Biotech firm sees strong growth in Venezuela
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Despite the global credit crunch affecting sales for many companies in the US and Europe, Latin American markets appear to be bucking the trend for one pharmaceutical company, it has been reported.
According to Latin Business Chronicle, Swiss biotechnology company Novartis has seen robust growth in Latin American countries, with the business in Venezuela performing particularly well.
"The strongest growth – for the last 24 months – is Venezuela," Carlos Garcia, Latin American regional head for Novartis, told the publication.
Mr Garcia also noted that Latin America is the fastest-growing region for the company's products and revenue from those countries increased by 11 per cent in 2007.
Last week, Venezuelan president Hugo Chavez cut a 1.5 per cent tax on financial transactions to help increase economic growth.
He also said that his government will be providing a fund of $1 billion (£500 million) to finance private sector projects and encourage manufacturing and food production.
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