No Market Recovery In Sight

BMI believes that pharmaceutical sales in Latvia is likely to be the worst hit among our 71-country pharmaceutical market universe. Data over the first 10 months of 2009 varies, although the most negative trends show a 10.4% year-on-year contraction from February to October 2009. Latvian State Agency of Medicines data, however, shows differing trends, with both positive and negative indicators depending on the type of measurement. BMI forecasts that year-end results will show a contraction of 4.92% in local currency terms. Devaluation of the lat will have a devastating effect on headline growth, translating into a contraction of 24.83%.

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