FRANKFURT, - The Chief Executive of Bayer (BAYG.DE)'s pharmaceutical unit, Bayer Schering Pharma, said price pressures in the industry are intensifying due to the economic crisis, a German daily newspaper reported.
"Price pressure in the pharmaceutical branch is increasing," Andreas Fibig said in a pre-release of an article in Tagesspiegel's Monday edition.
He said the effects of the worldwide economic slump are being felt mainly in markets where patients have to pay for their own medications.
He forecast the global pharmaceutical market would grow only by 2-3 percent this year.
Bayer Schering wanted to grow faster than the market and still expected double-digit growth in China.
Bayer Schering would restructure its research and development activities, with productivity growth to be generated mainly with help of external partners, he said.
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