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| 当調査レポートは次の情報を含め、世界の硫酸ネオマイシンAPI市場規模と予測を収録しています。・世界の硫酸ネオマイシンAPI市場：売上、2018年-2023年、2024年-2029年 ・世界の硫酸ネオマイシンAPI市場：販売量、2018年-2023年、2024年-2029年 ・世界のトップ5企業、2022年 世界の硫酸ネオマイシンAPI市場は2022年に000Mドルと評価され、予測期間中に000％のCAGRで2029年までに000Mドルに達すると予測されています。米国市場は2022年に000Mドルと推定されており、中国は2029年までに000Mドルに達すると予測されています。「動物用」セグメントは今後6年間、000%のCAGRで2029年までに000Mドルに成長すると予測されています。 硫酸ネオマイシンAPIのグローバル主要企業は、Yichang Three Gorges Pharmaceutical、 Shandong Saito Biotechnology、 Xinyu Pharmaceutical、 Renfu Medicine、 Manus Aktteva Biopharma、 DKSH、 Fagron Industry、 Caesar & Loretz GmbH、 Syndesmos、 B Joshi Agrochem Pharma、 Crystal Pharma、 Sichuan Long March Pharmaceuticalsなどです。2022年にトップ5企業がグローバル売上シェアの約000%を占めています。 MARKET MONITOR GLOBAL（MMG）は、硫酸ネオマイシンAPIのメーカー、サプライヤー、流通業者、および業界の専門家を調査しました。これには、販売量、売上、需要、価格変動、製品タイプ、最近の動向と計画、産業トレンド、成長要因、課題、阻害要因、潜在的なリスクなどが含まれます。 【セグメント別市場分析】 世界の硫酸ネオマイシンAPI市場：タイプ別、2018年-2023年、2024年-2029年 世界の硫酸ネオマイシンAPI市場：タイプ別市場シェア、2022年 ・動物用、人間用 世界の硫酸ネオマイシンAPI市場：用途別、2018年-2023年、2024年-2029年 世界の硫酸ネオマイシンAPI市場：用途別市場シェア、2022年 ・バイオ医薬品、研究 世界の硫酸ネオマイシンAPI市場：地域・国別、2018年-2023年、2024年-2029年 世界の硫酸ネオマイシンAPI市場：地域別市場シェア、2022年 ・北米：アメリカ、カナダ、メキシコ ・ヨーロッパ：ドイツ、フランス、イギリス、イタリア、ロシア ・アジア：中国、日本、韓国、東南アジア、インド ・南米：ブラジル、アルゼンチン ・中東・アフリカ：トルコ、イスラエル、サウジアラビア、UAE 【競合分析】 また、当レポートは主要な市場参加者の分析を提供します。 ・主要企業における硫酸ネオマイシンAPIのグローバル売上、2018年-2023年 ・主要企業における硫酸ネオマイシンAPIのグローバル売上シェア、2022年 ・主要企業における硫酸ネオマイシンAPIのグローバル販売量、2018年-2023年 ・主要企業における硫酸ネオマイシンAPIのグローバル販売量シェア、2022年 さらに、当レポートは主要企業のプロファイルを提示します。 Yichang Three Gorges Pharmaceutical、 Shandong Saito Biotechnology、 Xinyu Pharmaceutical、 Renfu Medicine、 Manus Aktteva Biopharma、 DKSH、 Fagron Industry、 Caesar & Loretz GmbH、 Syndesmos、 B Joshi Agrochem Pharma、 Crystal Pharma、 Sichuan Long March Pharmaceuticals ************************************************************* ・調査・分析レポートの概要 硫酸ネオマイシンAPI市場の定義 市場セグメント 世界の硫酸ネオマイシンAPI市場概要 当レポートの特徴・ベネフィット 調査手法と情報源 ・世界の硫酸ネオマイシンAPI市場規模 世界の硫酸ネオマイシンAPI市場規模：2022年 VS 2029年 世界の硫酸ネオマイシンAPI市場規模と予測 2018年-2029年 ・競争状況 グローバルトップ企業 売上ベースでのグローバルトップ企業 企業別グローバルでの硫酸ネオマイシンAPIの売上 グローバルトップ3およびトップ5企業、2022年売上ベース グローバル企業の硫酸ネオマイシンAPI製品タイプ グローバルにおけるティア1、ティア2、ティア3企業 ・タイプ別市場分析 タイプ区分：動物用、人間用 硫酸ネオマイシンAPIのタイプ別グローバル売上・予測 ・用途別市場分析 用途区分：バイオ医薬品、研究 硫酸ネオマイシンAPIの用途別グローバル売上・予測 ・地域別市場分析 地域別硫酸ネオマイシンAPI市場規模 2022年と2029年 地域別硫酸ネオマイシンAPI売上・予測 北米市場：アメリカ、カナダ、メキシコ ヨーロッパ市場：ドイツ、フランス、イギリス、イタリア、ロシア アジア市場：中国、日本、韓国、東南アジア、インド 南米市場：ブラジル、アルゼンチン 中東・アフリカ市場：トルコ、イスラエル、サウジアラビア、UAE ・主要企業のプロファイル（企業概要、事業概要、主要製品、売上、ニュースなど） Yichang Three Gorges Pharmaceutical、 Shandong Saito Biotechnology、 Xinyu Pharmaceutical、 Renfu Medicine、 Manus Aktteva Biopharma、 DKSH、 Fagron Industry、 Caesar & Loretz GmbH、 Syndesmos、 B Joshi Agrochem Pharma、 Crystal Pharma、 Sichuan Long March Pharmaceuticals ... |
This research report provides a comprehensive analysis of the Neomycin Sulfate API market, focusing on the current trends, market dynamics, and future prospects. The report explores the global Neomycin Sulfate API market, including major regions such as North America, Europe, Asia-Pacific, and emerging markets. It also examines key factors driving the growth of Neomycin Sulfate API, challenges faced by the industry, and potential opportunities for market players.
The global Neomycin Sulfate API market has witnessed rapid growth in recent years, driven by increasing environmental concerns, government incentives, and advancements in technology. The Neomycin Sulfate API market presents opportunities for various stakeholders, including Biopharmaceutical, Research. Collaboration between the private sector and governments can accelerate the development of supportive policies, research and development efforts, and investment in Neomycin Sulfate API market. Additionally, the growing consumer demand present avenues for market expansion.
