&A deals 1999 University
More informationJ.P. Morgan 2016 Healthcare Conference CEO. January 12, 2016 NYSE: Q. Copyright 2016 Quintiles
J.P. Morgan 2016 Healthcare Conference Tom Pike CEO January 12, 2016 Copyright 2016 Quintiles NYSE: Q Forward Looking Statements and Use of Non-GAAP Financial Measures This presentation contains forward-looking
More informationGujarat State Petronet Ltd. INR 135
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat
More informationAnalysts and Investors conference call Q1 2014 results 15 May 2014
Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made
More informationQuick Poll: Technology Vital to Addressing Wealth Managers Concerns
OpenWealth Quick Poll: Technology Vital to Addressing Wealth Managers Concerns Transaction Services Quick Poll: Technology Vital to Addressing Wealth Managers Concerns 3 Quick Poll: Technology Vital to
More informationAscendiant Capital Group LLC Ascendiant Securities LLC; Member FINRA & SIPC
about Ascendiant Capital Group LLC Ascendiant Securities LLC; Member FINRA & SIPC Investment capital and strategic guidance for publicly traded, emerging growth companies about Established in 2001, Ascendiant
More informationRaising Capital for Life Sciences Companies US IPOs, Mezzanine Rounds, Strategic Partnerships and License Agreements
Raising Capital for Life Sciences Companies US IPOs, Mezzanine Rounds, Strategic Partnerships and License Agreements November 2015 Presented by: Stephen Thau 2 BIOTECH IPOS ARE HOT! The Biggest Biotech
More informationConference Call Participants
Airfreight & Surface Transportation Airfreight & Logistics Market Underweight Railroads Market Weight Trucking Market Weight Truck OEMs & Suppliers Market Weight October 13, 2014 Conference Call on Rail
More informationThe Geography of Markets for Technology: Evidence from Bio- Pharmaceuticals
The Geography of Markets for Technology: Evidence from Bio- Pharmaceuticals Michelle Gittelman Department of Business and Management Rutgers Business School Newark-New Brunswick, New Jersey The pharmaceutical
More informationBUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value
UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):
More informationCobalt Benchmark Report Q3 2015 A review of key company valuation metrics in the UK, European and US Application Software sectors
Cobalt Benchmark Report Q3 2015 A review of key company valuation metrics in the UK, European and US Application Software sectors London Hamburg Munich Silicon Valley Report highlights US SaaS companies
More informationState of the Life Sciences Mergers and Acquisitions Market
State of the Life Sciences Mergers and Acquisitions Market Brian Miller, Managing Partner and Co-Founder, Linden Partners Rich Fante, RF Consulting LLC, Formerly with AstraZeneca Americas Mark Nicholson,
More informationDebt Financing for Healthcare Companies: The Current State of the Market
Debt Financing for Healthcare Companies: The Current State of the Market Note: For the purposes of this paper, we will define healthcare as life sciences/biotech, medical devices, diagnostics and health
More informationPHARMACEUTICAL OUTSOURCING Q1 2014 BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY CONTACTS
PHARMACEUTICAL OUTSOURCING CONTACTS Eric Williams (215) 854 4065 ewilliams@capstonellc.com Mark Surowiak Director (215) 854 4063 msurowiak@capstonellc.com Daniel Schultz Director of Business Development
More informationBPO Front Office Contact Center CRM Services Findings Report
An Ephor Group review of the Business Process Outsourcing (BPO) capabilities for front office contact center CRM services. Q1 BPO Front Office Contact Center CRM Services Findings Report The front office
More informationSankaty Advisors, LLC
Middle Market Overview March 2013 Overview of Middle Market We view the middle market as having three distinct segments, defined by a company's ownership type, prospects, and access to capital. Companies
More informationAnnual Shareholder Meeting. June 2012
Annual Shareholder Meeting June 2012 Agenda Call to Order; Opening of Polls Introduction of Directors Introduction of Management Introduction of Independent Registered Public Accounting Firm Designation
More informationCrabel Capital Management, LLC
Commodity Trading Advisors (CTAs) provide advice and services related to trading and investment strategies utilizing futures contracts and options on futures contracts on a wide variety of physical goods
More informationwww.pwc.com/us/assetmanagement US Asset Management Strategic Imperatives for Asset Managers May 2013
www.pwc.com/us/assetmanagement US Asset Management Strategic Imperatives for Asset Managers May 2013 Table of contents Executive summary 1 Macro trends 2 Rise and interconnectivity of the emerging markets
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationSpring 2013. From Our CEO. Special Event WuXi Forum - Gateway to China Chinese Premier Li Keqiang Visits WuXi Headquarter in Shanghai
From Our CEO Special Event WuXi Forum - Gateway to China Chinese Premier Li Keqiang Visits WuXi Headquarter in Shanghai Featured Story WuXi and PRA Form Joint Venture to Offer Clinical Research Services
More informationGemini Securitization Corp., LLC (As Of May 2014)
ABCP Portfolio Data: Gemini Securitization Corp., LLC (As Of May 2014) Primary Credit Analyst: Thomas G Dunn, New York (1) 212-438-1623; thomas.dunn@standardandpoors.com Surveillance Credit Analyst: Marc
More informationTaking the Pulse of the U.S. Healthcare Market
February 2016 CONTRIBUTORS Glenn K. Doody, CFA Vice President Product Management glenn.doody@spdji.com Michael Taggart, FSA Consultant michael.taggart@spdji.com Taking the Pulse of the U.S. Healthcare
More informationHealthcare Reform Opens Up Middle-Market Opportunities
WWW.IBISWORLD.COM April 2013 1 April 2013 By IBISWorld Analysts Douglas Kelly & Anna Son A changing healthcare landscape and increasing demand are spurring potential deal opportunities in related industries.
