The global pharmaceutical industry has experienced many changes in recent years in its attempts to address health care reform and demands for cost containment, be innovative and competitive, and improve market share. Whilst addressing these issues, do drug companies still provide shareholder value?
Speakers at broker Lehman Brothers eighth annual European health care conference attempted to address this as the main theme of the meeting earlier this month. Two firms that have been active in the consolidation of the drug industry are Pharmacia & Upjohn and Rhone-Poulenc Rorer. Both are viewed as outperformers in the industry.
The latter is aiming to build shareholder value by implementing a growth strategy, which began with the merger of Rhone-Poulenc's health care business with Rorer, and was boosted recently by the acquisition of Fisons.
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