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Софарма АД (SFA / SFARM)

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  • Тук да не са пуснали втора серия на филма "Петрол"?

    Коментар


    • Първоначално изпратено от EquityPrivate
      Първоначално изпратено от Valuator
      Или в тази на Монбат - при 20 лв (40 лв преди сплита)

      Първоначално изпратено от wannarock
      Първоначално изпратено от EquityPrivate
      Interesno kade li e tova momchence fxx da komentira cenata ot 4.10
      в темата за као 21
      E, tova malko kato "a vie zashto biete negrite?"
      Az pitam za SFARM, a te mi otgovariat za drugi...
      Posledniat model, koito sam pusnal na Monbat e tozi - http://www.nexenture.de/LBO_Monbat.GIF.
      А ти защо изобщо им се обясняваш? :shock:

      Коментар


      • Казах го, защото от 4 до 3,85 е всъщност никаква разлика. Няма какво да се коментира, просто.

        Коментар


        • Туканака сме цифромани-кат ще е 3,5-що да не е 3.ПРиказка да става.
          Първоначално изпратено от Ан МакГърч
          Първоначално изпратено от EquityPrivate
          Първоначално изпратено от Императорът
          Първоначално изпратено от stoian
          На мен 4лв ми се вижда много добра цена.А всеки си знае.
          Да, перфектна е... да граби човек...
          Chudno kak oshte imash cash :-)
          Nedei grabi vsichko sega, che moje i 3.85 da stane.
          Какво ще кажеш за 3.50 ?

          Коментар


          • Първоначално изпратено от EquityPrivate
            Първоначално изпратено от Императорът
            Първоначално изпратено от stoian
            На мен 4лв ми се вижда много добра цена.А всеки си знае.
            Да, перфектна е... да граби човек...
            Chudno kak oshte imash cash :-)
            Nedei grabi vsichko sega, che moje i 3.85 da stane.
            Какво ще кажеш за 3.50 ?

            Коментар


            • Pharma’s generics opportunity in Central and Eastern Europe

              Generics manufacturers have prospered in Central and Eastern European markets of late, but the regulatory landscape is changing. Companies must take action if they are to surmount the competition.


              Raymond De Vrй, Simon Goeller, and Christian Pawlu
              August 2008

              For makers of generic pharmaceuticals, markets in Central and Eastern Europe have presented a compelling story in recent years, growing at a compound annual growth rate (CAGR) of 19 percent from 2003 to 2006. Players have reaped considerable profits, often enjoying operating margins in excess of 20 percent. And these drug makers are not exclusively local; many international pharmaceutical companies that have entered the region have also been highly successful.

              But times are changing. Although still attractive, Central and Eastern European markets are becoming increasingly complex. Governments have begun launching health care reforms to reduce costs, and new legislation has started shifting decision-making responsibility for the prescription process from physicians to pharmacies. In some countries, the regulatory environment is becoming protectionist. While the precise scope, magnitude, and timing of these changes remain uncertain, generics companies will soon find it harder to maintain current levels of profitability.

              These companies must be prepared to confront the local challenges directly and with quick, decisive action. To survive and flourish in a region in flux, companies must refine their marketing and sales approach by building strong product brands, developing specific knowledge of the decision-making landscape, and applying this and other local knowledge in ways that help them surmount the competition.
              The market: Growing, profitable, and accessible

              Although the market for generic pharmaceuticals in Central and Eastern European countries does not offer the 19 percent operating profit of recent years, it still promises stable growth of 9 percent a year on a current base of $10 billion. For regional and international players poised to secure their share of growth in this especially profitable region, the opportunity amounts to about $1 billion in additional sales each year.

              This is the case despite the fact that the region is neither rich nor big. With GDP per capita averaging about $7,000 (ranging from $2,800 in Ukraine to $22,000 in Slovenia), Central and Eastern European nations still trail far behind the EU-5 countries—Germany, France, Italy, the United Kingdom, and Spain—whose GDP per capita is roughly $40,000, and the United States, whose GDP per capita is about $45,000. Consequently, health care spending is much lower. In 2006, per-capita spending was about $400 in the Central and Eastern European countries, one-tenth that in the EU-5 and one-twentieth that in the United States. On the provider side, earnings also are much lower. According to World Health Organization figures, for example, the average physician in Poland can expect to earn roughly $500 a month, about 10 percent of the earnings of his or her German counterpart. The average Polish pharmacy has revenues of about $50,000 a month—also only a fraction of the almost $150,000 of the average German pharmacy. As for size, with an overall population of just more than 300 million, the Central and Eastern European region is by no means small, but it cannot compete with China and India.

