医药行业分析

63
医医医医医医

description

医药行业分析. 目 录. 从全球医药格局演变看行业本质 中国医疗卫生产业“特色” 医药行业结构和特征 子行业及医药上市公司分析框架 化学制药子行业 中药子行业 生物制药子行业 医药商业子行业. 中国医药行业未来可能的改观 —— 全民医保趋势下的“蛋糕”诱惑.  从全球医药格局演变看“行业本质”. 全球医药市场格局. 源源不断上市的专利新药驱动 70 ～ 90 年代高速增长；近年新药匮乏而增速放缓；但 >>GDP 增速； 美、欧、日三足鼎立，占全球市场份额约 80 ％； 规范市场：高度集中 Top10 企业垄断全球 50% 以上市场份额； - PowerPoint PPT Presentation

Transcript of 医药行业分析

  • 7090>>GDP80Top1050%Top1010

    2008 2008() 2008(%) 2007(%) 2003-2008(%) 2009(%) 2008-2013(% 31181.44.45.7-1~0 -1~2 24755.87.16.43~4 3~6 //90815.31513.711~12 11~14 7662.14.22.74~5 1~4 46512.612.812.79~10 11~14 77314.86.66.62.5~3.5 3~6

  • &

    +

  • & >50 R&D

  • /

    7090

  • 8090

    19916040200128684200175% 19702005 19851993198619937.52002

  • 240

    2006~200820083903902008Millennium8888Millennium2008ImClone6565ImClone2008454520071441442007434320061652006545420061331332006UCBSchwarz56UCB56Schwarz2006166166

  • 80 VS

  • 805000800050

  • 79%(2004)45(2004) GDP2004

  • VS

    SFDA168740

    GMP

  • 10

  • 2007GDP

  • 07wind20040620>>20040620>>0720040620>>

    Chart2

    0.10430.2130048522

    0.20375746290.3927733014

    0.19451290520.1990838476

    0.16597054720.2394649636

    0.23887520980.2740602148

    0.16795914680.0913293723

    0.25117683920.2024548493

    0.1784199810.1045637507

    0.19912713330.466729086

    0.260.293

    0.18470.187

    ()()(%)()(%)()(%)()(%)()(%)()(%)()(%)()(%)()(%)()(%)()(%)()(%)()()(%)()(%)(%)(%)(%)(%)(%)()(%)

    19981211993658.0639319

    1999123185858183117.14015548.69.841863428.78.7111942131.311.346554510.7-3.0823508748.811.8414234843.99.7313244596.610.438619365.67.131860119.224.4781537.64.45445163.1-9.571331264.2-2.09971306.6170,562.40990298-0.45924847.111.76111.8460.557.335.251.119.27133743.5515.6

    2000123249745142176.74422375.99.791949705.25.9213910229.414.717284623.39.0327367971.113.9115785178.411.841594328218.4910018697.813.962542148.331.18116379.220.57445659.9-3.191632246.916.471352809.9348,354.909959551.471218520.326.57113.9157.688.496.381.1510.77160080.3514.02

    20011233987911842164911414.49.22216823810.5216438312.317.738381570.810.413194331914.8618099970.813.1419044456.116.361211553416.723082177.117.48112123-0.29447715.66.041928960.312.071622132.5311,655.9010349920.681398927.513.18114.8656.668.526.541.169.23184005.8313.19

    2002123586859256286.65207869.410.852372899.811.191814057710.269714810.713.9436145623.512.6719637047.311.3422205274.916.2714179860.814.083589575.315.17152809.830.814763069.22189866.511.92010576.4377,861.4010417671.581595620.813.91112.6754.339.057.221.229.84213150.1113.08

    2003124076921260517.75880477.98.692601725.69.620757143.911.6211480006.113.7742978006.815.752319565215.4827509564.619.217645965.219.014198707.217.42181837.820.35532666.19.722658459.616.932561595.4526,161.4011767934.981830225.912.95116.0653.979.3113.621.3310.23233767.2412.53

    20041243971028310563.36367390.510.22819568.68.2523092694.612.4813731470.318.7747980257.813.5725349605.512.1432130047.617.3921206455.120.49480045317.29196283.324.79570424.814.352753475.66.12795544.3236,606.8011851073.982051368.915.13115.2152.8314.37.591.399.53271115.1612.21

    20051248231093337367.96970251.712.263413424.324.6526040004.613.8616173908.117.1454895000.113.9228543832.614.140200371.426.5327212852.430.465660217.417.84260161.826.05671650.119.08320558815.463361515.8570,603.0012276815.42376369.115.68113.725213.447.961.549.15327449.6513.11

    20061253081226420232.57614104.79.553766246.19.8929021686.311.4418497820.112.1861363452.510.2831209090.78.447372920.917.0232912237.119.916166471.611.443492113.37779372.813.683660562.713.43713008.5325,966.3012935643.772786293.512.85112.350.8612.797.811.638.53366220.1612.98

    2007025320142997708778557183547428122932194111188699721060653709103102022197363776165075500179585441166293(17)1276951257906685723771194411282090344387061125101085743612

    2007055423129217090681373881038667651230478032121945670210632852831132507743112146240921149214442326864521314609463469361215392401218418734829771303508311867361511151041916465113

    20070855061247257789833541811411766014312690821319449335864532732113280391010363143142525124291254503612152498912581738162634371153311816108557513180303201744918113510711027552013

    20071156351,186.00345,856.708,751,233.108.844,324,139.6015.6732,147,459.8012.3819,597,024.807.6766,905,835.7011.8633,594,021.309.4452,072,308.6024.5635,882,106.2024.136,419,901.7016.05361,719.107.29850,188.8021.193,717,979.5015.474,992,146.101,687,638.701,332,141.003.332,929,789.8019.72114.4150.2109.651.6210.65390,891.8713.45

    2008025675136710263387176441441023451433560958160067141089123319563889605563326563199321180985236279316163888317042872086516529458413453594572814341174901521042838712

    20080557751264181630935087215460254016345676461400703430611334848044727177720291876731829336854921145679844663430183835219260441480977113581584140066323119500811120010713

    20080858691,245.00267,208.009,742,048.9015.65,004,379.9018.0436,179,935.5015.630073,723,058.2013.8236,491,665.809.5946,450,771.3028.832,123,873.1029.325,625,633.1022.04275,203.1013.99758,273.4028.533,104,512.7017.364,600,947.301,310,382.401,387,440.003.772,501,376.7025.14118.2849.5012.721.2811.06334,794.8113.83

    2008115949124537048510184800145277049183708991015007582052713372768209656130222645473253277942344213659071410403332144122501664530221455171140402543548148241164901721146732114

    200902624014361126189479796847105501638253118150076531780153642038211111762321976084121913397401470289371768071083795217103016117062513967405648,3931811948030108001712

    2009056,4531,265190,43510,561,555115,146,4801141,292,637180081,669,8081539,791,3841332,198,7771822,176,522183,816,18316182,34429458,06142,206,346163,091,392445,3701,452,92961,735,201191174900111221,61312

    0.18474904350.1869818628

    Wind

    19991324.4596697.1306610.43%21.30%34.92%7.33%

    20001594.3282135.2809920.38%39.28%37.16%8.49%

    20011904.44561162.2132519.45%19.91%36.38%8.52%

    20022220.52749201.0576416.60%23.95%36.14%9.05%

    20032750.95646256.1595423.89%27.41%35.86%9.31%

    20043213.00476279.5544316.80%9.13%34.00%8.70%

    20054020.03714336.1515825.12%20.25%32.31%8.36%

    20064737.29209371.3008517.84%10.46%30.53%7.84%

    20075680.6154836364544.597756363619.91%46.67%31.09%9.59%

    20087157.784703.965818181826.00%29.30%30.69%9.83%

    2009M1-53219.87773309.1392318.47%18.70%31.13%9.60%

    &A

    Page &P

    39,9341039.06674.96286.35728.803219.882491.08319.36

    39,569825.18578.05254.32690.372717.772027.40253.92

    25.92%16.77%12.60%5.57%18.47%22.87%25.77%

    39,934648.53424.31198.27568.712217.651648.94236.92

    39,569501.88357.49178.55551.331876.731325.41190.04

    29.22%18.69%11.04%3.15%18.17%24.41%24.67%

    39,934181.18112.7122.4036.75381.62344.8717.34

    39,569158.65105.9519.3428.03336.85308.8214.05

    14.20%6.38%15.86%31.10%13.29%11.67%23.45%

    39,93481.0952.1921.2143.11220.63177.5226.16

    39,56965.3944.7117.3538.47183.84145.3721.02

    24.00%16.73%22.20%12.09%20.02%22.12%24.45%

    39,93414.648.783.0712.9845.8132.831.98

    39,5699.9110.103.9115.2844.6629.381.60

    47.75%-13.06%-21.37%-15.04%2.56%11.71%24.32%

    39,934111.5569.6235.8754.10309.14255.0435.18

    39,56992.5754.6231.5156.33260.44204.1126.64

    20.51%27.46%13.86%-3.97%18.70%24.96%32.04%

    39,93437.58%37.14%30.76%21.97%31.13%33.81%25.81%

    39,56939.18%38.16%29.79%20.14%30.95%34.63%25.16%

    -1.59%-1.02%0.97%1.82%0.18%-0.82%0.66%

    39,93417.44%16.70%7.82%5.04%11.85%13.84%5.43%

    39,56919.23%18.33%7.60%4.06%12.39%15.23%5.53%

    -1.79%-1.63%0.22%0.98%-0.54%-1.39%-0.10%

    39,9347.80%7.73%7.41%5.92%6.85%7.13%8.19%

    39,5697.92%7.73%6.82%5.57%6.76%7.17%8.28%

    -0.12%-0.00%0.58%0.34%0.09%-0.04%-0.09%

    39,9341.41%1.30%1.07%1.78%1.42%1.32%0.62%

    39,5691.20%1.75%1.54%2.21%1.64%1.45%0.63%

    0.21%-0.45%-0.46%-0.43%-0.22%-0.13%-0.01%

    39,93410.74%10.31%12.53%7.42%9.60%10.24%11.01%

    39,56911.22%9.45%12.39%8.16%9.58%10.07%10.49%

    -0.48%0.87%0.14%-0.74%0.02%0.17%0.52%

    2008()

    Feb-0814.50%16.00%51.15%

    Mar-0821.20%18.40%

    Apr-0820.20%18.80%

    May-0819.60%19.10%41.40%

    Jun-0817.30%18.50%

    Jul-0821.20%18.70%

    Aug-0815.70%18.70%38.90%

    Sep-0814.60%18.00%

    Oct-0813.60%17.50%

    Nov-0816.20%17.50%29.30%

    Dec-0813.10%17.10%

    Feb-0924.70%13.70%19.07%

    Mar-0916.20%15.10%

    Apr-0912.50%14.00%

    May-0914.80%14.60%18.70%

    Jun-0913.30%14%

    6

    19.214.3

    19.117

    15.614.4

    14.612.7

    13.89.2

    13.314

    13.35.3

    13.111.3

    10.96.3

    10.77

    9.37.3

    97

    8.86.2

    8.35.8

    ()7.86.5

    0.68.8

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    Sheet1

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    &A

    Page &P

    ()

    ()

    %200905200902200811200808200805

    18.474904347832198777.311176232.165613021.946450771.327177719.6

    16.8952607609179419775418450.240254142.52789869015348763.4

    15.236859943826871088.39967872.655419772.340202449.323318136.5

    15.031492124894542000.532335962.3204371618.6144025640.882187928.5

    14.869959952310081133.83457768.221483713.315102971.68776127.2

    13.965152982521415312.71007836439331059.429164100.418791106

    13.179816537934223606.411919626.775368230.252323438.530238259.3

    12.274332182431563456.111275548.466621002.14753394028112797.9

    9.9238826783469322508.3160661927.21037713443.2735397670426952266.3

    9.031393494511461251.13829897.525353711.217926166.810511881.7

    7.206446981836170941.811413333.783067441.458777282.633739521.1

    6.24219376318622559.52880239.520590293.314345719.28115946.4

    6.209206214316395077.95087449.236544687.926435499.315436588.3

    ()4.232780261221112848.56888487.451597966.236147736.520255478.6

    2.443910568278129569.625612635.8185622368.1131052902.476265704

    -0.290832420228592907.89320059.666474414.848010361.328676307.8

    Wind

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    ()

    %200905200902200811200808200805

    29.1001751463221350.944863.8540354.3350045.5171456.7

    22.95637564381524718.25874223169587.621116661240048.1

    22.3577811055446133.6150075.2924423.1608254364614

    21.7005425197796868.5117099.21438609.81088168.6654778.1

    18.6981862833091392.31030160.56453021.54600947.32604414.1

    18.37958459962166897.17913893934623.730205071830465.2

    16.8327473394787100.7228621.11937396.41272610.8673698.7

    16.822568309670530204189.21496962.71036677.2573973

    ()11.8528076485934818.9296195.72471430.81642467.4835758.1

    10.01235247292475094.1908224.14683356.83615098.62249832.9

    7.89948875911458595399230.43425701.22395097.31351809

    7.20506938226047959.38969612.655801032.840964837.124297320.5

    5.88276967193950190.32009033.87035395.85543996.33730720.6

    1.26079502023869032.21252320.67984146.96229224.73820859

    -3.12586304642492579.1666156.96749522.44683007.72573007.8

    -28.31438378011162658.4284631.13556499.82767068.71621885.2

    Wind

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    29.52%38.09%39.40%11.04%

