More Austerity Ahead As New Public Drug Expenditure Targets Emerge

BMI View: Greece's failure to aggressively cut public pharmaceutical expenditure in 2011 means these savings will have to be achieved in 2012, placing additional pressure on the already overburdened industry. We reiterate our view held since early 2011 that Greece's pharmaceutical market is set for a decade of decline. Drugmakers, particularly domestic producers primarily exposed to their home market, are faced with the most challenging operating environment in Europe.

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