Our insight piece this month touches on a more long term issue facing several of the large pharmaceutical companies in our portfolios. They have benefitted enormously from the growth in biological drugs over the past decade both in terms of their businesses and their valuations. This has been in part due to biologics being viewed as less vulnerable to generics after the end of their patent lives. Whilst biologics will be a driver going forward for companies like Roche, Novartis and others, we explore whether there is a new challenge to their longevity from advances in biosimilars, the biological equivalent of conventional generics. We are at an early stage of the challenge of biosimilars to the pharmaceutical industry. The stakes are high and we will attempt to answer the many questions that will surface over the coming years.