    28.85%11.14%82.87%21.24%

    24.80%19.57%51.09%13.26%

    11.21%36.77%30.51%10.59%

    14.33%119.46%31.88%10.75%

    -0.59%-52.06%33.29%4.26%

    23.18%66.12%21.31%8.90%

    105.23%7169.03%45.72%29.72%

    137.31%4617.93%65.31%53.85%

    -25.48%-62.19%44.05%22.63%

    26.26%408.53%34.71%11.96%

    12.59%21.74%29.02%7.51%

    14.23%-17.68%44.59%19.40%

    22.81%12.47%37.10%9.99%

    35.99%26.63%44.99%17.94%

    43.52%33.13%26.95%8.89%

    6.90%-2.67%40.57%15.11%

    7.66%10.27%35.66%24.69%

    21.52%51.84%33.51%8.32%

    22.29%31.27%58.87%14.87%

    40.40%57.29%28.98%12.70%

    18.79%56.17%56.11%46.22%

    22.57%45.94%62.22%46.36%

    16.08%-0.89%62.14%15.15%

    63.40%82.42%87.10%69.37%

    5.93%37.44%63.74%42.06%

    40.27%40.88%64.21%36.26%

    19.46%7.75%8.88%2.60%

    8.83%161.46%8.34%1.36%

    23.56%8.27%18.76%4.36%

    22.59%24.72%9.40%6.18%

    21.33%-9.77%7.61%0.81%

    26.09%51.37%8.98%1.39%

  • 11.72 5.64 6065154537

  • 2002200613.3613.72

    Chart1

    0.12173913040.0997375328

    0.12403100780.1050119332

    0.10344827590.0626349892

    0.093750.0691056911

    0.14857142860.108365019

    0.15422885570.192109777

    0.13793103450.2345323741

    0.11363636360.1223776224

    0.18027210880.1547248183

    0.26801152740.2284172662

    0.24090909090.1120058565

    0.19780219780.0822909809

    0.17889908260.151459854

    0.21400778210.2208135235

    0.24252136750.2972739074

    0.26311263970.3488992662

    0.21102791010.2477744807

    0.24451939290.1585414189

    0.16802168020.0981867944

    0.14037122970.0585669782

    0.09121736180.0534137728

    0.124611560.0976393351

    0.08814589670.0972257572

    0.14448958860.0900023196

    0.13046372310.1217280272

    0.14602551520.1701764371

    0.13426956670.1314850843

    0.13060546580.1543917467

    0.1410256410.1583824713

    0.07092696630.212989535

    (%)

    1995297.31()()()

    1996348.8617.34%

    1997390.7112.00%19781132.261122.0910.1729.5033.0029.50%33.00%

    1998414.856.18%19801159.931228.83-68.91.18-4.131.18%-4.13%

    1999453.64445.687.43%19852004.822004.250.5722.0317.8322.03%17.83%

    2000492.39489.819.90%19902937.13083.59-146.4910.219.2010.21%9.20%

    2001546569.316.23%19913149.483386.62-237.147.239.837.23%9.83%

    2002658635.0411.55%19923483.373742.2-258.8310.6010.5010.60%10.50%

    2003687778.0522.52%19934348.954642.3-293.3524.8524.0524.85%24.05%

    2004865854.649.84%19945218.15792.62-574.5219.9924.7819.99%24.78%

    2005974.731036.8121.32%19956242.26823.72-581.5219.6317.8019.63%17.80%

    20061185.151320.2327.34%19967407.997937.55-529.5618.6816.3218.68%16.32%

    200719978651.149233.56-582.4216.7816.3316.78%16.33%

    200819989875.9510798.18-922.2314.1616.9414.16%16.94%

    199911444.0813187.67-1743.5915.8822.1315.88%22.13%

    19955.99291.32297.31200013395.2315886.5-2491.2717.0520.4617.05%20.46%

    19967341.86348.86200116386.0418902.58-2516.5422.3318.9922.33%18.99%

    19977.83382.88390.71200218903.6422053.15-3149.5115.3616.6715.36%16.67%

    19988.62406.23414.85200321715.2524649.95-2934.714.8711.7814.87%11.78%

    19997.19438.49445.68200426396.4728486.89-2090.4221.6015.6021.60%15.60%

    20007.32482.49489.81200531649.2933930.28-2280.9919.9019.1119.90%19.11%

    200111.76557.54569.3200638760.240422.73-2162.5322.4719.1322.47%19.13%

    200217.25617.79635.042007

    20032008

    2004

    2005

    200624.2312961320.23

    2007

    2008

    19954.76%4.36%

    19964.71%4.40%

    19974.52%4.23%

    19984.20%3.84%

    19993.89%3.38%

    20003.66%3.08%

    20013.47%3.01%

    20023.36%2.88%

    20033.58%3.16%

    20043.24%3.00%

    20053.28%3.06%

    20063.41%3.27%

    2007

    197835.4421.772.00.73.212.75.1

    197940.6424.282.30.94.213.35.7

    198051.9128.340.823.32.51.05.703.66.7

    198159.6730.561.043.95.11.16.253.97.9

    198268.9935.021.364.65.31.37.984.49.1

    198377.6338.801.785.45.51.49.094.810.9

    198489.4644.392.066.35.71.711.205.512.7

    1985107.6550.312.887.55.61.618.106.115.6

    1986122.2359.553.618.06.11.118.037.118.8

    1987127.2859.454.598.56.319.117.122.2

    1988145.3966.635.2310.06.520.037.829.1

    1989167.8374.396.1012.86.51.118.062.967.838.1

    1990187.2879.476.6115.56.11.67.734.5521.444.3

    1991204.0586.447.3116.17.11.87.265.1522.550.4

    1992228.6196.058.3319.47.51.57.686.3723.758.1

    1993272.06107.879.1722.99.32.611.458.0424.576.3

    1994342.28146.9712.0626.512.43.212.3710.9425.992.0

    1995387.34163.2613.6631.912.82.611.5513.0926.2112.3

    1996461.61187.5715.5337.813.24.221.6115.6130.2136.0

    1997523.56209.2018.1444.213.64.722.8217.0634.2159.8

    1998590.06225.0518.0850.414.229.520.1019.9036.1176.8

    1999640.96247.8921.643.0058.416.51.934.6722.8942.9191.3

    2000709.52272.1723.883.0064.521.212.929.3426.8144.8211.0

    2001800.61313.5227.827.7681.87.248.3532.9645.4235.8

    2002908.51350.4431.2217.95114.83.846.4244.6947.4251.7

    20031116.94439.2734.5122.43141.84.165.6051.5750.1286.521.0

    20041293.58474.1937.5226.88181.44.8101.6360.956.6323.526.2

    20051552.53593.2334.9234.47221.24.2121.0172.5359.5374.337.1

    20061778.86753.0541.2141.00256.95.291.2484.5973.2374.621.9

    /GDP(2005)

    CountryValue

    15.2

    11.2

    10.7

    10.2

    9.7

    8.8

    8.2

    8.2

    7.6

    6.1

    6

    5.2

    5

    4.7

    3.5

    3.5

    3.2

    2.1

    2008

    /GDP(2005)

    2008

    ()()

    20002624.241962.39

    20012777.232248.70

    20023363.832426.20

    20033990.052594.05

    20044644.002946.28

    20055846.432813.49

    20066581.313262.02

    2007-2008

    2005200620072008

    1.794.17.38.14

    1.222.724.53.7

    61.75155.81346.6429.1

    515777115.972972973

    2008

    GDP

    197835.4452.2522.52110.232.2%47.4%20.4%3.02%

    197940.6459.8825.67126.232.2%47.5%20.3%14.67%14.60%13.99%14.50%3.11%

    198051.9160.9730.35143.236.2%42.6%21.2%27.73%1.82%18.23%13.50%3.15%

    198159.6762.4338.02160.137.3%39.0%23.7%14.95%2.39%25.27%11.79%3.27%

    198268.9970.1138.43177.538.9%39.5%21.6%15.62%12.30%1.08%10.87%3.33%

    198377.6364.5565.24207.437.4%31.1%31.5%12.52%-7.93%69.76%16.84%3.48%

    198489.4673.6179.00242.137.0%30.4%32.6%15.24%14.04%21.09%16.71%3.36%

    1985107.6591.9679.39279.038.6%33.0%28.5%20.33%24.93%0.49%15.26%3.09%

    1986122.23110.3583.32315.938.7%34.9%26.4%13.54%20.00%4.95%13.23%3.07%

    1987127.28137.25115.05379.633.5%36.2%30.3%4.13%24.38%38.08%20.16%3.15%

    1988145.39189.99152.66488.029.8%38.9%31.3%14.23%38.43%32.69%28.57%3.24%

    1989167.83237.84209.83615.527.3%38.6%34.1%15.43%25.19%37.45%26.12%3.62%

    1990187.28293.10267.01747.425.1%39.2%35.7%11.59%23.23%27.25%21.43%4.00%

    1991204.05354.41335.03893.522.8%39.7%37.5%8.95%20.92%25.47%19.55%4.10%

    1992228.61431.55436.701096.920.8%39.3%39.8%12.04%21.77%30.35%22.76%4.07%

    1993272.06524.75580.971377.819.7%38.1%42.2%19.01%21.60%33.04%25.61%3.90%

    1994342.28644.91774.051761.219.4%36.6%43.9%25.81%22.90%33.23%27.83%3.65%

    1995387.34767.81999.982155.118.0%35.6%46.4%13.16%19.06%29.19%22.36%3.54%

    1996461.61875.661372.152709.417.0%32.3%50.6%19.17%14.05%37.22%25.72%3.81%

    1997523.56984.061689.093196.716.4%30.8%52.8%13.42%12.38%23.10%17.99%4.05%

    1998590.061071.032017.633678.716.0%29.1%54.8%12.70%8.84%19.45%15.08%4.36%

    1999640.961145.992260.554047.515.8%28.3%55.9%8.63%7.00%12.04%10.02%4.51%

    2000709.521171.942705.174586.615.5%25.6%59.0%10.70%2.26%19.67%13.32%4.62%

    2001800.611211.433013.895025.915.9%24.1%60.0%12.84%3.37%11.41%9.58%4.58%

    2002908.511539.383342.145790.015.7%26.6%57.7%13.48%27.07%10.89%15.20%4.81%

    20031116.941788.503678.666584.117.0%27.2%55.9%22.94%16.18%10.07%13.71%4.85%

    20041293.582225.354071.357590.317.0%29.3%53.6%15.81%24.43%10.67%15.28%4.75%

    20051552.532586.414520.988659.917.9%29.9%52.2%20.02%16.22%11.04%14.09%4.73%

    20061778.863210.924853.569843.318.10%32.60%49.30%14.58%24.15%7.36%13.67%4.67%

    20072291.76853894.87755102.85411289.520.30%34.50%45.20%28.83%21.30%5.14%14.69%4.52%

    2008122188.22%4.06%

    20061778.915%1778.8615%

    2007E2276.928%204615%

    2008E261815%235315%

    2009E288010%5714113.40%

    2010E316810%60028.10%

    2011E348510%63197.60%

    953418034

    &A

    Page &P

    GDP

    WHO

    /%/%

    86.313.7

    85.614.4

    81.318.7

    78.421.6

    76.923.1

    69.830.2

    67.532.5

    64.735.3

    61.338.7

    52.647.4

    44.755.3

    45.354.7

    39.860.2

    38.261.8

    3862

    34.265.8

    27.172.9

    17.382.7

    2004

    WHO

    CountryValue/%/%/%/%

    15.444.755.36.888.52

    10.676.923.18.152.45

    10.5

    9.8

    9.6

    9.6

    8.1

    7.8

    6.3

    6.1

    6

    5.5

    5

    4.7

    3.5

    3.5

    3.4

    2.8

    /%

    /%

    ()()()

    19903312-22

    19913513-26

    19924016-35

    19934519-42

    19946921-83

    19957528-93

    19968931-111

    19979732-118

    199810534-137

    199914287-206

    2000158115-236

    2001185120-272

    2002203143-311

    2003219181-358

    2004234192-359

    2561.15457579481120.2426437302618.7498945889125.6951253594324.5996195308

    ()

