Details Of Structural Reforms And 2011 Budget Reforms Emerge

BMI View: We believe that the Hungarian government's aim to decrease pharmaceutical subsidies by increasing the burden on drugmakers, and attempting to avoid any form of increased patient payments, is not achievable or sustainable in the longer term. While we have recently lowered our projections for Hungary's pharmaceutical market in response to the government's structural reform programme, we do not believe the reported magnitude of the cuts to drug subsidies will be achievable. While a moderate market contraction is expected in 2012 and 2013, our longer-term outlook is more sanguine.

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