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Bayer AG (BAYN.DE) Buys Dihon Pharmaceutical Group For About $680 Million To Add Traditional Chinese Medicine To Product Line


2/27/2014 7:48:49 AM

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Bayer said it would buy privately held Dihon Pharmaceutical Group Co, a maker of traditional herbal Chinese medicines (TCM), as the German drugmaker pushes to become the world's largest non-prescription medicines group. With China's healthcare spending forecast to nearly triple to $1 trillion by 2020 from $357 billion in 2011, according to consulting firm McKinsey, the country is a magnet for makers of medicines and medical equipment, but many patients remain strongly attached to traditional approaches. "What's growing the most within Chinese healthcare is traditional medicine. It's a strong part of their culture," said Lilian Montero, a healthcare analyst at Swiss bank Julius Baer.

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