Hungary’s EU Presidency: Boosting the Domestic Pharmaceutical Industry
Hungary’s Minister for National Economy, Márton Nagy, has emphasized the critical role of the Hungarian pharmaceutical industry in the country’s economy. At a recent event, he highlighted the significance of the industry in terms of investment, innovation, and its overall contribution to the economy.
Nagy pointed out that the pharmaceutical industry is a key player in boosting Hungary’s competitiveness and is a major contributor to the country’s exports. The industry has a long history of achievements in research and development, with Hungarian doctors and researchers making notable contributions to the field.
One notable statistic shared by the Minister is that the pharmaceutical industry accounts for approximately 20 percent of the total amount spent on Research & Development in Hungary. This underscores the industry’s commitment to innovation and generating high added value in production.
The recent cooperation agreement signed between the Ministry for National Economy and the Hungarian Pharmaceutical Manufacturers Association (Magyosz) aims to enhance the competitiveness of the pharmaceutical sector and deepen cooperation between the government and industry stakeholders. This partnership comes at a crucial time, as Hungary is gearing up for its EU Presidency in the second half of 2024.
Furthermore, the industry’s role in ensuring the supply of high-quality medicines to the population is vital for safeguarding sovereignty and addressing healthcare needs. In the context of the government’s competitiveness package, the pharmaceutical industry aligns with key priorities such as technology, sustainability, and security of supply.
Dávid Greskovits, President of Magyosz, highlighted the industry’s resilience and growth potential, particularly noting the opportunity for SMEs to scale up and for larger companies to expand globally. With breakthroughs on the horizon, the Hungarian pharmaceutical industry is poised for further success and innovation.
Overall, the pharmaceutical industry in Hungary is a key driver of economic growth, innovation, and competitiveness, with a strong commitment to research and development. The cooperation between the government and industry stakeholders sets the stage for continued success and advancement in the sector.
