A Recession Proof Pharmaceutical Industry?




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Video title: A Recession Proof Pharmaceutical Industry?
Released on: December 04, 2008. © PharmaVentures Ltd
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  • Summary
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Alan Oster, Group Chief Economist at the National Australia Bank, talks to Fintan Walton about the global economic situation. Although the future seems uncertain Mr. Oster explains his predictions for the crisis as a whole before focusing in on the biopharma industry. His overall message is promising, especially for the well-established pharmaceutical companies, although he stresses the need for government support and strong collaborations within the industry to help biotechnology survive.
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The global economic situation.
Fintan Walton:
on this show I have Alan Oster, who is Group Chief Economist at the National Australia Bank. Welcome.
Alan Oster:
Thank you.
Fintan Walton:
Alan Oster, I want you to talk about the global economy. We are in October 2008. We are living in interest times and the key thing here based on your observations of the global economy people are clearly very concerned about what's actually happening. What is actually happening?
Alan Oster:
Well I think what's -- what you are seeing is a slowdown in domestic part of the US economy. You are seeing it's flowing on to Europe in particular and Japan. So I think what you are seeing is most of the major economies in the world are now starting to enter a recession period. So I think if you look at say the US we expect it to be essentially going backwards for the next six months. The UK I think is already gone into a recession, Europe looks to me as if it's -- all the parts of Europe already clearly in recession. But others will continue to go down. People are very scared about how far it will go.
Fintan Walton:
Yeah.
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Alan Oster
Chief Economist
Alan Oster joined the Bank in 1992 from the Federal Treasury where he worked for 15 years - his special field being economic forecasting and monetary policy. He grew up in Newcastle and graduated (with first class honours) in economics from Newcastle University. He also holds a Masters degree in economics from the Australian National University. Immediately before joining the Bank, Alan Oster was the Senior Adviser in Treasury responsible for economic forecasting and modelling. In 1987 he was seconded for nearly four years as Counsellor-Economic and Financial with Australia's delegation to the Organization for Economic Co-operation and Development in Paris. As Group Chief Economist, Alan Oster is responsible for NAB's global economic and financial forecasts. He is also a highly respected and much quoted commentator on Australian and global economic trends and policy issues.
National Australia Group
National Australia Group is an international financial services organization that provides a comprehensive and integrated range of financial products and services. The Group is structured around regional banking and wealth management operations and an international capital markets and institutional banking business. It is governed by a Board of Directors and led by a Group Executive Committee. The Group's businesses are supported by a streamlined Corporate Centre which comprises service teams, including group finance, legal, treasury, group risk management, group strategic investments, people and culture, investor relations, corporate affairs, corporate secretariat and the office of the CEO.