Domestic Pharmaceutical Industry Seizes Opportunity under the Coming Hungarian EU Presidency

Richter Gedeon, a Hungarian pharmaceutical giant

The Hungarian pharmaceutical industry is an important high-tech industry. It plays a significant role in investment and innovation, and it represents a huge value for the Hungarian economy, Minister for National Economy Márton Nagy stressed at the signing of the cooperation agreement between the Ministry for National Economy and the Hungarian Pharmaceutical Manufacturers Association (Magyosz).

The politician noted that the Hungarian pharmaceutical industry is a strategic sector, playing a decisive role in the country’s competitiveness, while representing a significant share of the country’s exports with a long-term impact on the functioning of the country’s economy.

The agreement aims to enhance the competitiveness of the pharmaceutical industry and the Hungarian economy,

and to further deepen cooperation between the government and Magyosz in the context of Hungary’s EU Presidency in the second half of 2024.

The Minister for National Economy stressed that the Hungarian pharmaceutical industry can look back on more than 120 years, during which it has achieved many outstanding innovations and research and development. The achievements of Hungarian doctors and researchers are a credit to the country, and at the same time a sign that Hungarian education and knowledge can contribute to the achievements of the pharmaceutical industry.

Márton Nagy highlighted that

the pharmaceutical industry accounts for about 20 percent of the total amount spent on Research & Development in Hungary, and as an R&D intensive industry, it generates high added value in production.

According to the Minister, the importance of the industry is also demonstrated by the fact that it can supply the population with medicines of the right quality, quantity, and price, thus leading the way in establishing sovereignty.

The Hungarian pharmaceutical industry is strongly represented in the aspects set out in the government’s competitiveness package – patriotism, technology, sustainability, security of supply – and is at the forefront of creating a technology-driven industry, Nagy said. He recalled that Magyosz has been a strategic partner of the government since 2020, 17 of the 25 members of the organization are Hungarian pharmaceutical companies, and the association actively participates in the shaping of Hungarian industrial policy and economic policy with its advice and signals.

Dávid Greskovits, President of Magyosz, added that this year has brought a breakthrough in the pharmaceutical industry after the difficulties of the past years. The industry employs 15,000 people. Moreover, the increase in competitiveness is an opportunity for small and medium-sized enterprises (SMEs) in the pharmaceutical sector to grow into large companies, and for large companies to grow into global ones.

Via MTI; Featured image via Facebook/Richter Gedeon Nyrt.