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ICN'S JERNEY SAYS COMPANY IS KEY PLAYER IN CAPITALISM'S REBIRTH IN EASTERN EUROPE

 ICN'S JERNEY SAYS COMPANY IS KEY PLAYER IN
 CAPITALISM'S REBIRTH IN EASTERN EUROPE
 LOS ANGELES, Oct. 29 /PRNewswire/ -- The chief executive officer of a major international pharmaceutical company declared today that potential investors should not go to Eastern Europe "because it's fashionable."
 "Companies need a real reason to be there and a specific strategic plan" to be successful in Eastern Europe, Adam Jerney, president and chief executive officer of ICN Pharmaceuticals Inc., (NYSE: ICN) Costa Mesa, Calif. said today at a major world trade conference.
 ICN announced last week that its key pharmaceutical subsidiary had signed a definitive agreement to establish a joint venture in St. Petersburg, Russia, creating itar formed a new joint venture with Yugoslav ia leading pharmaceutical company. Jerney said the company is also negotiating possible joint pharmaceutical ventures in Hungary and Poland.
 "ICN is committed to keep and retrain Eastern European workers to avoid economic and social dislocation," Jerney said. "I am a great supporter of the concept that Eastern European investment needs to be practiced and managed in a socially responsible manner.
 "I firmly believe that U.S. businesses have a golden opportunity to take our drive, our spirit, our inventiveness and our money to help move Eastern Europe into the global economic mainstream," Jerney said.
 "My company is playing a major role in the rebirth of capitalism in Eastern Europe and I am proud of it," Jerney, a native of Hungary, said.
 ICN is one of the largest public companies in California and among the top 50 health care manufacturers in the United States. Through the three public subsidiaries of ICN, including SPI Pharmaceuticals Inc., it makes, markets and distributes a broad range of prescription and non-prescription pharmaceuticals, biotechnology research and medical diagnostic products. In addition to Eastern Europe, it has major operations in the United States, Canada, Mexico, Spain, and Holland and sells globally.
 "Our belief in the capitalistic system, in performance and profits," leads to our commitment "to produce better quality pharmaceuticals at lower costs for more people," Jerney said.
 Jerney said the company's "Eastern European expansion strategy is long term. We are willing and prepared to reinvest profits over future years."
 Jerney was the keynote speaker at the "Doing Business in Hungary" conference at the Century Plaza Hotel, Los Angeles. He said that Hungary's strategic location between the Eastern bloc and the West makes it "a perfect bridge" between these cultures.
 -0- 10/29/92
 /CONTACT: Paul Knopick of ICN Pharmaceuticals, 714-545-0100, ext. 2465/
 (ICN) CO: ICN Pharmaceuticals ST: California IN: MTC SU:


KJ-EH -- LA018 -- 6694 10/29/92 15:02 EST
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Date:Oct 29, 1992
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