Summary To get a sense of what drug coverage will look like across plans offered on the health insurance exchanges (HIEs), we analyzed the drug benefits of all Silver[1] plans…
Summary and Conclusion In light of the recent change in MRK’s R&D leadership, and evidence[1] that the company may be planning a significant change in its approach to R&D, we…
Premise and rationale Share prices of drug and biotech stocks arguably can be broken down into two major components: the capital markets’ estimates of the value of assets that are…
We expect 4Q13 health services demand growth (y/y, nominal) of 3.5%, the product of 2.3% growth in unit demand and 1.2% growth in nominal pricing (Exhibit 1). Our nominal pricing…
What enrollment patterns are required for premiums to meet or exceed claims paid on the health insurance exchanges (HIEs), and can we reasonably expect these patterns to emerge? We showed…
Summary To better understand how the Affordable Care Act (ACA) may have affected price / value relationships in the market for individually purchased coverage, we’ve compared premiums (by age), deductibles,…
We expect 4Q13 health services demand growth (y/y, nominal) of 3.3%, the product of 2.2% growth in unit demand and 1.1% growth in nominal pricing (Exhibit 1). Our nominal pricing…
NVS’ R&D spending as a percent of sales is on par with its peer group (Exhibit 1), as are its economic returns to R&D spending (yr10 operating income / yr1…
On October 20, the Wall Street Journal published an interview with LLY’s CEO, addressing the question of whether LLY’s relatively high R&D spending versus peers (Exhibit 1) is warranted. With…
As of September 2013, we expected 3Q13 health services demand growth (y/y, nominal) of 3.5%, the product of 2.1% growth in unit demand and 1.4% growth in nominal pricing (Exhibit…