    ()9565569322091423372131577

    ()490223193754027557660722010369134769322070633304292862221639642

    3960181268145152749632603232572852744207066684118135829411191

    207928173309194913231922699613606465721-333-33-285-5-238-49-656

    448542103468551552190851652018999265117826075333187728-1226-420638

    237841811855582225235255604363928513120439726772692116-38715927214

    842374264546231033638404664229132759241610776668

    224034158877327410014912206530

    32144262602931370517001879823161430

    19949661398427294147001130411805615

    400977297655366540044807379116

    15360439121011991489887155772163718561198115996024

    1511159113063116836600700721369069

    1736645138307516395000484481595473

    49537743881525481169001516294514323

    27089192158770272700001646382596108

    202346751552289325885501008739526220953455724916947

    876860363998321402537870713354378135975312576616

    67468025220216736659003249666281841

    2021801117961666587800347861880280

    1146607291230611186012138025171842817480412340331

    1090783188101391013077001695939992809

    558241312922172935005211491068

    83535360680010701182844801930436541642238

    ()47858258366218155694429204246912611827192330258893841

    112357269740815757870172620335675941613086

    46734686359244085536850197229711991492185570857280755

    271183632093850430115638932276774906125554432873744

    19058979145806532474616880481467749351189423125136

    16690682128820572064547612434277529641447718748811

    147340111175305514289430038796713569965

    1956670112900263560400265091791115

    55734340525150671198589539093882711281875

    :()12350866918772716179235913534125681633840

    ()12629779340921566546837276090767434

    ()226238516849312285332622521508911911

    :()4431823339096209714009550353630

    (%)1.01.01.20.90.60.2

    ()161234.1169627.2120526.7191502.899592.2109369.8

    ()525844.4555937.8353582.2513065.0259989.0315483.4

    85.2993997958

    ()

    ()

    ()

    2006

    199819992000200120022003200420052006

    2594.72858.33242.43537.93715.13969.45111.85575.66163.82568.8

    155.4194.5204.1251.6273.0297.5318.2333.3343.3

    2301.72576.32941.33192.53392.93661.74445.25174.95712.9

    990.91205.21413.11562.31684.11827.72296.02685.73045.8

    1199.11337.31500.51602.61616.21733.82045.72383.62559.4

    111.733.927.727.692.5100.2103.5105.6107.7

    ()2514.92712.83099.33418.43550.93842.64944.05345.76124.4

    2304.22608.42959.33293.63402.03671.64438.55174.95834.9

    1946.12129.32598.63020.03456.4

    1412.01497.31792.42096.12312.5

    439.0450.4474.8587.766

    11.5%12.2%6.8%0.8%7.3%18.0%16.5%7.4%

    46.2%46.8%46.3%45.3%43.5%43.7%40.0%42.8%41.5%

    0807

    GDP

    19985.21%13.16%13.16%

    19994.55%11.89%11.64%10.43%

    20009.15%19.56%20.02%20.38%

    20017.30%16.85%16.98%19.45%

    20028.00%14.79%15.04%16.60%

    20037.90%22.48%23.29%23.89%

    20049.50%16.93%18.10%16.80%

    20059.40%23.87%23.61%25.12%

    200610.80%22.36%17.88%17.84%

    200711.40%25.07%25.07%22.95%

    20089.00%24%25.00%

    2009E8.50%23.2%21%

    GDP

    2000170-124894332

    2001384-2442537630

    2002607.8-409.4450.79400

    2003890-65237910902

    20041141-86295812404

    20051405-1079127813783

    20061747-1277175215732

    20072214-1552244118020

    2005

    1.791.378309.915.67

    621079001140

    34.5782.6300817.13

    2006

    4.11.573207.475.67

    1561277001432

    38811.5300849.53

    2007

    7.261.8020.42913.729.4913.2129

    347155210.1001909

    47.75861.123.540932.38

    2008E

    8.161.99961.18261.8711.34

    49017567102317

    60878600998

    2009E

    8.22.21.32.1711.7013.87

    656197110402731

    808968001056

    2010E

    8.52.41.52.0312.4014.43

    850219315003193

    10091410001114

    2011E

    8.82.61.61.8613.0014.86

    968242317603567

    11093211001152

    2.

    [][]

    [][][][][][][][][][][]

    19785.100

    19795.700

    19806.700

    19817.900

    19829.100

    198310.900

    198412.700

    198515.600

    198618.800

    198722.200

    198829.100

    198938.100

    199044.300

    199150.400

    199258.100

    199376.31.30001.30.41.477.6

    199492.02.90002.90.73.294.9

    1995112.37.30007.33.19.7119.6

    1996136.016.200016.26.419152.2

    1997159.840.500040.516.652.3200.3

    1998176.853.300053.32060.6230.1

    1999191.369.100069.157.689.9260.41324.520%

    2000211.00.3787124.5000124.5109.8170335.51594.321%

    2001235.80.72859244.1000244.1253383.6479.91904.425%

    2002251.70.94012409.4000409.4450.7607.8661.12220.530%

    2003286.51.09017653.9000653.9670.6890940.42751.034%

    2004323.50.8026.371.24042862.2000862.2957.91140.510.958412.99881299881212.03213.038%

    2005374.31.7961.751.37831078.70001078.71278.11405.39.907313.07561307561514.84020.038%

    2006374.64.10155.811.57321276.70001276.71752.41747.17.471613.14481314481807.14737.338%

    20073757.26346.631.8021551.700.429110.11561.80244122143.721813.21291321292283.45680.640%

    3758.24921.99961756.001.1826711827.0026927100.7538%

    []

    197835.4421.772.00.73.212.75.1

    197940.6424.282.30.94.213.35.7

    198051.9128.340.823.32.51.05.703.66.7

    198159.6730.561.043.95.11.16.253.97.9

    198268.9935.021.364.65.31.37.984.49.1

    198377.6338.801.785.45.51.49.094.810.9

    198489.4644.392.066.35.71.711.205.512.7

    1985107.6550.312.887.55.61.618.106.115.6

    1986122.2359.553.618.06.11.118.037.118.8

    1987127.2859.454.598.56.319.117.122.2

    1988145.3966.635.2310.06.520.037.829.1

    1989167.8374.396.1012.86.51.118.062.967.838.1

    1990187.2879.476.6115.56.11.67.734.5521.444.3

    1991204.0586.447.3116.17.11.87.265.1522.550.4

    1992228.6196.058.3319.47.51.57.686.3723.758.1

    1993272.06107.879.1722.99.32.611.458.0424.576.3

    1994342.28146.9712.0626.512.43.212.3710.9425.992.0

    1995387.34163.2613.6631.912.82.611.5513.0926.2112.3

    1996461.61187.5715.5337.813.24.221.6115.6130.2136.0

    1997523.56209.2018.1444.213.64.722.8217.0634.2159.8

    1998590.06225.0518.0850.414.229.520.1019.9036.1176.8

    1999640.96247.8921.643.0058.416.51.934.6722.8942.9191.3

    2000709.52272.1723.883.0064.521.212.929.3426.8144.8211.0

    2001800.61313.5227.827.7681.87.248.3532.9645.4235.8

    2002908.51350.4431.2217.95114.83.846.4244.6947.4251.7

    20031116.94439.2734.5122.43141.84.165.6051.5750.1286.521.0

    20041293.58474.1937.5226.88181.44.8101.6360.956.6323.526.2

    20051552.53593.2334.9234.47221.24.2121.0172.5359.5374.337.1

    20061778.86753.0541.2141.00256.95.291.2484.5973.2374.621.9

    2001200636.022000

    (10%)(10%)(20%)(20%)(20%)(10%)(10%)

    (5%)

    1995110.11

    2000318.07162.71140.69198.92247.84300.29373.83442.70638.30

    2001343.28168.38142.35207.88273.78335.52405.29487.26648.58

    2002430.08164.63150.74

    2003475.98175.77144.97236.76325.14415.13560.89757.571070.24

    2004528.15185.05158.63271.56355.53466.86665.82821.161218.42

    2005600.85232.5206.52308.13408.12561.82764.91997.591287.67

    2006620.54234.5213.39350.01425.48590.45762.371020.21311.35

    2007699.09281.13250.27378.69501.69646.52861.431108.591472.54

    19953537.57

    20004998.002540.132320.363274.933947.914794.565894.927102.339250.63

    20015309.012690.982450.913452.274197.575131.556241.57495.099834.2

    20026029.882387.912079.52

    20036510.942562.362237.273549.284557.825848.027547.319627.5814515.68

    20047182.12855.152441.123942.235096.156498.368345.710749.3516841.82

    20057942.883111.472656.414295.355574.327308.069410.7712102.5119153.73

    20068696.553422.982953.274765.556108.337905.4110218.2513169.8221061.68

    20079997.474036.323447.685634.157123.699097.3511570.3915297.7323337.33

    19852.48%2.42%

    19902.01%3.25%

    19953.11%3.24%

    20006.36%5.24%

    20016.47%5.55%

    20027.13%5.67%

    20037.31%5.96%

    20047.35%5.98%

    20057.56%6.58%

    20067.14%6.77%

    20076.99%6.52%

    2002

    200363.8381.70104.25124.85228.51

    200471.206812815791.6480408605117.3746581816149.4262892509251.2132748844

    2005106.4461959942128.5190050798148.1060674635183.5219739179305.104742882

    2006117.5459620665137.2386726075173.1693844348209.521870883359.02974484

    2007124.7633382813162.6857018857192.8012887402238.8441701509374.2494178618

    2001

    20021006.351310.331645.042086.613500.08

    20031064.761377.561732.742189.273755.57

    20041248.2910325491580.99291925991951.45679931262459.55245927784129.1166606683

    20051548.30417782451913.06505169212327.69385771862879.05598917034593.049783777

    20061624.72546031392039.12514918252567.91975542583230.35142098285276.7457153603

    20071850.59402358142357.90321542892938.47210087153682.73071921325994.4302908187

    /

    /

    (1978-2008)

    ()()

    197811.53813.02%

    197912.9041912.17%9.97%3.08%

    198014.5046312.40%10.50%3.13%

    198116.0049210.34%6.26%3.25%

    198217.505269.38%6.91%3.33%

    198320.1058314.86%10.84%3.45%

    198423.2069515.42%19.21%3.34%

    198526.4085813.79%23.45%3.08%

    198629.4096311.36%12.24%3.05%

    198734.70111218.03%15.47%3.12%

    198844.00136626.80%22.84%3.22%

    198954.60151924.09%11.20%3.59%

    199065.40164419.78%8.23%3.98%

    199177.10189317.89%15.15%4.07%

    199293.60231121.40%22.08%4.05%

    1993116.30299824.25%29.73%3.88%

    1994146.90404426.31%34.89%3.63%

    1995177.90504621.10%24.78%3.53%

    1996221.40584624.45%15.85%3.79%

    1997258.60642016.80%9.82%4.03%

    1998294.90679614.04%5.86%4.34%

    1999321.8071599.12%5.34%4.50%

    2000361.90785812.46%9.76%4.61%

    2001393.8086228.81%9.72%4.57%

    2002450.70939814.45%9.00%4.80%

    2003509.501054213.05%12.17%4.83%

    2004583.901233614.60%17.02%4.73%

    2005662.301395813.43%13.15%4.74%

    2006748.816113.0013.06%15.44%4.65%

    2007854.418665.0167614.10%15.84%4.58%

    91522640.477.09%21.30%4.06%

    13.280222640.4722820439

    300670

    13.212918665.0167639201

    246619

  • GMP

    19982007

  • 0607

    219972007 ()1199710 1532 15%2021998 4 3810%1531999 4 21 20%2041999 6 150 5%851999 8 2 15%1.262000 1 12 10%3.472000 6 915%1282000 10 21 20%1892001 4 69 20%20102001 7 49 15%41120011238320%301220021219920%2013200332676720014%1514200453 152004624 30%35162004718172005102240%401820063 19200689930%43202006113214.50%1321200711035420%702220072278 15%50232007418816%16

  • 1020022008 0720.88%064.35%037.82

    Chart1

    0.12748538010.17843289440.152272869

    0.03575079680.12098481940.0781611644

    0.11929195580.20379084860.1630065164

    0.13191765280.19461361290.1654901422

    0.03511485360.05047253470.0435440949

    0.15828306590.24973005860.208808048

    0.18529825960.26382255350.230152102

    Sheet1

    :

    1990199519961999200020012002200320042005200620072008

    25.5921.922.3920.8221.2320.8721.520.9622.0323.0524.4628.4231.088.20%Number of Visits and Inpatients in Medical Institutions

    1.97%-1.70%3.02%-2.51%5.10%4.63%6.12%16.19%9.36%Year()()

    ()20.6719.4819.6719.5320.12021.0522.21Number of Visits (100 Million)Number of Inpatients (10 000)

    ()10.939.952.57985.893.699.6108.2118126.9128.7136.1146.56.25%HospitalHealth CenterHospitalHealth Center

    21.682.798.4163.6140.9185.9221.1223.2234.8247.1251.5

    1665.880.8122.7134.5138.1153164.2175.2192.5189.7198025.5310.5322472247

    11.943.359.283.392.298.5103.7116.8124.1130.7132.3198524.1113.1111.00433125601771

    10.134.645.866.668.979.483.490.397.5105.2105.8199025.5914.9410.65514031821958

    8.124.832.64954.958.263.968.677.384.284.7199126.1415.3210.82529232762016

    : 3.514.320.231.635.539.644.449.056.060.963.768.272.58.15%199225.6915.3510.34522232621960

