BMI View: In general, China remains the key emerging market for multinational pharmaceutical firms,given their strong double-digit sales growth. In particular, Q412 was a milestone for some multinationalfirms in China, such as Merck & Co and Novartis. We highlight that companies both domestic and foreignwill continue to benefit from the country''s commitment to healthcare. However, a downside risk to thiswould be the government''s continued calls for more greater affordability, which results in pricingpressures.Headline Expenditure Projections? Pharmaceuticals: CNY517.9bn (US82.1bn) in 2012to CNY608.6bn (US$97.1bn) in 2012; +17.5% inlocal currency and +18.2%...
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