International Trade and Determinants of Price Differentials of Insulin Medicine

7/26/2019 International Trade and Determinants of Price Differentials of Insulin Medicine

1/25

BNHF [crafmk Tbpor Porfos

Fmtormbtfcmbi ^rbno bmn Notorgfmbmts ceTrf`o Nfeeoromtfbis ce Fmsuifm Gonf`fmo

Gbttlfbs Loihio^cslfbaf Bfzbwb

Mc. ??2Mcvoghor 842?

Bsfbm Novoicpgomt Hbma Fmstftuto


2/25

^lo [crafmk Tbpor sorfos fs b `cmtfmubtfcm ce tlo ecrgoriy mbgon Nfsùssfcm Tbpor sorfos1tlo mughorfmk ce tlo pbpors `cmtfmuon wftlcut fmtorruptfcm cr `lbmko. BNHFs wcrafmkpbpors roeio`t fmftfbi fnobs cm b tcpf` bmn bro pcston cmifmo ecr nfsùssfcm. BNHF om`curbkos

robnors tc pcst tlofr `cggomts cm tlo gbfm pbko ecr ob`l wcrafmk pbpor (kfvom fm tlo`ftbtfcm hoicw). Pcgo wcrafmk pbpors gby novoicp fmtc ctlor ecrgs ce puhif`btfcm.

Pukkoston ftbtfcm:

Loihio, G., bmn ^. Bfzbwb. 842?. Fmtormbtfcmbi ^rbno bmn Notorgfmbmts ce Trfò Nfeeoromtfbisce Fmsuifm Gonf`fmo. BNHF [crafmk Tbpor ??2. ^cayc: Bsfbm Novoicpgomt Hbma Fmstftuto.Bvbfibhio: lttp://www.bnh.crk/puhif`btfcms/fmtormbtfcmbi-trbno-bmn-notorgfmbmts-prfò-nfeeoromtfbis-fmsuifm-gonf`fmo/

Tiobso `cmtb`t tlo butlcrs ecr fmecrgbtfcm bhcut tlfs pbpor.

Ogbfi:

Gbttlfbs Loihio:gloihioDbnhf.crk

^cslfbaf Bfzbwb:tbfzbwbDbnhf.crk

Gbttlfbs Loihio fs b rosobr`l eoiicw bt tlo Bsfbm Novoicpgomt Hbma Fmstftuto (BNHF).

^cslfbaf Bfzbwb fs b rosobr`l bssc`fbto bt BNHF.

^lo vfows oxprosson fm tlfs pbpor bro tlo vfows ce tlo butlcr bmn nc mct moòssbrfiy

roeio`t tlo vfows cr pcif`fos ce BNHF, BNH, fts Hcbrn ce Nfro`tcrs, cr tlo kcvormgomtstloy roprosomt. BNHF ncos mct kubrbmtoo tlo b`ùrb`y ce tlo nbtb fmìunon fm tlfs pbporbmn b`òpts mc rospcmsfhfifty ecr bmy `cmsoquomòs ce tlofr uso. ôrgfmcicky uson gbymct moòssbrfiy ho `cmsfstomt wftl BNH ceef`fbi torgs.

[crafmk pbpors bro suhjo`t tc ecrgbi rovfsfcm bmn `crro`tfcm hoecro tloy bro efmbifzonbmn `cmsfnoron puhifslon.

Bsfbm Novoicpgomt Hbma FmstftutoAbsugfkbsoaf Hufinfmk


3/25

BNHF [crafmk Tbpor ??2 Loihio bmn Bfzbwb

Bhstrb`t

Ogpfrf`bi stunfos cm plbrgbòutf`bis prf`fmk b`rcss `cumtrfos lbvo ecumn ovfnomòtlbt prfòs vbry b``crnfmk tc por `bpftb fm`cgo. ^loso stunfos bro typf`biiy hbson cmsurvoy nbtb ercg b suhsot ce `cumtrfos bmn `cvor cmiy cmo yobr. Fm tlfs pbpor, wo stunytlo fmtormbtfcmbi trbno bmn prfò ce fmsuifm hy usfmk notbfion trbno nbtb ecr 2, F22


4/25


@cmtomts

2. Fmtrcnu`tfcm ............................................................................................................ 0

8. Hbàkrcumn ............................................................................................................ >

0. Xoibton Iftorbturo .................................................................................................. 5

>. Nbtb bmn Nos`rfptfcm .............................................................................................. ;

>.2 Nbtb .......................................................................................................... ;>.8 Nbtb Nos rfptfcm .......................................................................................

5. Ostfgbtfcm Xosuits ............................................................................................... 2?

5.2 @cumtry Efxon Oeeo`t ............................................................................... 2?5.8 @cumtry-Tbfr Efxon Oeeo`ts ...................................................................... 2;

;. @cmìusfcm bmn Nfsùssfcm .................................................................................. 2


5/25


0

Fmtormbtfcmbi trbno fs vftbi ecr b`òss tc gonf`fmos bmn ctlor gonf`bi to`lmcickfos,gbraoniy sc ecr sgbiior bmn ioss roscuròn cumtrfos. rbno stfguibtos cgpotftfcm,wlf`l fm turm ronuòs prfòs bmn ceeors b wfnor rbmko ce suppifors, fgprcvfmk soùrftybmn pronf`tbhfifty ce suppiy.([LC/[FTC/[^C 8420)

2. FM^XCN_@^FCM

Mcm-`cggumf`bhio nfsobsos lbvo ho`cgo b gbjcr puhif` lobitl `cmòrm fm hctlnovoicpon bmn novoicpfmk `cumtrfos. B``crnfmk tlo [crin Lobitl Crkbmfzbtfcm ([LC)(8420b), mcm-`cggumf`bhio nfsobsos bro rospcmsfhio ecr bigcst twc-tlfrns ce biinobtls. [LC (8420h, 8420`) ostfgbtos tlbt 0>; gfiifcm pocpio wcrinwfno ùrromtiysueeor ercg nfbhotos, wftl gcro tlbm ;2 hfiifcm ceoxpomnfturo ecr 8428, cr bhcut 22% ce tctbi lobitl `bro oxpomnfturo ecr bnuits.

Nfbhotos c`ùrs oftlor wlom tlo pbm`robs ncos mct prcnuò omcukl fmsuifm (^ypo 2) crwlom tlo hcny fs umbhio tc prcòss tlo fmsuifm ft ncos prcnuò (^ypo 8). Fmsuifm fsmoonon tc rokuibto hiccn sukbr. Nuo tc fts sfgfibrfty tc lugbm fmsuifm, bmfgbi fmsuifmwbs efrst uson tc trobt nfbhotos. Fm tlo 26).Po`cmn, tlo fmsuifm fmnustry `bm ho nos`rfhon bs cifkcpcifstf`, bs tlroo gbmueb`turorsncgfmbto tlo wcrin gbraot. ^lfrn, ercg bm fmtormbtfcmbi o`cmcgf`s porspo`tfvo, tlofmsuifm `bso fs fmsfklteui ho`buso tlo sbgo prcnu`t fs moonon fm bii `cumtrfos brcumntlo wcrin, hut gbmueb`turfmk cmiy tbaos pibò fm b rostrf`ton mughor ce `cumtrfos hy bsgbii mughor ce prcnuòrs. _mrostrf`ton bmn cpom trbno ce fmsuifm fs tloroecro lfkliyfgpcrtbmt ercg b puhif` lobitl porspo`tfvo. Fm suggbry, fm tlo fmsuifm gbraot, b sgbii

mughor ce prcnuòrs prcvfno b roibtfvoiy lcgckomocus kccn tc tlo omtfro wcrin. ^lfs`bso fs gobmfmkeui tc stuny ho`buso sfgfibr `cmnftfcms gfklt bppiy tc ctlor gbraots.Ospo`fbiiy fm òrtbfm mf`lo gbraots, gbraot pcwor fs `cmòmtrbton bgcmk b eowprcnuòrs tlbt bro cetom `cmòmtrbton kockrbplf`biiy. ^lo efmnfmks ce cur stuny gfklttloroecro ho ce roiovbmò ecr ctlor so`tcrs.

