Newly Updated and Expanded Report:

Biopharmaceutical R&D Productivity 2016

Now Available

118289914SSR Health is a boutique provider of healthcare-focused investment research to institutional money managers, and of advisory services to healthcare manufacturers and service providers

Investment Research Products

Our investment research products cover all healthcare companies that trade publicly on US equity exchanges. Our primary investment research objective is to identify the ideal balance of sub-sectors (e.g. hospitals, biotech, drug distributors, dialysis, HMOs, etc.) within a broader healthcare portfolio. The balance of sub-sectors is at least as important to portfolio performance as stock selection; however little if any investment research is geared to optimizing this balance

Our research approach begins by identifying the major investment controversies that affect the sub-sector make-up of the ideal portfolio; we then seek to gain an information edge on those controversies through careful research. Wherever possible, we seek hard evidence – usually in the form of large datasets – to shape our conclusions. By browsing the titles in our research archive, you can gain a sense of the investment controversies we’ve addressed thus far, and how these affect the sub-sector balance of an ideal healthcare portfolio

Across several years of accumulating and analyzing relevant data, we’ve established a large library of relevant datasets, several of which we publish on a routine, scheduled basis. These include:

The Hidden Pipeline: We use patent data to identify: 1) the contents of drug and biotech companies’ pipelines; 2) drug and biotech companies whose pipelines are under- or over-valued; and 3) the productivity of R&D operations within drug and biotech companies. These products are more fully explained at:

The New Product Approval Portfolio: Drug and biotech stocks tend to outperform their peers both before and after scheduled regulatory action dates for major products; however investment risks are concentrated in the days immediately preceding and following the scheduled regulatory action. We’ve shown that long positions in companies with pending and recent regulatory approvals, balanced by disciplined selling ahead of the actual regulatory actions, creates a portfolio with better risk / return characteristics than the drug and biotech indices on average. All of the information (phase 3 status, filing status, scheduled action dates, share price information) that feeds into our buy / sell decisions, plus the active and past portfolios, are published monthly

SSR Index of Current-Quarter Health Services Demand Growth: US healthcare demand is volatile, being heavily influenced by such factors as changing employment levels, the expansion of Medicaid, the expansion of insurance under the Affordable Care Act, and changes to provider pricing power. Shifts in demand have large effects on the ideal sub-sector balance of a healthcare portfolio, thus the importance of tracking demand in real-time, or nearly so. Using a validated model of leading and co-incident indicators of US health services demand, we publish 3 demand estimates each quarter – 2 are published during the quarter, and 1 is published just after the quarter, but before most healthcare companies release quarterly earnings

 Advisory Services

Our advisory clients include drug, biotech, and healthcare service companies, ranging from large-cap industry leaders to privately funded start-ups

The subject matter of our advisory work tends to reflect topics that we have addressed in our investment research; however we also frequently research and advise on topics beyond the scope of our published research

An emerging focus of our advisory work is strategy and structure for large cap pharmaceutical and biotech manufacturers, with an emphasis on measuring and improving R&D productivity