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Biotech / Medical : Sepracor-Looks very promising
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To: Biomaven who wrote (1924)3/4/1999 10:25:00 PM
From: John Metcalf   of 10280
 
Great question, Don, and great answer, Peter. I would add a couple other reasons that drugs have a longer half-life than other products:

1) Physicians prescribe drugs, and their behavior is hard and expensive to change.

2) Generics have to be approved too, though the ANDA process is shorter than NDA. They still have to meet CGMP standards for manufacture.

3) There are sometimes patents on method of manufacture which can keep out competition. An ironic example is Albany Molecular's patent on Allegra manufacture.

4) New indications can add to the life of an approved drug.

5) There is a small number of large pharmas with the resources to compete meaningfully. Many good biotechs necessarily have their focus limited by lack of capital. Facing six or more years of clinical trials for a new drug, competitors must think long and hard before committing to development of a drug which would compete with a market leader.

6) If you have access to Value Line commentary on the Drug Industry, you'll find frequent comments about patent expiration, but fewer comments about losing share to competition.
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