In my growing enthusiasm for the healthcare sector I have been sceptical of the ability of the drug majors to prove exciting investments. I though they had become too mature like the oil majors and were threatened by the squeeze between the huge cost of developing new drugs and the difficulty of making satisfactory profits before competition from generic drug manufacturers forced down prices. However a closer look at one drug giant, AstraZeneca, even bigger after its 2006 purchase of MedImmune for $15.2bn,  is making me think that I have been too hasty in writing off the drug majors. AstraZeneca looks both exciting and cheap.
...