    : 7.425.632.347.450.35455.259.262666567.9744.56%199322.0513.078.98492130661855

    6.12%7.36%2.22%7.25%4.73%6.45%-1.52%4.46%8.98%199422.4212.699.73499230791913

    13.755.465.199.286.3109.7128.5128.6129136.7139199521.9012.529.38503330731960

    10.243.151.878.484.284.787.292.594.710299.8199622.3912.819.58502331001923

    8.127.936.550.854.957.558.164.765.969.367.4199721.5712.279.30504431211923

    7.322.227.338.638.444.645.348.549.953.552.1199821.2512.398.86499532381759

    5.515.219.326.729.330.533.235.138.44138.6199920.8212.318.51507333791694

    4.42%3.15%9.64%1.69%9.47%7.72%10.05%24.31%16.84%200021.2312.868.37529735841713

    ()5140503350235073529754645991609266697184790698281148313.52%200120.8712.508.37546437591705

    ()473.31667.82189.62891.13083.73245.53597.73910.74284.84661.54668.94973.85463.86.92%200221.4512.437.30599139971654

    1321.65026.55773.87961.48584.29007.611454.512269.311916.212650.912434.2200320.9612.137.10609241591626

    1021.13915.94716.96024.86513.86829.77947.28497.38925.49871.29686200422.0313.057.03667646731621

    6242205.82897.33532.237183807.14270.94679.25121.95452.45351.6200523.0513.876.99718451081641

    399.81291.11708.922032279.62451.62676.62932.63082.93380.93387.4200624.4714.717.25790655621858

    309.9880.61182.41508.71592.31643.61779.31901.12089.52266.52241.3200728.4216.387.87982764872699

    : 213787109915281662177019992162241226162677282530637.21%200831.0817.828.621148373923355

    : 261881109013641422147615981748187320461992214924006.55%19932002;

    4.28%3.80%8.30%9.38%7.13%9.22%-2.62%7.88%11.70%1

    633278530203550.83710.83783.24646.15128.64921.45089.94909.1

    528207223912868.93043.83107.53442.33683.63734.94186.14059.5

    338113613851658.51697.51713.1951873.52064.52212.22374.62254.2

    2236878421042.61062.61147.41236.81359.11412.51544.61523

    180473618724.3751.1774.1836902975.51057.8993.3

    189561724987106811271187124113661521159019302300

    134443548692753806958106512491470157521122756

    323100412721679182119332144230626152991316540425056

    8.21%5.54%5.31%4.55%10.08%11.38%4.51%21.37%19.18%

    8.88%7.07%18.75%11.22%17.27%17.66%7.17%34.10%30.51%

    8.48%6.17%10.91%7.53%13.40%14.38%5.81%27.71%25.10%

    1990199519961999200020012002200320042005200620072008

    471.96532.13551.15616.90698.28722.80837.21992.34

    447.20526.99590.75711.14849.54892.421115.281409.51

    919105911421328154816151952.492401.85

    12.75%3.58%11.93%13.19%3.51%15.83%18.53%

    17.84%12.10%20.38%19.46%5.05%24.97%26.38%

    15.23%7.82%16.30%16.55%4.35%20.88%23.02%

    1990199519961999200020012002200320042005200620072008

    ()25.5921.922.3920.8221.2320.8721.520.9622.0323.0524.4628.42

    14.9412.5212.8112.3112.8612.512.4312.1313.0513.8714.7116.3717.82

    #8.749.649.319.9510.5811.1212.3313.41

    1.851.902.022.142.292.542.75

    0.760.760.890.951.081.261.39

    0.030.010.030.020.020.02

    0.360.380.460.590.812.262.57

    10.659.389.588.518.378.377.37.107.036.997.257.878.62

    #8.27.16.916.816.797.018.27

    0.430.390.430.420.440.51

    ()0.750.780.860.971.051.211.36

    (.)0.150.170.170.180.170.170.18

    ()514050335023507352975464599160926669718479069828

    3182307331003379358437593997415946685108556264877392

    #262730303297337937974153448051905872

    413462509567634750889

    246275315339392476550

    36323283136

    1110152743107141

    1958196019231694171317051654162616211641185827003355

    #1700162516081599162218363313

    2011177912

    ()255259307349383458519

    (.)19231823202628

    ()

    19901995199619992000200120022003200420052006

    1.794.1

    1.222.72

    61.75155.81

    5157

    ()16601470163316331636

    ()201820372057205220095673

    ()139316051687159615261625

    ()16631762182315861726

    ()4.023.83.73.553.47

    4

    7167.965.361.562.5

    70.969.969.951.555.258.360.9

    ()37.796.1

    ()8593.9101.2100

    91.896.6

    ()1.410.981.051.11

    1.522.83

    1427.31578.5

    67.16.87

    1700162516221836

    ( )13822077

    ()1574620579

    ()360059398147

    ()2743

    62819379

    199019952000200120022003200420052006

    6519921895611068108711871241136615211590

    1394909.11344437538079581065124914701575

    99.84059.5

    67.42254.2

    52.11523

    38.6993.3

    24.467906

    ()()

    11.124480

    2.29634

    1.08392

    0.8143

    7.011836

    0.449

    1.71512

    532.128551.152616.9698.28722.8837.207

    0

    0

    0

    0

    0

    0

    Sheet3

    0

    0

    0

    0

    0

    0

    0

    Sheet2

    0000000

    0000000

    0

    0

    0

    0

    0

    0

    0

    0.12748538010.17843289440.152272869

    0.03575079680.12098481940.0781611644

    0.11929195580.20379084860.1630065164

    0.13191765280.19461361290.1654901422

    0.03511485360.05047253470.0435440949

    0.15828306590.24973005860.208808048

    0.18529825960.26382255350.230152102

    (%)

    (2006)

    1978199020002005200619781990200020051979-1991-2001-

    200620062006

    ()643116212666095603976003793.354169582296.637478672490.834405023199.4039439045-0.2453045315-0.2135438078-1.589434071

    () ()103.3176.3207.6193.8199.5193.1268151016113.159387407896.098265896102.94117647062.37847673970.7756624635-0.6611201699

    ()184.7259.2290.8313.5327.1177.0979967515126.1959876543112.4828060523104.33811802232.0621641951.46478668921.979847218

    1950198019902000200520062007

    ()119119218442329253903177000336750235117793701076

    611240353470749062015591026542685156195155907052

    114333126743130756131448

    ()2.622.702.83

    : 2005,(),,()2007

    ()343.41510.166279.9810493.0311759.45

    ()133.6686.312253.423254.92963437053587.04

    19781990200020052006

    4772196.478533.413747.959634370515346.49

    () ()

    1978133.6343.4

    1980191.3477.6

    1985397.6739.1

    1989601.51373.9

    1990686.31510.2

    1991708.61700.6

    19927842026.6

    1993921.62577.4

    199412213496.2

    19951577.74283

    19961926.14838.9

    19972090.15160.3

    199821625425.1

    19992210.35854.02

    20002253.46280

    20012366.46859.6

    20022475.67702.8

    20032622.28472.2

    20042936.49421.6

    20053254.929634370510493.03

    20063587.0411759.45

    Birth, Death and Natural Growth Rate

    ()()()

    YearBirth RateDeath RateNatural Growth Rate

    ()()()

    194936.0020.0016.00

    196537.889.5028.38

    197033.437.6025.83

    197523.017.3215.69

    198018.216.3411.87

    198521.046.7814.26

    199021.066.6714.39

    199218.246.6414.26

    199318.096.6414.39

    199417.706.4911.60

    199517.126.5711.45

    199616.986.5611.21

    199716.576.5110.55

    199815.646.5010.42

    199914.646.4610.06

    200014.036.457.58

    200113.386.436.95

    200212.866.416.45

    200312.416.406.01

    200412.296.425.87

    200512.406.515.89

    200612.096.815.28

    200712.106.935.17

    Source: China Statistical Yearbook.

    11.72

    5.64

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    ()

    ()

    ()

  • /

    2010

  • 1220072007()2.74377

    3200520062007 1.794.17.31.222.724.561.75155.81346.651 57 77

  • x 1990~2006 VS 2015

  • 56%25%8 51299 8020 RxOTC

    Chart5

    0.49

    0.39

    0.12

    1/10(%)

    1134.5425.47%

    2105.419.95%

    377.2914.63%

    476.2314.43%

    532.556.16%

    619.313.66%

    714.052.66%

    86.96%

    ??

    20022003200420062007

    26.59%28.25%26.59%15.00%24.40%

    15.45%15.66%15.88%17.00%13.20%

    12.58%12.61%13.39%20.60%16.70%

    13.06%13.43%12.39%15.20%12.40%

    12.43%10.08%12.13%19.80%12.00%

    5.86%6.42%6.39%14.80%7.82%

    13.90%2.62%

    11.10%1.43%

    10.40%2.56%

    6.10%84.00%

    200427.58%

    200519.69%

    200612.62%

    200728.74%

    000

    000

    000

    000

    000

    000

    2002

    2003

    2004

    0

    0

    0

    0

    Sheet1

    2001200220032004200520062007

    77.29%74.80%74.49%74.52%74.22%73.31%73.20%

    22.71%25.20%25.51%25.48%25.78%26.69%26.80%

    2001200220032004200520062007

    14.59%10.45%15.38%13.87%16.00%11.58%

    13.22%6.90%14.90%13.91%15.53%10.22%

    19.50%22.53%16.83%13.73%17.37%15.50%

    Sheet1

    00

    00

    00

    00

    00

    00

    00

    Rx

    OTC

    000

    000

    000

    000

    000

    000

    Rx

    OTC

    86.2731.49%33.20%872.9320.76%

    53.9619.70%43.91%760.4118.63%

    64.3323.48%10.40%577.4816.85%

    24.789.05%21.03%223.3721.54%

    16.4629.33%189.1317.94%

    15.75.07%17412.33%

    872.93

    760.41

    577.48

    223.37

    189.13

    174

    49%

    39%

    12%

    47%

    35%

    17%

    200220032004200520062007

    47.91%49.03%47.39%49.27%46.53%

    31.67%36.03%37.28%34.24%40.16%

    20.42%14.94%15.33%16.49%13.31%

    :

    17.20%

    25.20%

    35.10%

    45.00%

    54.70%

    64.30%

    73.70%

    83.50%

    93.40%

    102.70%

    55.10%

    2%30%

    7%25%

    10%30%

    -9%27%

    MBD00045D06.pdf

    2008

    3535

    38.11%38.11%

    25253939

    41116.741116.73535

    2008

    2007

    200620042003

    2001

    2000

    1999

    1992

    19911986

    1985

    2007 20085-

    62.91%1.331.21

    31.41% 1.46 0.98

    4125

    20085

    000999

    100%

    100%

    62.72%863%

    100%

    71.35%

    2007OTC

    - - - - - -

    0.00%

    5.00%

    10.00%

    15.00%

    20.00%

    25.00%

    200520.4%2010

    IMS Health

    0%10%20%30%40%50%60%70%80%90%

    100%

    OTC 22.71% 25.20% 25.51% 25.48% 25.78% 26.69%Rx 77.29% 74.80% 74.49% 74.52% 74.22% 73.31%

    2001 2002 2003 2004 2005 2006

    19.50%22.53%

    11.58%16.00%

    13.87%

    15.38%

    10.45%

    14.59%

    10.22%

    15.53%13.91%14.90%

    6.90%

    13.22%

    15.50%17.37%

    13.73%16.83%

    0.00%

    5.00%

    10.00%

    15.00%

    20.00%

    25.00%

    2001 2002 2003 2004 2005 2006

    Rx OTC

    -- 70%10%

    -- 2000OTCOTCOTC448897725%351175%

    OTC

    --70%, 30%--80%

    2010400400500

    2

    1

    3

    4

    OTC

    5

    OTC40040000

    OTCOTC

    OTC

    OTC---

    -

    - -

    - GAP

    ---

    ----

    OTCOTC

    ---08

    1

    2007 2008

    2007

    20072006

    2004 2005 2006 2007 57 49 47 40

    92 87 96 102

    -71963 2283 42749 60530 -72080 11993 21172 27980

    57 49 47 40

    92 8796 102

    020406080

    100120

    2004 2005 2006 2007

    2

    OTC

    2008

    60%85%

    32008

    385,360 200713239,6002007199,12720%

    207,159 2007178,08616

    123,970 2007113,8109%

    57,051 200732,55775%

    30,375

    Thank you

    Chart2

    0.47

    0.35

    0.17

    1/10(%)

    1134.5425.47%

    2105.419.95%

    377.2914.63%

    476.2314.43%

    532.556.16%

    619.313.66%

    714.052.66%

    86.96%

    ??

