BMI View: We expect interest in Uzbekistan’s pharmaceutical market to increase over the coming decades, both from the point of view of imports and local involvement in drug manufacturing. The government is increasingly aiming to attract foreign players through tax and other incentives, which are already resulting in a rising number of joint ventures. However, we caution that Uzbekistan will remain a risky market, due to factors such as state bias in favour of local companies, especially given its high stakes in various enterprises, corruption and deficient intellectual property rights (IPRs) enforcement. Moreover, the recent changes in relation to foreign …
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