MFoundationJanuary 17, 2022 01:43 AM GMTAsia Primer: China HealthcareRetail Pharmacies – In Pursuit ofScale and Operational EfficiencyAs distributors' growth slows, market focus is shifting downstream to the relatively less-developed but fast-growing retail pharmacy segment. In this report, we delve into thepolicy drivers, market dynamics, business models, and top players, all the while drawingparallels with the US and Japan.Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investmentdecision.For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions oncommunications with a