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This presentation (available download on the left-hand side of this page) provides an overview of the EM opportunity, including some analysis of the financial performance of selected EM pharmaceutical industries and respective benchmark valuation metrics.
There is a brief section on the China opportunity, as it is by far the largest high growth market, and also an overview of healthcare in Latin America, which is a particularly promising EM region.
Additionally, this presentation also sets out a framework that can help life science/healthcare companies determine an effective EM strategy that is aligned with its broader growth objectives. External development options (eg. M&A) are outlined, including some key transaction considerations of doing deals in EMs.
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Policy-driven changes in healthcare spending and the growing significance of generic competition are acting in tandem to force pharmaceutical manufacturing companies to adopt more cost-effective manufacturing strategies resulting in an upsurge in the level of M&A activity in the industry as drugmakers consolidate to reduce costs, diversify product portfolios and expand geographic footprints. This whitepaper provides an overview of the pharmaceutical manufacturing landscape with a special focus on generics and biopharmaceuticals. PharmaVentures will also share unique insight gained from the divestment of manufacturing operations for some of the world’s leading pharmaceutical companies.
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In deal-making, options have long been considered a useful vehicle to carry uncertainty through to a point of resolution, or at least to a position of more understandable risk. Many very early stage players prefer the use of options to allow partners an opportunity to uncover value rather than undersell or worse allow good potential to gather dust for lack of resource. Would-be licensees see options as a lower risk / lower cost way of securing assets, seeing the risk reward balance falling in favour of watchful waiting. The pharmaceutical pipeline is a risky environment. Failure rates remain high despite all the advances in drug design and ever growing safety data.
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The incidence of co-promotion components in biotechnology/pharmaceutical licensing deals for development products has grown steadily since 1996 according to data from PharmaDeals© V4. In 1996 just 6% of licensing deals retained co-promotion rights or options for licensors, to date in 2010 the frequency is double that (12%). We were interested to uncover if these agreements converted into commercial realities and if so did they turn out to be mutual successes for the concerned parties.
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The growing threat of bacterial resistance is a high priority global issue with 193 countries signing a landmark UN General Assembly declaration calling for coordinated effort in this area. Without urgent action today’s routine infections could become killers and the face of medicine changed forever. At PharmaVentures we have reviewed how we have reached this current position and the ongoing roles of pharmaceutical and diagnostics companies.
Should you be interested in learning more about this subject or PharmaVentures please do not hesitate to contact Adrian Dawkes, the lead author.
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The 25% rule of thumb is often quoted in the context of licensing deals royalty rates and in particular when deriving an appropriate rate of income due to a licensor for an innovative intellectual property asset. We have set out to conduct an in-depth analysis of historic market data from the pharmaceutical industry going back over ten years to check on the validity of this concept and found little if any evidence of its use, appropriateness or relevance. An abundance of anecdotal references and attempts can be found to make deal making data fit this incongruous notion, and which does not have a sufficiently robust foundation to make its utility appropriate in the pharmaceutical and biotechnology sector.
Our conclusion shows that this rule has no suitable place in the arsenal of licensing executives.
The original article:
Journal of Commercial Biotechnology, Vol 16, No 1 (2010)
Pharmaceutical royalties in licensing deals: No place for the 25 per cent rule of thumb
Nigel Borshell, Adrian Dawkes