[lomovor b lcgckomocus kccn fs prcvfnon tc nfeeoromt gbraots, tlo efrst quostfcm bmo`cmcgfst bsas `cmòrms tlo nfeeoromò fm prfòs. Trfò nfeeoromòs gfklt ho tlo rosuitce gbraot sokgomtbtfcm, `cgpotftfvo prossuro, trbno hbrrfors, cr ctlor eb`tcrs. Amcwfmkwly prfòs nfeeor `bm biicw us tc hottor umnorstbmn tlo nrfvors holfmn prfòs bmnpcssfhiy nosfkm pcif`fos tc hrfmk prfòs ncwm. Fm tlo `bso ce fmsuifm, icwor prfòs wcuintrbmsibto fmtc hottor b`òss tc gonf`fmo bmn icwor `csts ecr lobitl systogs.


6/25


>

[o gobsuron tlo prfò ce fmsuifm hy usfmk trbno nbtb bmn `biùibtfmk umft prfòs ecrob`l `cumtry. ^lo umft prfò fs sfgpiy tlo prfò fm _P nciibrs ce cmo qubmtfty umft(gcstiy 2 afickrbg). _mft prfòs bro b aoy fmkronfomt ce ogpfrf`bi rosobr`l fmfmtormbtfcmbi o`cmcgf`s. Ecr oxbgpio, tloy bro uson tc `cgputo trbno prfò fmnoxos(Hrcnb bmn [ofmstofm 8445) bmn torgs ce trbno, cr tc fnomtfey `cumtrfos spo`fbifzbtfcmsbicmk b ibnnor ce vortf`biiy nfeeoromtfbton vbrfotfos (P`lctt 844


7/25


?

Efkuro 2: Nobtls `buson hy Nfbhotos Goiiftus (8444, 842?, 8404)

(444)

Pcurò: [LC Lobitl Ptbtfstf`s (8420).

Efkuro 8 slcws tlo nobtls por 244,444 pocpio `buson hy nfbhotos goiiftus. ^lolfklost mughor ce nobtls wbs ro`crnon fm tlo Bgorf`bs fm 8444, wftl Berf`b bmnPcutlobst Bsfb `cgfmk fm so`cmn bmn tlfrn pibò, rospo`tfvoiy. [LC ostfgbtos tlbt fm842? bmn 8404 tlo rokfcm wftl tlo lfklost mughor wfii rogbfm tlo Bgorf`bs, bmnPcutlobst Bsfb wfii ho`cgo tlo rokfcm wftl tlo so`cmn-ibrkost roibtfvo mughor ce

nobtls `buson hy nfbhotos goiiftus.Efkuro 8: Nobtls por 244,444 Tocpio @buson hy Nfbhotos Goiif tus , hy Xokfcm

Pcurò: [LC Lobitl Ptbtfstf`s (8420).

4 844 >44 544 4 ?4Nobtls

[crin

[ostorm Tb`fef`

Pcutlobst Bsfb

Ourcpo

Obstorm Gonftorrbmobm

Bgorf`bs

Berf`b

8404842?8444

8404842?8444

8404842?8444

8404842?8444

8404842?8444

8404842?8444

8404842?8444


8/25


5

^lo mughor ce nobtls tlbt bro nfro`tiy ifmaon tc nfbhotos goiiftus umnorostfgbtos tlolobitl prchiogs `buson hy tlo nfsobso. Ft fs woii amcwm tlbt cvor tfgo nfbhotosgoiiftus cetom nbgbkos tlo lobrt, hiccn vossois, oyos, afnmoys, bmn morvos, tlorohyfm`robsfmk tlo rfsa ce lobrt nfsobso bmn strcao. Ft lbs bisc hoom fnomtfefon bs tloiobnfmk `buso ce rombi ebfiuro fm gbmy novoicpon bmn novoicpfmk `cumtrfos. ^lo hurnomce tlo nfsobso cm fmnfvfnubis lobitl bmn cm lobitl systogs fs tloroecro suhstbmtfvoiylfklor tlbm tlo gcrtbifty stbtfstf`s fmnf`bto.

Nfbhotos fs bm fmùrbhio, `lrcmf` `cmnftfcm, bmn pbtfomts bro typf`biiy trobton cvorsovorbi no`bnos, wlf`l `busos lfkl `csts ecr pbtfomts bmn lobitl systogs. [LCostfgbtos tlbt pocpio sueeorfmk ercg nfbhotos roqufro bt iobst twc tc tlroo tfgos tlolobitl `bro roscuròs `cgpbron tc pocpio wftlcut tlo nfsobso, b``cumtfmk ecr up tc2?% ce mbtfcmbi lobitl `bro hunkots ([LC 8420n). ^lo fm`robson lobitl `bro `csts`bm ho `cvoron hy lobitl systogs, hut fm tlo `bso ce woba lobitl `bro systogs tlofmnfvfnubis tlogsoivos moon tc efmbmò gcst ce tlo bnnftfcmbi lobitl `bro `csts.Nfbhotos bmn fts `cgpif`btfcms tlus lbvo sfkmfef`bmt o`cmcgf` fgpb`ts cm fmnfvfnubis,ebgfifos, lobitl `bro systogs bmn `cumtrfos. Ecr oxbgpio, [LC ostfgbtos tlbt fm tlo

porfcn 8445842?, tlo TX@ wfii icso $??< hfiifcm fm ecrokcmo mbtfcmbi fm`cgo nuo tclobrt nfsobso, strcao, bmn nfbhotos bicmo ([LC 8420b).

^lo rfsfmk provbiomò ce nfbhotos lbs ion tc b surko fm nruk sbios ecr trobtgomtwcrinwfno. Ft fs ostfgbton tlbt sbios ce fmsuifm wfii fm`robso ercg $28 hfiifcm fm 844< tc$?> hfiifcm fm 8404. Fm tlo `bso ce tlo TX@, ft fs ropcrton tlbt sovorbi `cgpbmfosro`crnon bmmubi fm`robsos ce 84% cvor roòmt yobrs (Hiccghork 8420). ^cnby, tlroogbjcr plbrgbòutf`bi `cgpbmfos, mbgoiy Mcvc Mcrnfsa, Oif Ifiiy, bmn Pbmcef-Bvomtfs,prcvfno tlo gbjcrfty ce fmsuifm tc wcrin gbraots. Lcwovor, gcro bmn gcro ic`bigbmueb`turors fm cee-pbtomt `cumtrfos lbvo ho`cgo b`tfvo fm tlo gbraot, ospo`fbiiy fmtlo TX@, Fmnfb, bmn tlo Xussfbm Eonorbtfcm.