The global Neomycin Sulfate API market was valued at US$ 152.8 million in 2022 and is projected to reach US$ 242.7 million by 2029, at a CAGR of 6.8% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
The API industry is an important part of the pharmaceutical industry and involves the primary production stage of drugs. In this industry, chemical, biological or other technological methods are used to synthesize, extract or manufacture the active ingredients of drugs, which are called active ingredients. APIs are the core components of medicines, and their quality and purity are critical to the safety and effectiveness of medicines. The API industry includes many aspects such as drug research and development, production, supervision and quality control. It is one of the key industries supporting the medical care system and has an important impact on human health. The development of this industry is affected by various factors such as technological progress, regulatory changes and market demand, and is highly complex and competitive.
Key Features:
The research report on the Neomycin Sulfate API market includes several key features to provide comprehensive insights and facilitate decision-making for stakeholders.
Executive Summary: The report provides overview of the key findings, market trends, and major insights of the Neomycin Sulfate API market.
Market Overview: The report provides a comprehensive overview of the Neomycin Sulfate API market, including its definition, historical development, and current market size. It covers market segmentation by Type (e.g., Veterinary Use, Human Use), region, and application, highlighting the key drivers, challenges, and opportunities within each segment.
Market Dynamics: The report analyses the market dynamics driving the growth and development of the Neomycin Sulfate API market. The report includes an assessment of government policies and regulations, technological advancements, consumer trends and preferences, infrastructure development, and industry collaborations. This analysis helps stakeholders understand the factors influencing the Neomycin Sulfate API market’s trajectory.
Competitive Landscape: The report provides an in-depth analysis of the competitive landscape within the Neomycin Sulfate API market. It includes profiles of major market players, their market share, strategies, product portfolios, and recent developments.
Market Segmentation and Forecast: The report segment the Neomycin Sulfate API market based on various parameters, such as by Type, region, and by Application. It provides market size and growth forecasts for each segment, supported by quantitative data and analysis. This helps stakeholders identify growth opportunities and make informed investment decisions.
Technological Trends: The report should highlight the key technological trends shaping the Neomycin Sulfate API market, such as advancements in Type One technology and emerging substitutes. It analyses the impact of these trends on market growth, adoption rates, and consumer preferences.
Market Challenges and Opportunities: The report identify and analyses the major challenges faced by the Neomycin Sulfate API market, such as technical bottleneck, cost limitations, and high entry barrier. It also highlights the opportunities for market growth, such as government incentives, emerging markets, and collaborations between stakeholders.
