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Johnson & Johnson - 2009Case Notes Prepared by: Dr. Mernoush Banton
Case Authors: Sharynn To!"n# Matt M"!hauser# Bernhard $"er%e#Th"bau!t e'eb(re# and Mar"o Mart"ne)
A. Case Abstract
Johnson & Johnson *+++.JNJ.,o "s a ,oprehens"(e strate", anaeent,ase that "n,!udes the ,opany/s ,a!endar De,eber 1# 200 '"nan,"a!stateents# ,opet"tor "n'orat"on and ore. The ,ase t"e sett"n "s the year2009. Su''","ent "nterna! and e3terna! data are pro("ded to enab!e students toe(a!uate ,urrent strate"es and re,oend a three-year strate", p!an 'or the,opany. 4ead5uartered "n Ne+ Bruns+",%# Ne+ Jersey# Johnson & Johnson "straded on the Ne+ 6or% Sto,% 73,hane under t",%er sybo! JNJ.
B. Vision Statement *A,tua!
To a3"")e the !oba! po+er o' d"(ers"ty and "n,!us"on to dr"(e super"orbus"ness resu!ts and susta"nab!e ,opet"t"(e ad(antae.
C. Mission Statement *A,tua!
8e be!"e(e our '"rst respons"b"!"ty "s to the do,tors# nurses and pat"ents# toothers and 'athers and a!! others +ho use our produ,ts and ser(",es. n
eet"n the"r needs# e(eryth"n +e do ust be o' h"h 5ua!"ty. *1# 2
8e ust ,onstant!y str"(e to redu,e our ,osts "n order to a"nta"n reasonab!epr",es. Custoers/ orders ust be ser(",ed propt!y and a,,urate!y. ursupp!"ers and d"str"butors ust ha(e an opportun"ty to a%e a 'a"r pro'"t. *;
8e are respons"b!e to our ep!oyees# the en and +oen +ho +or% +"th usthrouhout the +or!d. 7(eryone ust be ,ons"dered as an "nd"("dua!. 8e ustrespe,t the"r d"n"ty and re,on")e the"r er"t. They ust ha(e a sense o'se,ur"ty "n the"r
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"pro(eents and better hea!th and edu,at"on. 8e ust a"nta"n "n ood orderthe property +e are pr"("!eed to use# prote,t"n the en("ronent and natura!resour,es. *# ?#
ur '"na! respons"b"!"ty "s to our sto,%ho!ders. Bus"ness ust a%e a sound pro'"t.
8e ust e3per"ent +"th ne+ "deas. @esear,h ust be ,arr"ed on# "nno(at"(eproras de(e!oped and "sta%es pa"d 'or. Ne+ e5u"pent ust be pur,hased#ne+ 'a,"!"t"es pro("ded and ne+ produ,ts !aun,hed. @eser(es ust be ,reated topro("de 'or ad(erse t"es. 8hen +e operate a,,ord"n to these pr"n,"p!es# thesto,%ho!ders shou!d rea!")e a 'a"r return. *#
1. Custoer2. Produ,ts or ser(",es. Mar%ets. Te,hno!oy. Con,ern 'or sur("(a!# pro'"tab"!"ty# ro+th
;. Ph"!osophy?. Se!'-,on,ept. Con,ern 'or pub!", "ae9. Con,ern 'or ep!oyees
D. External Audit
CPM Competitive Profile Matrix
JJ P! "t#er
Critical Success$actors
%eit
'atin&
%eited Score
'atin&
%eited Score
'atin&
%eitedScore
Pr",e ,opet"t"(eness 0.11 0. 2 0.22 0.
