Yes, as I have said Pharmacists are astute. They are the ones that will notice that Godiva is riding on a horse per one of my fraternity songs. Pharmacists are expected to know a lot—and they do. About drugs, interactions, disease, health, and about prescription coverage insurance. But don’t ask them what pharmaceutical company to buy. Most won’t have a clue what to say. Frankly, most pharmacists just do not have the time to be watching the stock market, it is not their forte.
You will find that have never heard of Barron’s, Financial Times, or Investor’s Business Daily. While working at a hospital, one day a bright and exceptional pharmacist asked me, What is the WSJ?” I kindly told her that was the Wall Street Journal. Now there is a good chance that they have heard of Fortune and Money magazines, but Forbes, Bloomberg Markets, and Kiplinger’s I doubt.
Surely there are a number of business savvy pharmacists out there to prove me wrong. But finding one of those with financial acumen would be rather tough. Chat with one should you have opportunity. They most likely cannot give you a lot of time, they have so much to do.
I am one pharmacist that has enjoyed following drug companies, medical device companies, and biotechnology in general. There are thousands of such companies out there and many more getting started and offering IPO’s (Initial Public Offering) to go public on the NASDAQ or the NYSE. Then there are those companies that are involved in healthcare: hospital systems, long term care providers, and retail pharmacy chains.
Let me take a guess here, dear reader. You have read and heard that there are marvelous opportunities in the medical marketplace and that this industry sector is one of the best performing. So you want to invest in pharma? Good for you! I applaud your choice, but you must do your due diligence. Maybe a friend, a relative, some business associate gave you a “hot” stock tip…you need to check it out on your own. If I may suggest, this is what I do…
First I call my broker or go to my broker’s web site to see what they recommend in the medical industry. Browse www.investopedia.com to see what others are thinking. Investor’s Business Daily ranks their top stock picks by sector, that is easy. Go to the company website where you are thinking investing your money. Then you can even call the company. Most businesses have an Investor Relations Representative. They should answer any questions that you may have. My two favorite questions to ask them are: Will you need to raise more money to keep operations going and what products/services do you feel will be the leading revenue providers now and in the future?
It is time to hear what the U.S. government has to say. Go to the National Library of Medicine at http://nlm.nih.gov. There is a tremendous amount of information there, but go to ClinicalTrials.gov. It is here where you find the status of drug approvals. You may also find out about drug companies by visiting www.drugs.com, www.medilexicon.com and www.fda.gov/Drugs/Information on drugs.
I am surely not qualified to make recommendations or offer any kind of investment advice. The websites I have listed provide sound and solid information about drug companies and drugs that are undergoing trials by the FDA.
There are many way to invest, to research and determine what stocks to buy, and several sources for information that I did not include here. They say, that one should keep a blog to less than 500 words, well I have exceeded that in this post!
I welcome your comments. I get asked about drug stocks frequently that I felt compelled to post. I would be glad to expound on this subject if I receive interest.
With all grand wishes to your success in you investment endeavors!