              Besides the continuing growth potential of the region, foreign direct investment into Central and Eastern European countries is very high. In 2006, just before Romania’s accession to the European Union, that country attracted investments of $11.6 billion, representing 10 percent of its GDP and among the highest levels in Europe. Although perhaps greater than the situation justifies, foreign direct investment does illustrate the confidence financial markets place in this region.

              Next, the generics market represents over 40 percent of the region’s overall pharma spending (about $23 billion in the region), making it, according to 2006 figures, the third-largest generics market in the world by revenue and the second-largest by profitability (Exhibit 1). The market’s forecast growth rate of 9 percent represents a healthy premium over the region’s GDP growth, which also is expected to remain strong at 5 percent a year from 2008 to 2012. Thus, for the next five years at least, the market is clearly set to outperform the United States and Western Europe.

              Many factors are driving this growth. In Russia, for example, there is a pressing need not only to provide basic treatment but also to meet the huge burden of treating chronic conditions, especially diabetes and cardiovascular diseases. Until very recently, most patients—with the exception of pensioners and low-income families—paid drug expenses out of pocket. However, in 2008, the federal government introduced a reimbursement program that pays for drugs used to treat seven chronic diseases,1 and there are indications that it may be planning to establish an even more comprehensive drug reimbursement program for the entire population. Despite potential government-driven cost reductions, the expansion in drug consumption is likely to increase the size of the generics market. Consider the following simple example: if Russia increased its per-capita consumption of proton pump inhibitors (used to treat stomach ailments) to the current levels of Germany, Italy, or the United States, the market’s size would triple.

              At the core of the region’s profitability is the fact that the generics market is dominated by “branded generics.” Consumers do not perceive a difference between branded generics and originator brands, so companies can establish brand identities for generic products. In this context, generics companies with an Eastern European focus (for example, Gedeon Richter, Krka, and Zentiva) have in recent years enjoyed consistently high EBIT2 margins of about 20 percent. In most countries in the region—with the notable exceptions of Hungary, which introduced a reference-pricing system in early 2007, and the Czech Republic, which has implemented a reimbursement policy that stringently enforces comparatively low prices—generics prices have remained higher than they are in the much more competitive markets in Germany and the United Kingdom. And because Central and Eastern European consumers expect to receive branded drugs, they resist policies that force the substitution of less expensive generics at the pharmacy level.

              Finally, Central and Eastern European markets have proved accessible to outside players. Although the regulatory environment can make market entry slow and cumbersome, the presence of international companies such as Sandoz and Teva demonstrates the feasibility of establishing a strong position in these markets (Exhibit 2). Of course, many success stories in generics involve an acquisition at some point. Specifically, as borders opened up after the fall of the Iron Curtain, many smaller companies began to search for business opportunities outside their existing markets. Some companies (including Krka, Lek, Zentiva, and Gedeon Richter) became successful regional players, and some were ultimately bought (Polpharma, Pliva, Lek). But the buyers of these companies were not always their regional rivals. International generics manufacturers that have cultivated a profitable presence in Central and Eastern Europe include Sandoz (Lek), Barr (Pliva), and Sanofi-Aventis (Zentiva).

              Players new to the market—and thus probably not as well connected as some incumbents—should be ready for lax adherence to regulatory standards, which may cause market entry to lag by as much as three years, in contrast to the one-year time frame typical in the West. In Russia, for example, though official guidelines set a six-month period for registration or approval for a major variation of a product (assuming a “perfect dossier”), the period may actually last up to three years.
              Why move now?

              The market is attractive, but players that seek to enter or grow must move now. Time lags for market entry are not the only challenge. As changes in decision-making responsibility, protectionism, and reimbursement systems begin to alter the landscape, the pendulum in many Central and Eastern European countries is gradually swinging toward Western models. How fast it will move—and whether and how often it will swing back—is hard to predict. But the implications remain clear: over time, generics companies will have more difficulty maintaining the level of profits they enjoy today.

              Decision-making responsibility is changing hands. For the time being, physicians are the key decision makers. Because product brands dominate the markets, physicians typically prescribe a brand rather than a molecule. Substituting cheaper generics for prescribed medicines, while legal in most markets, is not a widely accepted practice in pharmacies. In Poland, data from the market research firm IMS on a range of therapeutic areas requiring chronic treatment show that the substitution rate is only about 1 percent. Similarly, in Russia, pharmacies were legally authorized to substitute as of 2007 but have hardly begun to make use of this new rule.

              This hesitation appears to be changing, however. In some Central and Eastern European markets, new legislation seeks to lower prices by strengthening the distribution chain, thereby reducing the influence of physicians. In addition, significant consolidation has occurred among pharmacies as a result of increased collaboration, and in some countries, pharmacy chains are growing rapidly; for example, in Russia, Pharmacy Chain 36.6 comprises almost 1,000 pharmacies. What is more, especially in consolidated markets, wholesalers have gained increasing power and may start to use it more assertively. In the Russian reimbursement system, wholesalers enjoyed regional monopolies and used this power to select products for their regions. Although new procedures came into effect at the beginning of 2008, the trend toward increased power for elements of the distribution chain besides physicians and hospitals is expected to continue in Russia and other Central and Eastern European markets.

