With the recent slowdown in a number of emerging markets economies, many are proclaiming an end to the recent era in which they were the chief engine of global economic growth. While there's no denying that emerging markets expansion is not as robust as it has been in recent years—whether a shorter-term function of cyclicality or a longer-term slowdown in economic development—we believe the long view of these markets will prove to be a positive one, particularly in health care.
We're able to take this more patient and confident view of the situation because, as a 125-year-old company, we've seen it before. For instance, when a number of Latin American countries went through a sustained period of political and economic volatility in the 1970s and '80s, many multinational companies pulled out. We stayed through those challenging times and were well positioned when those economies eventually rebounded.