Subject: Re: WST
Sorry. Should have mentioned that WST is more like a pickaxe provider to the pharma miners. Their business focuses on parts for the delivery of drugs. Think labels on vials, containers, injectors. That kind of thing.

That FDA approvals need to detail these types of things and are, apparently, difficult to change, this provides WST with a fairly good economic moat. Of course that moat could get filled in if there are major changes (disruptions?) to the drug approval process. That seems a bit more likely today than it did yesterday...