New Market Research Report: Switzerland Pharmaceuticals & Healthcare Report Q2 2013

While the patent cliff and the consequent availability of generic drugs, as well as price cuts on generic medicines and their increasing affordability, will work towards increasing the consumption of generic medicines in Switzerland, BMI believes the government needs to do more to alter patients' attitudes towards these drugs as this is the main growth deterrent.

Headline Expenditure Projections

* Pharmaceuticals: CHF6.58bn (US$7.02bn) in 2012 to CHF6.44bn (US$6.27bn) in 2013; -2.1% decline in local currency terms.
* Healthcare: CHF67.60bn (US$72.11bn) in 2012 to CHF69.71bn (US$67.89bn) in 2013; +3.1% growth in local currency terms.

Full Report Details at
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Risk/Reward Ratings: In BMI's Q213 risk/reward ratings (RRRs) for Western Europe, Switzerland stood as the top position as the top market in the Western Europe matrix, above the UK and France. Switzerland's score for the quarter stands at 70.9, well above the regional average of 65.8. However, BMI anticipates that Switzerland may slip down the world rankings in the medium to long term as large, high-growth emerging markets such as Brazil and China become more alluring to multinational drugmakers.

Key Trends And Developments:

* Roche's full year sales reached CHF45.5bn (US$48.4bn), a 7% year-on-year (y-o-y) increase in local currency terms (+1.4% in US dollars and +4% at constant currency (cc) exchange rate), from CHF42.5bn (US$47.7bn) in FY2011.
* Net sales for multinational drugmaker Novartis fell by 3% in US dollar terms and flatlined in constant currency (cc) terms in 2012, when its sales were US$56.7bn, compared with US$58.57bn in 2011. The company reported a decline in sales across all divisions but one, Alcon, which posted sales of US $10.23bn (up 3% in US$ terms and 5% in cc terms). The 3% sales fall in US dollar terms was caused by the strength of the US dollar against most major currencies. Full-year operating income declined to US $15.2bn, a 5% fall in US dollar terms and a 2% fall in constant currency terms.

BMI Economic View: The Swiss economy perked up in the third quarter, buoyed by household and government spending, as well as a gradual improvement in exports. We expect the recovery to firm in 2013, partly as a a result of efforts by the European Central Bank to stabilise sovereign funding markets in the eurozone periphery. We warn, however, that there remains a risk of a renewed flair up in the eurozone crisis, which would hit confidence in the private sector and damage demand for Swiss exports.

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