BMI View: While multinational pharmaceutical firms continue to see double-digit sales growth in China, we note that for several firms, expansion of revenue has declined slightly compared with recent quarters. Pricing issues, coupled with the government’s investigation into corruption claims, remain a key concern for companies and their investors. However, we do not expect to see any major shake-ups in the sector given that the enquiry is not due to be completed before November 2013. Headline Expenditure Projections ? Pharmaceuticals: CNY453.2bn (US$71.8bn) in 2012 to CNY532.4bn (US$85.9bn) in 2013; +17.5% in local currency and +19.6% in US dollar terms. Absolute …
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