$!oba! 73pans"on 0.10 0.0 0.0 2 0.20ran")at"ona!Stru,ture 0.0 0.12 2 0.0 0.1;
7p!oyee Mora!e 0.0 0.20 0.1 2 0.10
Te,hno!oy 0.10 0.0 0.0 2 0.20
Produ,t Sa'ety 0.11 0. 0. 2 0.22
Custoer oya!ty 0.10 0.0 0.0 2 0.20
Mar%et Share 0.0; 0.2 0.1 2 0.12
Ad(ert"s"n 0.0 0.2 0.2 2 0.1;
Produ,t ua!"ty 0.10 0.0 0.0 2 0.20
Produ,t ae 0.0 0.2 0.2 2 0.1;
"nan,"a! Pos"t"on 0.0? 0.2 0.21 2 0.1
(otal ).** +.,, -.+ -.)
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"pportunities
1. Sa!!er ,opan"es are ,o"n up +"th ne+ and "nno(at"(e drus. Th"s
,reates an opportun"ty 'or !arer dru ,opan"es to a,5u"re or 'or a
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1e2 External $actors %eit 'atin& %eitedScore
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"pportunities
1. Sa!!er ,opan"es are ,o"n up +"th ne+and "nno(at"(e drus. Th"s ,reates anopportun"ty 'or !arer dru ,opan"es toa,5u"re or 'or a 2011 Pearson 7du,at"on# n,. pub!"sh"n as Prent",e 4a!!.
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ar%et
. ntrodu,"n a ne+ dru "nto the ar%et ,anta%e 10 to 1 years and re5u"re e3tens"(eaount o' oney to et "t tested and re,e"(e
DA appro(a!
0.0 1 0.0
;. 'ten# drus ,ou!d ha(e s"de e''e,ts +h",h,reate neat"(e pub!","ty and F or 'or,e the,opany to re,a!! the dru or reo(e "t 'rothe she!(es
0.0? 2 0.1
(otal ).** -.,
Positionin& Map
E. 3nternal Audit
Stren&t#s
Copyr"ht > 2011 Pearson 7du,at"on# n,. pub!"sh"n as Prent",e 4a!!.
Brand oya!ty*4"h
Brandoya!ty*o+
nno(at"on *4"h
nno(at"on *o+
Johnson &Johnson
Pro,ter &$ab!e
P'")erNo(art"s
Mer,% &Co.
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1. J&J o''ers a +"de (ar"ety o' produ,ts and ser(",es to hosp"ta!s# reta"!ers#and 'a"!"es
2. The ,opany does bus"ness "n three seents: phara,eut",a!# ed",a!de(",es and ,onsuer produ,ts
. n Ju!y 2009# J&J pur,hased an 1. per,ent sta%e "n r"sh b"ote,h
,opany 7!an Corp. "n order to a"n a,,ess to the G b"!!"on ar%et 'orA!)he"er/s d"sease treatents. The e''e,t"(eness o' the dru ,ou!d he!pthe ,opany/s sa!es by G2 b"!!"on
. n 2009# J&J a,5u"red the sa!! ,an,er dru-de(e!oper CouarB"ote,hno!oy 'or about G9 "!!"on "n ,ash. Couar has an e3,e!!entdru 'or !ate stae prostate ,an,er
. At the end o' 200# J&J reported G?.; b"!!"on "n resear,h andde(e!opents e3pend"tures# +h",h +as a s!"ht de,rease 'ro 200?
