1) Most healthcare subsectors are expected to see declining revenue growth rates between 2004-2008 and 2008-2012, with generics, managed care, and specialty pharma seeing some increases.
2) While pharmaceutical industry R&D spending has grown significantly since the 1970s, the number of new drug approvals peaked in the mid-1990s and has declined since 2000.
3) Biotech IPO volumes and aftermarket performance have been significantly impacted by the financial crisis, with volumes down in recent years and average short-term gains reduced. Average biotech IPO market caps and offering sizes have remained relatively stable over the past decade.
Funding for Life Sciences: SBIR and STTR Grant BasicsSecureDocs
www.securedocs.com- Complete set of slides from a November 21st, 2013 webinar covering the SBIR and STTR Grant application process for Life Science companies. This webinar was presented by Jerry Knotts of the California Coast Venture Forum.
Funding for Life Sciences: SBIR and STTR Grant BasicsSecureDocs
www.securedocs.com- Complete set of slides from a November 21st, 2013 webinar covering the SBIR and STTR Grant application process for Life Science companies. This webinar was presented by Jerry Knotts of the California Coast Venture Forum.
The Shifting State of Endpoint Risk: Key Strategies to Implement in 2012Lumension
Review this presentation as we reveal statistics from the 2012 State of the Endpoint survey, sponsored by Lumension® and conducted by Ponemon Institute. Find out about today's growing insecurity, IT's perceived areas of greatest risk for 2012, and the disconnect between risk and planned security strategies. In addition, we will examine the evolving IT risk environment and recommendations to more effectively and cost-efficiently secure your endpoints.
* How organizations are creating a perfect storm for hackers
* The Top 3 new threats to the workplace
* Perceived risks and corresponding strategies to combat today's evolving endpoint environment
Find out about our reliance on productivity tools, but how inadequate collaboration and resource restrictions for security are creating a perfect storm for hackers.
Sales Webinar | The Global Sales Industry - Where to Spend Your Time in 2013 Altify
Are you looking for a simple way to see how your sales organization compares? Do you want the inside track on how you should best compete in 2013? Preview our global sales effectiveness survey, covering the global trends in sales success, how the world's major sales industries compare, and the best selling opportunities in your region.
Find out more about past participants...where are they aligned under the corporate umbrella, what their structure is, how many employees they pay, and much more!
In this month's topic, we will review the foundations needed for your organisation and growth team to generate, evaluate and implement a sustainable growth process.
In light of the global economic situation, we will also be reviewing some do’s and don’ts during a recession.
It is our position here at Frost & Sullivan that with a solid CEO growth team and a growth process in place you can reduce your risk during uncertain economic times and even generate growth opportunities.
The Shifting State of Endpoint Risk: Key Strategies to Implement in 2012Lumension
Review this presentation as we reveal statistics from the 2012 State of the Endpoint survey, sponsored by Lumension® and conducted by Ponemon Institute. Find out about today's growing insecurity, IT's perceived areas of greatest risk for 2012, and the disconnect between risk and planned security strategies. In addition, we will examine the evolving IT risk environment and recommendations to more effectively and cost-efficiently secure your endpoints.
* How organizations are creating a perfect storm for hackers
* The Top 3 new threats to the workplace
* Perceived risks and corresponding strategies to combat today's evolving endpoint environment
Find out about our reliance on productivity tools, but how inadequate collaboration and resource restrictions for security are creating a perfect storm for hackers.
Sales Webinar | The Global Sales Industry - Where to Spend Your Time in 2013 Altify
Are you looking for a simple way to see how your sales organization compares? Do you want the inside track on how you should best compete in 2013? Preview our global sales effectiveness survey, covering the global trends in sales success, how the world's major sales industries compare, and the best selling opportunities in your region.
Find out more about past participants...where are they aligned under the corporate umbrella, what their structure is, how many employees they pay, and much more!
In this month's topic, we will review the foundations needed for your organisation and growth team to generate, evaluate and implement a sustainable growth process.
In light of the global economic situation, we will also be reviewing some do’s and don’ts during a recession.
It is our position here at Frost & Sullivan that with a solid CEO growth team and a growth process in place you can reduce your risk during uncertain economic times and even generate growth opportunities.
CED CleanLinks Forum Feb. 9, 2012 -- ABB Technology VenturesCEDPrograms
CleanLinks Forums are a partnership between SJF Institute and CED, offering education and practical business advice to cleantech entrepreneurs through moderated discussions, expert panels, and first-person stories from fellow entrepreneurs. Each CleanLinks Forum concludes with a CleanLinks networking reception.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Nike Logistics and Transport
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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I'll provide you the Telegram username
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. Within Healthcare, Slowing Revenue Outlook For Nearly Every Subsector
(1)
Change in CAGR
22%
Generics
19% -
20%
Managed Care
5% -
19%
Healthcare IT
25% +
18%
CROs
4% -
17%
Biotech
8% -
16%
MedTech
6% -
14%
Specialty Pharma
16% +
12%
Supply Chain
8% -
11%
Facilities
8% -
7%
Life Science Tools
4% -
5%
Major Pharma
1% -
0% 5% 10% 15% 20% 25% 30%
2004-2008 Revenue CAGR 2008-2012 Revenue CAGR
1 Source: Wall Street Research.
(1) Represents growth trend when comparing periods 2004-2008 to 2008-2012.
