BMI View: High overall and per-capita pharmaceutical expenditures, an ageing population, strong patent respect and a generally stable economic and political environment make Japan highly attractive to pharmaceutical investors. However, a downside risk to this trend is its shrinking population, limiting growth potential not just in the pharmaceutical sector, but the economy overall. Headline Expenditure Projections ? Pharmaceuticals: JPY10,338.7bn (US$129.5bn) in 2012 to JPY10,992.8bn (US$112.2bn) in 2013; +6.3% in local currency terms and -13.4% in US dollar terms. Forecast slightly upgraded from Q413 due to a small increase in GDP growth projected by BMI’s Country Risk team, growth in US …
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