Risks And Low Prices Weigh On 2011-2012 Drug Market Growth Prospects

BMI View: We continue to expect Romania's pharmaceutical market to return high single-digit growth in 2011 and 2012. However, weaker than expected drug price inflation in Q211 has resulted in a downward revision to our projections. We continue to highlight risks in this market, especially in the delay of payments to pharmacists from the National Health Insurance House (Casa Naţională de Asigurări de Sănătate, CNAS), which are a major concern for retail pharmacies and drug producers. Comments from the Romanian president in July 2011 are a further indication that this problem is far from resolution and will weigh on growth in the quarters to come.

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