Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>This is the biggest prescription drug retailer in Japan. In 1994 the government deregulated the market allowing retailers with pharmacists to take over the drug prescription operations hitherto done by hospitals. Part of the reason was to cut costs, hospitals it was thought were over subscribing. In 1994 the total drug prescription market was worth some Y9tr with 15% or Y1.5tr done but dispensing retailers. Today the market is worth Y11tr with 70% or Y8tr done by dispensing retailers. Ain…</p>

This is the biggest prescription drug retailer in Japan. In 1994 the government deregulated the market allowing retailers with pharmacists to take over the drug prescription operations hitherto done by hospitals. Part of the reason was to cut costs, hospitals it was thought were over subscribing. In 1994 the total drug prescription market was worth some Y9tr with 15% or Y1.5tr done but dispensing retailers. Today the market is worth Y11tr with 70% or Y8tr done by dispensing retailers. Ain…

A Winner, but All in the Price Now...we Think

Ain Holdings Inc

A Winner, but All in the Price Now...we Think