Gcst fmsuifm `cgos fm fmjo`tbhio ecrg, oftlor tlrcukl syrfmkos, poms, pugps, cr moonio-eroo novfòs. ^lo wcrin fmsuifm gbraot `cmsfsts gbfmiy ce tlroo prcnu`t ìbssos:ro`cghfmbmt lugbm fmsuifm, bs woii bs ebst-b`tfmk bmn sicw-b`tfmk fmsuifm bmbickuos.^lo ro`cghfmbmt lugbm sokgomt fs krbnubiiy hofmk ropibòn hy fmsuifm bmbickuos.Povorbi s`fomtfef` stunfos lbvo ecumn tlbt tloro fs ùrromtiy mc ovfnomò ce tlosuporfcrfty ce fmsuifm bmbickuos cvor symtlotf` lugbm fmsuifms fm tlo trobtgomt ce bnuitpbtfomts wftl nfbhotos. 2 Fm tlo eciicwfmk, tlo wcrn fmsuifm om`cgpbssos bii tlrooprcnu`t ibssos.

0. XOIBÔN IFÔXB^_XO

^lo lobitl o`cmcgf`s iftorbturo lbs ropobtoniy stunfon wlotlor plbrgbòutf`bi`cgpbmfos bppiy `rcss-mbtfcmbi prfò nfs`rfgfmbtfcm. ^lo efmnfmks lbvo hoom gfxon.Ecr oxbgpio, Nbmzcm bmn @lbc (8444) slcw tlbt ecr sovom `cumtrfos (@bmbnb,Erbmò, Korgbmy, Ftbiy, Jbpbm, tlo _A, bmn tlo _P), `rcss-mbtfcmbi prfòs roeio`tfgpif`ft nfeeoromòs fm prcnu`t `lbrb`torfstf`s. Eurtlorgcro, tloy efmn tlbt strf`t prfòrokuibtfcm systogbtf`biiy icwors prfòs ecr cinor gcioùios bmn kichbiiy nfeeusongcioùios. Fm b roòmt stuny, Gcroi ot bi. (8422) `cgpbro bvorbko plbrgbòutf`biprfòs fm 2> gfnnio-fm`cgo `cumtrfos tc tlcso fm tlroo lfkl-fm`cgo `cumtrfos bmn b icw-fm`cgo rokfcm fm wostorm Berf`b. ^lo butlcrs slcw tlbt scgo gfnnio-fm`cgo `cumtrfos

2Ecr oxbgpio, tlo @bmbnfbm Bkom`y ecr Nruks bmn ô`lmcickfos fm Lobitl ecumn fm fts 844< `cgpbrfscm

ce tlo oeeo`ts ce fmsuifm bmbickuos bmn hfcsymtlotf` lugbm fmsuifm, tlbt fmsuifm bmbickuos ebfion tc slcw

bmy ìfmf`biiy roiovbmt nfeeoromòs, hctl fm torgs ce kiyògf` `cmtrci bmn bnvorso rob`tfcm prcefio(Hbmorjoo ot bi. 844;).


9/25


;

pby gcro ecr plbrgbòutf`bis tlbm lfkl-fm`cgo `cumtrfos1 ecr oxbgpio, prfòs fmsovorbi gfnnio-fm`cgo `cumtrfos oxòonon tlcso fm tlo _A ecr scgo yobrs ce tlo stunyporfcn.

Bmctlor strobg ce rosobr`l lbs kbtloron strcmk ogpfrf`bi ovfnomò ecr prfò

nfs`rfgfmbtfcm. P`lut bmn vbm Horkofja (26) `cgo tc b sfgfibr `cmìusfcm, efmnfmk tlbt prfònfeeoromòs oxfst b`rcss `cumtrfos1 lcwovor, tlo nfeeoromòs bro rbtlor sgbii.If`ltomhork (8422) efmns ovfnomò tlbt plbrgbòutf`bi `cgpbmfos `lbrko icwor prfòsfm icw-fm`cgo `cumtrfos tlbm fm novoicpon `cumtrfos. P`lwoftzor bmn @cgbmcr (8422)stuny tlo prfòs ce 04 nruks fm 86 `cumtrfos bmn efmn tlbt gbmy prfòs bro suhstbmtfbiiynfs`cumton fm gfnnio-fm`cgo bmn novoicpfmk `cumtrfos, `cgpbron tc prfòs fmnovoicpon `cumtrfos, bmn nc mct oxòon icmk-rum gbrkfmbi `csts. ^lo ogpfrf`biiftorbturo fs tlus mct `cmìusfvo wlotlor prfò nfs`rfgfmbtfcm tbaos pibò, hut tlorosoogs tc ho `cmsomsus tlbt por `bpftb fm`cgo fs b notorgfmbmt wlom plbrgbòutf`bi

`cgpbmfos sot prfòs.

Fm tlfs stuny, wo uso umft prfò nbtb tc notorgfmo wlotlor, fm tlo `bso ce fmsuifm, prfònfs`rfgfmbtfcm fs bppifon cr mct. Lcwovor, cur pbpor kcos cmo stop eurtlor: wo mct cmiyicca bt fm`cgo, hut bisc bt vbrfcus ctlor gbraot `cmnftfcms bs pcssfhio prfònotorgfmbmts. Hrcbnomfmk tlo oxpibmbtcry s`cpo ce prfò nfs`rfgfmbtfcm fs tlo aoy`cmtrfhutfcm ce tlfs pbpor. Gcst spo`fef`biiy, wo tost wlotlor gbraot sfzo, `cgpotftfcm,trbno pcif`y, fmstftutfcmbi brrbmkogomt, bmn rokuibtfcm gbttor ecr prfòs. [o bro bhio tcnc sc ho`buso wo stuny b vory mbrrcw prcnu`t tlbt fs prcvfnon hy b sgbii mughor ceprcnuòrs. Cur pbpor fs tloroecro mct cmiy b `cmtrfhutfcm tc tlo lobitl o`cmcgf`siftorbturo, hut bisc tc tlo fmtormbtfcmbi trbno iftorbturo. ^lo trbno gcnois tlbt `cmstftutotlo host eft wftl cur sot-up bro tlcso hbson cm gcmcpcifstf` `cgpotftfcm. Fm tloso

gcnois, kbfms ercg trbno bro typf`biiy norfvon ercg `lbmkos fm tlo mughor ce bvbfibhiovbrfotfos fm ob`l `cumtry, bs woii bs tlo gbraot sfzo (Arukgbm 26. NB^B BMN NOP@XFT^FCM

>.2 Nbtb

Gcst fmtormbtfcmbi trbno nbtb fs ro`crnon b``crnfmk tc tlo Lbrgcmfzon @cggcnftyNos`rfptfcm bmn @cnfmk Pystog (LP), wlf`l ìbssfefos bii trbno eicws fmtc brcumn 5,444prcnu`t krcups, cr suhlobnfmks. ^lo gbjcrfty ce efmfslon plbrgbòutf`bi prcnu`ts `bmho ecumn fm tlo lobnfmks LP 0440 (huia gonf`fmos) cr LP 044> (ncsfefon gonf`fmos).Fmsuifm prcnu`ts bro `cmtbfmon fm twc suhlobnfmks: LP 044002 gonf`bgomts`cmtbfmfmk fmsuifm (mct fm gobsuron ncsos cr put up ecr rotbfi sbio) bmn LP 044>02gonf`bgomts `cmtbfmfmk fmsuifm (put fm pbàfmks ecr rotbfi sbio). Fmtormbtfcmbi trbno cehuia gonf`fmos `cmtbfmfmk fmsuifm fs vory sgbii `cgpbron tc fmtormbtfcmbi trbno ce LP044>02 (ioss tlbm 4.42% fm 8424). Ecr cur stuny, wo wfii tloroecro cmiy tbao fmtcb``cumt trbno eicws bmn tbrfees ecr LP 044>02.

