“The pharmaceutical industry is playing a key role in the dimensional transition of the Hungarian economy. The production-orientated Hungarian economy is increasingly moving in the direction of an economy that is inspired by innovation, research and development”, Minister of Foreign Affairs and Trade Péter Szijjártó said at the ceremonious signing of the strategic partnership between the Ministry and the National Association of Hungarian Pharmaceutical Manufacturers (MAGYOSZ) on Tuesday.

“The performance of the Hungarian economy is fundamentally determined by the country’s export performance”, Mr. Szijjártó stated, adding that Hungary’s export to GDP ratio is 85 percent, which is an outstanding proportion in European comparison. “In 2018, the Hungarian pharmaceutical industry exported a never before seen volume, realising 5.3 billion euros in turnover, which is a national economic record. Hungarian pharmaceutical exports are ranked 18th worldwide”, he highlighted.

“The figures for the first ten months of 2019 indicate a further 6 percent growth in pharmaceutical industry exports, meaning there is an excellent chance that the pharmaceutical industry export record was broken once again last year”, he said. “This is playing a major role in the fact that we can almost definitely celebrate a new overall export record for 2019, in view of the fact that based on the data for the first ten moths of the year Hungary can now boast in excess of 100 billion euros in annual exports, which is 4 percent higher than during the similar period in record-breaking 2018”, the Minister added. “Pharmaceuticals produced in Hungary are used in 130 countries around the world. The competitiveness of Hungarian pharmaceuticals is indicated by the fact that 84 percent of the pharmaceuticals manufactured in Hungary are sold on the world market. The sector also plays an important role in employment, in view of the fact that Hungary’s pharmaceutical plants directly employ 22,500 people, increasing to over 40 thousand if we include suppliers, meaning that practically every seventh employee works in the pharmaceutical industry”, Mr. Szijjártó said.

“It must be recognised, however, that global competition is increasingly intense, and accordingly strategic thinking is required on the part of the government and private sector businesses to ensure that the Hungarian pharmaceutical industry is capable of remaining competitive. The government is providing major support to the pharmaceutical industry”, he added. “We are ready to enter into and continue cooperation in the interests of further improving the global position of the Hungarian pharmaceutical industry”, Mr. Szijjártó said.

President of MAGYOSZ Dávid Greskovits highlighted the fact that the association is proud that pharmaceuticals production is one of the sectors of Hungarian industry that boasts the oldest traditions, and that it possesses outstanding potential. He said that in his opinion the newly established partnership could also provide an opportunity for small and medium-sized Hungarian pharmaceuticals manufacturers to eventually grow into large companies, and for companies that are currently large to grow into major, global corporations.

“Based on the agreement, the National Association of Hungarian Pharmaceutical Manufacturers, which is celebrating the 30th anniversary of its founding in 2020, undertakes to continue to do everything possible in future for the safe support of patient care. It will encourage its member companies to continue their research & development and investment activities in accordance with prevailing market conditions, to expand their export presence, and to increase employment in accordance with their opportunities”, the MAGYOSZ President said.

(MTI)