    20022003200420062007

    26.59%28.25%26.59%15.00%24.40%

    15.45%15.66%15.88%17.00%13.20%

    12.58%12.61%13.39%20.60%16.70%

    13.06%13.43%12.39%15.20%12.40%

    12.43%10.08%12.13%19.80%12.00%

    5.86%6.42%6.39%14.80%7.82%

    13.90%2.62%

    11.10%1.43%

    10.40%2.56%

    6.10%84.00%

    200427.58%

    200519.69%

    200612.62%

    200728.74%

    000

    000

    000

    000

    000

    000

    2002

    2003

    2004

    0

    0

    0

    0

    Sheet1

    2001200220032004200520062007

    77.29%74.80%74.49%74.52%74.22%73.31%73.20%

    22.71%25.20%25.51%25.48%25.78%26.69%26.80%

    2001200220032004200520062007

    14.59%10.45%15.38%13.87%16.00%11.58%

    13.22%6.90%14.90%13.91%15.53%10.22%

    19.50%22.53%16.83%13.73%17.37%15.50%

    Sheet1

    00

    00

    00

    00

    00

    00

    00

    Rx

    OTC

    000

    000

    000

    000

    000

    000

    Rx

    OTC

    86.2731.49%33.20%872.9320.76%

    53.9619.70%43.91%760.4118.63%

    64.3323.48%10.40%577.4816.85%

    24.789.05%21.03%223.3721.54%

    16.4629.33%189.1317.94%

    15.75.07%17412.33%

    872.93

    760.41

    577.48

    223.37

    189.13

    174

    49%

    39%

    12%

    47%

    35%

    17%

    200220032004200520062007

    47.91%49.03%47.39%49.27%46.53%

    31.67%36.03%37.28%34.24%40.16%

    20.42%14.94%15.33%16.49%13.31%

    :

    17.20%

    25.20%

    35.10%

    45.00%

    54.70%

    64.30%

    73.70%

    83.50%

    93.40%

    102.70%

    55.10%

    2%30%

    7%25%

    10%30%

    -9%27%

    MBD00045D06.pdf

    2008

    3535

    38.11%38.11%

    25253939

    41116.741116.73535

    2008

    2007

    200620042003

    2001

    2000

    1999

    1992

    19911986

    1985

    2007 20085-

    62.91%1.331.21

    31.41% 1.46 0.98

    4125

    20085

    000999

    100%

    100%

    62.72%863%

    100%

    71.35%

    2007OTC

    - - - - - -

    0.00%

    5.00%

    10.00%

    15.00%

    20.00%

    25.00%

    200520.4%2010

    IMS Health

    0%10%20%30%40%50%60%70%80%90%

    100%

    OTC 22.71% 25.20% 25.51% 25.48% 25.78% 26.69%Rx 77.29% 74.80% 74.49% 74.52% 74.22% 73.31%

    2001 2002 2003 2004 2005 2006

    19.50%22.53%

    11.58%16.00%

    13.87%

    15.38%

    10.45%

    14.59%

    10.22%

    15.53%13.91%14.90%

    6.90%

    13.22%

    15.50%17.37%

    13.73%16.83%

    0.00%

    5.00%

    10.00%

    15.00%

    20.00%

    25.00%

    2001 2002 2003 2004 2005 2006

    Rx OTC

    -- 70%10%

    -- 2000OTCOTCOTC448897725%351175%

    OTC

    --70%, 30%--80%

    2010400400500

    2

    1

    3

    4

    OTC

    5

    OTC40040000

    OTCOTC

    OTC

    OTC---

    -

    - -

    - GAP

    ---

    ----

    OTCOTC

    ---08

    1

    2007 2008

    2007

    20072006

    2004 2005 2006 2007 57 49 47 40

    92 87 96 102

    -71963 2283 42749 60530 -72080 11993 21172 27980

    57 49 47 40

    92 8796 102

    020406080

    100120

    2004 2005 2006 2007

    2

    OTC

    2008

    60%85%

    32008

    385,360 200713239,6002007199,12720%

    207,159 2007178,08616

    123,970 2007113,8109%

    57,051 200732,55775%

    30,375

    Thank you

  • 2005

  • 1.2% 0.6% 50

    TOP37096%230074%30106070%2085%1275513200317.7%(200519.2200769202007

  • 2

    0.2

    0.26

    0.01

    0.02

    0.49

    0.02

    ()()()()

    19903877636381--

    19914890645156--

    19928951447600--

    19939050641612--

    199411853040297--

    19951581524072814665820749

    19961516113510813615719487

    19971536253307613725618642

    19981692335335115117720461

    19991678728207619806323618

    20001788379525319375829720

    200119785012175322027832682

    200223238914346426118927401

    2003285812-303576-

    (

    19903.873.64

    19914.894.52

    19928.954.76

    19939.054.16

    199411.854.03

    199515.824.07

    199615.163.51

    199715.363.31

    199816.925.34

    199916.798.21

    200017.889.53

    200119.7912.18

    200223.2414.35

    200328.58

    19995.15

    20005.54

    20015.58

    20026.71

    20037.12

    2003

    15.7%

    25.3%

    59.0%

    2003

    68.2%

    13.0%

    13.9%

    4.9%

    2003

    20%

    26%

    1%

    2%

    49%

    2%

    3.873.6381

    4.89064.5156

    8.95144.76

    9.05064.1612

    11.8534.0297

    15.81524.0728

    15.16113.5108

    15.36253.3076

    16.92335.3351

    16.78728.2076

    17.88379.5253

    19.78512.1753

    23.238914.3464

    28.58122003

    (

    Sheet1

    5.15

    5.54

    5.58

    6.71

    7.12

    0

    0

    0

    0

    0

    0

    0

    Sheet3

    0

    0

    0

    0

    0

    0

    200310%

    26.2

    10.3

    8.6

    7.5

    6.6

    5.7

    5.6

    5

    4.6

    3.7

    ()()()

    1984240178034013.08

    1985250948075714.26

    1986263668114115.57

    1987276748162616.61

    1988286618236515.73

    1989295408316415.04

    1990301958413814.39

    1991312038462012.98

    1992321758499611.60

    1993331738534411.45

    1994341698568111.21

    1995351748594710.55

    1996373048508510.42

    1997394498417710.06

    199841608831539.14

    199943748820388.18

    200045906808377.58

    200148064795636.95

    200250212782416.45

    200352376768516.01

    (()

    19842.408.0313.08

    19852.518.0814.26

    19862.648.1115.57

    19872.778.1616.61

    19882.878.2415.73

    19892.958.3215.04

    19903.028.4114.39

    19913.128.4612.98

    19923.228.5011.60

    19933.328.5311.45

    19943.428.5711.21

    19953.528.5910.55

    19963.738.5110.42

    19973.948.4210.06

    19984.168.329.14

    19994.378.208.18

    20004.598.087.58

    20014.817.966.95

    20025.027.826.45

    20035.247.696.01

    //

    199811019.5015.6141.822.64%7772.01%

    199914725.0054367.35159.03%33.64%3.36%246.15%9235.85%

    2000433170.00124286.24-22.08%194.69%9.44%129.63%108511.43%

    2001729384.00244334.8917.00%68.19%15.16%96.77%117720.73%

    2002940608.00409435.0629.91%29.03%18.72%67.62%147927.65%

    20031090890.00654599.8937.89%15.97%20.81%59.90%171138.22%

    44.35%68.30%13.50%120.02%

    199819992000200120022003

    1101474337299401090

    19.5025.00170.00384.00608.00890.00

    15.654124244409654

    142367286335435600

    159%-22%17%30%38%

    33.64%194.69%68.19%29.03%15.97%

    /2.64%3.36%9.44%15.16%18.72%20.81%

    246.15%129.63%96.77%67.62%59.90%

    7779231085117714791711

    /2.01%5.85%11.43%20.73%27.65%38.22%

    19801990199519961997199819992000200120022003

    25.27%17.26%10.52%9.68%9.04%8.81%12.39%13.28%

    22.86%13.44%13.02%27.52%17.00%14.26%7.77%24.94%17.60%

    142367286335435600

    159%-22%17%30%38%44%

    33.64%194.69%68.19%29.03%15.97%68%

    /2.64%3.36%9.44%15.16%18.72%20.81%

    246.15%129.63%96.77%67.62%59.90%120%

    /2.01%5.85%11.43%20.73%27.65%38.22%

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    &A

    Page &P

    ()

    ()

    ()

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    &A

    Page &P

    (

    ()

    200320022001200019991998

    1090940729433147110

    8906083841702520

    6544092441245416

    599.8899284535435.0600999894334.8888278891286.241920591367.3469387755141.8181818182

    15.97%29.03%68.19%194.69%33.64%68.30%

    46.38%58.33%125.88%580.00%28.21%167.76%

    59.90%67.62%96.77%129.63%246.15%120.02%

    198014.5

    199176.7

    1995186.4

    1996233.525.27%

    1997273.817.26%

    1998302.610.52%

    1999331.99.68%

    2000361.99.04%

    2001393.88.81%

    2002442.612.39%

    2003654599.8899284535

    19801991199519961997199819992000200120022002409435.0600999894

    14.576.7186.4233.5273.8302.6331.9361.9393.8442.62001244334.8888278891

    25.27%17.26%10.52%9.68%9.04%8.81%12.39%13.28%2000124286.241920591

    199954367.3469387755

    22.86%13.44%13.02%27.52%17.00%14.26%7.77%24.94%17.60%199815.6141.8181818182

    000

    000

    000

    000

    000

    000

    00

    00

    00

    00

    00

    00

    00

    00

    00

    00

    &A

    Page &P

    _R(1998_R(1999_R(2000,_R(2001_R(2002_R(2003_R(2004,)_R(2003,_R(1997_R(1998,_R(1999_R(2000,_R(2001_R(2002_R(2003,_R(2004,_R(2003,_R(1997_R(1998,_R(1999_R(2000_R(2001_R(2002_R(200304_R(2003,)()

    347.67416.96511.97653.88816.861026.29572.34494.5824.85103.16132.41178.43219.19266.17316.05161.45155.1530.0029.0040.1151.8550.7858.1672.8140.5143.110.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

    1998199920002001200220032004

    347.67416.96511.97653.88816.861026.29572.34

    35.53%19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    103.16132.41178.43219.19266.17316.05161.45

    28.35%34.76%22.84%21.44%18.74%4.06%

    29.0040.1151.8550.7858.1672.8140.51

    38.32%29.25%-2.07%14.54%25.20%-6.02%

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    20.6530.3338.8735.3639.1548.2228.38

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    5.94%7.27%7.59%5.41%4.79%4.70%4.96%

    ( 242.4338.9437.2559.6592.3662.2712.1

    8.52%8.95%8.89%6.32%6.61%7.28%3.98%

    199819992000200120022003200422004

    347.67416.96511.97653.88816.861026.291144.69572.34

    103.16132.41178.43219.19266.17316.05322.89161.45

    29.0040.1151.8550.7858.1672.8181.0340.51

    20.6530.3338.8735.3639.1548.2256.7528.38

    494.45708.60882.511127.811261.771469.091565.971565.97

    712.14

    199920002001200220032004

    19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    28.35%34.76%22.84%21.44%18.74%4.06%

    38.32%29.25%-2.07%14.54%25.20%-6.02%-6.02%

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    1998199920002001200220032004

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    5.94%7.27%7.59%5.41%4.79%4.70%3.98%

    ROE8.52%8.95%8.89%6.32%6.61%7.28%7.96%*2

    (ROA)4.18%4.28%4.40%3.14%3.10%3.28%3.62%*2

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    1998199920002001200220032004

    (ROE)8.52%8.95%8.89%6.32%6.61%7.28%7.96%*2

    (ROA)4.18%4.28%4.40%3.14%3.10%3.28%3.62%*2

    1998199920002001200220032004

    34.54%43.31%24.54%27.80%11.88%16.43%17.13%

    25.21%39.82%29.02%27.99%5.84%11.80%15.82%

    50.98%52.18%50.46%50.38%53.06%54.93%54.52%

    1998199920002001200220032004

    53.85%45.78%43.71%23.33%19.32%23.20%10.23%

    52.64%19.33%27.25%32.85%25.70%13.68%2.97%

    14.32%-12.82%10.60%12.07%28.65%14.37%2.93%

    1998199920002001200220032004

    10.18%12.37%14.48%13.98%13.36%13.10%11.89%

    10.22%10.17%10.54%10.97%11.04%9.98%8.70%

    2.99%2.17%1.96%1.72%1.77%1.61%1.43%

    1998199920002001200220032004

    20.6530.3338.8735.3639.1548.2256.7528.38

    86.016119.228138.108176.212204.715229.961244.584

    0.240.250.280.200.190.210.23

    19981999200020012002200320042

    EPS0.1290.1980.2220.1620.1740.2010.2320.116

    0.0080.1410.2910.2410.3350.3040.1980.099

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    ROE

    (ROA)

