Whither Global Pharma?
The Global Pharma universe today has low valuation multiples, definitive five-year free cash flows and a strong dividend yield which hedges the downside, while dwindling R&D productivity and an uncertain pricing environment rules out any major upside for this universe. Although fundamental growth drivers like higher prevalence of chronic illnesses and an aging population remain intact, in this challenging environment, where is Global Pharma headed? Pricing Rationalization is Just a Matter of Time The US, which to date has been…