Mirae Asset
Nov 11, 2008
2009 Pharmaceutical outlook in-depth report (64 pages)

Content
I. US 2009 Post Election 3
Change of US administration signals medical reform 4
Healthcare: a critical issue in US politics 7
Dilemma between healthcare cost control and coverage expansion 10
Democratic vs. Republican healthcare plans 13
Post election healthcare sector opportunities and threats 15
1. Rising possibilities of a global down cycle in drug prices 15
2. Growth opportunities and prospects for the US generics market 17
3. Possibilities of implementing a near-universal public healthcare system 18
4. New opportunities emerge 19
II. Domestic Regulations 23
2009 pharmaceutical issue calendar 24
2009 regulatory changes 29
Issue 1. Regulatory changes for the control of volume in addition to price 29
Issue 2. Reassessment of registered drugs 30
Issue 3. Private health insurance 31
Issue 4. Implementation of ingredient-based prescriptions 33
III. Valuations 34
2008 retrospective 35
IV. Stocks for Action 37
LG Life Sciences (068870.KS, BUY, TP W70,000) 38
Green Cross (006280.KS, BUY, TP W140,000) 44
Dong-A Pharm (000640.KS, BUY, TP W130,000) 47
Hanmi Pharm (008930.KS, BUY, TP W110,000) 49
Yuhan Corp. (000100.KS, BUY, TP W240,000) 52
Daewoong Pharm (069620.KS, BUY, TP W70,000) 56