Budapest Based Pharmaceutical Giant Gets Key Role in Central Asia

MTI-Hungary Today 2023.10.13.

Egis Pharmaceuticals Zrt. announced that it has signed a cooperation agreement with the Uzbek pharmaceutical authority in Tashkent, the capital of the Central Asian country.

The cooperation was justified by the development of the Uzbek pharmaceutical industry regulation and the improvement of access to medicines. Under the agreement, Egis will provide professional support for the development of Uzbek pharmaceutical regulation and the professional development of the authority’s staff. The parties will pay particular attention to the regular exchange of information and experience, which is extremely important for the Uzbek pharmaceutical market since it is facing quality problems.

Egis is confident in the long-term development with the Uzbek pharmaceutical market, given the country’s rapidly growing population and economy.

Annual pharmaceutical sales are already USD 1.6 billion (almost HUF 600 billion) and Uzbekistan is committed to improving pharmaceutical regulation and access to medicines.

Tashkent, the capital of Uzbekistan. Photo via Pixabay

Fact

Egis Pharmaceuticals Zrt. is a Hungarian pharmaceutical company. Its activities range from original research and generic development to the manufacture of active pharmaceutical ingredients, finished products, and sales. Discovery research had already begun at the company in the early 1930s. In 1970, a new factory was opened in Körmend (western Hungary), and in 1990, a Western European-standard production and research base was opened in the 16th district of Budapest. In 2006, Egis embarked on a comprehensive modernization program, renewing its active pharmaceutical ingredient and finished product manufacturing facilities and expanding its research and development capacity. The company’s new R&D facilities were inaugurated in 2012.

Egis is part of the France-based Servier Group, selling its products under its own brand in 17 countries and has products available in 62 countries.

Its main therapeutic areas are the cardiovascular and central nervous systems.

Egis achieved sales revenues of more than HUF 219 billion (USD 595.8 million) and a net profit of HUF 33.35 billion (USD 90.7 million) in its most recent financial year ending September 2022. It closed the previous financial year with sales of HUF 193.7 billion (USD 527 million) and a profit of HUF 19.5 billion (USD 53 million).

The economic relations between Hungary and Uzbekistan are continuously strengthening, trade volumes between the two countries have increased despite the global slowdown, while excellent cooperation is observed in the fields of pharmaceuticals, info-communications, agriculture, food, machinery, and chemicals. This is not the first agreement between the two countries that involve science. Earlier this year, Dr. Kamal Saidakbarovich Rizaev, Rector of the Tashkent Pharmaceutical Institute, discussed Hungarian-Uzbek cooperation with Semmelweis University. The institution first approached the university in 2021, for possible cooperation, but no concrete areas were identified and no cooperation was formalized back then. However, during the recent meeting, representatives of both institutions were open to the possibility of cooperation, so the identification of concrete areas of partnership could start in the near future. At the end of the meeting, the representatives of the two institutions signed a Memorandum of Understanding.

Plenty of Fields Offer Opportunities for Cooperation with Uzbekistan

Talks and cooperation between the two countries are not only on a theoretical level, but have already reached the project level.Continue reading

Via MTI, Featured image via Facebook/Országos Tudományos és Innovációs Olimpia