More informationXENOPORT INC FORM 8-K. (Current report filing) Filed 05/08/14 for the Period Ending 05/08/14
XENOPORT INC FORM 8-K (Current report filing) Filed 05/08/14 for the Period Ending 05/08/14 Address 3410 CENTRAL EXPRESSWAY SANTA CLARA, CA 95051 Telephone 4086167200 CIK 0001130591 Symbol XNPT SIC Code
More informationInvestment Banking. Equity Capital Markets
Investment Banking Equity Capital Markets Raymond James Capital Markets Our mission is to remain a premier investment bank built on trust and relationships. We combine insightful, highquality research
More informationRESEARCH UPDATE. Global Ad Agency Publicis Groupe BBB+ Rating Still On CreditWatch Negative After Announcement Of Razorfish Acquisition.
RESEARCH UPDATE Global Ad Agency Publicis Groupe BBB+ Rating Still On CreditWatch Negative After Announcement Of Razorfish Acquisition Primary Credit Analysts: Raam Ratnam London (44) 207-176-7066 raam_ratnam@
More informationOpen Innovation: An Imperative for the Pharmaceutical Industry. Berkeley Innovation Forum
Open Innovation: An Imperative for the Pharmaceutical Industry Berkeley Innovation Forum October 28-29, 2010 Minneapolis, MN Ted Torphy, Ph.D. Vice President & Head External Innovation Research Capabilities
More informationEffect of Rising Interest Rates on Fixed Income. Dominick DeAlto, Global Head, Multi-Sector Fixed Income
Effect of Rising Interest Rates on Fixed Income Dominick DeAlto, Global Head, Multi-Sector Fixed Income Effect of Rising Interest Rates on Fixed Income I May 2015 I 2 Why Do Investors Allocate to Fixed
More informationThe Sage Group and Talentmark Consulting Announce Strategic Alliance for Services to the Global Healthcare & Life Sciences Industry
Talentmark Consulting Product Driven People Solutions Press Release The Sage Group and Talentmark Consulting Announce Strategic Alliance for Services to the Global Healthcare & Life Sciences Industry Cambridge
More informationOverview of 2013-2014 Laboratory Industry Transactions
The linked image cannot be displayed. The file may have been moved, renamed, or deleted. Verify that the link points to the correct file and location. Overview of 2013-2014 Laboratory Industry Transactions
More informationIPAA Private Capital Conference Houston, Texas January 29, 2015
IPAA Private Capital Conference Houston, Texas January 29, 2015 These presentation materials do not constitute an offer or invitation by or on behalf of Energy & Infrastructure Capital, LLC or any of its
More informationDiminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors
Diminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors 3/16/215 Summary In the wake of the 27-8 Financial Crisis, investors increased their holdings of fixed income
More informationCase 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007
More informationBlockbuster!!! Content Management in the Pharmaceutical Industry An Overview. Global Pharma Market Shares by Sales (Approx. USD 700 Billion) Global
Content Management in the Pharmaceutical Industry An Overview Blockbuster!!! Avatar USD 2 Billion revenues Lipitor USD 12.5 Billion in 2008 Dr Arun Gangatkar http://in.linkedin.com/in/drarungangatkar drarunj@gmail.com
More information