;. Sa!es 'or both ,onsuer hea!th produ,ts and ed",a! de(",es andd"anost",s +ere up 'ro 200? to 200 by 10. per,ent and ;. per,ent#respe,t"(e!y
?. The ,onsuer produ,ts seent/s operat"n pro'"t "n,reased 1?. per,ent'ro 200? to G2#;? "!!"on "n 200. The Phara,eut",a! seent operat"n pro'"t "n,reased 1;. per,ent 'ro
200?# and operat"n pro'"t "n,reased to 1.0 per,ent to a tota! o' G?#;0"!!"on "n 200
9. perat"n pro'"t "n ed",a! de(",es seent "n,reased 9.1 per,ent 'ro200? to a tota! o' G?#22 "!!"on "n 200
%ea4nesses
1. Sa!es 'or phara,eut",a! seent +as do+n 'ro 200? to 200 by 1.2per,ent
2. Patent on any o' the"r popu!ar and h"h (o!ue drus "s about to e3p"re. n,rease "n tota! !"ab"!"t"es by appro3"ate!y G. b"!!"on 'ro 200? to 200. n re,ent years# ha(e not "ntrodu,ed any ne+ "nno(at"(e produ,t un!ess by
a,5u"r"n other ,opan"es. Per 2009 data# the ,opany/s 5uarter!y sa!es dropped by . per,ent 'ro
the sae per"od "n pr"or year;. The se!!"n# enera! and ad"n"strat"n e3penses to sa!es "n,reased by
0.0 per,ent 'ro 200? to 200
$inancial 'atio Anal2sis *De,eber 2009!ro5t# 'ates 6 JJ 3ndustr2 SP 7**
Sa!es *tr (s year ao 5tr -.0 .20 -.0
Net n,oe *6TD (s 6TD -1.?0 .10 -;.00
Net n,oe *tr (s year ao 5tr 1.10 .0 2;.0
Sa!es *-6ear Annua! A(. .?? .9 12.99
Net n,oe *-6ear Annua! A(. 12.; 1. 12.;9
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D"("dends *-6ear Annua! A(. 1.1 1.0 11.
Price 'atios JJ 3ndustr2 SP 7**
Current PF7 @at"o 1.1 1. 2;.?
PF7 @at"o -6ear 4"h 2. 1.2 1;.;
PF7 @at"o -6ear o+ 10. .0 2.;
Pr",eFSa!es @at"o 2.9 .0 2.2
Pr",eFBoo% Ea!ue . .10 .
Pr",eFCash !o+ @at"o 11.0 12.20 1.?0
Profit Mar&ins 6 JJ 3ndustr2 SP 7**
$ross Mar"n ?1.1 ?2.9 .9
Pre-Ta3 Mar"n 2?. 2.0 10.
Net Pro'"t Mar"n 21.1 1.? ?.1
6r $ross Mar"n *-6ear A(. ?1. ?2.1 .;6r PreTa3 Mar"n *-6ear A(. 2. 21. 1;.;
6r Net Pro'"t Mar"n *-6ear A(. 19.1 1.9 11.
$inancial Condition JJ 3ndustr2 SP 7**
DebtF75u"ty @at"o 0.2 2.0 1.09
Current @at"o 1. 1.9 1.
u",% @at"o 1.; 1.; 1.
nterest Co(erae ?.1 20.; 2.?
e(erae @at"o 1. .? .Boo% Ea!ueFShare 1.2? 11.1 21.;Adapted 'ro +++.oney,entra!.sn.,o
Av& P8E Price8 Sales Price8 Boo49et Profit
Mar&in /60
12F0 1.20 2.;0 .1 20.
12F0? 1?.;0 .21 .2 1?.
12F0; 1;.?0 .;? .; 20.?
01F0; 19.0 .? .;2 19.9
01F0 20.0 .01 .92 1?.12F0 22.00 .; .9 1?.2
12F02 2;.;0 .? ;.9 1.2
12F01 2.0 .;? ?. 1?.
12F00 2?.;0 . ?.?; 1?.0
12F0 1.20 2.;0 .1 20.
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Boo4 Value8
S#are
Debt8
E:uit2
'eturn on
E:uit2 /60
'eturn on
Assets /60
3nterest
Covera&e
12F0 G1. 0.2 0. 1.2 .9
12F0? G1.2 0.22 2. 1.1 .9
12F0; G1.9 0.1? 2.1 1.? 21.
01F0; G1.01 0.0? 2;.0 1?.1 22.9
01F0 G10.?1 0.09 2.? 1. ;.9
12F0 G9.0 0.1 2;. 1.9 9.
