The Hungarian healthcare industry will generate HUF 500 billion a year

Hungary must not solely depend on foreign suppliers for its healthcare in the future.

Finance Minister Mihály Varga, speaking at an exhibition of Hungarian companies participating in the Healthcare Industry Support Program (ETP) in Székesfehérvár, stressed that new investments could increase the sector’s growth by one and a half times compared to the pre-program level; he also said that the country’s self-sufficiency could no longer depend solely on foreign suppliers, as MTI reported. 

In the crisis caused by the coronavirus, Hungary has achieved a high level of technological development in an area that is clearly the strategic industry of the future, Mihály Varga said. 

The healthcare industry not only strengthens the long-term growth capacity of the economy but also makes a significant contribution to Hungary’s export performance and competitiveness at the European level, the minister said, adding that the new investments created in the ETP are expected to generate annual revenues of HUF 180 billion.

At the event, Varga pointed out that the Health Sector Support Program goes far beyond its primary objective, which was to ensure the health security of the Hungarian people and the security of the domestic healthcare sector. 

Thanks to the program, among other things, investments have been made to cover the raw material needs of protective equipment manufacturers in the entire region. It has also ensured the domestic production of Favipiravir tablets, an antiviral drug for coronavirus, and 40 million medical pipettes for laboratory tests per year; other improvements have made Hungary self-sufficient in the production of masks and disinfectants, he said.

Within the framework of the Health Industry Support Program, the government has provided a total of HUF 67 billion in non-repayable development funds to support domestic healthcare manufacturing at 67 sites in 2020 and 2021, contributing to a total of HUF 87 billion in development.

Show More

Related Articles

Back to top button