The pharmaceutical industry has a huge role to play in changing the dimension of the Hungarian economy

The Hungarian economy has even accelerated during the coronavirus epidemic, in which the pharmaceutical industry played a huge role, Minister of Foreign Affairs and Trade Péter Szijjártó pointed out on Friday.

At the ceremony of the handover of Egis Gyógyszergyár Zrt. in Körmend, Minister of Foreign Affairs and Foreign Affairs Péter Szijjártó said that the Hungarian economy had strengthened in the last 10 to 11 years, so much so that its technological level, added value, and share of research and development could increase even during COVID-19. 

The French-owned pharmaceutical group Egis Gyógyszergyár employs 4,600 people in Hungary, and the government provided HUF 1.1 billion in support toward its HUF 7 billion investment. As a result, the company completed its oncology product development and manufacturing infrastructure in Hungary, and it now has a new packaging plant.

Hungarian pharmaceutical production is extremely competitive even by international standards and is a key industry in the economy, alongside the automotive industry, the minister said. In proportion to revenues, companies spend the most on innovation in this sector, a sector that employs 36,000 people in Hungary and saw the fourth largest production increase last year, reaching a value of almost HUF 1 trillion. Growth here also increased by 4 percent in the first 8 months of this year, Szijjártó said.

The international competitiveness of the sector is shown by the fact that medicines manufactured in Hungary have reached 124 countries around the world in 2021. More than 70 percent of Egis’ production in Hungary is exported, the minister noted.

Szijjártó said that Egis has 16 production bases and 15 international therapeutic research centers worldwide, yet it has brought its new investment to Hungary, which is a huge recognition. In Hungary, French companies are the fifth largest investment community, and France is Hungary’s ninth most important trading partner; bilateral trade turnover has grown by 15 percent so far this year, and Hungarian exports to the country have increased by 23 percent, he concluded. 

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