Executive Summary BMI View: In line with our view that France will miss its fiscal deficit target of 3.0% of GDP in 2013 (and we maintain our forecast of 3.5%) we expect the government to engage in more concerted fiscal consolidation over the coming quarters – with a heavy focus on the pharmaceuticals and healthcare sector. Headline Expenditure Projections ? Pharmaceuticals: EUR34.17bn (US$43.40bn) in 2012 to EUR32.94bn (US$40.19bn) in 2013; -3.6% in local currency terms and -7.4% in US dollar terms. ? Healthcare: EUR239.29bn (US$303.90bn) in 2012 to EUR243.95bn (US$297.61bn) in 2013; +1.9% in local currency terms and -2.1% in …
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