The Long Term Bullish Case for Pharma http://www.forbes.com/sites/brucebooth/2011/08/26/the-long-term-bullish-case-for-pharma/ Not a day goes by that pundits aren’t bemoaning the struggles of the drug industry: R&D productivity declines, FDA uncertainties, restructurings and downsizings, payor and reimbursement dynamics, pricing pressures, generics and patent cliffs, etc… Many critics worry about slowing growth in demand and even decline in the branded drug industry due to these issues. The list of challenges is seemingly endless, and they are certainly significant. But there’s a few of us who believe we are about to enter a secular bull market for Pharma based on three key macro drivers: wealth, health, and medical efficiency. Using data and insights from Tim Opler at Torreya Partners, this post lays out how these three support a strong positive case for the attractiveness of Pharma industry (which includes biotech and pharma for the purpose of this discussion) over the next couple decades.