Mitsubishi
Although only the eighth biggest Japanese pharmaceutical company, Mitsubishi has the largest sales force, with 1,580 reps. However, this is still small compared with Pfizer's Japanese subsidiary's 3,493 reps.
Mitsubishi recorded strong sales growth in 2002, up by 22.6% to S2,242m. However, the company's net profits are low and it has cash/cash equivalents of only $222m.
Although recent sales growth has been driven by benefits of the merger that created Mitsubishi Pharma in late 2001, the company now needs to focus its efforts on strengthening its weak late stage pipeline. Sales from a mature portfolio are forecast to remain stagnant to 2008.
Mitsubishi's marketed portfolio is dominated by its cardiovascular franchise, which accounted for nearly half of all sales in 2002. Although sales of this franchise will be static in the period to 2008, it will remain the largest.
Sales of Mitsubishi's lead drug, Radicut, are likely to dip in fiscal 2003 following safety concerns in July 2002. However, since the product is used in patients with potentially life-threatening illnesses, and is easier to use and more efficacious than its competitors, sales should recover.
Supported by an increased stake by its parent company, Mitsubishi has set a goal of becoming a global, research-based pharmaceutical company in 10 years. In the meantime, it will need to in-license to supplement organic growth.
Mitsubishi has nine new products in phase II clinical trials or above. However, only two of these, ??-108 and AS-013, are expected to be launched by 2008, and neither will have generated significant sales by this time.
AS-013 has been in phase HI trials for some time, reflecting the problems of developing treatments for peripheral arterial occlusive disease. Its long-term sales potential could be significant, although it will eventually face competition from gene therapy.