NEW YORK (Reuters) - Germany's Bayer AG (BAYG.DE: Quote, Profile, Research, Stock Buzz) expects to deliver strong growth in its fast-growing healthcare division, offsetting tough times in chemicals as major economies tip into recession, its healthcare head said on Wednesday.
Bayer HealthCare Chief Executive Arthur Higgins said prescription drugs were set to deliver accelerating growth in the coming years, driven by potential multibillion-dollar sales opportunities for new anticoagulant Xarelto and other products.
The over-the-counter medicines business could see some pressure from growing use of own-label brands in the United States, but this would be countered by very strong growth rates in emerging countries.
"We are in a stronger position than the majority of our competitors," Higgins told the Reuters Health Summit in New York, arguing that the mid-sized Bayer operation was in a "sweet spot" compared to larger rivals.
(Reporting by Sam Cage and Ben Hirschler; Editing by Lisa Von Ahn)
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