Fm `cgpbrfscm tc ctlor gonf`fmos fmìunon fm tlo LP 044> lobnfmk, LP 044>02 `cvors

b roibtfvoiy sgbii rbmko ce nruks, mbgoiy hfcsymtlotf` ro`cghfmbmts ce lugbm fmsuifm


10/25


>4gonf`bgomts `cmtbfmfmk biabicfns cr norfvbtfvos tloroce, nfeeoromt nruks bro iugpontckotlor, bmn ft tloroecro ho`cgos bigcst gobmfmkioss tc `biùibto umft prfòs.Lcwovor, wo brkuo tlbt LP 044>02 fs pbrtfùibriy woii sufton tc wcrafmk wftl umftvbiuos bs tlo plbrgbòutf`bis `cmtbfmon fm tlfs suhlobnfmk bro roibtfvoiy

lcgckomocus.

Eurtlorgcro, fm tlo ogpfrf`bi rosobr`l fm fmtormbtfcmbi o`cmcgf`s, umft vbiuos bro`lcsom ecr prfò ostfgbtos. Ecr oxbgpio, umft vbiuos bro uson tc `cgputo trbno prfòfmnoxos (Hrcnb bmn [ofmstofm 8445) cr torgs ce trbno, cr tc fnomtfey `cumtrfosspo`fbifzbtfcm bicmk b ibnnor ce vortf`biiy nfeeoromtfbton vbrfotfos (P`lctt 84402 lbvo fm`robson stoopiy, ospo`fbiiy sfmò 8444.

8^lfs efkuro bs b tlroslcin fs bpprcxfgbtoiy 24 tfgos ibrkor tlbm tlo sbgpio gobm ce tlo umft prfò.0lttp://nbtb.wcrinhbma.crk/fmnf`btcr


11/25


6

Efkuro 0: Ovciutfcm ce Uciugos bmn Ubiuos ce LP 044>02, 266?842?

Pcurò: _M @CG^XBNO.

Efkuro > fiiustrbtos tlo `lbmko fm tlo trbno vciugos ce gonf`bgomts `cmtbfmfmk fmsuifmbgcmk Crkbmfsbtfcm ecr O`cmcgf` @c-cporbtfcm bmn Novoicpgomt (CO@N) `cumtrfosbmn mcm-CO@N `cumtrfos, sottfmk tlo vciugo fm 266? bs 244. ^lo moon ecr fmsuifmbppobrs tc ho krcwfmk fm hctl novoicpon `cumtrfos bmn novoicpfmk `cumtrfos. [lorobsCO@N `cumtrfos stbrton tc fgpcrt gu`l gcro ercg 8444 cmwbrns, mcm-CO@N `cumtrfoseciicwon cmiy b eow yobrs ibtor. Ercg 8444 tc 8420, tlo vciugo ce fmsuifm fgpcrton fmvbiuo torgs hy CO@N `cumtrfos krow hy 20.65% bmmubiiy1 fm mcm-CO@N `cumtrfos hy2?.4?%.

Efkuro >: Ovciutfcm ce Fgpcrts ce LP 044>02

($, fmnoxon tc 266?7244)

CO@N 7 Crkbmfsbtfcm ecr O`cmcgf` @c-cporbtfcm bmn Novoicpgomt.


4

?

24

2?

84

8?

04

Uciugo

266? 8444 844? 8424 8420Vobr

266?-8420

^ctbi vciugo (gfiifcm umfts)

8

>

5

4

4

?44

544

;44

.8.8 Gbraot @cgpotft fcm

Bmctlor fmtorostfmk quostfcm tc bsa fs lcw tlo mughor ce oxpcrtfmk `cumtrfos lbs`lbmkon cvor tlo porfcn. B lfklor mughor wcuin fmnf`bto tlbt `cumtrfos fgpcrt tlofrfmsuifm ercg bm fm`robsfmk mughor ce scuròs, wlf`l `cuin iobn tc gcro `cgpotftfcm

bmn pctomtfbiiy icwor prfòs.>

B lfklor mughor ce suppifors gfklt bisc kc lbmn fm lbmnwftl krobtor suppiy soùrfty. Efkuro ? fiiustrbtos tlo mughor ce `cumtrfos ercg wlf`l`cumtrfos fgpcrt fmsuifm1 fm ctlor wcrns, bii trbno roibtfcms ecr LP 044>02. ^lo tctbimughor krow stobnfiy bgcmk hctl CO@N `cumtrfos bmn tlo ctlor `cumtrfos umtfi tloibto 8444s. Pfmò 8424, wo chsorvo b sifklt noìfmo.

Efkuro ?: Ovciutfcm ce tlo Mughor ce Fmtormbtfcmbi ^rbno Xoibtfcms ecr LP 044>02,266?8420



>.8.0 ^lo _mft Trfò

Bs oxpibfmon bhcvo, tlo aoy bnvbmtbko ce stunyfmk fmtormbtfcmbi trbno fm LP 044>02 fstlbt wo bro bhio tc `biùibto umft prfòs ecr ob`l scurò1 ecr oxbgpio, cmo `bm `biùibtotlo umft prfò ce 2 ak ce LP 044>02 tlbt @lfio fgpcrts ercg Nomgbra. Fm crnor tc bssoss

wlotlor novoicpon `cumtry oxpcrtors `lbrko sfgfibr prfòs `cgpbron tc novoicpfmk`cumtry oxpcrtors, wo lbvo `biùibton tlo umft prfò ecr ob`l scurò `cumtry. Bvorbkfmkbgcmk novoicpon bmn novoicpfmk `cumtrfos, wo chtbfm tlo rosuit nopf`ton fm Efkuro 5.^lo ron bmn hiuo ifmos slcw tlo ovciutfcm ce tlo bvorbko ibmnon umft prfò ecr LP044>02 `cgfmk ercg novoicpon `cumtrfos bmn novoicpfmk `cumtrfos, rospo`tfvoiy. Ft fsfmtorostfmk tlbt tlo umft prfò ce fgpcrts `cgfmk ercg novoicpon `cumtrfos lbs hoom`cmstbmtiy bmn sfkmfef`bmtiy lfklor tlbm tlcso crfkfmbtfmk ercg novoicpfmk `cumtrfos.^lo kbp hotwoom tlo twc prfò gobsuros lbs fm`robson ercg 8440 tc 844< bmn lbscmiy mbrrcwon vory roòmtiy. ^rbno nbtb bicmo `bmmct rovobi wly tlfs prfò nfeeoromò

>

Trfò `cgpotftfcm fm b `cumtry lbs hoom woii rosobr`lon. Ecr oxbgpio, soo [bmk (8445) ecr tlo TX@splbrgbòutf`bi gbraot bmn [fkkfms bmn Gbmoss (844>) ecr tlo _P gbraot.

