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Biotech / Medical : IVAX, Generic Giant

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To: Doug who wrote (177)	4/20/1997 1:19:00 PM
From: Charles Holewinski	of 212

Doug: I do hope you are correct. I took the long term picture on IVAX when I first bought it at 30 some 8 years ago on my brokers recommendation. And he kept recommending it as it went down. All this while the market in general made new record highs. Like Charlie Brown says when he is frustrated "I can't stand it"....and I have gotten to the point that I can't stand it either. This company is making what seems to be the product most likely to succeed, cheap medicine. What with all the emphasis on reducing health care costs one would think that the largest company offering a major way to lower medicine costs would be doing great. The trouble is that there is a lot of competition out there and cut throat pricing seems to be the normal way to do business. Additionally because of the competition some of these generics tend to cut corners in the manfacturing process. When they are caught doing this the FDA shuts them down and they either go out of business or they lose money for a year or two until they get their act back together. I have a cousin who has been in generic drug sales most of his career. Up until 10 years ago he was very positive in the industry. Then when his company had problems with the FDA and his company could not sell drugs for about a year, he then went to work for Zenith Labs. They then got into trouble with the FDA, from which they later recovered and were taken over by, I think IVAX. When Zenith fell on hard times, my cousin went to work with another generic company, which was privately held. They got into trouble with FDA also and since then my cousin has been down on the industry because of the erratic nature of this business. He now sells health care products but not drugs. I am telling you this to give you some info about why the generic drug industry has problems. I hope that IVAX can pull out of its problems, but I think it is going to take some time for this to happen. Most likely IVAX will be taken over by another stronger company and I am hoping this happens. Good luck.

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