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NY-262416.936/980410YrgraOH11WINNINGINKEYEMERGINGPHARMACEUTICALMARKETSDanielAdemac-GC/HKMartinElling-NY/NJJoeTurk-CH/CHNY-262416.936/980410YrgraOH12EXCUSESCOMPANIESMAKEFORNOTDOINGMOREINEMERGINGMARKETSPerception...Reality...“We’vealreadycapturedthefullpotential”“Thesemarketsaresmallandwon’teveramounttomuch”“They’reunprofitable”“Wecan’treallywinthereanyway”“Themarketsarealreadylockedup”“Theydon’twantourproducts”Inmostproductsegments,thenear-termpotentialisunderexploitedTheyarealready20-30percentofglobaldevices/pharmsalesandrapidlygrowingDevicesareoftenmoreprofitable;pharmaceuticalsvaryWinningcanbeeasyifyouhaveameasured,focusedapproachInmanyofthesemarketscompaniesarejustbeginningtoseriouslyinvestAppetiteforadvancedproductsishighamongtheaffordablepopulationandgrowingrapidlyNY-262416.936/980410YrgraOH13KEYMESSAGESEmergingmarketswillbecriticalforglobalpharmacompaniestocontinuetomeetmarketexpectationsforgrowthandthetimetoinvestisnowEmergingmarketsdiffersignificantlyfromeachother,suggestingprioritizationiskeyPreviousMNCsuccessstorieshavebeencharacterizedbylocaladaptation,risktaking,andaggressiveimplementationCompaniescanwinwithameasured,focused,andcountry-tailoredapproachNY-262416.936/980410YrgraOH14EMERGINGMARKETSARECRITICALEmergingmarketswillbemajorcontributorstoglobalgrowthAsageneralrule,MNC’shavesignificantupsidepotentialinemergingmarketsNowisthetimetoinvestInvestmentscangeneratemeaningfulsales/earningsgrowthPositionsofadvantagestillpossible,but...ThecompetitionisliningupNY-262416.936/980410YrgraOH15GLOBALHEALTHCAREMARKETBREAKDOWN$Billions,2012DevelopedMexico49%ThailandTaiwanArgentinaRussiaKoreaIndiaBrazilChinaEmerging888810211213017020822233051%100%=7,7002,300OtheremergingSource:HIMA;Medistat;workingteamanalysis30341926201915105961419972012NY-262416.936/980410YrgraOH16EMERGINGPHARMMARKETS(2012)VS.DEVELOPEDMARKETS(1997)KoreaChinaBrazilJapanU.S.GermanyIndia$4030241590603520121997$BillionsNY-262416.936/980410YrgraOH17DRIVERSOFMARKETGROWTHDriverOpportunity1.Underlyingeconomicdevelopment5.EnforcementofIPprotection4.Breakdownofthetraditionalfamily2.Spreadof“diseasesofwealth”Rapidexpansioninhealthcarespendingwhencountrieshita“take-off”point;broadopportunityacrossproducttypesLaunchofsuperiorbrandedproductsGreaterneedforproductstopreservetheindependenceoftheelderly(e.g.,anti-inflammatories)Sharpincreaseinincidenceofdiabetes,coronaryarterydisease,stroke,osteoporosis,andemotionaldisordersshouldcontinuetodriveproductsales3.EmergenceofprivateprovidersDevelopmentofprivatehospitalsisbothalleviatinginfrastructurebottlenecksanddrivingtohigherstandardsofcareNY-262416.936/980410YrgraOH187.EmphasisonqualityoflifeGrowingopportunitiesforpatientpreferenceproducts(e.g.,anti-depressants)DRIVERSOFMARKETGROWTH(continued)6.Populationgrowth/agingSignificantnear-termgrowthexpectedinpediatricandgeriatriccareproducts8.CriticalshortageofinfrastructureLargeneartomedium-termopportunityforcapitalequipment(e.g.,imaging,diagnostics,furniture)DriverOpportunity9.CompetitionamongsuppliersAssupplierscompete,theyupgradeclinicianskills,heightenawareness,andlaunchmoreaffordableproducts;opportunitytopiggy-backonothercompanies’initiativesNY-262416.936/980410YrgraOH19SELECTMNCsCOMMANDSTRONGPOSITIONSINCERTAINEMERGINGMARKETSChina–1996India–1996Indonesia...