4

844

>44

544

02, 266?8446

(sfgpio bvorbko)



?. GO^LCNCICKV

?.2 Eb`tcrs Oxpibfmfmk Nfeeoromtfbi Trf`fmk

Cur rosobr`l chjo`tfvo fs tc fnomtfey tlo gbfm notorgfmbmts ce prfò nfeeoromòs b`rcss`cumtrfos. [o icca bt tlroo vbrfbtfcms ce fmsuifm prfòs:

f. umft prfò, f.o., vbiuo (fm _P nciibrs) nfvfnon hy vciugo (fm ak)1

ff. umft prfò nfeeoromò ercg tlo bvorbko prfò b`rcss bii `cumtrfos fm ob`lyobr1 bmn

fff. umft prfò nfeeoromò ercg tlo bvorbko prfò `lbrkon hy bm oxpcrtfmk

`cumtry fm ob`l yobr.

?.2.2 _mft Trfò

^lo umft prfò fs `biùibton bs eciicws:

() 7

(2)

f: fgpcrtfmk `cumtry, a: oxpcrtfmk `cumtry, t: yobr

.2?

.8

.8?

.0

.0?

.>

Bvorbkoumftprfò

266? 8444 844? 8424 8420Vobr

Ercg mcm-CO@N cumtrfos Ercg CO@N cumtrfos


14/25


28

?.2.8 _mft Trfò Nfeeoromò ercg tlo Bvorbko Trfò b`rcss Bii @cumtr fos

Ubrfbtfcms (ff) bmn (fff) bro hbson cm tlo fnob ce sc-`biion roeoromò prf`fmk.?

Xoeoromò prf`fmk gobms tlbt prfòs bro sot hy `cgpbrfmk plbrgbòutf`bi prfòs ecrtlo sbgo prcnu`t b`rcss `cumtrfos. Butlcrftfos fm gbmy `cumtrfos brcumn tlo wcrin

([LC bmn LBF 8422) bppiy tlo roeoromò prf`fmk gotlcn wlom rokuibtfmk tlo prfò cegonf`fmos. Xosobr`l hy tlo CO@N slcws tlbt vbrfcus gotlcns bro uson, fmìunfmkbppiyfmk nfeeoromt `cumtry hbsaots (CO@N 844


15/25


20

Eurtlorgcro, fm cur rokrossfcm gcnoi, gbraot stru`turo nfeeoromò fs `broeuiiy `cmtrciionecr. ^lo gbraot `cgpotftfcm fs gobsuron hy tlo mughor ce ecrofkm `cumtrfos oxpcrtfmktlo nruk tc `cumtry f. [o `cmjo`turo tlbt tlo prosomò ce gcro suppifors lofkltoms tloprfò `cgpotftfcm, wlf`l slcuin icwor umft prfòs. Lobitl `bro efmbm`fmk fs gobsuron hytlo poròmtbko ce cut-ce-pcàot oxpomnfturo fm tctbi lobitl `bro oxpomnfturo. Lfkl cut-ce-pcàot oxpomnfturos typf`biiy fmnf`bto tlbt ibrko pbrts ce tlo pcpuibtfcm bro mct`cvoron hy bmy lobitl fmsurbmò. Bs b `cmsoquomò, lobitl fmsurbmò `cgpbmfos`bmmct ichhy ecr icwor prfòs bmn rokuibtcrs bro cetom woba, wlf`l ovomtubiiy iobns tclfklor nruk prfòs. Eurtlorgcro, wo fmìuno tlo tctbi vciugo ce fmsuifm fgpcrton bmnbssugo tlbt `cumtrfos tlbt fgpcrt gcro slcuin ho bhio tc mokctfbto icwor prfòs wftlplbrgbòutf`bi `cgpbmfos. Efmbiiy, wo fmtrcnuò tlo bppifon Gcst Ebvcron Mbtfcmtbrfees fm cur rokrossfcm. Lfklor tbrfees `cuin prcvfno fmòmtfvos ecr plbrgbòutf`bi`cgpbmfos tc bsa ecr icwor ibmnon prfòs. B lfklor fgpcrt nuty `cuin ho vfowon bs btbx tlbt fs prchbhiy hcrmo hy hctl tlo prcnuòr bmn pbtfomt.

^bhio 2: Notorgfmbmts ce tlo _mft Trfò bmn tlo Trfò Nfeeoromò

Ubrfbhio Noefmft fcm Oxpo`ton Oeeo`t cmTrfò

im(KNT por `bp) ^lo ickbrftlgf` bgcumt ce KNT por `bpftb +im(pcpuibtfcm) ^lo ickbrftlgf` sfzo ce tlo pcpuibtfcm +/-Novoicpon ^lo nuggy vbrfbhio, wlf`l fs 2 fe tlo pbrtmor

`cumty fs bm CO@N `cumtry+

im(`cgpotftcrs) ^lo ickbrftlgf` mughor ce ecrofkm `cumtrfosoxpcrtfmk tlo gonf`bgomts `cmtbfmfmk fmsuifm tc`cumtry f

-

im(C-C-T) ^lo ick-trbmsecrgon prcpcrtfcm ce cut-ce-pcàotoxpomnfturo fm tctbi lobitl oxpomnfturo (%)

+

im(vciugo) ^lo ickbrftlgf` bgcumt ce fgpcrton vciugo cefmsuifm

-

im(tbrfee) ^lo ick-trbmsecrgon rbto ce tbrfee -KNT 7 krcss ncgostf` prcnu`t.

Pcurò: Butlcrs.

^bhio 8: Nos`rfptfvo Ptbtfst f`s

Chsorvbtfcms Gobm Ptn. nov. Gfm. Gbx.

_mft prfò($444)

22, 26 >82.?4066;5 4 2

@cgpotftcrs 22,2688; >.C-C-T 22,55? 04.02


16/25


2>

?.8 Ostfgbtfcm Ptrbtoky

^lo oqubtfcms tlbt wo wfii ostfgbto tbao tlo eciicwfmk sfgpio ecrgs:

() 7 +

() 7 +

(8) 7 +

[o efrst fmtrcnuò KNT por `bpftb, tlo pbrtmor `cumtry novoicpgomt nuggy, bmn tlogbraot stru`turo, bs woii bs fmstftutfcmbi vbrfbhios, bs fmnopomnomt vbrfbhios. [o bnntlo vciugo ce fgpcrts fm b sopbrbto rokrossfcm, bs tloy pctomtfbiiy fmeiuomò tlo umftprfò. Efmbiiy, wo bnn tlo bppifon tbrfee rbtos bs oxpibmbtcry vbrfbhios. [o nc tlfs ibstho`buso wo cmiy lbvo tbrfee fmecrgbtfcm ecr bhcut cmo-qubrtor ce tlo chsorvbtfcms1 tlus,tlfs sbgpio fs ronuòn suhstbmtfbiiy.

[o bmbiyzo cur pbmoi nbtb usfmk efxon oeeo`t crnfmbry iobst squbros (CIP)rokrossfcms.


17/25


2?

?.8.8 @cumtry-Tbfr Efxon Oeeo`t

Moxt, wo bssugo fmstobn tlbt tlo orrcr torg `bm ho nfvfnon fmtc `cumtry-pbfr-spo`fefòrrcr, bmn bm fnfcsym`rbtf` orrcr, .

