In line with our view, price inflation is contributing to pharmaceutical volume drop-off in Ukraine. Sales have risen in local currency terms, but declined in real terms. We see the remainder of 2014 and 2015 as being particularly challenging within Ukraine owing to upcoming headwinds and distressed market conditions.
Current account dynamics are pushing the Turkish government to attract multinationals and local drugmakers to expand manufacturing capacity in order to reduce the country's reliance on imported pharmaceuticals and medical devices. We see the goals laid out as unachievable within the timeframe set. Investment by multinationals in Turkey will be moderated by the restrictive legislation and consid...
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