Regulatory and Policy Analysis: The report should assess the regulatory and policy landscape for Neomycin Sulfate API, including government incentives, emission standards, and infrastructure development plans. It should analyse the impact of these policies on market growth and provide insights into future regulatory developments.
Recommendations and Conclusion: The report conclude with actionable recommendations for stakeholders, such as Application One Consumer, policymakers, investors, and infrastructure providers. These recommendations should be based on the research findings and address key challenges and opportunities within the Neomycin Sulfate API market.
Supporting Data and Appendices: The report include supporting data, charts, and graphs to substantiate the analysis and findings. It also includes appendices with additional detailed information, such as data sources, survey questionnaires, and detailed market forecasts.
Market Segmentation
Neomycin Sulfate API market is split by Type and by Application. For the period 2018-2029, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
Market segment by Type
Veterinary Use
Human Use
Market segment by Application
Biopharmaceutical
Research
Global Neomycin Sulfate API Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Major players covered
Yichang Three Gorges Pharmaceutical
Shandong Saito Biotechnology
Xinyu Pharmaceutical
Renfu Medicine
Manus Aktteva Biopharma
DKSH
Fagron Industry
Caesar & Loretz GmbH
Syndesmos
B Joshi Agrochem Pharma
Crystal Pharma
Sichuan Long March Pharmaceuticals
Outline of Major Chapters:
Chapter 1: Introduces the definition of Neomycin Sulfate API, market overview.
Chapter 2: Global Neomycin Sulfate API market size in revenue and volume.
Chapter 3: Detailed analysis of Neomycin Sulfate API manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of Neomycin Sulfate API in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Global Neomycin Sulfate API capacity by region & country.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 11: The main points and conclusions of the report.
1 Introduction to Research & Analysis Reports
1.1 Neomycin Sulfate API Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Neomycin Sulfate API Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global Neomycin Sulfate API Overall Market Size
2.1 Global Neomycin Sulfate API Market Size: 2022 VS 2029
2.2 Global Neomycin Sulfate API Revenue, Prospects & Forecasts: 2018-2029
2.3 Global Neomycin Sulfate API Sales: 2018-2029
3 Company Landscape
3.1 Top Neomycin Sulfate API Players in Global Market
3.2 Top Global Neomycin Sulfate API Companies Ranked by Revenue
3.3 Global Neomycin Sulfate API Revenue by Companies
3.4 Global Neomycin Sulfate API Sales by Companies
3.5 Global Neomycin Sulfate API Price by Manufacturer (2018-2023)
3.6 Top 3 and Top 5 Neomycin Sulfate API Companies in Global Market, by Revenue in 2022
3.7 Global Manufacturers Neomycin Sulfate API Product Type
3.8 Tier 1, Tier 2 and Tier 3 Neomycin Sulfate API Players in Global Market
3.8.1 List of Global Tier 1 Neomycin Sulfate API Companies
3.8.2 List of Global Tier 2 and Tier 3 Neomycin Sulfate API Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type – Global Neomycin Sulfate API Market Size Markets, 2022 & 2029
4.1.2 Veterinary Use
4.1.3 Human Use
4.2 By Type – Global Neomycin Sulfate API Revenue & Forecasts
4.2.1 By Type – Global Neomycin Sulfate API Revenue, 2018-2023
4.2.2 By Type – Global Neomycin Sulfate API Revenue, 2024-2029
4.2.3 By Type – Global Neomycin Sulfate API Revenue Market Share, 2018-2029
4.3 By Type – Global Neomycin Sulfate API Sales & Forecasts
4.3.1 By Type – Global Neomycin Sulfate API Sales, 2018-2023
4.3.2 By Type – Global Neomycin Sulfate API Sales, 2024-2029
4.3.3 By Type – Global Neomycin Sulfate API Sales Market Share, 2018-2029
4.4 By Type – Global Neomycin Sulfate API Price (Manufacturers Selling Prices), 2018-2029
5 Sights by Application
5.1 Overview
