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Pharmaceutical company response measures
As the crisis approached, multinational pharmaceutical companies have their own countermeasures. Statistics show that there are no more than three ways.
First, layoffs. A typical example is Merck Corp., which announced the layoffs of 7,200 at the same time as the release of the financial report in the third quarter, which is equivalent to 12% of the total number of employees. Earlier this year, it had laid off more than 10,000 employees. Wyeth also has to cut costs through layoffs and will cut up to 10% of the current 50,000 employees by 2011. It has now decided in January next year to lay off 118 employees in a pharmaceutical factory in northern New York. AstraZeneca announced on the 20th that it will gradually shut down some pharmaceutical factories in Europe and lay off 1,400 people. Prior to this, it planned to lay off 7,600 people by 2010.
The second is the reserve of funds. The so-called "hands have money, do not panic in the heart", this sentence applies to the same old Chinese multinational drug companies. According to the latest statistical data from Capital IQ of the US Standard & Poor’s, large US pharmaceutical companies currently have large amounts of cash and short-term investments in their hands. According to the cash and short-term investments disclosed in the latest quarterly financial data and the cash flow statistics of the past 12 months, Pfizer is the cash-richest pharmaceutical company, with a cash flow of 26.2 billion U.S. dollars and a good cash flow of 14.8 billion U.S. dollars. With support, the cash and cash flow conditions of other pharmaceutical companies are not the best in the calendar year, but compared with the shortage of funds in other industries, the days are quite good. In comparison, Lilly's cash in hand is only 5.2 billion U.S. dollars, and its cash flow is only 5.4 billion U.S. dollars. It just spent 6.5 billion U.S. dollars in cash to acquire Ingram Micro Biotech.
The third is inclusiveness. That is to say, taking advantage of mergers and acquisitions to collect small and medium-sized enterprises, increase technical strength, and increase the variety of new medicines so that they can accumulate and store farm tools, seeds, and chemical fertilizers. When the winter comes, it is possible to open tillage and sow the autumn harvest. However, due to the economic crisis, the small and medium-sized biotech companies have a very low share price, and because the financing is not easy, and the cash flow is often negative, they must reluctantly cut their love and sell the company's flagship products to bring more opportunities to the big pharmaceutical companies.
The impact of the financial crisis
First of all, let's take a look at how the financial crisis was formed. Long Yongtu recently said in CCTV2 “Direct Storm on Wall Street†that I told the Americans in the United States that “this disaster was caused by yourselves. It was due to the excessive consumption of transitional consumption and the poor supervision of financial institutions... They (that is, the United States - the author's note) are now beginning to reflect on the US consumption model, the United States can not afford to spend ahead of time, the habit of credit card spending, ... ... Americans reflect on their own way of life, the United States if they want to correct them in such a way Do not waste extravagance. If this continues, the root cause of the United States will not be solved." Lin Yifu, deputy governor and chief economist of the World Bank, said in a speech on the international financial crisis in Beijing recently that the reason for the development of the western crisis was the reason why the West developed rapidly in previous years. Among these reasons, "there are both 'distant causes' and 'proximal causes'. Among them, 'far cause' is... The market economy has become the mainstream of the world, financial industry regulations are relaxed, and financial innovation is active.' After the 'new economy' bubble burst, the Federal Reserve relaxed monetary policy to avoid the economic recession and strongly stimulated real estate consumption." The US economy has always played a pivotal role in the world. The root cause of the problem lies in various countries, such as the existence of more or less. The situation of high prices of housing prices in our country, etc., the crisis naturally can not be avoided.
On the surface of the crisis, the financial industry first hit the financial industry, and a large number of stocks shrank. Many wealthy people who were born due to the holdings of stocks evaporated overnight. Therefore, the wealth of people involved in the stock market fell sharply. When it spreads into the manufacturing industry, almost all people are affected. Not only is their wealth reduced, but they find that the money at hand is becoming more and more “not worth the moneyâ€, that is, the amount of physical goods that can be purchased is seriously reduced. So the impact of the crisis mainly comes from consumers. People’s pockets and assets have generally shrunk, and the reduction in the medical market and the consumption of medicines has naturally not been spared.
According to reports, the financial crisis has caused Americans to cut their medical expenses for the first time in 10 years, and some patients with chronic diseases have reduced or even stopped taking drugs. Experts worry that if a significant number of people save money by reducing medication, it may eventually lead to an increase in overall health care spending in the United States. Experts believe that if this trend continues, it may have far-reaching consequences. If many people no longer take medicine to save money, some currently controllable conditions may evolve into major medical problems. This may ultimately increase the overall health care spending in the United States and reduce the quality of American life. Even Bill Gates was worried about the decline in U.S. healthcare spending when interviewed.
The same situation must be unique in the world, and similar situations will occur in other countries. Even if most of the Nordic and North American countries that have been paid by the government have caused financial difficulties for the government due to the crisis, the government will not be able to come up with more financial expenditures to support this separate aspect of medical treatment.
Financial crisis opportunities
As mentioned earlier, various multinational giants have already taken measures to get through the winter, and SMEs are naturally not so lucky. Therefore, an industry shuffle is inevitable.
Opportunity I. Industry reshuffle. After a period of development, the industry’s internal and external relationships have often been unsuitable for the latest market conditions, and its operations are prone to conditions. Large companies have increased their redundant staff, their efficiency has declined, and their technology has increased, and they cannot be transformed into real ones. produce. Therefore, even if there is no economic crisis, the industry will automatically reshuffle after a period of time. This economic crisis is precisely giving companies a chance to reform. Companies that have tossed out their burdens and rationalized procedures will certainly play a greater role in the post-crisis era with a new look.
Opportunity two, a good shade under the big tree. Although it is a merger of companies, it is not a bad thing for SMEs. On the one hand, left-behind employees can tide over the difficulties; on the other hand, technology and production can continue, and the company's value does not disappear.
Opportunity 3, technological achievements accelerate the pace of change. Due to the long cycle of drug development, clinical trials, and approval processes, the rate of transformation of results is slow. For SMEs in particular, the lack of clinical strength and time spent in new drug trials have adversely affected the rapid market entry of new drugs. After the acquisition or technology transfer, it can promote the industrialization of these new technologies and new drugs so as to benefit more people and give enterprises new opportunities and markets.
Mencius had a cloud: He was born in misery and died in happiness. When we fully see the essence of the crisis, the “crime†of the crisis is not so terrible, and the “machine†surfaced to give people the confidence to spend it. The old system may be abandoned because of this, and new vitality leads to the continued rise of enterprises that have survived. Author: Sun Siwen
The Suspension and Rise of Pharmaceutical Enterprises in the Financial Crisis
The first is the subprime mortgage crisis in the United States, and then the financial crisis triggered by the bankruptcy of Lehman Brothers. Then it develops into a global financial crisis. The crisis further deepens and threatens other industries. In fact, this crisis has already begun to show up as early as last year. The crazy rise in oil prices, due to rising energy prices caused by alternative energy sources, and rising prices of various raw materials. Among these, many "ups" are imaginary representations that have been fired up and are inconsistent with the laws that economic development should have. Therefore, adverse economic impacts are the prelude to the economic crisis.