Industry Report Card: U.S. Health Care Sep 02
Standard & Poors, September 2002
Abstract
Recent health care industry credit activity has taken on a decidedly negative tone, highlighted by actions on a number of pharmaceutical firms. There were three notable rating downgrades. Bristol-Myers Squibb's loss of its top-tier status, and Schering-Plough's downgrade within the "AA" category, were unusual events for strong companies in a still-attractive industry. They underscore the uncertainty of high-stakes drug research, during a period when payers are increasingly demanding substantive value-added medical development in return for the high profit margins on treatments they purchase. Each company has been disappointed in the quest to successfully replace products coming off patent with innovations that are insulated from the cutthroat pricing associated with commodity generics. Elan's precipitous fall from investment grade status not only...
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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Abbott Laboratories
- Wyeth
- Bausch & Lomb Inc.
- Becton Dickinson & Co.
- Beverly Enterprises Inc.
- Bristol-Myers Squibb Co.
- Valeant Pharmaceuticals International Inc.
- Johnson & Johnson
- Eli Lilly & Co.
- HCR HealthCare LLC
- Merck & Co. Inc.
- Pharmacia Corp.
- Tenet Healthcare Corp.
- Applied Biosystems Inc.
- Pfizer Inc.
- Schering-Plough Corp.
- Service Corp. International
- Universal Health Services Inc.
- La Petite Academy Inc.
- Health Management Associates Inc.
- Bard (C.R.) Inc.
- St. Jude Medical Inc.
- Millipore Corp.
- Alliance HealthCare Services
- Baxter International Inc.
- Ansell Ltd.
- HealthSouth Corp.
- Symbion Health Ltd.
- Allergan Inc.
- Beckman Coulter Inc.
- Chiron Corp.
- Amgen Inc.
- Genzyme Corp.
- Hill-Rom Holdings Inc.
- ALARIS Medical Inc.
- Elan Corp. plc
- Fisher Scientific International Inc.
- KinderCare Learning Centers Inc.
- SOLA International Inc.
- HCA Inc.
- Omnicare Inc.
- Apria Healthcare Group Inc.
- Stewart Enterprises Inc.
- DaVita HealthCare Partners Inc.
- Dade Behring Inc.
- Nabi Biopharmaceuticals
- Guidant Corp.
- Unilab Corp.
- Quintiles Transnational Corp.
- Owens & Minor Inc.
- Boston Scientific Corp.
- Caremark Rx Inc.
- Pall Corp.
- Rose Hills Co.
- Fresenius Medical Care AG & Co. KGaA
- Quest Diagnostics Inc.
- Concentra Inc.
- Laboratory Corp. of America Holdings
- Sunrise Senior Living Inc.
- PSS World Medical Inc.
- Mariner Health Care Inc.
- Kinetic Concepts Inc.
- Extendicare Health Services Inc.
- Actavis, Inc.
- Universal Hospital Services Inc.
- Rural/Metro Corp.
- ConMed Corp.
- Res-Care Inc.
- HealthTronics Inc.
- Hudson Respiratory Care Inc.
- Radiologix Inc.
- Alpharma Inc.
- InSight Health Services Corp.
- Sirona Dental Systems SARL
- Stryker Corp.
- Biovail Corp.
- King Pharmaceuticals Inc.
- Sepracor Inc.
- Team Health Inc.
- Triad Hospitals Inc.
- LifePoint Hospitals Inc.
- Matria Healthcare Inc.
- Express Scripts Inc.
- Hanger Inc.
- Cornerstone Family Services Inc.
- DJO Inc.
- Medtronic Inc.
- DENTSPLY International Inc.
- Bio-Rad Laboratories Inc.
- Charles River Laboratories Inc.
- Province Healthcare Co.
- IASIS Healthcare Corp.
- Maxxim Medical Group Inc.
- Inamed Corp.
- Warner Chilcott Corp.
- National Nephrology Associates Inc.
- Gentiva Health Services Inc.
- Vanguard Health Systems Inc.
- CuraGen Corp.
- Millennium Pharmaceuticals Inc.
- Incyte Genomics Inc.
- Human Genome Sciences Inc.
- Vicar Operating Inc.
- Protein Design Labs Inc.
- AdvancePCS
- Apogent Technologies Inc.
- Sybron Dental Specialties Inc.
- Genentech Inc.
- Select Medical Corp.
- Zimmer Holdings Inc.
- MedPointe Inc.
- ResMed Inc.
- United Surgical Partners International Inc.
- Rotech Healthcare Inc.
- US Oncology Inc.
- Accredo Health Inc.
- aaiPharma Inc.
- Biogen Idec Inc.
- Advanced Medical Optics Inc.
- MedQuest Inc.
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