日本医药行业_Pharmaceuticals_in_Japan-Deutsche_Bank_2010
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德国银行报告

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Table of Contents
Invitation to invest in pharmaceuticals ........................................... 7
Bottom-line projections: EPS ......................................................... 16
Estimating gross margins ............................................................... 17
Understanding licensing ................................................................. 18
M&A .................................................................................................. 20
Frequently used terms: M&A-related ............................................ 22
Individual companies ...................................................................... 24
Takeda Pharmaceutical (4502) ........................................................ 26
Astellas Pharma (4503) .................................................................... 28
Shionogi (4507) ................................................................................ 30
Mitsubishi Tanabe Pharma (4508) .................................................. 32
Chugai Pharmaceutical (4519) ........................................................ 34
Eisai (4523) ....................................................................................... 36
Ono Pharmaceutical (4528) ............................................................. 38
Daiichi Sankyo (4568) ...................................................................... 40
Taisho Pharmaceutical (4535) ......................................................... 42
Kissei Pharmaceutical (4547) .......................................................... 44
Pharmaceutical industry outlook ................................................... 47
Domestic sales: top 50 drugs ......................................................... 58
MR numbers: the top 30 companies .............................................. 60
MR productivity ............................................................................... 61
Prescription drug approval process ............................................... 62
Responsible government authorities ............................................. 63
The drug price system ..................................................................... 64
Drugs and drug costs ...................................................................... 66
Drug price revisions ........................................................................ 68
NHI drug price revisions and the prescription drug market ........ 69
NHI drug price revisions in ‘10 ....................................................... 70
NHI drug price revisions in ‘10 ....................................................... 71
NHI drug price revisions in 2010: Premiums for newly created
drugs ................................................................................................. 72
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Deutsche Securities Inc. Page 3
NHI drug price revisions in ’10: Special cuts ................................. 74
Outlook for NHI drug price revisions in ‘12 ................................... 75
Generic drugs ................................................................................... 76
OTC drugs ........................................................................................ 78
Kampo (Chinese herbal medicine) ................................................. 82
The US market ................................................................................. 87
The US market (1): US healthcare reform ......................................... 88
The US market (2): Medicare .......................................................... 90
The US market (3): Japanese firms’ products ............................... 91
The US market (4): Patents ............................................................. 92
The US market (5): Generics ........................................................... 96
The US market (6): IMS data .......................................................... 97
Understanding pharmaceuticals: Vocabulary ............................. 123
Pharmaceutical nomenclature ...................................................... 124
Agonists and antagonists ............................................................. 125
Antibody drug ................................................................................ 126
Low molecular-weight compounds ............................................. 127
Molecular-targeted treatments ...................................................... 128
RNAi and Aptamers ....................................................................... 130
AIDS (Acquired Immunodeficiency Syndrome) .......................... 132
Alzheimer’s drugs .......................................................................... 134
Angiotensin II receptor blockers (ARB) ....................................... 136
Chronic obstructive pulmonary disease ...................................... 138
Anti-diabetic drugs ........................................................................ 140
Glitazone drugs (TZD) ................................................................... 142
Gliptin drugs .................................................................................. 143
SGLT inhibitors .............................................................................. 144
Glycoengineering........................................................................... 146
Hyperlipidemia treatments ........................................................... 148
Influenza ......................................................................................... 150
Multiple sclerosis (MS) treatments .............................................. 152
Osteoporosis .................................................................................. 154
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Overactive bladder (OAB) treatments ......................................... 156
Proton pump inhibitors (PPI) ........................................................ 157
RA treatments: Biologics .............................................................. 158
Arterial thrombosis ....................................................................... 160
Venous thrombosis ....................................................................... 162
Vaccines ......................................................................................... 164
Frequently used terms .................................................................. 167
Frequently used terms: Clinical trials .......................................... 168
Frequently used terms: Clinical trials (continuation 1) .............. 170
Frequently used terms (continuation 2) .......................................... 172
Frequently used terms: Pharmacokinetics (PK) .......................... 174
Frequently used terms: Drugs ...................................................... 176
Frequently used terms: Side effects ............................................ 178
Frequently used terms: Statistics ................................................ 180
Frequently used terms: Miscellaneous ........................................ 182
Abbreviations and acronyms ........................................................ 191
Calendar ......................................................................................... 202
In closing ........................................................................................ 203
About the Authors ..................................................................... 204
Staying healthy .......................................................................... 206