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Healthcare Conference 2008
THEME
Wrap-Up Report
■ The Credit Suisse Healthcare team hosted its annual Healthcare
Conference last week in Phoenix, Arizona. This report serves as a
summary of the many takeaways and discoveries that were gleaned from
the company presentations, keynote speakers, and expert panels.
■ In light of the volatility in the everyday markets and the recent shift in the
political landscape, the conference was an opportunity for healthcare
investors, analysts, specialists, and management teams alike to step back
and reassess the sector.
■ The three key themes that emerged throughout the presentations: 1)
the political landscape, 2) capital allocation, and 3) sensitivity to the
macroeconomic environment.
■ The Political Landscape: With the recent presidential election and shift in
power from the hands of the Republicans to the Democrats, the political
atmosphere is currently highly charged. We were honored to have Bill Frist,
M.D., who served as the Senate Majority Leader for four years and
continues to be involved with the happenings on Capitol Hill. Dean Rosen,
the former Health Policy Director for Bill Frist, provided further insight into
potential healthcare policies now under Democratic control. Kerry Weems,
acting administrator for the Center for Medicare and Medicaid Services, also
presented and provided investors with insight into some of the changes that
can be expected from the new administration. The key themes were State
Children’s Health Insurance Plan (SCHIP), follow-on biologics, dual-eligible
pricing, and CMS direct price negotiations.
■ Capital Allocation: As uncertainty and volatility have become mainstays in
the current marketplace, the manner in which companies are choosing to
spend has shifted. Most companies are choosing to hold their cash until
sunnier days. Although M&A deals are looking rather attractive with
companies trading at tempting valuations, many management teams admit
to be in the market and looking but not yet ready to make a move.
■ Economic Sensitivity: While healthcare has traditionally been viewed as a
defensive sector, the recent swings in the market have tested healthcare’s
defensive nature. Commentary from the conference supported the notion
that economic weakness is bleeding into the healthcare sector as we are
seeing cuts in capex among other ripple effects.
■ Herein, our healthcare analysts present insights into the management
presentations as well as their thoughts on the industry and top stock ideas.
Table of Contents
Major Pharmaceuticals 3
Generics & Specialty Pharmaceuticals 11
Small-Cap Generics & Specialty Pharmaceuticals 15
Large & Mid-Cap Biotechnology 18
Small-Cap Biotechnology 24
Medical Supplies & Devices 28
Managed Care 35
Healthcare Facilities and Providers 43
Technology, Distribution & Specialty Providers 48
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