{"product_id":"sonova-pestle-analysis","title":"Phonak Holding AG PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePlan Smarter. Present Sharper. Compete Stronger.\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock strategic advantage with our targeted PESTLE Analysis of Phonak Holding AG—three to five expert insights into how political, economic, social, technological, legal, and environmental forces will shape its prospects. Use this concise overview to inform investment theses and strategic plans. Purchase the full analysis now for the complete data-driven breakdown and ready-to-use recommendations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHealthcare reimbursement and public funding\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGovernment reimbursement and public insurance shape affordability and uptake of hearing aids\/implants, with WHO estimating 430 million people with disabling hearing loss; global hearing-aid market ~USD 8.5bn (2023). Policy shifts in EU, persistent lack of broad Medicare coverage in the US, and Japan's ageing population can expand or constrain demand. Sonova\/Phonak must align pricing and generate health-economic evidence to match payer priorities; advocacy and outcomes data are critical to sustain funding.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTrade policy, tariffs, and geopolitics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGlobal supply chains for components such as semiconductors and MEMS microphones face tariff and export-control risks after US expanded semiconductor export controls in 2023 and the CHIPS Act ($52 billion) reshaped incentives. Geopolitical tensions raise logistics costs and lead times; diversified sourcing and regional manufacturing reduce exposure. Proactive inventory and trade-compliance management help preserve clinic service levels.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePublic health priorities and aging policies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eNational agendas on healthy aging and productivity shape screening and intervention demand as WHO estimates 430 million people had disabling hearing loss in 2021 and projects 1.5 billion by 2050; UN projects one in six people will be 60 or older by 2030, expanding target cohorts. Government-backed school and eldercare screening programs and public health partnerships (e.g., NHS hearing services) expand funnels, while budget cycles and election outcomes can interrupt program continuity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory harmonization and standards setting\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eParticipation in standards bodies shapes interoperability for Bluetooth LE Audio and Auracast (multicast launched 2023) and influences assistive-tech procurement mandates.\u003c\/p\u003e\n\u003cp\u003eRegulatory alignment cuts fragmentation and certification burdens, while divergent national rules extend time-to-market; EU Accessibility Act enforcement from June 2025 raises compliance urgency.\u003c\/p\u003e\n\u003cp\u003eEarly compliance yields first-mover edge in public tenders for Phonak\/Sonova-scale suppliers.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\u003c\/ul\u003e\n\u003cli\u003eAuracast 2023 launch\u003c\/li\u003e\n\u003cli\u003eEU Accessibility Act effective 2025\u003c\/li\u003e\n\u003cli\u003eAlignment reduces certification costs and fragmentation\u003c\/li\u003e\n\u003cli\u003eDivergent standards increase time-to-market\u003c\/li\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGovernment incentives for R\u0026amp;D and manufacturing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eGovernment R\u0026amp;D tax credits (commonly covering ~10–25% of qualifying costs) and grants in 2024 materially support acoustic algorithm development, AI fitting tools and low‑power chip design; targeted local manufacturing incentives justify regional assembly hubs and reduce landed cost. Policymaker backing for medtech clusters strengthens talent pipelines; ongoing policy monitoring lets Phonak optimize footprint and capex.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eR\u0026amp;D credits: 10–25%\u003c\/li\u003e\n\u003cli\u003eGrants: bolster AI\/fitting and chip R\u0026amp;D\u003c\/li\u003e\n\u003cli\u003eLocal incentives: enable regional assembly\u003c\/li\u003e\n\u003cli\u003eCluster support: talent pipeline\u003c\/li\u003e\n\u003cli\u003ePolicy watch: optimizes footprint \u0026amp; capex\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAffordability pressures and new EU\/CHIPS rules reshape the USD 8.5bn hearing-aid market\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eReimbursement policies and limited US Medicare coverage constrain affordability despite a ~USD 8.5bn global hearing‑aid market (2023) and WHO 430m with disabling hearing loss (2021), rising to 1.5bn by 2050. EU Accessibility Act effective June 2025 and Auracast (2023) push compliance costs and procurement opportunities. CHIPS Act $52bn and 10–25% R\u0026amp;D tax credits reshape sourcing and innovation incentives.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003eValue\/Year\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal market\u003c\/td\u003e\n\u003ctd\u003eUSD 8.5bn (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDisabling hearing loss\u003c\/td\u003e\n\u003ctd\u003e430m (2021); 1.5bn by 2050\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU Act\u003c\/td\u003e\n\u003ctd\u003eEffective Jun 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCHIPS Act\u003c\/td\u003e\n\u003ctd\u003eUSD 52bn (2022–)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eR\u0026amp;D credits\u003c\/td\u003e\n\u003ctd\u003e10–25%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how Political, Economic, Social, Technological, Environmental and Legal forces uniquely impact Phonak Holding AG, with data-driven trends, region- and industry-specific examples, forward-looking scenarios and actionable insights to help executives, investors and strategists identify risks and opportunities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented PESTLE summary of Phonak Holding AG that clarifies external risks and market drivers for quick alignment in meetings or presentations; editable notes enable region- or business-line specific context and easy drop-in to slides or strategy packs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMacroeconomic cycles and consumer spending\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDiscretionary upgrades and private-pay segments are highly sensitive to macro downturns, driving patients toward lower-cost options and delaying premium purchases; WHO estimates over 430 million people have disabling hearing loss (2021), underpinning long-term demand.