Boston, MA -- (SBWIRE) -- 03/08/2013 -- BMI View: France's high public debt-to-GDP ratio will necessitate more aggressive fiscal tightening by the state. This includes targeting the pharmaceuticals and healthcare sector, which currently receives a large proportion of public funds.

Headline Expenditure Projections

- Pharmaceuticals: EUR35.01bn (US$48.66bn) in 2011 to EUR34.17bn (US$43.39bn) in 2012; -2.4% in local currency terms and -10.8% in US dollar terms. Local currency forecast broadly unchanged from Q312.
- Healthcare: EUR234.30bn (US$325.68bn) in 2011 to EUR239.29bn (US$303.89bn) in 2012; +2.1% in local currency terms and -6.7% in US dollar terms. Local currency forecast slightly lower from Q312 on account of worsening macroeconomic environment.
- Medical devices: EUR10.72bn (US$14.89bn) in 2011 to EUR11.07bn (US$14.06bn) in 2012; +3.3% in local currency terms and -5.61% in US dollar terms. Local currency forecast broadly unchanged from Q312.

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Risk/Reward Ratings: France remains ranked fourth out of the 10 markets in BMI's Western Europe Pharmaceutical Risk/Reward Ratings (RRR) matrix for Q113, with an unchanged composite score, at 67.9 out of the maximum 100 points. The country's reward profile remains considerably less attractive than its risk score, reinforcing our view of the country's potential due to a stronger emphasis on the regulatory environment, which we regard as a major factor affecting the business environment for drugmakers, rather than on the basis of real opportunities for higher per-capita drug consumption

Key Trends And Developments

- The 2013 social security financing bill has set a target of annual growth in public expenditure on healthcare at 2.7%, (down from the previously proposed 2.8%, for each year from 2012 to 2015), aiming to create cost savings of EUR2.5bn (US$3.17bn)

- In October 2012, it was reported that US soft drinks giant Coca-Cola and French drugmaker Sanofi have set up a 50/50 partnership to launch a range of drinks with various wellbeing and beauty claims as part of both companies' diversification efforts. The drinks will be branded Beautific Oenobiol, after Sanofi's beauty nutrition brand Oenobiol, which it acquired in 2009.

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