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Industry Company Profile Fall 2012

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Industry Company Profile Fall 2012 Industry and Company Profile Industry: Pharmaceutical Preparation Manufacturing Companies: Johnson & Johnson and Pfizer Inc. SIC Code: 2834; NAICS Code: 325412 Mike S Pena MGMT 1100-01 Fall 2012 Reasoning for Industry Selection: Pharmaceutical products have been in my life since the beginning of time. I remember depending on them to survive when I had pneumonia. I also depended on them when I suffered from seizures and when I had to deal with my pain after my meniscus repair surgery. Pharmaceutical products have also been around the lives of my loved ones. My four year old brother once greatly depended on them as a result of his poor nutrition and my grandmother usually consumes six to seven pills a day to control all her different types of pain. After analyzing some of the categories from which we could select an industry, I realized that I wanted to learn more about how these pharmaceutical companies research, develop, and sell their products and how they benefit from our consumption. As a student of the Lally School of Management and Technology at Rensselaer Polytechnic Institute, analyzing such a big industry would also provide me with a good insight into how the macroeconomic environment affects an economy. Also, both Pfizer Inc. and Johnson & Johnson are top-of-the-line international companies and by researching their operations I would acquire an insight into how the pharmaceutical industry operates, not only in the United States (U.S.), but also around the world. Industry Company Profile Fall 2012 Table of Contents Industry Profile……………………………………………………………………………………….Page 3 Company Profiles………………………………………………………………………………...…Page 37 Johnson & Johnson………………………………………………………………………………...Page 37 Pfizer Inc…………………………………………………………………………………….………Page 55 Personal Thoughts………………………………………………………………………………….Page 90 Appendices…………………………………………………………………………………………..Page 91 Appendices for Johnson & Johnson ………..…………………………………………….Page 91 Appendix A0………………………………………………………………………Page 91 Appendix A1………………….…………………………………………………...Page 91 Appendix A2………………………………………………………………………Page 92 Appendix B1……………………………………………………………………....Page 92 Appendix B2…………………………………………………………………....…Page 93 Company History…………………………………………………………………Page 94 Appendices for Pfizer Inc.……………………………………………………………….....Page 99 Appendix A0………………………………………………………………………Page 99 Appendix A1……………………………………………….………………...……Page 99 Appendix A2……………………………………………………………………..Page 100 Appendix B1……..………………………………………………………………Page 101 Appendix B2……………………………………………………………………..Page 101 Company History………………………………………………………………..Page 102 Appendix C: Relevant Financial Ratios………………………………………………….………..Page 107 Appendix D: History of the Pharmaceutical Industry…………………………………………......Page 110 Endnotes…………………………………………………………………….……………………..Page 139 Mike S Pena [email protected] Page 2 Industry Company Profile Fall 2012 Industry Profile:i Industry Name: • SIC Code 2834: Pharmaceutical Preparations • NAICS Code 325412: Pharmaceutical Preparation Manufacturing Overview of Industry: Since World War II, which established the American drug industry on a permanent footing, pharmaceutical firms have enjoyed a high level of profitability. The discovery and development of dozens of life-saving medications in company research labs created enormous demand for pharmaceuticals, while patent protection and sophisticated marketing structures maintained sales and profits. The high cost of drug development and marketing, though, tended to concentrate industry earnings in several large firms. Pharmaceutical manufacturers produce a wide range of products for human and veterinary treatment. The majority of these firms' products are produced in final form for consumption such as ampoules, tablets, capsules, vials, ointments, medicinal powders, solutions, and suspensions. Industry output consists of two important lines. Pharmaceutical preparations promoted primarily to the dental, medical, or veterinary professions are called "ethical" drugs or prescription drugs. Those sold openly to the public are usually described as "over-the-counter" (OTC) drugs. Industry firms may also produce therapies derived from genetic engineering or related biotechnology processes. Because there are numerous specialties within the industry such as, numerous forms of cancer, AIDS, hypertension, cholesterol, and neurological drugs, many of the leading producers may at first only compete with one or two others on a product-by-product basis. This pattern partially derives from the enormous research costs usually involved with producing a new drug, a reality that has led many drug makers to specialize in few therapeutic fields. The pharmaceutical industry is one of the world's most dynamic and lucrative in