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Hungary is fast staking a reputation for itself as one of Central and Eastern Europe’s most dynamic economies. A major factor has been pharmaceuticals, where Hungary’s history of research and production is reflected today in an attractive pharma investment landscape and the presence of home-grown success stories.
Hungary is fast staking a reputation for itself as one of Central and Eastern Europe (CEE)’s most dynamic economies. Thanks to increased European Union (EU) funding, higher EU demand for its exports, and a rebound in domestic household consumption, the country achieved year-on-year GDP growth of 4.8 percent in 2019. GDP per capita stands at USD 16,500 today, significantly above the pre-global financial crisis high of USD 14,000.
A major factor behind this economic growth is pharmaceuticals, which account for 7.5 percent of Hungary’s GDP and have long been a national flagship industry. As Dr. György Bagdy, professor and former vice rector at Semmelweis University, notes, “after the Second World War, the eastern bloc countries were given special commitments by the Soviet Union, and Hungary was bestowed drug research and discovery responsibility.”
This history of pharmacological research and production is reflected today in an attractive pharma investment landscape and the presence of home-grown success stories such as Gedeon Richter and Egis on the international scene. Around 60 companies are licensed to manufacture human medicinal products in Hungary, making it one of Eastern Europe’s leading pharmaceutical manufacturers, and medical and pharmaceutical goods account for 4.9% of the nation’s total exports, the highest percentage in the CEE region.
To view the full article on Hungary's pharma and healthcare markets, produced by Focus Reports and featured in Pharm Exec's February 2020 issue, click
(cycle down to page 36).
To preview and purchase other in-depth global Phama Reports, highlighting several countries and emerging markets, please visit www.industrymatter.com/reports