AstraZeneca expects the drug industry's sales in developed markets to go into decline by early next decade as a slew of patents on blockbusters expire, making emerging markets crucial to long-term growth.
Chief Executive David Brennan said on Tuesday that U.S. and Western European markets were already growing at just low single-digit percentage rates compared with high-teens in new markets across Asia and Latin America.
The situation would get worse as more key products face generic competition from 2011 to 2013.
"It will go negative. It has to because there aren't products behind that that have the same dollar-for-dollar replacement value in that timeframe," he told Reuters on the fringes of an Economist emerging markets conference.
"I think it is just going to continue to slow down."
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Meanwhile at Pfizer......
Pfizer is dramatically stepping up sales efforts in emerging markets, overhauling U.S. business operations and slashing more costs ahead of the 2011 patent loss for cholesterol blockbuster Lipitor, its head of pharmaceutical operations said Monday.
Ian Read, speaking at the 2008 UBS Global Life Sciences conference in New York, told analysts and investors the company has reduced annual costs by $1.2 billion from 2006 levels and expects to meet its goal of cutting a total of $2 billion by year's end. Most of the remaining reductions will come in the fourth quarter, he said, possibly signaling more job cuts.
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