    00

    00

    00

    00

    00

    00

    00

    EPS

    1090.2890654

    940.1608409

    728.6384244

    433.2170124

    1472554

    MBD00063E57.xls

    1

    36.440.423.2

    2537.137.9

    22.838.838.4

    20.838.141.1

    19.736.943.4

    19.235.245.6

    1732.750.3

    16.129.554.4

    15.527.557

    15.626.657.8

    15.325.559.2

    14.924.560.6

    15.52460.5

    15.226.558.3

    3

    36.440.423.2

    2537.137.9

    22.838.838.4

    20.838.141.1

    19.736.943.4

    19.235.245.6

    1732.750.3

    16.129.554.4

    15.527.557

    Sheet1

    199019911992199319941995199619971998

    ()()2002

    199139.354.260690902003

    199246.535.736363/

    199364.335.5383181886.2986.2931.49%33.20%873872.9320.76%9.89%

    199493.637.16329.89.853.9653.9619.70%43.91%760760.4118.63%7.10%

    1995105.6911.01664.3364.3323.48%10.40%577577.4816.85%11.14%

    1996104.1912.6724.7824.789.05%21.03%223223.3721.54%11.09%

    1997101.9310.547416.4616.4629.33%189189.1317.94%8.70%

    1998109.413.415.715.75.07%174173.9512.33%9.03%

    1999122151.321.3221.921.916.02%

    200013016.16.616.6181.681.628.10%

    200114817.53

    200241.239.62

    ()18.6130.268.539.24

    17.9144.359.469.07

    1613.037.3510.02

    29.9723.167.2410.57

    18.3229.5410.048.25

    Sheet1

    2002

    2002

    2003

    Sheet4

    2003

    Sheet5

    %%GDP(%)

    199039215127.929.69

    199150217726.3616.6816.55

    199263420817.6317.8123.22

    199374623115.5411.1530.02

    199486237316.0561.1935.01

    1995106046418.0224.4425.06

    1996125153211.9114.6516.09

    1997140060814.0014.249.69

    1998163077713.9927.825.21

    1999194692319.3918.804.75

    20002332108519.8417.519.02

    20012778117715.788.578.77

    20023311147919.3725.668.07

    20034073184719.1924.8811.15

    2004E5133215225.5416.549.00

    GDP

    2003116898.4011.15%

    2002105172.308.07%

    200197314.808.77%

    200089468.109.02%

    199982067.504.75%

    199878345.205.21%

    199774462.609.69%

    199667884.6016.09%

    199558478.1025.06%

    199446759.4035.01%

    199334634.4030.02%

    199226638.1023.22%

    199121617.8016.55%

    199018547.909.69%

    198916909.2013.27%

    198814928.300.00%

    199065.6013.25

    199177.6015.2618.29%15.17%

    199294.4017.7621.65%16.38%

    1993117.9019.5224.89%9.91%

    1994150.3031.1927.48%59.78%

    1995190.6038.3226.81%22.86%

    1996233.1043.4722.30%13.44%

    1997273.2049.1317.20%13.02%

    1998302.6062.6510.76%27.52%

    1999331.9073.309.68%17.00%

    2000376.4083.7513.41%14.26%

    2001398.4090.265.84%7.77%

    2002442.60112.7711.09%24.94%

    2003139.9824.13%

    /GDP(%)/GDP(%)

    19800.032.92

    19900.044.01

    19910.044.11

    19920.044.09

    19930.043.96

    19940.043.78

    19950.043.86

    19960.044.20

    19970.054.54

    19980.054.82

    19990.055.10

    20000.055.33

    20010.055.30

    20020.065.56

    2003

    /

    19971135716.26%

    199812737712.16%8.45%6.05%

    1999143010412.33%35.06%7.27%

    2000176114323.15%37.50%8.12%

    2001212217920.50%25.17%8.44%

    2002245221515.55%20.11%8.77%

    2003296227420.80%27.44%9.25%

    /

    1997702334.70%

    19987923812.82%15.15%4.80%

    19998985713.38%50.00%6.35%

    200010587917.82%38.60%7.47%

    200112289016.07%13.92%7.33%

    20021295995.46%10.00%7.64%

    2003163314026.10%41.41%8.57%

    /

    19972562710.55%

    19983083220.31%18.52%10.39%

    19993463712.34%15.63%10.69%

    20004544931.21%32.43%10.79%

    20015195514.32%12.24%10.60%

    20026907532.95%36.36%10.87%

    2003751808.84%6.67%10.65%

    Sheet5

    &A

    Page &P

    %

    %

    19902004

    Sheet6

    &A

    Page &P

    %

    %

    GDP(%)

    19902004

    &A

    Page &P

    /GDP(%)

    GDP

    &A

    Page &P

    /

    19972003

    &A

    Page &P

    /

    19972003

    &A

    Page &P

    /

    19972003

    200220039BOU

    37,25710.2

    210.14

    310.13

    410.18

    510.22

    610.29

    710.34

    810.39

    910.53

    1010.54

    1110.68

    1210.66

    37,62210.48

    210.39

    310.36

    410.2

    510.18

    610.06

    78.6

    86.92

    96.12

    10

    $/BOU

    02-039

    199737.75%

    199838.40%

    199938.00%

    200037.50%

    200138.10%

    200240.00%

    1997

    19986

    19999

    20009.5

    200112

    200216

    22.80%

    11%

    HIV13.60%

    CNS9.70%

    7.10%

    35.90%

    37.00%

    8%

    HIV13.60%

    CNS8.90%

    6.80%

    32.60%

    1

    1

    2003

    31%5%2%27%35%

    2003

    45%7%16%16%16%

    03

    03

    198036.440.423.2

    19902537.137.9

    199122.838.838.4

    199220.838.141.1

    199319.736.943.4

    199419.235.245.6

    19951732.750.3

    199616.129.554.4

    199715.527.557

    199815.626.657.8

    199815.325.559.2

    200014.924.560.6

    200115.52460.5

    200215.226.558.3

    23%14%5%7%4%4%4%39%

    7010961.25

    CVS1807.5

    4.50%12.69%

    2.90%12.59%

    1.55%0.59%

    2002

    MBD001499EA.xls

    10

    65.613.2519901990

    77.615.260.18292682930.1516981132

    94.417.760.21649484540.1638269987

    117.919.520.2489406780.0990990991

    150.331.190.27480916030.5978483607

    190.638.320.26813040590.2285989099

    233.143.470.2229800630.134394572

    273.249.130.1720291720.1302047389

    302.662.650.107613470.275188276

    331.973.30.0968274950.1699920192

    376.483.750.13407652910.1425648022

    398.490.260.05844845910.0777313433

    442.6112.770.11094377510.2493906492

    2003139.9820030.2412875765

    Sheet1

    199019911992199319941995199619971998

    ()()2002

    199139.354.260690902003

    199246.535.736363

    199364.335.5383181886.2731.49%33.20%872.9320.76%

    199493.637.16329.89.853.9619.70%43.91%760.4118.63%

    1995105.6911.01664.3323.48%10.40%577.4816.85%

    1996104.1912.67 24.789.05%21.03%223.3721.54%

    1997101.9310.547416.4629.33%189.1317.94%

    1998109.413.415.75.07%17412.33%5.87%

    199912215

    200013016.1

    200114817.53

    200241.239.62

    ()18.6130.268.539.24

    17.9144.359.469.07

    1613.037.3510.02

    29.9723.167.2410.57

    18.3229.5410.048.25

    Sheet1

    2002

    2002

    Sheet2

    %%GDP(%)

    199039215127.929.69

    199150217726.3616.6816.55

    199263420817.6317.8123.22

    199374623115.5411.1530.02

    199486237316.0561.1935.01

    1995106046418.0224.4425.06

    1996125153211.9114.6516.09

    1997140060814.0014.249.69

    1998163077713.9927.825.21

    1999194692319.3918.804.75

    20002332108519.8417.519.02

    20012778117715.788.578.77

    20023311147919.3725.668.07

    20034073184719.1924.8811.15

    2004E5133215225.5416.549.00

    2003116898.4011.15%

    2002105172.308.07%

    200197314.808.77%

    200089468.109.02%

    199982067.504.75%

    199878345.205.21%

    199774462.609.69%

    199667884.6016.09%

    199558478.1025.06%

    199446759.4035.01%

    199334634.4030.02%

    199226638.1023.22%

    199121617.8016.55%

    199018547.909.69%

    198916909.2013.27%

    198814928.300.00%

    199065.6013.25

    199177.6015.2618.29%15.17%

    199294.4017.7621.65%16.38%

    1993117.9019.5224.89%9.91%

    1994150.3031.1927.48%59.78%

    1995190.6038.3226.81%22.86%

    1996233.1043.4722.30%13.44%

    1997273.2049.1317.20%13.02%

    1998302.6062.6510.76%27.52%

    1999331.9073.309.68%17.00%

    2000376.4083.7513.41%14.26%

    2001398.4090.265.84%7.77%

    2002442.60112.7711.09%24.94%

    2003139.9824.13%

    /GDP(%)

    19802.92%

    19904.01%

    19914.11%

    19924.09%

    19933.96%

    19943.78%

    19953.86%

    19964.20%

    19974.54%

    19984.82%

    19995.10%

    20005.33%

    20015.30%

    20025.56%

    2003

    Sheet2

    &A

    Page &P

    %

    %

    19902004

    Sheet4

    &A

    Page &P

    %

    %

    GDP(%)

    19902004

    Sheet5

    &A

    Page &P

    Sheet6

    /GDP(%)

    GDP

    Sheet7

    200220039BOU

    37,25710.2

    210.14

    310.13

    410.18

    510.22

    610.29

    710.34

    810.39

    910.53

    1010.54

    1110.68

    1210.66

    37,62210.48

    210.39

    310.36

    410.2

    510.18

    610.06

    78.6

    86.92

    96.12

    10

    Sheet7

    $/BOU

    02-039

    Sheet3

    199737.75%

    199838.40%

    199938.00%

    200037.50%

    200138.10%

    200240.00%

    1997

    19986

    19999

    20009.5

    200112

    200216

    22.80%

    11%

    HIV13.60%

    CNS9.70%

    7.10%

    35.90%

    37.00%

    8%

    HIV13.60%

    CNS8.90%

    6.80%

    32.60%

    Sheet3

    1

    1

    2003

    31%5%2%27%35%

    2003

    45%7%16%16%16%

    03

    03

    23%14%5%7%4%4%4%39%

    7010961.25

    CVS1807.5

    4.50%12.69%

    2.90%12.59%

    1.55%0.59%

    2002

    MBD001858CE.xls

    15

    392151199027.9219909.69

    502176.67199126.3616.6816.55

    634208.13199217.6317.8123.22

    746231.34199315.5411.1530.02

    862372.91199416.0561.1935.01

    1060464.04199518.0224.4425.06

    1251532.03199611.9114.6516.09

    1400607.7919971414.249.69

    1630776.87199813.9927.825.21

    1946922.9199919.3918.84.75

    23321084.5200019.8417.519.02

    27781177200115.788.578.77

    33111479200219.3725.668.07

    40731711200319.1915.699.3

    513318992004E25.5410.099

    %

    %

    GDP(%)

    19902004

    Sheet1

    199019911992199319941995199619971998

    ()()2002

    199139.354.260690902003

    199246.535.736363

    199364.335.5383181886.2731.49%33.20%872.9320.76%

    199493.637.16329.89.853.9619.70%43.91%760.4118.63%

    1995105.6911.01664.3323.48%10.40%577.4816.85%

    1996104.1912.67 24.789.05%21.03%223.3721.54%

    1997101.9310.547416.4629.33%189.1317.94%

    1998109.413.415.75.07%17412.33%5.87%

    199912215

    200013016.1

    200114817.53

    200241.239.62

    ()18.6130.268.539.24

    17.9144.359.469.07

    1613.037.3510.02

    29.9723.167.2410.57

    18.3229.5410.048.25

    Sheet1

    0

    0

    0

    0

    2002

    2002

    Sheet2

    %%GDP(%)

    199039215127.929.69

    199150217726.3616.6816.55

    199263420817.6317.8123.22

    199374623115.5411.1530.02

    199486237316.0561.1935.01

    1995106046418.0224.4425.06

    1996125153211.9114.6516.09

    1997140060814.0014.249.69

    1998163077713.9927.825.21

    1999194692319.3918.804.75

    20002332108519.8417.519.02

    20012778117715.788.578.77

    20023311147919.3725.668.07

    20034073171119.1915.699.30

    2004E5133189925.5410.099.00

    GDP

    2003116898.4011.15%

    2002105172.308.07%

    200197314.808.77%

    200089468.109.02%

    199982067.504.75%

    199878345.205.21%

    199774462.609.69%

    199667884.6016.09%

    199558478.1025.06%

    199446759.4035.01%

    199334634.4030.02%

    199226638.1023.22%

    199121617.8016.55%

    199018547.909.69%

    198916909.2013.27%

    198814928.300.00%

    199065.6013.25

    199177.6015.2618.29%15.17%

    199294.4017.7621.65%16.38%

    1993117.9019.5224.89%9.91%

    1994150.3031.1927.48%59.78%

    1995190.6038.3226.81%22.86%

    1996233.1043.4722.30%13.44%

    1997273.2049.1317.20%13.02%

    1998302.6062.6510.76%27.52%

    1999331.9073.309.68%17.00%

    2000376.4083.7513.41%14.26%

    2001398.4090.265.84%7.77%

    2002442.60112.7711.09%24.94%

    2003139.9824.13%

    19901991199219931994199519961997199819992000200120022003

    /GDP(%)/GDP(%)65.6077.6094.40117.90150.30190.60233.10273.20302.60331.90376.40398.40442.60

    19800.032.9213.2515.2617.7619.5231.1938.3243.4749.1362.6573.3083.7590.26112.77139.98

