Bayer to overtake AZ in Chinese Rx market?

Germany's Bayer AG will overtake Anglo-Swedish drug major AstraZeneca on the Chinese prescription drug market, Arthur Higgins, chairman of the Bayer HealthCare Executive Committee, has told Reuters.

Mr Higgins told the newswire that his firm expected to become the biggest supplier of the drugs to China this year, illustrating Bayer's strength in emerging markets. Bayer's sales in China were growing at a rate of 40% per year and will exceed $500.0 million in 2008, according to the health care head.

Bayer will continue diversifying its health care business through acquisition this year, he added. However, when Reuters asked if Bayer planned to spread into generic sales as rival Novartis has done, Mr Higgins said he did not "think diversification into generics is going to be the answer for the majority of [the industry]."