BMI View: We continue to believe the Arzneimittelmarkt-Neuordnungsgesetz (AMNOG) legislation – which mandates that cost-effectiveness criteria-based system be used in negotiations of prices of new drugs between drug companies and health insurers – will constrict drug companies’ revenue-earning opportunities in Germany. Although we additionally caution that the reform will hamper new drug launches in the country and also lead to further job losses in the industry, Germany will remain one of the largest pharmaceutical markets globally. Headline Expenditure Projections ? Pharmaceuticals: EUR38.65bn (US$49.08bn) in 2012 to EUR37.72bn (US$47.15bn) in 2013; -2.4% in local currency terms and -3.9% in US dollar …
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