美国制药业：投资者情绪一直较差；创新，并购可能会上升.pdfVIP

US Pharmaceuticals Investor Sentiment Remains Poor; Innovation, MA Likely Keys to Upside  Macro Outlook Reasonable, But Investor Sentiment Poor: While concerns around drug pricing May 2018 continue to percolate, we believe the fundamental macro backdrop for the US Pharma sector remains