J.P. 摩根-美股-制药行业-全球制药业：2019年美国买家调查要点-2019.3-48页.pdfVIP免费

1Seetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.GlobalEquityResearchMarch2019GlobalBioPharma–2019USPayerSurveyTakeawaysAnupamRamaAC212-622-0900anupam.rama@jpmorgan.comJ.P.MorganSecuritiesLLCUSBiotechnologyCoryKasimovAC212-622-5266cory.w.kasimov@jpmorgan.comCarmenAugustine212-622-8527carmen.augustine@jpmorgan.comUSSMIDBiotechnologyJessicaFyeAC212-622-4165jessica.m.fye@jpmorgan.comEricJoseph,PhDAC212-622-0659eric.w.joseph@jpmorgan.comYukoOku212-622-5374yuko.oku@jpmchase.comUSMajor&SpecialtyPharmaEkaterinaV.Knyazkova212-622-9576ekaterina.v.knyazkova@jpmorgan.comChristopherSchott,CFAAC212-622-5676christopher.t.schott@jpmorgan.comChristopherNeyor212-622-0334christopher.z.neyor@jpmorgan.comMatthewT.Holt,PhD212-622-9602matthew.t.holt@jpmorgan.comTessaT.Romero212-622-4484tessa.t.romero@jpmchase.comEUPharma&BiotechRichardVosserAC(44-20)7742-6652richard.vosser@jpmorgan.comJamesDGordon(44-20)7742-6654james.d.gordon@jpmorgan.comJamesPQuigley(44-20)7742-1444james.quigley@jpmorgan.comMatthewBannon212-622-0001matthew.bannon@jpmchase.comDanielWolle212-622-5805daniel.wolle@jpmchase.comXilingChen212-622-0364xiling.chen@jpmorgan.comJ.P.MorganSecuritiesPLCSaritaKapila(MD)(44-20)7134-4189sarita.kapila@jpmchase.comLaerkeLEngkilde(44-20)7742-2917laerke.enkilde@jpmorgan.com2KeyTakeawaysMacroindustryperspectiveOverall,our2019survey,similartothepasttwoeditions,suggestsincrementalpressurefrompayersandthisisconsistentwithourprevailingviewonindustrydynamicsPayersremainfocusedonmanagingcostwithformularyaccessandtoalesserextentwithcopaysConsistentwithlastyear’sfeedback,our2019surveysuggestspayersforeseeamodestincreaseinout-of-pocketexpenseforpatientsPaye...