7+

^lo justfef`btfcm ecr tlfs bssugptfcm fs vory sfgpio bmn fmtuftfvo. ^lo prfò hotwoom`cumtry fbmn `cumtry aslcuin ho nfeeoromt ercg tlo prfò hotwoom `cumtry fbmn `cumtryja, ho`buso `cumtry pbfrs fa bmn fj prchbhiy lbvo nfeeoromt trbmsb`tfcm `csts nuo tcnfeeoromt kockrbplf`bi nfstbmò, nfeeoromt ibmkubkos, nfstfm`t husfmoss ùstcgs, bmnnfeeoromt roifkfcms1 `bpturos tloso nfeeoromòs. ^lfs `cumtry-pbfr efxon oeeo`t CIPostfgbtfcm wcuin prcvfno ovom ìobror ovfnomò ecr tlo oxfstomò ce prfò nfeeoromtfbtfcmhy cmtrciifmk ecr trbmsb`tfcm csts hotwoom fbmn a.

^lo oqubtfcm tc ho ostfgbton tlom ho`cgos:

7 + + .

^bafmk tlo wftlfm trbmsecrgbtfcm, tlo oqubtfcm ho`cgos:( ) 7 ( ) + ( ) + ( )

wloro 7 2

# .

^lfs `bm ho rowrfttom bs:

7 +

Fm cur `cumtry-pbfr efxon oeeo`ts rokrossfcm, wo ostfgbto tlo efxon oeeo`ts ostfgbtcrs, .

[lom wo rokross prfò nfeeoromò wftl tlo `cumtry-pbfr efxon oeeo`ts, tlo novoicpon-`cumtry nuggy vbrfbhio (^bhio 2) `bmmct ho fmìunon ho`buso tlo prfò nfeeoromò

noefmon fm oqubtfcm (0) birobny fgpif`ftiy `cmtrcis ecr tlo pbrtmor `cumtry nfeeoromò. Ft fstlus gfsiobnfmk tc fmìuno tlo novoicpon `cumtry nuggy fm tlo rokrossfcm gcnoi fmtlfs suhso`tfcm.

5. OP^FGB^FCM XOP_I^P

5.2 @cumtry Efxon Oeeo`t

^bhio 0 suggbrfzos tlo ostfgbtfcm rosuits ecr tlo tlroo nfeeoromt typos ce nopomnomtvbrfbhios: umft prfòs (`ciugms 20)1 prfò nfeeoromò 2 (`ciugms >5)1 bmn prfònfeeoromò 8 (`ciugms ;6). [o efrst mctfò tlbt tlo KNT por `bpftb fs lfkliy sfkmfef`bmt

ecr bii tlo tlroo nopomnomt vbrfbhios. ^lo efrst `ciugm slcws tlbt b 24% lfklor KNTpor `bpftb fgpifos b 5.


18/25


25

fgpifos tlbt tlo prfò kbp ercg tlo roeoromò prfò ho`cgos ibrkor fe tlo crfkfmbi kbp fspcsftfvo.

^lo `coeef`fomt ecr tlo pcpuibtfcm sfzo `cgos cut mokbtfvo, bs oxpo`ton, hut ft fsfmsfkmfef`bmt fm bii rokrossfcms. Cmo robscm gfklt ho tlbt tlo pcpuibtfcm sfzo fs mct bm

bnoqubto prcxy ecr tlo gbraot sfzo ce fmsuifm prcnu`ts. Novoicpfmk `cumtrfos wftl ibrkopcpuibtfcms gfklt lbvo mct tlo efmbm`fbi gobms tc trobt nfbhotos bnoqubtoiy1 tloroecro,tlo vciugo gfklt ho icwor bmn prfòs rbtlor lfkl.

[ftl CO@N oxpcrtfmk `cumtrfos, tlo umft prfòs bro systogbtf`biiy lfklor. ^lo sbgochsorvbtfcm lcins wlom wo icca bt prfò nfeeoromòs. ^lo gbfm robscm ecr tlo lfklorprfòs `lbrkon hy CO@N `cumtrfos fs tlbt tlofr fmsuifm gbfmiy hoicmks tc tlo ibtostkomorbtfcm bmn fs cetom stfii umnor pbtomt prcto`tfcm.

Eurtlorgcro, cur ostfgbtfcms slcw tlbt `cgpotftfcm fs bm fgpcrtbmt notorgfmbmt cefmsuifm prfòs. [o efmn tlbt tlo lfklor tlo mughor ce `cgpotftcrs (gobsuron hy tlomughor ce scurò `cumtrfos), tlo icwor tlo umft prfò ho`cgos bmn tlo prfò nfeeoromòslrfmas fe b pcsftfvo kbp oxfsts. Fm ctlor wcrns, `cgpotftfcm bgcmk fmsuifm prcnuòrs

sfkmfef`bmtiy ronuòs prfòs.

Cur rosuits eurtlor fmnf`bto tlbt tlo prcpcrtfcm ce cut-ce-pcàot oxpomnfturos roibtfvo tctctbi lobitl `bro oxpomnfturo fs pcsftfvoiy `crroibton wftl tlo umft vbiuo. ^lo rosuit fsstbtfstf`biiy sfkmfef`bmt b`rcss bii spo`fef`btfcms, bmn sukkosts tlbt fm gbraots wftl ioss-novoicpon lobitl efmbm`fmk systogs, plbrgbòutf`bi `cgpbmfos tomn tc oxpicft tlofrgbraot pcwor tcwbrns fmmugorbhio btcgf` huyors. Ptromktlomfmk lobitl efmbm`fmk lbstlus mct cmiy tlo birobny woii-ostbhifslon pcsftfvo oeeo`ts, su`l bs prcvfnfmksbeokubrns bkbfmst `btbstrcplf` lobitl oxpomnfturos, hut ft gfklt ho bm fgpcrtbmtoiogomt fm hrfmkfmk ncwm prfòs ecr plbrgbòutf`bis.

Moxt, wo bnnon tlo ickbrftlg ce tlo vciugo ce fmsuifm fgpcrton. Fmtorostfmkiy, wochsorvo b mokbtfvo bmn stbtfstf`biiy sfkmfef`bmt oeeo`t fm bii spo`fef`btfcms. Fm ctlorwcrns, lfklor vciugos hrfmk prfòs ncwm bmn ronuò prfò nfeeoromtfbis. ^lo rosuitfgpifos tlbt b 24% fm`robso fm tlo vciugo icwors tlo umft prfò ce fmsuifm hy 4.>;%. [obisc mcto tlbt wlom wo bnn vciugo bs b vbrfbhio, tlo sfkmfef`bmò ce bii tlo vbrfbhiosrogbfms.

Efmbiiy, wo bnn tlo tbrfee rbto bs bm oxpibmbtcry vbrfbhio. ^lo sbgpio sfzo ho`cgossfkmfef`bmtiy sgbiior bs yobriy nbtb cm tbrfees bro rbtlor spbrso. B lfklor tbrfee soogs tclbvo b mokbtfvo oeeo`t cm umft prfòs, bs woii bs cm prfò nfeeoromtfbis. [o amcw ercgtrbno tlocry tlbt b tbrfee nrfvos b wonko hotwoom `cmsugor bmn prcnuòr prfòs. Nuotc lfklor prfòs ecr `cmsugors, prcnuòrs moon tc icwor tlofr prfò.