12F02 G?.; 0.1 29.1 1;. .1
12F01 G?.9 0.11 2. 1.? 1.;
12F00 G;.?? 0.2 2. 1. .?
12F0 G1. 0.2 0. 1.2 .9Adapted 'ro +++.oney,entra!.sn.,o
3nternal $actor Evaluation /3$E0 Matrix
1e2 3nternal $actors %eit 'atin& %eitedScore
Stren&t#s
1. J&J o''ers a +"de (ar"ety o' produ,ts andser(",es to hosp"ta!s# reta"!ers# and 'a"!"es
0.0 0.2
2. The ,opany does bus"ness "n threeseents: phara,eut",a!# ed",a! de(",esand ,onsuer produ,ts
0.0 0.2
. n Ju!y 2009# J&J pur,hased an 1. per,entsta%e "n r"sh b"ote,h ,opany 7!an Corp. "norder to a"n a,,ess to the G b"!!"on ar%et'or A!)he"erHs d"sease treatents. Thee''e,t"(eness o' the dru ,ou!d he!p the,opanyHs sa!es by G2 b"!!"on
0.0? 0.2
. n 2009# J&J a,5u"red the sa!! ,an,er dru-de(e!oper Couar B"ote,hno!oy 'or aboutG9 "!!"on "n ,ash. Couar has an e3,e!!entdru 'or !ate stae prostate ,an,er
0.0? 0.2
. At the end o' 200# J&J reported G?.; b"!!"on"n resear,h and de(e!opents e3pend"tures#
+h",h +as a s!"ht de,rease 'ro 200?
0.0 0.2
;. Sa!es 'or both ,onsuer hea!th produ,ts anded",a! de(",es and d"anost",s +ere up 'ro200? to 200 by 10. per,ent and ;.per,ent# respe,t"(e!y
0.0; 0.1
?. The ,onsuer produ,ts seentHs operat"npro'"t "n,reased 1?. per,ent 'ro 200? toG2#;? "!!"on "n 200
0.0; 0.1
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. The Phara,eut",a! seent operat"n pro'"t"n,reased 1;. per,ent 'ro 200?# andoperat"n pro'"t "n,reased to 1.0 per,ent to atota! o' G?#;0 "!!"on "n 200
0.0; 0.1
9. perat"n pro'"t "n ed",a! de(",es seent"n,reased 9.1 per,ent 'ro 200? to a tota! o'
G?#22 "!!"on "n 200
0.0; 0.1
%ea4nesses
1. Sa!es 'or phara,eut",a! seent +as do+n'ro 200? to 200 by 1.2 per,ent
0.0; 1 0.0;
2. Patent on any o' the"r popu!ar and h"h(o!ue drus "s about to e3p"re
0.09 1 0.09
. n,rease "n tota! !"ab"!"t"es by appro3"ate!yG. b"!!"on 'ro 200? to 200
0.0 2 0.1
. n re,ent years# ha(e not "ntrodu,ed any ne+"nno(at"(e produ,t un!ess by a,5u"r"n other,opan"es
0.0? 1 0.0?
. Per 2009 data# the ,opanyHs 5uarter!y sa!esdropped by . per,ent 'ro the sae per"od"n pr"or year
0.0 2 0.0
;. The se!!"n# enera! and ad"n"strat"ne3penses to sa!es "n,reased by 0.0 per,ent'ro 200? to 200
0.0? 2 0.1
(otal ).** -.;
$. S%"( Strate&ies
Stren&t#s %ea4nesses
1. J&J o''ers a +"de (ar"etyo' produ,ts and ser(",esto hosp"ta!s# reta"!ers#and 'a"!"es
2. The ,opany doesbus"ness "n threeseents:phara,eut",a!# ed",a!de(",es and ,onsuerprodu,ts
. n Ju!y 2009# J&Jpur,hased an 1.per,ent sta%e "n r"sh
1. Sa!es 'or phara,eut",a!seent +as do+n 'ro200? to 200 by 1.2per,ent
2. Patent on any o' the"rpopu!ar and h"h (o!uedrus "s about to e3p"re
. n,rease "n tota!!"ab"!"t"es byappro3"ate!y G.b"!!"on 'ro 200? to 200
. n re,ent years# ha(e not"ntrodu,ed any ne+
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b"ote,h ,opany 7!anCorp. "n order to a"na,,ess to the G b"!!"onar%et 'or A!)he"er/sd"sease treatents.
