ChimAgis Improvement Helps Agis First Half

Continuation of the significant improvement in the activities of thebulk pharmaceutical subsidiary ChimAgis provides one of the main reasons for the better first-half 1997 financial results of Israel's Agis group.

In his report to shareholders, Agis chairman and chief executive Moshe Arkin says this is a reflection of increased R&D spending and the company's attempts to create new areas of activity with growth potential in Israel and abroad as a response to the "moderation of demand and the increase in competitive pressure on the Israeli pharmaceutical market."

The company also points to the expected changes in government/Ministry of Health policy regarding the import of drugs with the intention of reducing prices significantly (reference was being made to proposals to encourage parallel imports Marketletter September 8) which, it says, could damage drugmakers sales.