\u003c\/p\u003e\n\u003cp\u003ePersisting inflation in 2024 compressed clinic traffic and shifted purchases to entry tiers, while value-based bundles and point-of-sale financing have proven effective at maintaining unit volumes.\u003c\/p\u003e\n\u003cp\u003eActive mix management—promoting mid-tier models and service bundles—helps preserve margins when premium demand softens; industry forecasts (2024) project mid-single-digit CAGR for hearing aid revenues, supporting volume-focused strategies.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePayer mix and reimbursement rates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRevenue for Phonak hinges on the balance of private pay, third-party payers and public programs, with shifts in payer mix materially affecting top-line and channel volume.\u003c\/p\u003e\n\u003cp\u003eReimbursement cuts compress average selling prices and redirect volume into tightly contracted channels, pressuring margins.\u003c\/p\u003e\n\u003cp\u003eRobust evidence of clinical outcomes and total-cost-of-care reductions supports negotiation for favorable rates, while disciplined contracting and SKU architecture preserve profitability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCurrency volatility and global footprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eMulti-currency exposure (CHF, USD, EUR, JPY, CNY) materially affects reported results, as FX swings feed through component costs and pricing competitiveness across markets. Active hedging programs and natural offsets from geographically balanced sales reduce earnings volatility. Local pricing strategies in 2024 were employed to protect market share while preserving brand equity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInput costs and component supply\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRising costs for silicon, button-cell batteries and specialty plastics materially pressure Phonak's COGS, with manufacturers reporting material cost inflation through 2024 that trimmed industry gross margins. Tight semiconductor supply (lead times often \u0026gt;20 weeks in 2024) forces higher buffer inventory and extended sourcing cycles. Strategic supplier partnerships and dual-sourcing have reduced disruption risk. Design-to-cost and platform reuse helped preserve margins by enabling component standardization.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSilicon, batteries, plastics → higher COGS, margin pressure\u003c\/li\u003e\n\u003cli\u003eSemiconductor lead times \u0026gt;20 weeks (2024) → buffer inventory\u003c\/li\u003e\n\u003cli\u003eDual-sourcing \u0026amp; supplier partnerships → continuity\u003c\/li\u003e\n\u003cli\u003eDesign-to-cost\/platform reuse → sustained gross margins\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eClinic network productivity and utilization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eSonova’s Phonak-led retail and audiological services—with Sonova operating over 5,000 points of care worldwide in 2024—drive recurring fittings and revenue; throughput, clinician capacity and typical outpatient no-show rates (~20%) materially affect per-clinic economics. Digital scheduling, remote follow-ups and omni-channel lead capture have been shown to raise utilization and reduce no-shows, while cross-selling accessories can boost average ticket by roughly 15–20%.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRetail footprint: \u0026gt;5,000 points of care (2024)\u003c\/li\u003e\n\u003cli\u003eNo-show impact: ~20% baseline\u003c\/li\u003e\n\u003cli\u003eCross-sell uplift: ~15–20% avg. ticket\u003c\/li\u003e\n\u003cli\u003eEfficiency levers: digital scheduling, remote follow-ups, omni-channel leads\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAffordability pressures and new EU\/CHIPS rules reshape the USD 8.5bn hearing-aid market\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDemand is backed by 430 million with disabling hearing loss (WHO 2021), yet premium upgrades fall in downturns. Sonova\/Phonak operate \u0026gt;5,000 points of care (2024); no-show ~20% hits throughput. COGS rose in 2024 from silicon, batteries, plastics; semiconductor lead times \u0026gt;20 weeks. FX (CHF, USD, EUR, JPY, CNY) and payer mix materially affect revenue.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAddressable with disabling loss\u003c\/td\u003e\n\u003ctd\u003e430M (WHO 2021)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail points\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;5,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNo-show rate\u003c\/td\u003e\n\u003ctd\u003e~20%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSemiconductor lead time\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;20 weeks\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003ePhonak Holding AG PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe Phonak Holding AG PESTLE analysis examines political, economic, social, technological, legal and environmental factors affecting the company and market; the preview shown here is the exact document you’ll receive—fully formatted, final and ready to use. No placeholders, delivered exactly as displayed.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":56162464629113,"sku":"sonova-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/sonova-pestle-analysis.png?v=1762701287","url":"https:\/\/portersfiveforce.com\/products\/sonova-pestle-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}