              Protectionist regulation is increasing. Some countries are taking a protectionist or nationalist approach to regulation, bolstering the position of local companies—and exacerbating impediments to market access already present in the regulatory environment. For example, in 2006, the Polish government enforced a price cut for foreign pharmaceutical companies—a cut it justified by noting their additional profits stemming from the appreciation of the local currency. Also significant is the recent announcement, at the highest level of the Russian government, that strengthening domestic pharmaceutical production is a strategic goal.

              Furthermore, the Central and Eastern European countries’ adoption of World Trade Organization standards protecting intellectual property means that generics players can no longer enjoy the “good old days,” when they could launch a generic drug before the originator even had a chance to enter the market. For example, Krka was very successful with Lanzul, its brand of the proton pump inhibitor lansoprazole, which it launched before TAP Pharmaceutical Products entered the market with Prevacid.

              Reimbursement systems are in flux. Reimbursement systems in Central and Eastern European countries are also undergoing considerable change. It is still quite difficult to predict precisely what the Russian reimbursement system will look like in several years. In Ukraine and Poland, new governments have presented agendas for cost containment in health care and pharmaceuticals. Hungary is in the midst of a health care reform program that has already altered the market significantly, but some important elements of the program, such as prescription budgets, have yet to be fully implemented. Interestingly, the local companies Gedeon Richter and Egis were most severely hit by the reform; their profits, as well as the value of their shares, decreased sharply in the beginning of 2007. In the Czech Republic, the government recently started to implement a health care reform program that, among other things, aims to reduce the level of spending by the public reimbursement system.

              Given the comparatively high prices in effect and the tendency of national governments to step up their efforts to provide at least some reimbursement for their citizens, we expect Central and Eastern European countries to continue pursuing efforts to reduce drug prices. There are several ways to achieve this. The introduction of a reference price system appears to be gaining popularity among policy makers. An interesting example is the design of the reference price system in Romania. The prices at which a company can sell its products are based on the lowest price the company commands in other markets—a simple mechanism to make use of the price-cutting achievements of other health care systems, such as those in the United Kingdom and Denmark. Another way to reduce drug prices is to increase pressure to substitute cheaper generics for more expensive branded generic drugs—an approach that could threaten the profitability of the market. Such a development would of course reinforce the now-or-never situation for new players.
              What it takes to succeed

              What does it take to succeed in this changing terrain? Although the usual approaches—maintaining a broad portfolio, introducing new and updated products, entering early with off-patent molecules—will prove helpful, other steps are imperative. Companies must build strong product brands and increase the sophistication of their marketing and sales operations. They must also establish and apply local knowledge in each market.
              Build strong product brands

              In contrast to most Western European generics markets, in which cultivating company brands is critical, success in Central and Eastern European countries is generated by building strong product brands in each market. As a result, small and unknown companies can succeed with their products, as demonstrated by the experience of Masterlek, a relatively unknown company that ranked eighth in sales in Russia in 2006 with its generic over-the-counter (OTC) antiviral product Arbidol and was then sold to Pharmstandard, the largest OTC company in Russia.

              A strong product brand can even overpower a first-mover advantage. In many Western countries, generics companies race to be first in the market. In Central and Eastern European countries, by contrast, many companies built successful product brands years after others had entered the market. The Canadian company Apotex, for example, launched many of its products late in the Czech Republic but nevertheless outperformed other brands: it launched Omeprazole as the 11th player in 2003, reaching the number-two position in 2005, and Amlodipine as the 9th player in mid-2006, reaching the number-four position by mid-2007.
              Focus on marketing and sales excellence

              As Central and Eastern European markets become more challenging, players will need to focus increasingly on developing more sophisticated marketing and sales strategies. Investing in additional sales reps will no longer give companies the edge; they must harness the growing availability of sales data to develop the fact base needed for more effective targeting and promotion. In Poland, the Czech Republic, and Romania, market research companies have started to establish standardized offers for sales data in the market, though with varying degrees of accuracy.

              Knowing which physician to visit and which product to promote also has become essential, since share of voice—the time a company’s sales reps spend with physicians relative to the time reps from other companies spend with them—is critical to success. In Russia, visits can still last for 15 minutes, and sometimes for as long as 45 minutes. However, in the Central and Eastern European region overall, as in Western European countries, the time sales reps can spend with a physician is decreasing, so they must know how to select the right physicians and make optimal use of the time available.

