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Biotech / Medical : Biotech Valuation

CRSP 56.28

-0.7%

10:13 AM EST

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To: Biomaven who started this subject	8/25/2001 3:07:16 PM
From: quidditch	of 52153

Slightly OT: I'm a bit surprised that there hasn't been any mention of the Brazil developments with respect to Roche's HIV drug viracept. Perhaps the dispute is a bit afield from the core topics of discussion on this thread (for which I thank the many technically informed contributors) because (among other reasons) either (i) many of the molecules/drug candidates of the bio-techs spoken of here are still in the clinic or (ii) even if approved, are still gaining market acceptance in the US and the EC and not widely marketed in some of the second tier economies. However, if Brazil's action is suffered or acquiesced in by the established pharmaceuticals, the implications are quite significant for intellectual property rights of any biotech that develops and is able to successfully market a drug whose beneficial properties are important to any disease that, if unchecked, has social as well as economic implications for a nation. Perhaps HIV is viewed as unique in that its worldwide scourge can be ever so much more devastating because it preys so effectively where countries are already vulnerable--among the poor, the illiterate and the addicted. But once a precedent such as the one Brazil is pursuing is established, it might spread as effectively as the virus. Does this have long-term valuation implications? Or are the markets in which a Brazilian precedent is perceived as possibly taking root deemed too peripheral and too small to make a difference? By the way, I can't think of a nicer pharmaceutical I'd like to see suffer the outright and smug rejection of its property rights -:). The Brazilian Minister of Health was quoted in Friday's NYT as saying the Ministry won't accept Roche's offer on pricing even if it reduced prices 40% more (over the 50% reduction finally made in response to the threat to allow domestic manufacture without paying royalties). Brazil intends to go forward at this point in the grant of a compulsory license to domestic makers to manufacture generic version of viracept. quid

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