Venezuelan govt increasing control over pharmaceutical sector

Venezuela’s national government has changed its policy with regard to the pharmaceutical sector. This year, government authorities have taken a number of steps, stripping the sector of its "priority" treatment, writes Roberto Deniz in the El Universal newspaper.

The Venezuelan pharmaceutical market is the third largest in Latin America, and was valued at $6.8 billion in 2010, an increase of 32.7% on the previous year.

Last week, the government put 70% of final products from the pharmaceutical and laboratory sector in list 2 of the Foreign Exchange Administration Commission (Cadivi). Therefore, the requirements to import these products increased and now the pharmaceutical sector should process the Non-Production certificate (CNP) before requesting dollars.