5.1.1 By Application – Global Neomycin Sulfate API Market Size, 2022 & 2029
5.1.2 Biopharmaceutical
5.1.3 Research
5.2 By Application – Global Neomycin Sulfate API Revenue & Forecasts
5.2.1 By Application – Global Neomycin Sulfate API Revenue, 2018-2023
5.2.2 By Application – Global Neomycin Sulfate API Revenue, 2024-2029
5.2.3 By Application – Global Neomycin Sulfate API Revenue Market Share, 2018-2029
5.3 By Application – Global Neomycin Sulfate API Sales & Forecasts
5.3.1 By Application – Global Neomycin Sulfate API Sales, 2018-2023
5.3.2 By Application – Global Neomycin Sulfate API Sales, 2024-2029
5.3.3 By Application – Global Neomycin Sulfate API Sales Market Share, 2018-2029
5.4 By Application – Global Neomycin Sulfate API Price (Manufacturers Selling Prices), 2018-2029
6 Sights by Region
6.1 By Region – Global Neomycin Sulfate API Market Size, 2022 & 2029
6.2 By Region – Global Neomycin Sulfate API Revenue & Forecasts
6.2.1 By Region – Global Neomycin Sulfate API Revenue, 2018-2023
6.2.2 By Region – Global Neomycin Sulfate API Revenue, 2024-2029
6.2.3 By Region – Global Neomycin Sulfate API Revenue Market Share, 2018-2029
6.3 By Region – Global Neomycin Sulfate API Sales & Forecasts
6.3.1 By Region – Global Neomycin Sulfate API Sales, 2018-2023
6.3.2 By Region – Global Neomycin Sulfate API Sales, 2024-2029
6.3.3 By Region – Global Neomycin Sulfate API Sales Market Share, 2018-2029
6.4 North America
6.4.1 By Country – North America Neomycin Sulfate API Revenue, 2018-2029
6.4.2 By Country – North America Neomycin Sulfate API Sales, 2018-2029
6.4.3 US Neomycin Sulfate API Market Size, 2018-2029
6.4.4 Canada Neomycin Sulfate API Market Size, 2018-2029
6.4.5 Mexico Neomycin Sulfate API Market Size, 2018-2029
6.5 Europe
6.5.1 By Country – Europe Neomycin Sulfate API Revenue, 2018-2029
6.5.2 By Country – Europe Neomycin Sulfate API Sales, 2018-2029
6.5.3 Germany Neomycin Sulfate API Market Size, 2018-2029
6.5.4 France Neomycin Sulfate API Market Size, 2018-2029
6.5.5 U.K. Neomycin Sulfate API Market Size, 2018-2029
6.5.6 Italy Neomycin Sulfate API Market Size, 2018-2029
6.5.7 Russia Neomycin Sulfate API Market Size, 2018-2029
6.5.8 Nordic Countries Neomycin Sulfate API Market Size, 2018-2029
6.5.9 Benelux Neomycin Sulfate API Market Size, 2018-2029
6.6 Asia
6.6.1 By Region – Asia Neomycin Sulfate API Revenue, 2018-2029
6.6.2 By Region – Asia Neomycin Sulfate API Sales, 2018-2029
6.6.3 China Neomycin Sulfate API Market Size, 2018-2029
6.6.4 Japan Neomycin Sulfate API Market Size, 2018-2029
6.6.5 South Korea Neomycin Sulfate API Market Size, 2018-2029
6.6.6 Southeast Asia Neomycin Sulfate API Market Size, 2018-2029
6.6.7 India Neomycin Sulfate API Market Size, 2018-2029
6.7 South America
6.7.1 By Country – South America Neomycin Sulfate API Revenue, 2018-2029
6.7.2 By Country – South America Neomycin Sulfate API Sales, 2018-2029
6.7.3 Brazil Neomycin Sulfate API Market Size, 2018-2029
6.7.4 Argentina Neomycin Sulfate API Market Size, 2018-2029
6.8 Middle East & Africa
6.8.1 By Country – Middle East & Africa Neomycin Sulfate API Revenue, 2018-2029
6.8.2 By Country – Middle East & Africa Neomycin Sulfate API Sales, 2018-2029
6.8.3 Turkey Neomycin Sulfate API Market Size, 2018-2029
6.8.4 Israel Neomycin Sulfate API Market Size, 2018-2029
6.8.5 Saudi Arabia Neomycin Sulfate API Market Size, 2018-2029
6.8.6 UAE Neomycin Sulfate API Market Size, 2018-2029
7 Manufacturers & Brands Profiles
7.1 Yichang Three Gorges Pharmaceutical
7.1.1 Yichang Three Gorges Pharmaceutical Company Summary
7.1.2 Yichang Three Gorges Pharmaceutical Business Overview
7.1.3 Yichang Three Gorges Pharmaceutical Neomycin Sulfate API Major Product Offerings
7.1.4 Yichang Three Gorges Pharmaceutical Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.1.5 Yichang Three Gorges Pharmaceutical Key News & Latest Developments
7.2 Shandong Saito Biotechnology
7.2.1 Shandong Saito Biotechnology Company Summary
7.2.2 Shandong Saito Biotechnology Business Overview