The e''e,t"(eness o' thedru ,ou!d he!p the,opany/s sa!es by G2b"!!"on
. n 2009# J&J a,5u"redthe sa!! ,an,er dru-de(e!oper CouarB"ote,hno!oy 'or aboutG9 "!!"on "n ,ash.Couar has an e3,e!!entdru 'or !ate stae
prostate ,an,er. At the end o' 200# J&Jreported G?.; b"!!"on "nresear,h andde(e!opentse3pend"tures# +h",h +asa s!"ht de,rease 'ro200?
;. Sa!es 'or both ,onsuerhea!th produ,ts anded",a! de(",es and
d"anost",s +ere up'ro 200? to 200 by10. per,ent and ;.per,ent# respe,t"(e!y
?. The ,onsuer produ,tsseent/s operat"npro'"t "n,reased 1?.per,ent 'ro 200? toG2#;? "!!"on "n 200
. The Phara,eut",a!seent operat"n pro'"t
"n,reased 1;. per,ent'ro 200?# andoperat"n pro'"t"n,reased to 1.0per,ent to a tota! o'G?#;0 "!!"on "n 200
9. perat"n pro'"t "ned",a! de(",es
"nno(at"(e produ,tun!ess by a,5u"r"nother ,opan"es
. Per 2009 data# the,opany/s 5uarter!y
sa!es dropped by .per,ent 'ro the saeper"od "n pr"or year
;. The se!!"n# enera! andad"n"strat"n e3pensesto sa!es "n,reased by0.0 per,ent 'ro 200?to 200
Copyr"ht > 2011 Pearson 7du,at"on# n,. pub!"sh"n as Prent",e 4a!!.
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seent "n,reased 9.1per,ent 'ro 200? to atota! o' G?#22 "!!"on "n200
"pportunities
S 2011 Pearson 7du,at"on# n,. pub!"sh"n as Prent",e 4a!!.
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'ound a ore e''e,t"(eand !ess e3pens"(e +ay"n ad(ert"s"n#edu,at"n# andproot"n the"r produ,ts
(#reats S
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aount o' oney to et"t tested and re,e"(eDA appro(a!
;. 'ten# drus ,ou!d ha(es"de e''e,ts +h",h
,reate neat"(e pub!","tyand F or 'or,e the,opany to re,a!! thedru or reo(e "t 'rothe she!(es
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!. SPACE Matrix
$inancial Stabilit2 /$S0 Environmental Stabilit2 /ES0
@eturn on n(estent Inep!oyent -
e(erae Te,hno!o",a! Chanes -
"5u"d"ty Pr",e 7!ast","ty o' Deand -2
8or%"n Cap"ta! Copet"t"(e Pressure -
Cash !o+ Barr"ers to 7ntry -
$inancial Stabilit2 /$S0 Avera&e =.> Environmental Stabilit2 /ES0 Avera&e
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3. (#e 3nternal
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1e2 $actors %eit
AS (AS AS (AS
"pportunities
1. Sa!!er ,opan"es are ,o"n up +"th ne+and "nno(at"(e drus. Th"s ,reates an
opportun"ty 'or !arer dru ,opan"es toa,5u"re or 'or a 2011 Pearson 7du,at"on# n,. pub!"sh"n as Prent",e 4a!!.
