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UBS Warburg Hosts 12th Annual Global Healthcare Services Conference
The 12th Annual UBS Warburg Global Healthcare Services Conference begins today at the Plaza Hotel in New York City and runs through Thursday, February 7. More than 2,000 portfolio managers, analysts, and investors are scheduled to attend.
Senior executives from 200 public and private healthcare services companies spanning five continents will present during the four-day period. These business leaders represent nearly every aspect of healthcare services, including hospitals, managed care, rehabilitation, long-term care, alternate site and outpatient care providers, pharmaceutical distributors and outsourcers, laboratory companies, prescription benefit managers (PBMs), healthcare IT, clinical research organizations (CROs), and real estate investment trusts (REITs). In the public markets, these firms collectively represent over $250 billion in market capitalization.
One of the leading issues that will be covered is the pricing outlook of managed care firms and how that will influence several other sectors. In addition, the pharmaceutical product cycle will be discussed, largely in regards to its affect on drug distribution channel volume and consolidation, generic substitution and R&D spending. Also to be discussed will be government reimbursement stability and rate implementation risk during times of constrained budgets and the upcoming mid-term elections. And lastly, how companies are positioned to raise capital and take advantage of the consolidation and service integration opportunities in the healthcare services industry.
The keynote speaker series offers a compelling line-up of luncheon presentations, starting with Monday's welcoming remarks by Joseph J. Grano, Jr., chairman and chief executive officer of UBS PaineWebber and a discussion by Richard M. Scrushy, founder, chairman and chief executive officer of HEALTHSOUTH Corporation. Tuesday will continue with commentary by Dr. William W. McGuire, chairman and chief executive officer of UnitedHealth Group, and finish on Wednesday with remarks from Rubin King-Shaw, deputy administrator and chief operating officer of the Department of Health and Human Services' Centers for Medicare and Medicaid (CMS).
Other key presentations during multiple tracks from Monday through Thursday will be made by Jack O. Bovender, Jr., chairman and chief executive officer of HCA, Inc.; Thomas P. MacMahon, chairman and chief executive officer of Laboratory Corporation of America Holdings; Wayne T. Smith, chairman and chief executive officer of Community Health Systems; Roger C. Holstein, chief executive officer of WebMD; Joel F. Gemunder, president and chief executive officer Omnicare, Inc.; Alan B. Miller, chairman and chief executive officer of Universal Health Systems; Paul Ormond, chairman and chief executive officer of ManorCare, Inc.; R. Dale Ross, chairman and chief executive officer of U.S. Oncology; Fred N. Eshelman, chief executive officer of Pharmaceutical Products and Development, Inc.; David Colby, executive vice president and chief financial officer of Wellpoint Health Networks, Inc., Richard J. Miller, executive vice president and chief financial officer of Cardinal Health, Inc., Steven Francis, chief executive officer of AMN Healthcare Services, Inc. and Raj Rai, chief executive officer of Option Care Inc.
Leading healthcare services companies from Germany, Canada, Ireland, United Kingdom and India will present their respective market strategies. Presentations will be heard from Stefan Meister, chief financial officer of Gehe AG; Manfred Wiehl, chief financial officer of Rhon - Klinikum AG; Gary W. Goertz, executive vice president and chief operating officer of MDS Inc.; Peter Gray, chief operating officer of ICON Plc; Jeff Harris, chairman of Alliance UniChem Plc and Suneeta Reddy, director of Finance of Appollo Hospitals Enterprise ltd.
Howard Capek, managing director, UBS Warburg and senior healthcare services analyst will mention opportunities in several healthcare service areas. "We believe the current investor debate pivots more on sector rotation, interest rate troughs, and timing of economic recovery, rather than on any real concern of deteriorating healthcare sector fundamentals. Ultimately, we expect the fundamentals to shine through; and the stocks, during 2002, to better reflect many firms' EPS leadership and certainty, cash flow, and "sleep-at-night" type of balance sheets. We see investment opportunities in the secular growth sectors of specialty and wholesale drug distribution, as well as in contract research, largely because of the trend in big-pharma and biotech R&D spending. The predictable rehabilitation and outpatient surgery segments also offer interesting investments, and as always, the healthcare REITs offer unique, relatively conservative growth and income ideas."
William McKeever, managing director, UBS Warburg and senior managed care analyst will state that "the fundamentals in the managed care industry remain excellent this year, driven by a robust premium pricing environment that will outpace the medical cost trend. The industry is also actively integrating the Internet into its dealings with providers, employers, and members. Managed care companies have significant opportunities to reduce administrative costs that could cause the companies to exceed earnings estimates this year. Since 2002 is an election year, there is minimal risk from healthcare legislation. In summary, we see 2002 as an exciting year in which the industry will continue to grow margins, use technology to improve business processes, and deliver solid returns to investors."
Ken Weakley, executive director, UBS Warburg and senior healthcare provider analyst will speak to the sustained positive trends at work within the traditional provider-based healthcare services segments. "The economic performance of the hospital group continues to impress us, with strong admission growth, better than expected pricing, an unflinching commitment to working capital management, a growing acquisition pipeline, and a still relatively stable Washington environment. Our work on forecasting demographic and supply/demand trends leaves us confident in our projection of continued excellent financial results and value creation from the healthcare services universe in 2002."
For the past 12 years, UBS Warburg's Healthcare Services Conference has evolved from a focus on traditional domestic HMO and hospital sectors to encompass all aspects of global healthcare services, with an emphasis on providing investors and clients with access to the most extensive depth and breadth of public and private, for-profit and not-for-profit industry operators, managers and data.
Audio transmissions of company presentations will be available live and by replay. Replay's will begin 24 hours after the actual presentation time and will be available on the site for a period of four weeks. To access audio transmissions and the conference agenda please go to www.ubswarburg.com home page.
UBS Warburg is the investment banking group of UBS AG (NYSE: UBS), one of the largest financial services firms in the world with 71,000 employees in more than 40 countries. UBS Warburg is a leader in equities, corporate finance, M&A advisory and financing, financial structuring, fixed income issuance and trading, foreign exchange, derivatives and risk management.
CONTACT: Amy Rosenberg of UBS Warburg, +1-212-713-8510
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