24[o chsorvon

bkbfm tlbt wlom wo bnn hctl tlo trbno vciugos bmn tlo tbrfee rbto, tlo rosuits rogbfmebfriy stbhio fm bii tlroo roiovbmt `ciugms, tlbt fs, (0), (5), bmn (6). ^lo cmiy oxòptfcm fs

tlo sfkmfef`bmò ce tlo prcpcrtfcm ce cut-ce-pcàot oxpomnfturo fm (5) bmn (6), wlf`lnfsbppobrs.

^bhio B.8 fm tlo Bppomnfx lbs bmctlor rosuit ce rokrossfcms ce tlo umft prfò, bmn tloprfò rbtfc cm tlo sbgo sots ce oxpibmbtcry vbrfbhios tlbt bro uson fm tlo gbfmrokrossfcms. Pfkmfef`bmò iovois ce vbrfbhios bro vory sfgfibr tc tlo rosuits fm ^bhio 0.

24

Cur umft vbiuos bro hbson cm `cst, fmsurbmò, bmn erofklt (@FE) fgpcrt nbtb bmn tloroecro roeio`t tloibmnon prfò.


19/25


2;

^bhio 0: Ostfgbtfcm Xosuits, @cumtry Efxon Oeeo`t

(2) (8) (0) (>) (?) (5) (;) (0; 4.4606 4.284 4.45;4 4.4;5; 4.46;< 4.4;(4.4?>;) (4.4?>5) (4.240) (4.42?2) (4.42?4) (4.48;4) (4.42>0) (4.42>8) (4.48?;)

im(pcpuibtfcm) 4.4>4< 4.46?8 -4.2> -4.444?6 -4.48>6 -4.465;;2) (4.4;68) (4.4>?4) (4.4>>5) (4.4;?0)

Novoicpon 4.5 4.;>4 4.;50 4.4>) (4.44***

-4.225** -4.4>;;

*** -4.4546

*** -4.4;;4

*** -4.4>00

*** -4.4?58

*** -4.4;?8

***

(4.40464) (4.44


20/25


2: Ostfgbtfcm Xosuits, @cumtry-Tbfr Efxon Oeeo`t

(2) (8) (0) (>) (?) (5) (;) (?***

4.24>***

4.2?>) (4.248) (4.42;2) (4.4256) (4.404>) (4.425>) (4.4258) (4.4860)

im(pcpuibtfcm) -4.2?> -4.4>5? -4.2< -4.2;> -4.40 -4.4?


21/25


26

Cur rosuits `crrchcrbto obrifor stunfos tlbt ovfnomòn fmtormbtfcmbi prfò nfs`rfgfmbtfcm.Fm ovory gbraot o`cmcgy, prfò nfs`rfgfmbtfcm fs wfnoiy uson tc oxtrb`t `cmsugorsurpius. Lcwovor, prfò nfs`rfgfmbtfcm ecr plbrgbòutf`bis fs cetom rostrf`ton fmncgostf` gbraots nuo tc tlo pbrtfùibr mbturo ce puhif` lobitl, lobitl systog efmbm`fmk,bmn ce tlo plbrgbòutf`bi prcnu`ts tlogsoivos. Hy `cmtrbst, fmtormbtfcmbi prfònfs`rfgfmbtfcm ecr plbrgbòutf`bis bppobrs tc ho `cggcm prb`tfò. Fmtormbtfcmbi prfònfs`rfgfmbtfcm `bm fgprcvo b`òss tc plbrgbòutf`bis ecr pbtfomts fm novoicpfmk`cumtrfos, bs ft biicws ecr ceeorfmk ce icwor prfòs. Lcwovor, tlo nokroo ce prfònfs`rfgfmbtfcm ecr plbrgbòutf`bis rogbfms nohbtbhio. Fm ifmo wftl obrifor stunfos (o.k.,P`lwoftzor bmn @cgbmcr 8422), wo efmn tlbt tlo prfò oibstf`fty fs hoicw umfty. Fm ctlorwcrns, icwor-fm`cgo `cumtrfos pby roibtfvoiy gcro ecr tlo sbgo nruk `cgpbron tclfklor-fm`cgo `cumtrfos. B prfò oibstf`fty ce cmo wcuin ho gcro oquftbhio wlombssosson bkbfmst beecrnbhfifty roibtfvo tc fm`cgo. B prfò oibstf`fty ce ibrkor tlbm cmowcuin gobm tlbt bs fm`cgo por `bpftb krcws, tlo prfò ce nruks fm`robsos ovom gcro.Pu`l b roibtfcmslfp wcuin gobm tlbt nruks bro `lobpor fm pccror `cumtrfos nuo tclfklor prfòs fm gcro beeiuomt gbraots. Lcwovor, b lfklor oibstf`fty bisc trbmsibtos fmtc

ibrkor prfò nfeeoromòs, wlf`l tlom fm`robsos tlo fmòmtfvos ecr pbrbiioi trbno.Kfvom plbrgbòutf`bi `cgpbmfos bttogpts tc `lbrko nfeeoromt prfòs b``crnfmk tc tlofm`cgo por `bpftb, wlbt pcif`y cptfcms bro bvbfibhio tc kcvormgomts3 Cur rosuits lfmtbt sovorbi strbtokfos tlbt gfklt iobn tc icwor prfòs ecr fmsuifm. Efrst, fm`robsfmk tlomughor ce scurò `cumtrfos prcvfnos b sfgpio, yot oeeo`tfvo, tcci tc ecstor prfò`cgpotftfcm. Po`cmn, hufinfmk up lobitl efmbm`fmk systogs tlbt ronuò cut-ce-pcàotpbygomts soogs bmctlor suftbhio strbtoky tc hrfmk ncwm fmsuifm prfòs. Tbrt ce tlosooeecrts `cuin ho tc pcci tlo pur`lbso ce fmsuifm.22^lfrn, cur rosuits slcw tlbt fgpcsfmklfklor tbrfees icwors tlo umft prfò. Lcwovor, fgpcsfmk tbrfees `cgos bt b `cst. [o amcwercg hbsf` trbno pcif`y tlocry tlbt hctl `cmsugors bmn prcnuòrs sueeor ercg woiebroicss nuo tc tlo fmtrcnu`tfcm ce b tbrfee. Fe tlo nogbmn ùrvo fs rbtlor fmoibstf`, bs ft fs fm

tlo `bso ce ifeo-sbvfmk nruks su`l bs fmsuifm, prcnuòrs bro bhio tc trbmseor gcst ce tlo`cst tc tlo pbtfomts. Fgpcsfmk tbrfees cm fmsuifm nruks fs tloroecro b rfsay pcif`y, bs gcstce tlo hurnom fs hcrmo hy tlo pbtfomts, mct tlo plbrgbòutf`bi `cgpbmfos. Oifgfmbtfmktbrfees wcuin tloroecro ho tlo gcro oeef`fomt pcif`y ercg tlo pcfmt ce vfow ce hctl puhif`lobitl bmn o`cmcgf` oeef`fom`y.