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anu'a,tur"n the ost e''e,t"(e and h"h-ross"n drus on the ar%et
. ntrodu,"n a ne+ dru "nto the ar%et ,anta%e 10 to 1 years and re5u"re e3tens"(eaount o' oney to et "t tested and
re,e"(e DA appro(a!
0.0 0.20 2 0.1
;. 'ten# drus ,ou!d ha(e s"de e''e,ts +h",h,reate neat"(e pub!","ty and F or 'or,e the,opany to re,a!! the dru or reo(e "t'ro the she!(es
0.0? --- --- --- ---
("(A ).** ).> ).>-
Stren&t#s
1. J&J o''ers a +"de (ar"ety o' produ,ts andser(",es to hosp"ta!s# reta"!ers# and 'a"!"es
0.0 --- --- --- ---
2. The ,opany does bus"ness "n threeseents: phara,eut",a!# ed",a! de(",es
and ,onsuer produ,ts
0.0 0.2 0.2
. n Ju!y 2009# J&J pur,hased an 1.per,ent sta%e "n r"sh b"ote,h ,opany 7!anCorp. "n order to a"n a,,ess to the Gb"!!"on ar%et 'or A!)he"erHs d"seasetreatents. The e''e,t"(eness o' the dru,ou!d he!p the ,opanyHs sa!es by G2b"!!"on
0.0? --- --- --- ---
. n 2009# J&J a,5u"red the sa!! ,an,erdru-de(e!oper Couar B"ote,hno!oy 'orabout G9 "!!"on "n ,ash. Couar has an
e3,e!!ent dru 'or !ate stae prostate,an,er
0.0? --- --- --- ---
. At the end o' 200# J&J reported G?.;b"!!"on "n resear,h and de(e!opentse3pend"tures# +h",h +as a s!"ht de,rease'ro 200?
0.0 --- --- --- ---
;. Sa!es 'or both ,onsuer hea!th produ,tsand ed",a! de(",es and d"anost",s +ereup 'ro 200? to 200 by 10. per,ent and;. per,ent# respe,t"(e!y
0.0; 0.1 0.2
?. The ,onsuer produ,ts seentHs
operat"n pro'"t "n,reased 1?. per,ent'ro 200? to G2#;? "!!"on "n 200
0.0; --- --- --- ---
. The Phara,eut",a! seent operat"npro'"t "n,reased 1;. per,ent 'ro 200?#and operat"n pro'"t "n,reased to 1.0per,ent to a tota! o' G?#;0 "!!"on "n 200
0.0; 0.2 2 0.12
9. perat"n pro'"t "n ed",a! de(",esseent "n,reased 9.1 per,ent 'ro 200?
0.0; --- --- --- ---
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to a tota! o' G?#22 "!!"on "n 200 --- --- --- ---%ea4nesses
1. Sa!es 'or phara,eut",a! seent +asdo+n 'ro 200? to 200 by 1.2 per,ent
0.0; 0.2 2 0.12
2. Patent on any o' the"r popu!ar and h"h(o!ue drus "s about to e3p"re
0.09 0.; 2 0.1
. n,rease "n tota! !"ab"!"t"es by appro3"ate!yG. b"!!"on 'ro 200? to 200
0.0 --- --- --- ---
. n re,ent years# ha(e not "ntrodu,ed anyne+ "nno(at"(e produ,t un!ess by a,5u"r"nother ,opan"es
0.0? --- --- --- ---
. Per 2009 data# the ,opanyHs 5uarter!ysa!es dropped by . per,ent 'ro thesae per"od "n pr"or year
0.0 --- --- --- ---
;. The se!!"n# enera! and ad"n"strat"n
e3penses to sa!es "n,reased by 0.0per,ent 'ro 200? to 200
0.0? --- --- --- ---
SB("(A ).** ).+= *.
