Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

WuXi PharmaTech Cayman / Equity Bottom-Up

Life sciences R&amp;D spending growth in Asia is outpacing the developed world (US, Canada, and Europe). An article from the January 2, 2014, edition of the New England Journal of Medicine notes that during inflation-adjusted biomedical R&amp;D expenditures fell in the US and EU while increasing all across Asia during 2007-2012. Contract research organizations (CROs), which provide outsourced R&amp;D services to the life sciences industry, are vehicles for participating in this trend.The industry&rsquo;s leaders such as US-listed Quintiles, Covance, Pharmaceutical Product Development, PAREXEL International, and Charles River Laboratories have operated globally for years, but with relatively low exposure to Asia. Pure plays such as US-listed WuXi PharmaTech, Shenzhen-listed Hangzhou Tigermed Consulting, and soon-to-be listed Syngene International (in India) have more exposure to this secular shift.

Life sciences R&amp;D spending growth in Asia is outpacing the developed world (US, Canada, and Europe). An article from the January 2, 2014, edition of the New England Journal of Medicine notes that during inflation-adjusted biomedical R&amp;D expenditures fell in the US and EU while increasing all across Asia during 2007-2012. Contract research organizations (CROs), which provide outsourced R&amp;D services to the life sciences industry, are vehicles for participating in this trend.The industry&rsquo;s leaders such as US-listed Quintiles, Covance, Pharmaceutical Product Development, PAREXEL International, and Charles River Laboratories have operated globally for years, but with relatively low exposure to Asia. Pure plays such as US-listed WuXi PharmaTech, Shenzhen-listed Hangzhou Tigermed Consulting, and soon-to-be listed Syngene International (in India) have more exposure to this secular shift.

Hangzhou Tigermed Consulting (A) (300347 CH)

Increasing Opportunities in Emerging Market CROs