terms of sales volume. Despite rising pressure from government agencies and employers to lower drug prices, worldwide pharmaceutical spending increased 11 percent in 2003. According to IMS Health, a company which provides market intelligence to the pharmaceutical and health care industries, that year, spending totaled an approximate of US$500 billion. Of this total, US$230 billion was attributed to the United States and Canada. By 2006, reports stated that the global spending on prescription drugs topped US$643 billion, with the U.S. accounting for nearly half the global market with US$289 billion in annual sales. The European Union and Japan followed the U.S. in the global pharmaceutical market. A source of continuing vigilance within the industry is the expiration of brand-name patents. While laws vary by country, in most world markets a new drug may be patented (produced exclusively by its originator or firms authorized by the patent holder) for a fixed term. After the term expires, which is sometimes as long as 17 years, the compound is open to generic competition, and therefore, market forces usually bring prices down substantially from the levels obtained during the founding company's monopoly. In developing countries, they have the option of proving a substantial need that can override Mike S Pena [email protected] Page 3 Industry Company Profile Fall 2012 the patent issue and obtain cheaper versions of the drugs on a need basis. Pharmaceutical companies often offer the necessary drugs at no cost or a greatly reduced cost to developing countries in need. Another key issue for the industry is controlling the cost and duration of research and development (R&D). A rising share of company sales are guided towards R&D, and development times have also been rising. The U.S. industry, the world's largest, averages 10 to 15 years to bring a new drug to the market. This is the key reason pharmaceutical companies are granted limited-term patents to exclusively produce and market their new drug in order to regain their cost of the R&D. As a result, a number of major firms engage in resource-sharing schemes such as joint ventures with other companies or undertake internal restructuring to arrive at a more cost-efficient workflow. Pharmaceutical consultants also influence companies towards obtaining a better data management that could eventually optimize current production and reduce inventory. A continuing trend in this industry was the increasing percentage of marketing targeted directly to consumers. For example, drug makers spent an estimated US$2.27 billion in 2000 on consumer advertising, an increase of 41 percent from 1999. According to a study by Harvard University and MIT, a 10 percent increase in direct-to-consumer advertising resulted in a 1 percent increase in sales. Additionally in the pharmaceutical industry, there are two recent trends that might affect the global market. The first one is related to Japanese price cuts encouraging drug makers to branch out into new directions and markets. The second trend involved global countries traditionally focused on brand name drugs reaching toward new industries to balance lagging sales. This includes producing generic drugs or even partnering with other companies to reduce the costs associated with research and development. The industry has shown consistent and substantial growth over the previous five years, and is expected to continue to grow. Despite the economic downturn of the early 2000s, the pharmaceutical industry has remained robust. The aging population of the United States bodes well for the industry as prescription drug purchases are expected to increase significantly in the coming years. History of Industry: Please see Appendix D for a complete history of the Pharmaceutical Preparation Manufacturing Industry Global Sales and Profits (Aggregate Data): The global pharmaceuticals market is worth US$300 billion a year, a figure expected to rise to US$400 billion within three years. The 10 largest drugs companies control over one-third of this market, several with sales of more than US$10 billion a year and profit margins of about 30%. Six are based in the United States and four in Europe. It is predicted that North and South America, Europe and Japan will continue to account for a full 85% of the global pharmaceuticals market well into the 21st century. Companies currently spend one-third of all sales revenue on marketing their products - roughly twice what they spend on research and development. Both brand name and generic pharmaceutical products are sold to similar markets with the primary difference being the total revenue generated. In 2012, the sale of brand name pharmaceuticals is estimated Mike S Pena [email protected] Page 4 Industry Company Profile Fall 2012 to generate $156.3 billion in revenue whereas the sale
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