SM ("(A A(('AC(3VE9ESS SC"'E +.*+ -.7-
1. 'ecommendations
A,5u"re ,opan"es that anu'a,ture produ,ts not a(a"!ab!e ,urrent!y throuhJohnson and Johnson produ,t !"ne and ,ou!d 'a!! under one o' the ,opany/spr"ary seent F produ,t !"ne.
. EPS8EB3( Anal2sis
G Aount Needed: G1 b"!!"onSto,% Pr",e: G;.?Ta3 @ate: 2.nterest @ate: .;O Shares utstand"n: 2. b"!!"on
Common Stoc4 $inancin& Debt $inancin&
Recession Normal Boom Recession Normal Boom7BT G2#000#000#000 G0#000#000#000 G#000#000#000 G2#000#000#000 G0#000#000#000 G#000#000
nterest 0 0 0 #;00#000 #;00#000 #;00#00
7BT 2#000#000#000 0#000#000#000 #000#000#000 2?#9#00#000 29#9#00#000 #9#00#
Ta3es ;#0#000#000 ?#00#000#000 10#?#000#000 ;#;?#1;9#000 ?#0?#1;9#000 10#;2#1;9#
7AT 21#20#000#000 22#90#000#000 #2#000#000 21#?#21#000 22#90#21#000 ##21#
O Shares 2#1#;#01 2#1#;#01 2#1#;#01 2#00#000#000 2#00#000#000 2#00#000#0
7PS ;.>) ,.)7 )-.-+ ;.>= ,.), )-.-,
Copyr"ht > 2011 Pearson 7du,at"on# n,. pub!"sh"n as Prent",e 4a!!.
8/13/2019 David Sm13e Cn 21
21/21
;* PercentStoc4 < +*
Percent Debt
;* PercentDebt < +*
Percent Stoc4
Recession Normal Boom Recession Normal Boom
7BT G2#000#000#000 G0#000#000#000 G#000#000#000 G2#000#000#000 G0#000#000#000 G#000#000
nterest #;0#000 #;0#000 #;0#000 10#920#000 10#920#000 10#920#007BT 2?#9;#20#000 29#9;#20#000 #9;#20#000 2?#99#00#000 29#99#00#000 #99#00#
Ta3es ;#;9#?#200 ?#09#?#200 10#;#?#200 ;#??##00 ?#0?##00 10#?2##
7AT 21#;##00 22#91;##00 #91##00 21#11#;;#200 22#91#;;#200 #1;#;;#
O Shares 2#10#12#1 2#10#12#1 2#10#12#1 2#0#;#920 2#0#;#920 2#0#;#9
7PS ;.>) ,.)7 )-.-= ;.>+ ,.), )-.-;
M. Epilo&ue
The ,onress has been d"s,uss"n to pass a nat"ona! hea!th,are prora +h",h
,ou!d "pa,t the dru ,opan"es and ho+ they do bus"ness here "n the In"tedStates. ' the hea!th,are re'or "s passed# ore "nd"("dua!s ,ou!d a''ord to ha(ehea!th "nsuran,e and a,,ord"n!y use produ,ts or ser(",es pres,r"bed by the"rphys","an. n the other hand# there ay be soe re5u"reents "n reards to!o+er"n pr",es on produ,ts or ser(",es by the dru anu'a,turers.
n re,ent onths# Johnson & Johnson has announ,ed se(era! (",tor"es su,h asun(e"!"n Cyto"", Te,hno!oyQ +h",h "s re!ated to ho+ the body/s e!e,tr",a!'"e!d a''e,ts s%"n reress"onR rea,h an areeent bet+een Cord"s Corporat"on*o+ned by Johnson & Johnson +"th Boston S,"ent"'", reso!("n t+o !"t"at"onsRre,e"("n an appro(a! 'ro I.S. ood and Dru Ad"n"strat"on 'or !abe!"n
update 'or Pre)"sta tab!etsR and an "n,rease "n sa!es o' 9.0 per,ent "n 'ourth5uarter o' 2009 ,opared to the sae per"od "n 200.