BALKANPHARMA'S SALES DECREASE
The sales of Iceland's Pharmaco and its subsidiaries dropped by 6.5% in the first quarter of 2002 from the same period of 2001, the company's official INTERNET site reported. Pharmaco is the owner of Balkanpharma Holding, which on its part holds majority packages in the pharmaceutical enterprises of Doupnitsa, Troyan, and Razgrad. The decline is due to the introduction of value added tax (VAT) on medicines in Bulgaria and Russia as of the beginning of the year. Due to the vagueness regarding the new application of legislative regulations, Balkanpharma did not sell medicines on the domestic market in the January 1 - 28 period.