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With Pfizer (PFE) having to exit Exubera and Jim Cramer hyping Nastech desperately not that long ago, I am sure many Seeking Alpha readers are familiar with the investment story behind the alternative delivery of drugs. For those who are not, the case is quite simple. Most of the drugs have to be injected because otherwise the active pharmaceutical ingredient [API] would be destroyed (degradation) in the gastro-intestinal tract. As patient compliance with oral forms (tablets) is greater than when compared to injectable formulations, the story is quite compelling.

So what is necessary to have a successful alternative delivery platform? First, it is all about bioavailability of the delivery route (http://en.wikipedia.org/wiki/Bioavailability). If you have a bioavailability of 10% it basically means that you need 10 times more of the API. If this leads to a price 10 times higher, forget it. Nobody is going to pay for that (see

]]> Tue, 05 Feb 2008 16:50:24 -0500 Mark Samuelson By Mark Samuelson:

With Pfizer (PFE) having to exit Exubera and Jim Cramer hyping Nastech desperately not that long ago, I am sure many Seeking Alpha readers are familiar with the investment story behind the alternative delivery of drugs. For those who are not, the case is quite simple. Most of the drugs have to be injected because otherwise the active pharmaceutical ingredient [API] would be destroyed (degradation) in the gastro-intestinal tract. As patient compliance with oral forms (tablets) is greater than when compared to injectable formulations, the story is quite compelling.

So what is necessary to have a successful alternative delivery platform? First, it is all about bioavailability of the delivery route (http://en.wikipedia.org/wiki/Bioavailability). If you have a bioavailability of 10% it basically means that you need 10 times more of the API. If this leads to a price 10 times higher, forget it. Nobody is going to pay for that (see


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