              To determine how sales reps should spend their time, companies must understand who the decision maker really is at each point of the process in which a patient obtains a prescription drug. Key factors to consider for a particular market are whether physicians prescribe brands rather than molecules, as well as whether pharmacists are permitted to substitute and the extent to which they actually do. In recent years, many companies have discovered that the importance of different elements of the distribution chain is shifting. They are responding by building pharmacy sales forces in the region, establishing loyalty and discount programs for pharmacies, and improving cooperation with wholesalers.

              Concentration within a market, particularly among pharmacies, also will strongly influence whom to target. Given the state of flux in many countries, generics companies must stay alert to sudden shifts of power, from one stakeholder to another, that could affect the success of their marketing and sales efforts, as well as modify their approaches accordingly.
              Gain local knowledge

              “Central and Eastern Europe” is convenient shorthand for a region, but it cannot be treated as a single market. To succeed there, companies must develop a knowledge of each national market and adjust their local strategies appropriately.

              To be sure, there are synergies across Central and Eastern European markets in the product and registration supply chain, as well as general marketing and sales approaches. But each of these markets has its own dynamics and mechanisms, driven, among other factors, by differences in legislation and in the regulatory and competitive environments. Market conditions, including prescription rules and practices and the dispensing behavior and attitudes of the professions, must be understood across any player’s regional sales organization.

              This requirement applies not only to the current situation but also to what lies ahead: in this uncertain environment, being a leader means anticipating—and capitalizing on—future market trends. Such activities could range from a simple shift in the focus of promotion to a complete overhaul of the go-to-market approach (for example, implementing a pure key-account system). In all cases, players must remain entrepreneurial, curious, and open to experimentation. Strong regional leadership is required, and managers must distinguish between legitimate market arguments and local management’s excuses for underperformance.

              How quickly Central and Eastern European pharmaceutical markets develop Western European–style dynamics will depend primarily on how the regulatory landscape changes in the largest countries. For the foreseeable future, the region still offers significant rewards to generics players. But the changes discussed here are sure to come. The only way to capture the profitability of the current environment, and to adapt as changes manifest themselves, is to invest in these markets now.
              “Preparation. Discipline. Patience. Decisiveness”

              Коментар


              • Аз съм си оставил и за там-ама и на 4,03-добре напазарувах
                Първоначално изпратено от EquityPrivate
                Първоначално изпратено от Императорът
                Първоначално изпратено от stoian
                На мен 4лв ми се вижда много добра цена.А всеки си знае.
                Да, перфектна е... да граби човек...
                Chudno kak oshte imash cash :-)
                Nedei grabi vsichko sega, che moje i 3.85 da stane.

                Коментар


                • Първоначално изпратено от Императорът
                  Първоначално изпратено от stoian
                  На мен 4лв ми се вижда много добра цена.А всеки си знае.
                  Да, перфектна е... да граби човек...
                  Chudno kak oshte imash cash :-)
                  Nedei grabi vsichko sega, che moje i 3.85 da stane.

                  Коментар


                  • Първоначално изпратено от stoian
                    На мен 4лв ми се вижда много добра цена.А всеки си знае.
                    Да, перфектна е... да граби човек...
                    Мразете ме ако щете - Гарванът Селдън тоже не са го обичали :-)

                    Коментар


                    • Тука много нещо наредиха от дясно-дали ще сипнат.И ко чакат.АА грешка -хванах са на хорото.

                      Коментар


                      • Първоначално изпратено от Valuator
                        Или в тази на Монбат - при 20 лв (40 лв преди сплита)

                        Първоначално изпратено от wannarock
                        Първоначално изпратено от EquityPrivate
                        Interesno kade li e tova momchence fxx da komentira cenata ot 4.10
                        в темата за као 21
                        E, tova malko kato "a vie zashto biete negrite?"
                        Az pitam za SFARM, a te mi otgovariat za drugi...
                        Posledniat model, koito sam pusnal na Monbat e tozi - http://www.nexenture.de/LBO_Monbat.GIF.

                        Коментар


                        • На мен 4лв ми се вижда много добра цена.А всеки си знае.

                          Коментар


                          • Или в тази на Монбат - при 20 лв (40 лв преди сплита)

                            Първоначално изпратено от wannarock
                            Първоначално изпратено от EquityPrivate
                            Interesno kade li e tova momchence fxx da komentira cenata ot 4.10
                            в темата за као 21

                            Коментар


                            • Първоначално изпратено от EquityPrivate
                              Interesno kade li e tova momchence fxx da komentira cenata ot 4.10
                              в темата за као 21
                              Не е съвет за покупко-продажба на акции

                              Коментар


                              • Interesno kade li e tova momchence fxx da komentira cenata ot 4.10

                                Коментар

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