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United States Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Aug 2008, Pages: 104
Our United States Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on United States' pharmaceuticals and healthcare industry.
The US should witness solid growth over the forecast period despite fears that the country may slip into recession on the back of the ‘credit crunch’ and the sub-prime crisis in the housing sector. Still, the pharmaceutical sector should remain resilient as drugs are considered by most to be essential items. However, medical insurance enrolment may fall as unemployment in the country rises.
The author expects the US drug market to reach a value of US$320bn in 2008, representing a real growth rate of 4%. Over the rest of the forecast period growth should be higher, however, as the economy gets back on track, hitting a high of 5% in 2010. In real terms, the pharmaceutical market should comfortably outpace growth in the overall economy, a factor that is attracting investors to the industy.
In terms of company news, the biggest deal in Q307 has been US firm Bristol-Myers Squibb (BMS)’s divestment of its medical device division to a pair of private equity groups. Nordic Capital and Avista Capital Partners paid US$4.1bn for ConvaTec, which specialises in advanced wound care management and ostomy (artificial skin opening) barriers. Meanwhile, Europe's largest pharmaceutical company, GlaxoSmithKline (GSK) is to purchase US-based biotechnology company Sirtris for US$720mn. GSK is to pay US$22.50 a share for the company, 84% above the closing share price from the previous day, with GSK clearly keen to tie-up the deal swiftly.
GSK’s move comes despite the fact that the US dollar has made the past year particularly turbulant for many drugmakers. The continued weakening of the US dollar has made imports to the US more expensive, posing a challenge for European drugmakers. However, the US export climate looks rosy, boosting the prospects for US-based drugmakers looking for foreign sales. The US remains at the top of our Business Environment Ranking for the America’s region. The country’s huge internal market and dynamic innovation will ensure it remains this way for the forseable future.
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