7.2.3 Shandong Saito Biotechnology Neomycin Sulfate API Major Product Offerings
7.2.4 Shandong Saito Biotechnology Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.2.5 Shandong Saito Biotechnology Key News & Latest Developments
7.3 Xinyu Pharmaceutical
7.3.1 Xinyu Pharmaceutical Company Summary
7.3.2 Xinyu Pharmaceutical Business Overview
7.3.3 Xinyu Pharmaceutical Neomycin Sulfate API Major Product Offerings
7.3.4 Xinyu Pharmaceutical Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.3.5 Xinyu Pharmaceutical Key News & Latest Developments
7.4 Renfu Medicine
7.4.1 Renfu Medicine Company Summary
7.4.2 Renfu Medicine Business Overview
7.4.3 Renfu Medicine Neomycin Sulfate API Major Product Offerings
7.4.4 Renfu Medicine Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.4.5 Renfu Medicine Key News & Latest Developments
7.5 Manus Aktteva Biopharma
7.5.1 Manus Aktteva Biopharma Company Summary
7.5.2 Manus Aktteva Biopharma Business Overview
7.5.3 Manus Aktteva Biopharma Neomycin Sulfate API Major Product Offerings
7.5.4 Manus Aktteva Biopharma Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.5.5 Manus Aktteva Biopharma Key News & Latest Developments
7.6 DKSH
7.6.1 DKSH Company Summary
7.6.2 DKSH Business Overview
7.6.3 DKSH Neomycin Sulfate API Major Product Offerings
7.6.4 DKSH Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.6.5 DKSH Key News & Latest Developments
7.7 Fagron Industry
7.7.1 Fagron Industry Company Summary
7.7.2 Fagron Industry Business Overview
7.7.3 Fagron Industry Neomycin Sulfate API Major Product Offerings
7.7.4 Fagron Industry Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.7.5 Fagron Industry Key News & Latest Developments
7.8 Caesar & Loretz GmbH
7.8.1 Caesar & Loretz GmbH Company Summary
7.8.2 Caesar & Loretz GmbH Business Overview
7.8.3 Caesar & Loretz GmbH Neomycin Sulfate API Major Product Offerings
7.8.4 Caesar & Loretz GmbH Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.8.5 Caesar & Loretz GmbH Key News & Latest Developments
7.9 Syndesmos
7.9.1 Syndesmos Company Summary
7.9.2 Syndesmos Business Overview
7.9.3 Syndesmos Neomycin Sulfate API Major Product Offerings
7.9.4 Syndesmos Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.9.5 Syndesmos Key News & Latest Developments
7.10 B Joshi Agrochem Pharma
7.10.1 B Joshi Agrochem Pharma Company Summary
7.10.2 B Joshi Agrochem Pharma Business Overview
7.10.3 B Joshi Agrochem Pharma Neomycin Sulfate API Major Product Offerings
7.10.4 B Joshi Agrochem Pharma Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.10.5 B Joshi Agrochem Pharma Key News & Latest Developments
7.11 Crystal Pharma
7.11.1 Crystal Pharma Company Summary
7.11.2 Crystal Pharma Business Overview
7.11.3 Crystal Pharma Neomycin Sulfate API Major Product Offerings
7.11.4 Crystal Pharma Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.11.5 Crystal Pharma Key News & Latest Developments
7.12 Sichuan Long March Pharmaceuticals
7.12.1 Sichuan Long March Pharmaceuticals Company Summary
7.12.2 Sichuan Long March Pharmaceuticals Business Overview
7.12.3 Sichuan Long March Pharmaceuticals Neomycin Sulfate API Major Product Offerings
7.12.4 Sichuan Long March Pharmaceuticals Neomycin Sulfate API Sales and Revenue in Global (2018-2023)
7.12.5 Sichuan Long March Pharmaceuticals Key News & Latest Developments
8 Global Neomycin Sulfate API Production Capacity, Analysis
8.1 Global Neomycin Sulfate API Production Capacity, 2018-2029
8.2 Neomycin Sulfate API Production Capacity of Key Manufacturers in Global Market
8.3 Global Neomycin Sulfate API Production by Region
9 Key Market Trends, Opportunity, Drivers and Restraints
9.1 Market Opportunities & Trends
9.2 Market Drivers
9.3 Market Restraints
10 Neomycin Sulfate API Supply Chain Analysis
10.1 Neomycin Sulfate API Industry Value Chain
10.2 Neomycin Sulfate API Upstream Market
10.3 Neomycin Sulfate API Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 Neomycin Sulfate API Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer