Menarini Focussed On Expansion In Asia

BMI View: Menarini's acquisition of Invida will reduce the Italian drugmaker's exposure to Italy - decreasing the company's operational risk in the face of deteriorating local industry and market conditions. The Italian pharmaceuticals and healthcare sector will be the target of further cost containment measures in 2011 and 2012, as while public hospital spending has decreased, hospitals owe drugmakers billions of dollars. Italy is living on borrowed time and the soaring national debt must be addressed at some point to avoid a major fiscal crisis. We therefore expect deteriorating prospects for drugmakers and other providers of medical services, in the

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