3. Declining R&D Productivity
NME approval peaked in the mid 1990’s, followed by a period of decline starting around 2000; while R&D
spend continued to grow.
$50 60
45
In du stry R & D S pe nd ( $ bn )
50
40
35
F D A N M E A pp ro va ls
40
30
25 30
20
20
15
(1)
10
10
5
0 0
1970 1975 1980 1985 1990 1995 2000 2005
Number of FDA NME Approvals
2 Source: Rodney Zenmmel, PhD., McKinsey & Company, FDA, PhRMA.
(1) Includes NCEs and BLAs. BLAs included 1986 onward; biologic approvals in prior years assumed negligible.
4. Life Science IPOs Since 2003
The financial crisis clearly impacted the biotech IPO market as volumes are off significantly over the past
few years. Valuations continue to be challenged as does the short term aftermarket performance.
# of Biotech IPOs Per Year Since 2003 Average Performance Offer + 30 Days
8.8% 7.3%
21
19
0.1% N/A 0.8% N/A
14
(5.5%) (4.0%)
10 (9.1%)
9
7
6
1 1
0
(31.5%)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Dealogic. Excludes offerings < $25 mm in proceeds. Source: Dealogic. Excludes offerings < $25 mm in proceeds.
Average Market Cap At Pricing Over Last Ten Years Average Offering Size Over Last Ten Years
$273 $279 $278 $285
$260 $78
$72
$65 $66 $68 $65
$213 $207 $62
$202
$55
$52
$157
N/A N/A
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Dealogic. Excludes offerings < $25 mm in proceeds. Source: Dealogic. Excludes offerings < $25 mm in proceeds.
3
5. Life Science IPOs (Cont’d)
The majority of IPOs continue to be priced below the marketing ranges, with particular valuation sensitivity
experienced over the past 2 years. Later stage assets are dominating the IPO landscape currently.
Above / Below / Within Range Average File-to-Offer (%) Per Year
10% 10% 5%
14% N/A N/A
16%
19% 36%
(8%) (9%)
40%
(14%)
100% 100% 100% 100% (19%)
79% 86%
71%
64% (27%) (27%)
50%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (43%)
(46%)
Below Within Range Above 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Dealogic. Excludes offerings < $25 mm in proceeds. Source: Dealogic. Excludes offerings < $25 mm in proceeds.
Clinical Stage at IPO Since 2003 NBI Annual Performance Over Last Ten Years
46%
1
5
12 2 16% 15%
5 12%
1 5 6% 5%
1 3%
4 1 1%
6 2 9 6 8
6 6
2 3
1 1 1
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (13%)
2003 2004 2005 2006 2007 2008 2009 2010 2011
I or Pre-Clinical II III or NDA Filed Commercial
Source: SEC filings. Source: Factset.
4
6. Life Science FOs Since 2003
Although the biotech follow-on market has experienced strong volume, deal size has declined in recent
years as has the market cap of the average issuer. Follow-ons have tended to perform well in aftermarket.
# of Biotech Follow-Ons Per Year Since 2003 Average Performance Offer + 30 Days
17.7%
49 49
45
43 42
40
36
33
8.6%
5.6% 6.1%
14
4.3% 4.4% 3.9%
7 2.2% 2.6%
N/A
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Dealogic. Excludes offerings < $25 mm in proceeds. Source: Dealogic. Excludes offerings < $25 mm in proceeds.
Average Market Cap At Pricing Over Last Ten Years Average Offering Size Over Last Ten Years
$1852
$156 $154 $158
$1466 $1500
$130
$94 $94 $95 $94
$837 $879
$74
$582 $641 $610 $60
$559
$353
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Dealogic. Excludes offerings < $25 mm in proceeds. Source: Dealogic. Excludes offerings < $25 mm in proceeds.
5
7. Life Science M&A Transactions: 2007 – 2012 YTD
M&A over the past 5 years highlighted important trends, including pharma’s need for greater access to
antibody platforms, larger biopharmas buying their partners, and pharma’s need for enhanced pipelines.
Public and Private Life Science Acquisitions, 2007-2012 YTD
(total transaction value in billions of USD, # of transactions)
$300 40
35
250
$228
8 30
Transaction Value ($bn)
200
25
# Transactions
150 20
220 15
100
$83
$71
10
11 31
$48 $47
50 2
12 5
59 52
36 45
0 0
-
2007 -
2008 -
2009 -
2010 2011-- YTD
Public Acquisitions Private Acquisitions Total # Acquisitions # Public Acquisitions # Private Acquisitions
6 Source: MergerMarket, EvaluatePharma, Company information.
Note: Public and Private transaction values include earn-outs and CVRs.