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Schering-Plough -- To be honest, their numbers are probably the best of all the medical companies nominated. I always have trouble with this one because I don't have faith in the depth of their product pipeline.

As someone happily DRPing into both SGP and PFE, I agree with your worry about SGP's depth. However, monitoring the news over at qfn over the last year or so shows that SGP has an amazing licensing business going on, with agreements apparently started at beginning research levels. And who's to say that making progressive payments for research to outside companies (with niche expertise) where a licensing agreement is in place isn't a valid way to maintain the product pipeline? In effect, SGP is marketing its market development, distribution, and short accounts receivable time to small research organizations, thereby allowing each company to perform where they do well. Of course, SGP does have its own significant research budget. But let's face it, much development starts with university research leading to a discovery upon which the founder then immediately forms a small firm to capitalize on the discovery. The SGP model is ready to capitalize on the newly formed small firm.

Or so it appears on my $.02


Martin
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