Promising Outlook, Although Risks Remain

BMI View: Despite the prospect of lower prices as a result of amendments to the drug reference pricing system, Bulgaria's pharmaceutical market looks set for high single-figure growth over the long term. The final outcome of the latest reforms remains unclear, with Bulgarian Health Minister Stefan Konstantinov launching a four-month consultation period in April 2011 which could result in significant amendments to the current proposed reforms. The market's attractiveness is somewhat limited by its size, but BMI believes that elevated growth rates, including demand for innovative medicines, makes this market an appealing target for multinational drugmakers.

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