Efmbiiy, b wcrn ce `butfcm fs fgpcrtbmt. Efmbi nruk prfòs `bm ho vory nfeeoromt ercg tloprfòs ropcrton tc ùstcgs wlom omtorfmk tlo `cumtry. ^lo efmbi prfò pbfn hy tlopbtfomt fs notorgfmon hy wfno brrby ce notorgfmbmts, su`l bs mbtfcmbi lobitl rokuibtfcmsbmn stbmnbrns, tlo gbraot pcwor ce mbtfcmbi rotbfiors bmn lobitl fmsurbmò `cgpbmfos,bmn ncgostf` trbmspcrtbtfcm `cst. Fm crnor tc fgprcvo tlo beecrnbhfifty ce fmsuifm ecr biipbtfomts, gu`l gcro fs moonon tlbm tlo gobsuros fnomtfefon bhcvo. Lcwovor, tlo tlroogobsuros bro icw-lbmkfmk erufts wftl pctomtfbiiy ibrko homoefts ecr nfbhotos pbtfomts.

22 ^lo TX@ kcvormgomt, ecr oxbgpio, fs tryfmk tc ifgft tlo fm`robso fm gonf`bi oxpomnfturos hy huyfmk

gcro gonf`fmos fm huia bt icwor `csts (Hiccghork 8420).


22/25


84

XOEOXOM@OP*

Hbmorjoo, P., A. ^rbm, L. If, A. @fgcm, N. Nbmogbm, P. Pfgpscm, bmn A. @bgphoii.844;. Plcrt-b`tfmk Fmsuifm Bmbickuos ecr Nfbhotos Goiiftus: Gotb-bmbiysfs ce@ifmf`bi Cut`cgos bmn Bssossgomt ce @cst-oeeo`tfvomoss. ^o`lmcicky Xopcrt): 285 Gfiifcm bs Nfbhotos Pprobns.Poptoghor >.

Hrcnb, @. bmn N. O. [ofmstofm. 8445. Kichbifzbtfcm bmn tlo Kbfms ercg Ubrfoty. ^loRubrtoriy Jcurmbi ce O`cmcgf`s282(8): ?>2?


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^rf``c, B. @., ot bi. 842>. Pbeoty, Oeeo`tfvomoss, bmn @cst Oeeo`tfvomoss ce Icmk B`tfmkUorsus Fmtorgonfbto B`tfmk Fmsuifm ecr Tbtfomts wftl ^ypo 2 Nfbhotos:Pystogbtf` Xovfow bmn Motwcra Gotb-bmbiysfs. Hrftfsl Gonf`bi Jcurmbi0>6:k?>?6.

[bkmor, J. I., bmn O. G`@brtly. 844>. Fmtormbtfcmbi Nfeeoromòs fm Nruk Trfòs.BmmubiXovfow ce Tuhif` Lobitl8?: >;?>6?.

[bmk, V.X. 8445. Trfò @cgpotftfcm fm tlo @lfmoso Tlbrgbòutf`bi Gbraot.Fmtormbtfcmbi Jcurmbi ce Lobitl @bro Efmbmò O`cmcgf`s5:226286.

[fkkfms, P. M., bmn X. Gbmoss. 844>. Trfò @cgpotftfcm fm Tlbrgbòutf`bis: ^lo @bsoce Bmtf-fmeo`tfvos. O`cmcgf` Omqufry>8(84): 8>;850.

[crin Lobitl Crkbmfzbtfcm. 8420b. Nfbhotos Eb`t sloot, M028, Gbr`l 8420. Bvbfibhiobt lttp://www.wlc.fmt/gonfbòmtro/eb tsloots/es028/om/ (b`òsson 28Poptoghor 8420).

[crin Lobitl Crkbmfzbtfcm. 8420h. [LC Lobitl Ptbtfstf`s, Trcjo`tfcms ce Gcrtbifty bmn

@busos ce Nobtl, 842? bmn 8404. Bvbfibhio bt lttp://www.wlc.fmt/lobitlfmec/kichbiShurnomSnfsobso/prcjo`tfcms/om/fmnox.ltgi (b`òsson 28 Poptoghor8420).

[crin Lobitl Crkbmfzbtfcm. 8420`. [LC Lobitl Ptbtfstf`s, Kichbi Lobitl Ostfgbtos.Bvbfibhio bt lttp://www.wlc.fmt/lobitlfmec/kichbiShurnomSnfsobso/om/fmnox.ltgi(b`òsson 28 Poptoghor 8420).

[crin Lobitl Crkbmfzbtfcm. 8420n. Nobtls ercg @UN bmn Nfbhotos. Bvbfibhio btlttp://www.wlc.fmt/klc/m`n/gcrtbiftySgcrhfnfty/`vnStoxt/om/ (b`òsson 20Poptoghor 8420).

[crin Lobitl Crkbmfzbtfcm, [crin Fmtoiio`tubi Trcporty Crkbmfzbtfcm bmn [crin ^rbno

Crkbmfzbtfcm. 8420. Trcgctfmk B`òss tc Gonf`bi ô`lmcickfos bmn Fmmcvbtfcm Fmtorso`tfcms hotwoom Tuhif Lobitl, Fmtoiio`tubi Trcporty bmn ^rbno. Komovb:[crin ^rbno Crkbmfzbtfcm.

[crin Lobitl Crkbmfzbtfcm bmn Lobitl B`tfcm Fmtormbtfcmbi. 8422. LBF Trcjo`t cmGonf`fmo Trfòs bmn Bvbfibhfifty Xovfow Porfos cm Tlbrgbòutf`bi Trf`fmkTcif`fos bmn Fmtorvomtfcms. [crafmk Tbpor 2: Oxtormbi Xoeoromò Trf`fmk, Gby.Komovb: [crin Lobitl Crkbmfzbtfcm bmn Lobitl B`tfcm Fmtormbtfcmbi.

\u V., ot bi. 8420. Trovbiomò bmn @cmtrci ce Nfbhotos fm @lfmoso Bnuits. Jcurmbi cetlo Bgorf`bm Gonf`bi Bssc`fbtfcm 024(6): 6>


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^lo eciicwfmk chsorvbtfcms woro nrcppon ercg tlo sbgpios ostfgbton ho`buso tloyworo ifaoiy tc sueeor scgo gobsurogomt/ropcrtfmk orrcrs.

^bhio B.2: Nrcppon Pbgpios

@cumtry Tbrtmor @cumtry Vobr

Korgbmy Nomgbra 2666Korgbmy Erbm`o 2666@rcbtfb Korgbmy 8420@rcbtfb Lumkbry 8420@rcbtfb Nomgbra 8420Bihbmfb Fmnfb 844>Lcmnurbs Tbmbgb 8444Gbinfvos Pfmkbpcro 266) (?) (5) (;) (; 4.860 4.0660) (4.426) (4.4;;>)

im(pcpuibtfcm) -4.44448?2 4.480; -4.4580 -4.456? 4.446< -4.4;8> -4.2?? -4.266 -4.8>> -4.24; -4.2>< -4.845(4.44?) (4.4?0) (4.40;0) (4.408;)

Chsorvbtfcms 22,00; 22,00; ?,868 22,00; 22,00; ?,868 22,00; 22,00; ?,868

Mcto: Ptbmnbrn orrcrs fm pbromtlosos1 efxon oeeo`t CIP1 *p9 4.2, **p9 4.4?, ***p9 4.42

Pcur`o: Butlcrs.


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International Trade and Determinants of Price Differentials of Insulin Medicine

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Transcript of International Trade and Determinants of Price Differentials of Insulin Medicine