I’ve made my way from Cesky Krumlov to Prague, the capital of the Czech Republic. Prague is like a beehive. There are so many people here, and lots of them are native, but even more are tourists.

I spent this afternoon on a four-hour tour of the city with a local woman named Helena. We saw the city castle, which is the biggest in the Republic, and - of course - bigger by one square meter than the castle at Cesky Krumlov.

Besides the great pictures I’ve taken, and the short video of the crowd standing before the Astrological Clock waiting for the next hour to strike, this city has taken me by surprise.

It’s hip and young, and yet attracts tourists from every walk of life. From young backpackers to Japanese businessmen in suits parading Prague Square… they are coming from everywhere. This is exciting to me, and no doubt to the folks watching the Czech economy.

I passed some American tourists who casually noticed the Czech-made car, the Skoda. I mentioned to them that the Republic, and the whole region is home to every major auto manufacturer - GM, Ford, BMW, Mercedes-Benz, etc, etc.

That’s the side of Eastern Europe that lots of folks don’t know about.

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They say when the U.S. sneezes, the whole world catches cold…

Well, it’s time for a trip to the drug store. More and more often, that means Central and Eastern Europe, or Emerging Europe.

For our Taipan VIP subscribers who attended our August Global Summit conference in San Francisco earlier this month, you may remember me mentioning a couple companies. Big names… Internationally recognized pharmaceutical companies like Teva Pharmaceuticals (TEVA:Nasdaq) and Sanofi-Aventis (SNY:NYSE). They’ve set up shop in places like Hungary and the Czech Republic.

Hungary is one of the most developed pharmaceutical and biotechnology sectors in Central and Eastern Europe. Hungary boasts the strongest biotech sector among the twelve new EU member states. That has enticed seventy core biotech companies to set up shop in Hungary up to now and 170 companies have some kinds of biotech related activities. The reason? Cost savings. Companies can save 30-50% compared to Western European enterprises.

But there’s another side to the drug industry and it’s increasingly finding a home in this very region.

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