    19900.044.0118.29%21.65%24.89%27.48%26.81%22.30%17.20%10.76%9.68%13.41%5.84%11.09%

    19910.044.1115.17%16.38%9.91%59.78%22.86%13.44%13.02%27.52%17.00%14.26%7.77%24.94%24.13%

    19920.044.09

    19930.043.96

    19940.043.78

    19950.043.86

    19960.044.20

    19970.054.54

    19980.054.82

    19990.055.10

    20000.055.33

    20010.055.30

    20020.065.56

    2003

    19971135

    1998

    1999

    2000

    2001

    2002

    2003

    Sheet2

    39215127.921990

    502176.6726.3616.68

    634208.1317.6317.81

    746231.3415.5411.15

    862372.9116.0561.19

    1060464.0418.0224.44

    1251532.0311.9114.65

    1400607.791414.24

    1630776.8713.9927.82

    1946922.919.3918.8

    23321084.519.8417.51

    2778117715.788.57

    3311147919.3725.66

    4073171119.1915.69

    5133189925.5410.09

    &A

    Page &P

    %

    %

    19902004

    Sheet4

    &A

    Page &P

    %

    %

    GDP(%)

    19902004

    Sheet5

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    &A

    Page &P

    Sheet6

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    /GDP(%)

    GDP(%)

    Sheet7

    200220039BOU

    37,25710.2

    210.14

    310.13

    410.18

    510.22

    610.29

    710.34

    810.39

    910.53

    1010.54

    1110.68

    1210.66

    37,62210.48

    210.39

    310.36

    410.2

    510.18

    610.06

    78.6

    86.92

    96.12

    10

    Sheet7

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    $/BOU

    02-039

    Sheet3

    199737.75%

    199838.40%

    199938.00%

    200037.50%

    200138.10%

    200240.00%

    1997

    19986

    19999

    20009.5

    200112

    200216

    22.80%

    11%

    HIV13.60%

    CNS9.70%

    7.10%

    35.90%

    37.00%

    8%

    HIV13.60%

    CNS8.90%

    6.80%

    32.60%

    Sheet3

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    1

    0

    0

    0

    0

    0

    0

    1

    2003

    31%5%2%27%35%

    2003

    45%7%16%16%16%

    0

    0

    0

    0

    0

    03

    0

    0

    0

    0

    0

    03

    23%14%5%7%4%4%4%39%

    7010961.25

    CVS1807.5

    4.50%12.69%

    2.90%12.59%

    1.55%0.59%

    0

    0

    0

    0

    0

    0

    0

    0

    2002

    MBD00092590.xls

    2

    0.29672426020.05940392890.08521547980.0417693523

    0.31755326430.07273617870.0894957970.0428001939

    0.34852456820.0759301340.08891080810.0440489744

    0.33521263760.05407545650.0631851690.0313516953

    0.32584795340.04792669130.06609786770.0310273851

    0.30795456290.04698285270.07281900730.0328218001

    0.28207871980.03984765070.07960.0362421945

    ROE

    (ROA)

    _R(1998_R(1999_R(2000,_R(2001_R(2002_R(2003_R(2004,)_R(2003,_R(1997_R(1998,_R(1999_R(2000,_R(2001_R(2002_R(2003,_R(2004,_R(2003,_R(1997_R(1998,_R(1999_R(2000_R(2001_R(2002_R(200304_R(2003,)()

    347.67416.96511.97653.88816.861026.29572.34494.5824.85103.16132.41178.43219.19266.17316.05161.45155.1530.0029.0040.1151.8550.7858.1672.8140.5143.110.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

    1998199920002001200220032004

    347.67416.96511.97653.88816.861026.29572.34

    35.53%19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    103.16132.41178.43219.19266.17316.05161.45

    28.35%34.76%22.84%21.44%18.74%4.06%

    29.0040.1151.8550.7858.1672.8140.51

    38.32%29.25%-2.07%14.54%25.20%-6.02%

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    20.6530.3338.8735.3639.1548.2228.38

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    5.94%7.27%7.59%5.41%4.79%4.70%4.96%

    ( 242.4338.9437.2559.6592.3662.2712.1

    8.52%8.95%8.89%6.32%6.61%7.28%3.98%

    199819992000200120022003200422004

    347.67416.96511.97653.88816.861026.291144.69572.34

    103.16132.41178.43219.19266.17316.05322.89161.45

    29.0040.1151.8550.7858.1672.8181.0340.51

    20.6530.3338.8735.3639.1548.2256.7528.38

    494.45708.60882.511127.811261.771469.091565.971565.97

    712.14

    199920002001200220032004

    19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    28.35%34.76%22.84%21.44%18.74%4.06%

    38.32%29.25%-2.07%14.54%25.20%-6.02%-6.02%

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    1998199920002001200220032004

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    5.94%7.27%7.59%5.41%4.79%4.70%3.98%

    ROE8.52%8.95%8.89%6.32%6.61%7.28%7.96%*2

    (ROA)4.18%4.28%4.40%3.14%3.10%3.28%3.62%*2

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    1998199920002001200220032004

    (ROE)8.52%8.95%8.89%6.32%6.61%7.28%7.96%*2

    (ROA)4.18%4.28%4.40%3.14%3.10%3.28%3.62%*2

    1998199920002001200220032004

    34.54%43.31%24.54%27.80%11.88%16.43%17.13%

    25.21%39.82%29.02%27.99%5.84%11.80%15.82%

    50.98%52.18%50.46%50.38%53.06%54.93%54.52%

    1998199920002001200220032004

    53.85%45.78%43.71%23.33%19.32%23.20%10.23%

    52.64%19.33%27.25%32.85%25.70%13.68%2.97%

    14.32%-12.82%10.60%12.07%28.65%14.37%2.93%

    1998199920002001200220032004

    10.18%12.37%14.48%13.98%13.36%13.10%11.89%

    10.22%10.17%10.54%10.97%11.04%9.98%8.70%

    2.99%2.17%1.96%1.72%1.77%1.61%1.43%

    1998199920002001200220032004

    20.6530.3338.8735.3639.1548.2256.7528.38

    86.016119.228138.108176.212204.715229.961244.584

    0.240.250.280.200.190.210.23

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0.34538876350.25209241640.5098384426

    0.43311350240.39824874180.5217630845

    0.24542233420.29019334370.504571206

    0.27795676410.27991401940.5038124318

    0.11877730980.05841380720.5305841756

    0.16430826030.11796419430.5492687789

    0.17126242370.15823440050.5452401526

    0.53845896990.52644225490.1432492342

    0.45780832220.1932981442-0.1281835349

    0.43708841190.27254205230.1059563496

    0.23330644420.32851667640.1207146294

    0.19324289830.25701690560.2865118037

    0.23195680830.13680678540.1437149123

    0.10232916830.02973391690.0293496502

    000

    000

    000

    000

    000

    000

    000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    ROE

    (ROA)

    MBD0005A78A.xls

    8

    0.29672426020.05940392890.0852154798

    0.31755326430.07273617870.089495797

    0.34852456820.0759301340.0889108081

    0.33521263760.05407545650.063185169

    0.32584795340.04792669130.0660978677

    0.30795456290.04698285270.0728190073

    0.28207871980.0495804780.0796

    _R(1998_R(1999_R(2000,_R(2001_R(2002_R(2003_R(2004,)_R(2003,_R(1997_R(1998,_R(1999_R(2000,_R(2001_R(2002_R(2003,_R(2004,_R(2003,_R(1997_R(1998,_R(1999_R(2000_R(2001_R(2002_R(200304_R(2003,)()

    347.67416.96511.97653.88816.861026.29572.34494.5824.85103.16132.41178.43219.19266.17316.05161.45155.1530.0029.0040.1151.8550.7858.1672.8140.5143.110.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

    1998199920002001200220032004

    347.67416.96511.97653.88816.861026.29572.34

    35.53%19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    103.16132.41178.43219.19266.17316.05161.45

    28.35%34.76%22.84%21.44%18.74%4.06%

    29.0040.1151.8550.7858.1672.8140.51

    38.32%29.25%-2.07%14.54%25.20%-6.02%

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    20.6530.3338.8735.3639.1548.2228.38

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    5.94%7.27%7.59%5.41%4.79%4.70%4.96%

    ( 242.4338.9437.2559.6592.3662.2712.1

    8.52%8.95%8.89%6.32%6.61%7.28%3.98%

    199819992000200120022003200422004

    347.67416.96511.97653.88816.861026.291144.69572.34

    103.16132.41178.43219.19266.17316.05322.89161.45

    29.0040.1151.8550.7858.1672.8181.0340.51

    20.6530.3338.8735.3639.1548.2256.7528.38

    199920002001200220032004

    19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    28.35%34.76%22.84%21.44%18.74%4.06%

    38.32%29.25%-2.07%14.54%25.20%-6.02%-6.02%

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    1998199920002001200220032004

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    5.94%7.27%7.59%5.41%4.79%4.70%4.96%

    8.52%8.95%8.89%6.32%6.61%7.28%7.96%*2

    1998199920002001200220032004

    34.54%43.31%24.54%27.80%11.88%16.43%17.13%

    25.21%39.82%29.02%27.99%5.84%11.80%15.82%

    50.98%52.18%50.46%50.38%53.06%54.93%54.52%

    1998199920002001200220032004

    53.85%45.78%43.71%23.33%19.32%23.20%10.23%

    52.64%19.33%27.25%32.85%25.70%13.68%2.97%

    14.32%-12.82%10.60%12.07%28.65%14.37%2.93%

    1998199920002001200220032004

    10.18%12.37%14.48%13.98%13.36%13.10%11.89%

    10.22%10.17%10.54%10.97%11.04%9.98%8.70%

    2.99%2.17%1.96%1.72%1.77%1.61%1.43%

    347.668822103.16177429.00111720.652894

    416.96444132.40841940.11370330.3284

    511.967093178.4331151.84701538.87373

    653.879029219.18851450.77528635.358807

    816.860604266.17235658.15768439.149426

    1026.292642316.05150272.81273548.218156

    1144.688682322.89231881.02631656.754212

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0.34538876350.25209241640.5098384426

    0.43311350240.39824874180.5217630845

    0.24542233420.29019334370.504571206

    0.27795676410.27991401940.5038124318

    0.11877730980.05841380720.5305841756

    0.16430826030.11796419430.5492687789

    0.17126242370.15823440050.5452401526

    MBD0005A78A.xls

    8

    0.29672426020.05940392890.0852154798

    0.31755326430.07273617870.089495797

    0.34852456820.0759301340.0889108081

    0.33521263760.05407545650.063185169

    0.32584795340.04792669130.0660978677

    0.30795456290.04698285270.0728190073

    0.28207871980.0495804780.0796

    _R(1998_R(1999_R(2000,_R(2001_R(2002_R(2003_R(2004,)_R(2003,_R(1997_R(1998,_R(1999_R(2000,_R(2001_R(2002_R(2003,_R(2004,_R(2003,_R(1997_R(1998,_R(1999_R(2000_R(2001_R(2002_R(200304_R(2003,)()

    347.67416.96511.97653.88816.861026.29572.34494.5824.85103.16132.41178.43219.19266.17316.05161.45155.1530.0029.0040.1151.8550.7858.1672.8140.5143.110.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

    1998199920002001200220032004

    347.67416.96511.97653.88816.861026.29572.34

    35.53%19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    103.16132.41178.43219.19266.17316.05161.45

    28.35%34.76%22.84%21.44%18.74%4.06%

    29.0040.1151.8550.7858.1672.8140.51

    38.32%29.25%-2.07%14.54%25.20%-6.02%

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    20.6530.3338.8735.3639.1548.2228.38

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    5.94%7.27%7.59%5.41%4.79%4.70%4.96%

    ( 242.4338.9437.2559.6592.3662.2712.1

    8.52%8.95%8.89%6.32%6.61%7.28%3.98%

    199819992000200120022003200422004

    347.67416.96511.97653.88816.861026.291144.69572.34

    103.16132.41178.43219.19266.17316.05322.89161.45

    29.0040.1151.8550.7858.1672.8181.0340.51

    20.6530.3338.8735.3639.1548.2256.7528.38

    199920002001200220032004

    19.93%22.78%27.72%24.93%25.64%15.72%315.16%28.35%34.76%22.84%21.44%18.74%4.06%-3.32%38.32%29.25%-2.07%14.54%25.20%-6.02%

