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China’s anti-corruption investigation in the healthcare sector has hit the medical equipment market, the boss of Smith & Nephew has cautioned.

In a third-quarter trading update the FTSE 100 company said underlying revenue growth was expected to be towards the higher end of its 6 per cent to 7 per cent guidance range but its trading profit margin was expected to be about 17.5 per cent, due to headwinds in China. The company had previously forecast margins of at least 17.5 per cent.

Beijing intensified a clampdown on bribery, embezzlement and fraud across China’s healthcare sector in August. Hospital bosses and chief executives of local drug companies have been detained, pharma company access to hospitals has been curtailed, share prices have been hit and initial.

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Source: The Times

Date: 6 November

Posted in News on Nov 05, 2023

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