>How confident are you that emerging markets will respect patent rights on expensive new medicines?<
Things have improved greatly on this score during the past five years. Now, the key issue for high-priced drugs in emerging markets is not patent protection but rather reimbursement—just as it is throughout the world.
If a company is trying to sell the sixth ACE inhibitor in a given market or the seventh PPI, good luck with that! On the other hand, drugs that meet a bona fide medical need are going to be a good business proposition even in the less affluent countries.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”