Wednesday, August 20, 2014

Venezuela's pharma sector in crisis, says local pharma group

By Sergio Held
Staff Writer

BOGOTA, Colombia – As the political and economic situation worsens in Venezuela, pharmaceutical and biotech companies in the Latin American country are among the most affected by a lack of access to foreign currency.
And patients are feeling the effects directly.
Estimates by health sector analysts and the various guilds and unions suggest that the growing amount of the debt facing multinational pharmaceutical companies is now between $3 billion and $4 billion, a figure that is uncertain but large enough nonetheless to have led to the closure of credit lines from international suppliers to local distributors.
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