BMI View: We remain of the opinion that operating conditions in the German pharmaceutical market will continue to hamper its value development. Over the five years to 2017, we expect a virtual stagnation in the value of the market, which is currently worth in the region of EUR38bn (US$50bn), one of the largest globally. Downward pressures will also be exerted on domestic drugmakers in their target foreign markets, the authorities of which are implementing wide-ranging cost containment measures in a bid to reduce public-sector spending on healthcare. Nevertheless, we believe that volume demand will continue to uphold the development of …
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