BMI View: We expect Namibia’s negative pharmaceutical trade balance to widen as demand for medicines continues to be met by imports, and poor local manufacturing sees exports contract in the medium term. Headline Expenditure Forecasts ? Pharmaceuticals: NAD2.20bn (US$268mn) in 2012 to NAD2.36bn (US$259mn) in 2013; +7.1% in local currency and -3.3% in US dollar terms. ? Healthcare: NAD5.08bn (US$619mn) in 2012 to NAD5.40bn (US$594mn) in 2013; +6.3% in local currency and -4.0% in US dollar terms.
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