67 WALL STREET, New York - November 5, 2009 - The Wall Street Transcript has just published its Pharmaceuticals Report offering a timely review of the sector to serious investors and industry executives. This 76 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Small-Cap Specialty Pharma - Patent Expiration - Pending Health Care Reform - Cultivating And Expanding R&D Pipelines - Chinese Drug Manufacturers - Brisk M&A Activity - Indian Pharma VS. U.S. Pharma - Competition From Generics - FDA Approval Process - Clinical Research Outsourcing Market - Stem Cell-Based Technology - Cancer Radiation Therapy - Expansion Into Asian Markets - Traditional Chinese Medicine VS. Western Medicine In Chinese Pharma

Companies include: Aeolus Pharmaceuticals (AOLS.OB); Nutra Pharma (NPHC.OB); Quick-Med Technologies (QMDT.OB); Abbott Labs (ABT); Alexza Pharmaceuticals (ALXA); AmexDrug Corporation (AXRX.OB); Aurobindo Pharma (AUROBINDOP.BO); BioClinica (BIOC); BioPharm Asia (BFAR.OB); Biocon (BIOCON.BO); Cephalon (CEPH); China Sky One Medical, Inc. (CSKI); Claris Lifesciences (CLARICH.BO); Cortex Pharmaceuticals (COR); Daiichi Sankyo (DSKYF.PK); Dr.Reddy's (RDY); Elan (Elan); Eli Lilly (LLY); Forest (FRX); GeoPharma (GORX); Glaxo (GSK); Glenmark (GLENMARK.BO); Johnson & Johnson (JNJ); Lupin (LUPINSL.BO); Mannatech (MTEX); Matrix Laboratories (ATRIXLAB.BO); Medical Nutrition (MDNU); Merck KGaA (MKGAY.PK); Mylan (MYL); NeoStem (NBS); Novartis (NVS); Pfizer (PFE); Piramal Healthcare (PIRAMALHE.BO); Provectus Pharmaceuticals (PVCT.OB); Ranbaxy (RANBAXY.BO); Salix Pharmaceuticals (SLXP); Shire (SHPGY); Telik (TELK); Winston Pharmaceuticals (WPHM.OB).

In the following brief excerpt from just one of the in depth interviews in the 76 page report, an equity research expert based in India discusses the outlook for the sector and for investors.

Prashant Nair is a Mumbai-based Director and Analyst who covers the Indian pharmaceutical, health care and agrochemical sectors for Citi Investment Research. Mr. Nair joined Citigroup in July 2005 from Motilal Oswal Securities. Prior to that, he was with Edelweiss Capital and Pranav Securities. Mr. Nair obtained his MBA from the Institute of Technology & Management and a Bachelor of Commerce from the University of Mumbai. He is also a CFA charterholder and a Cost Accountant by training.

TWST: Where are you pointing investors now?

Mr. Nair: The stocks that we like the most are Dr.Reddy's, Piramal Healthcare (PIRAMALHE.BO) and Lupin.

TWST: Tell me about Dr.Reddy's. What is it that you like about them?

Mr. Nair: Dr.Reddy's is probably one of the best players in the global generics industry in our view, definitely one of the best players among the Indian generic companies. They have a very strong presence in the U.S. and in the Russia-CIS markets. They have a portfolio of products pending approval - not only plain vanilla generic filings, but also a whole lot of patent challenges and limited competition opportunities. So they have products that can help them gain more traction with the trade going forward. It's a company that is fully integrated in terms of manufacturing, and therefore enjoys the cost advantage that Indian companies have been known for. But at the same time, they have now come to a stage where they have built a certain amount of leverage on the front end in some of the important markets. We think that going forward, this company will potentially grow much faster than most of its competitors in India.

TWST: And the second one was?

Mr. Nair: Yes, Piramal Healthcare.

TWST: Tell me about Piramal Healthcare's story.

Mr. Nair: Piramal Healthcare is one of the larger players on the contract-manufacturing opportunity. Its basic business model is to work with the larger pharmaceutical companies such as Pfizer (PFE), Glaxo (GSK), etc., at the back end. So they do the manufacturing for Pfizer, they do the manufacturing for Glaxo and for many other companies. They have got relationships with about seven or eight out of the Top 10 big pharma companies globally. And we think outsourcing, as an opportunity, is set to grow significantly over the next four to five years because we believe that big pharma will gradually move to a model where they focus more on R&D and marketing of products, and leave most of the manufacturing in the hands of their outsourcing partners. And I think that will benefit outsourcing companies in India, of which we believe Piramal is the best player.

TWST: How about Lupin?

Mr. Nair: Lupin is an emerging Indian generics company, and it has done very well. It has got a business model that focuses not so much on scale but more on niche products. And therefore, it's able to generate a lot more out of product basket than most other companies that we have looked at. It's the only Indian company to have a reasonably large presence in the Japanese market, which we feel is a strong market insofar as growth for generics is concerned. And again, like Dr.Reddy's, it is also fully integrated and enjoys significant cost advantage, which gives them a competitive advantage versus most of the other players targeting the same products.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 76 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

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