Global pharmas offer low valuations

By Keith Birdon, fund co-ordinator of the Britannic Global Healthcare Fund Last year was not a vintage one for the global pharmaceutical sector. It came under attack from a number of different angles at a time when its historic attractiveness as a defensive growth sector should have been highly valued. The FDA has been blamed in part for the industry's current woes, with accusations of risk aversion, slow or non-existent decision-making and a lack of direction. The appointment of Mark McClellan as the new FDA commissioner has been welcomed by the industry, at least in part because t...