    28.35%34.76%22.84%21.44%18.74%4.06%

    38.32%29.25%-2.07%14.54%25.20%-6.02%-6.02%

    46.85%28.18%-9.04%10.72%23.16%-4.38%

    1998199920002001200220032004

    29.67%31.76%34.85%33.52%32.58%30.80%28.21%

    8.34%9.62%10.13%7.77%7.12%7.09%7.08%

    5.94%7.27%7.59%5.41%4.79%4.70%4.96%

    8.52%8.95%8.89%6.32%6.61%7.28%7.96%*2

    1998199920002001200220032004

    34.54%43.31%24.54%27.80%11.88%16.43%17.13%

    25.21%39.82%29.02%27.99%5.84%11.80%15.82%

    50.98%52.18%50.46%50.38%53.06%54.93%54.52%

    1998199920002001200220032004

    53.85%45.78%43.71%23.33%19.32%23.20%10.23%

    52.64%19.33%27.25%32.85%25.70%13.68%2.97%

    14.32%-12.82%10.60%12.07%28.65%14.37%2.93%

    1998199920002001200220032004

    10.18%12.37%14.48%13.98%13.36%13.10%11.89%

    10.22%10.17%10.54%10.97%11.04%9.98%8.70%

    2.99%2.17%1.96%1.72%1.77%1.61%1.43%

    347.668822103.16177429.00111720.652894

    416.96444132.40841940.11370330.3284

    511.967093178.4331151.84701538.87373

    653.879029219.18851450.77528635.358807

    816.860604266.17235658.15768439.149426

    1026.292642316.05150272.81273548.218156

    1144.688682322.89231881.02631656.754212

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0000

    0.34538876350.25209241640.5098384426

    0.43311350240.39824874180.5217630845

    0.24542233420.29019334370.504571206

    0.27795676410.27991401940.5038124318

    0.11877730980.05841380720.5305841756

    0.16430826030.11796419430.5492687789

    0.17126242370.15823440050.5452401526

    3

    0.55

    0.07

    0.02

    0.05

    0.21

    0.09

    0.01

    ()()()()

    19903877636381--

    19914890645156--

    19928951447600--

    19939050641612--

    199411853040297--

    19951581524072814665820749

    19961516113510813615719487

    19971536253307613725618642

    19981692335335115117720461

    19991678728207619806323618

    20001788379525319375829720

    200119785012175322027832682

    200223238914346426118927401

    2003285812-303576-

    (

    19903.873.64

    19914.894.52

    19928.954.76

    19939.054.16

    199411.854.03

    199515.824.07

    199615.163.51

    199715.363.31

    199816.925.34

    199916.798.21

    200017.889.53

    200119.7912.18

    200223.2414.35

    200328.58

    19995.15

    20005.54

    20015.58

    20026.71

    20037.12

    2003

    15.7%

    25.3%

    59.0%

    2003

    68.2%

    13.0%

    13.9%

    4.9%

    2003

    20%

    26%

    1%

    2%

    49%

    2%

    2003

    55%

    7%

    2%

    5%

    21%

    9%

    1%

    3.873.6381

    4.89064.5156

    8.95144.76

    9.05064.1612

    11.8534.0297

    15.81524.0728

    15.16113.5108

    15.36253.3076

    16.92335.3351

    16.78728.2076

    17.88379.5253

    19.78512.1753

    23.238914.3464

    28.58122003

    (

    Sheet1

    5.15

    5.54

    5.58

    6.71

    7.12

    0

    0

    0

    0

    0

    0

    0

    Sheet3

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    0

    200310%

    26.2

    10.3

    8.6

    7.5

    6.6

    5.7

    5.6

    5

    4.6

    3.7

    ()()()

    1984240178034013.08

    1985250948075714.26

    1986263668114115.57

    1987276748162616.61

    1988286618236515.73

    1989295408316415.04

    1990301958413814.39

    1991312038462012.98

    1992321758499611.60

    1993331738534411.45

    1994341698568111.21

    1995351748594710.55

    1996373048508510.42

    1997394498417710.06

    199841608831539.14

    199943748820388.18

    200045906808377.58

    200148064795636.95

    200250212782416.45

    200352376768516.01

    (()

    19842.408.0313.08

    19852.518.0814.26

    19862.648.1115.57

    19872.778.1616.61

    19882.878.2415.73

    19892.958.3215.04

    19903.028.4114.39

    19913.128.4612.98

    19923.228.5011.60

    19933.328.5311.45

    19943.428.5711.21

    19953.528.5910.55

    19963.738.5110.42

    19973.948.4210.06

    19984.168.329.14

    19994.378.208.18

    20004.598.087.58

    20014.817.966.95

    20025.027.826.45

    20035.247.696.01

    //

    199811019.5015.6141.822.64%7772.01%

    199914725.0054367.35159.03%33.64%3.36%246.15%9235.85%

    2000433170.00124286.24-22.08%194.69%9.44%129.63%108511.43%

    2001729384.00244334.8917.00%68.19%15.16%96.77%117720.73%

    2002940608.00409435.0629.91%29.03%18.72%67.62%147927.65%

    20031090890.00654599.8937.89%15.97%20.81%59.90%171138.22%

    44.35%68.30%13.50%120.02%

    199819992000200120022003

    1101474337299401090

    19.5025.00170.00384.00608.00890.00

    15.654124244409654

    142367286335435600

    159%-22%17%30%38%

    33.64%194.69%68.19%29.03%15.97%

    /2.64%3.36%9.44%15.16%18.72%20.81%

    246.15%129.63%96.77%67.62%59.90%

    7779231085117714791711

    /2.01%5.85%11.43%20.73%27.65%38.22%

    19801990199519961997199819992000200120022003

    25.27%17.26%10.52%9.68%9.04%8.81%12.39%13.28%

    22.86%13.44%13.02%27.52%17.00%14.26%7.77%24.94%17.60%

    142367286335435600

    159%-22%17%30%38%44%

    33.64%194.69%68.19%29.03%15.97%68%

    /2.64%3.36%9.44%15.16%18.72%20.81%

    246.15%129.63%96.77%67.62%59.90%120%

    /2.01%5.85%11.43%20.73%27.65%38.22%

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    &A

    Page &P

    ()

    ()

    ()

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    000

    &A

    Page &P

    (

    ()

    200320022001200019991998

    1090940729433147110

    8906083841702520

    6544092441245416

    599.8899284535435.0600999894334.8888278891286.241920591367.3469387755141.8181818182

    15.97%29.03%68.19%194.69%33.64%68.30%

    46.38%58.33%125.88%580.00%28.21%167.76%

    59.90%67.62%96.77%129.63%246.15%120.02%

    198014.5

    199176.7

    1995186.4

    1996233.525.27%

    1997273.817.26%

    1998302.610.52%

    1999331.99.68%

    2000361.99.04%

    2001393.88.81%

    2002442.612.39%

    2003654599.8


中华中医药学会中医健康科普 首席专家 首届全国中医药科普“金话筒奖” 中华中医药学会中医诊断分会 主任委员 中国中西医结合学会诊断专业委员会

中华中医药学会中医健康科普 首席专家 首届全国中医药科普“金话筒奖” 中华中医药学会中医诊断分会 主任委员 中国中西医结合学会诊断专业委员会

医药政策 及其对 医药电商和现代物流 的影响

医药政策 及其对 医药电商和现代物流 的影响

全球生物医药创新情报月刊 - tten.cni.tten.cn/news/kfsp/201710/P020171019592091910323.pdf · 我市医药制造业快速增长，高于全市工业平均水平。2017 年1-8

全球生物医药创新情报月刊 - tten.cni.tten.cn/news/kfsp/201710/P020171019592091910323.pdf · 我市医药制造业快速增长，高于全市工业平均水平。2017 年1-8

国泰国证医药卫生行业指数分级 证券投资基金基金合同 · 金的基础份额（简称“国泰医药份额”）、国泰国证医药卫生行业指数分级证券投资基金的稳

国泰国证医药卫生行业指数分级 证券投资基金基金合同 · 金的基础份额（简称“国泰医药份额”）、国泰国证医药卫生行业指数分级证券投资基金的稳

医药 发送对象：制药装备行业相关企业 印刷单位：北京中石油 …责任编辑： 谢 文 王莉莉 《医药&装备》编委会 地 址：北京市丰台区草桥欣园一区4号

医药 发送对象：制药装备行业相关企业 印刷单位：北京中石油 …责任编辑： 谢 文 王莉莉 《医药&装备》编委会 地 址：北京市丰台区草桥欣园一区4号

中国医药行业展望 - pwc.com · 2008年10月14日，中国政府颁布了令人期待已久的医药卫生体 制改革的征求意见稿，即《关于深化医药卫生体制改革的意见

中国医药行业展望 - pwc.com · 2008年10月14日，中国政府颁布了令人期待已久的医药卫生体 制改革的征求意见稿，即《关于深化医药卫生体制改革的意见

万达信息亏联网 医疗健康 - chia-moh.org.cn · PDF file（健康产业） ... 健康养老 中医医疗保健 【健康管理与促进】 ... 医药 大数据 • 药事平台

万达信息亏联网 医疗健康 - chia-moh.org.cn · PDF file（健康产业） ... 健康养老 中医医疗保健 【健康管理与促进】 ... 医药 大数据 • 药事平台

曲阜中医药学校公开课 《 药理学 》

曲阜中医药学校公开课 《 药理学 》

北京中医药大学专业认证知识 - jichu.bucm.edu.cnjichu.bucm.edu.cn/docs/2018-04/20180412134533923004.pdf · 北京中医药大学专业认证知识 学 习 手 册 （供

北京中医药大学专业认证知识 - jichu.bucm.edu.cnjichu.bucm.edu.cn/docs/2018-04/20180412134533923004.pdf · 北京中医药大学专业认证知识 学 习 手 册 （供

浅谈制药行业土壤环境污染 防治管理 - Vogel · 2014年泰州市挂牌督办环境问题突出企业30家，其中涉及多家医药生产，医药中间体，原料

浅谈制药行业土壤环境污染 防治管理 - Vogel · 2014年泰州市挂牌督办环境问题突出企业30家，其中涉及多家医药生产，医药中间体，原料

加强现代生物医药技术公共服务平台建设 提升传统生物医药产业发展层次

加强现代生物医药技术公共服务平台建设 提升传统生物医药产业发展层次

中国医药物流网 · Web view互联网的“去中心化”、“扁平化”对整个医药产业链都产生了巨大的影响，将电子商务引入医药供应之后，将形成新的医药行业供应链体系。第三方医药电子商务通过对物流、资金流、信息流的有效整合，加强了企业内部与企业之间的协作能力，多层的中间批发环节将消失，交易渠道变得单一，有

中国医药物流网 · Web view互联网的“去中心化”、“扁平化”对整个医药产业链都产生了巨大的影响，将电子商务引入医药供应之后，将形成新的医药行业供应链体系。第三方医药电子商务通过对物流、资金流、信息流的有效整合，加强了企业内部与企业之间的协作能力，多层的中间批发环节将消失，交易渠道变得单一，有

2012 医药流通行业发展形势及对策分析

2012 医药流通行业发展形势及对策分析

云南中医药大学2020年全日制硕士研究生招生专业目录...云南中医药大学2020年全日制硕士研究生招生专业目录 院系所 专业 研究方向 指导教师

云南中医药大学2020年全日制硕士研究生招生专业目录...云南中医药大学2020年全日制硕士研究生招生专业目录 院系所 专业 研究方向 指导教师

医药工业 “ 十二五 ” 发展规划 · 药物、医疗器械、药用辅料和包装材料、制药设备等。 “ 十 一 五 ” 期间，我国医药工业快速发展，在保护和增进人民健康

医药工业 “ 十二五 ” 发展规划 · 药物、医疗器械、药用辅料和包装材料、制药设备等。 “ 十 一 五 ” 期间，我国医药工业快速发展，在保护和增进人民健康

深度报告——医药科创板专题 - TIANYANCHAstock.tianyancha.com/ResearchReport/eastmoney/... · 深度报告——医药科创板专题 制度创新助推研发型企业价值重估

深度报告——医药科创板专题 - TIANYANCHAstock.tianyancha.com/ResearchReport/eastmoney/... · 深度报告——医药科创板专题 制度创新助推研发型企业价值重估

第十二章 医药工业的基因工程 Genetic Engineering in Medicine and Industry

第十二章 医药工业的基因工程 Genetic Engineering in Medicine and Industry

第一轮通知（中）3.14(定)单 - moe.gov.cn · PDF file4.中医药大健康产业 ... 主 席：刘保延 中国中医科学院中医药大 数据 ... 内 容：1.生物医药创新平台

第一轮通知（中）3.14(定)单 - moe.gov.cn · PDF file4.中医药大健康产业 ... 主 席：刘保延 中国中医科学院中医药大 数据 ... 内 容：1.生物医药创新平台

天津中新药业集团股份有限公司 - · PDF file传统中药 742,265.15 964,944.70 天津市药材集团蓟县公司 传统中药 441,935.30 574,515.89 天津医药

天津中新药业集团股份有限公司 - · PDF file传统中药 742,265.15 964,944.70 天津市药材集团蓟县公司 传统中药 441,935.30 574,515.89 天津医药

十三五”中医药科技创新专项规划》 - most.gov.cn · PDF file中医药现代化成为引领中国 迈向 ... 建立中医传承平台 ... 为重大新药创制提供源头创新，加速中药大健康产业发展

十三五”中医药科技创新专项规划》 - most.gov.cn · PDF file中医药现代化成为引领中国 迈向 ... 建立中医传承平台 ... 为重大新药创制提供源头创新，加速中药大健康产业发展