The Hungarian pharmaceutical industry continuously expands and modernises its production, and will therefore remain one of the Hungarian economy’s driver sectors also in the future, Finance Minister Mihály Varga stated at a conference organised by the Hungarian Pharmaceutical Manufacturers’ Association.

The Finance Minister stressed that in the past few years pharmaceutical companies have increased their investments to HUF 97 billion, and according to the latest data, their output has increased by more than 10 per cent. Therefore, the government intends to continue to support the sector with regard to the high costs and long process of pharmaceutical innovations.

The Minister drew attention to the fact that the retention of motivated, highly qualified and healthy work force is one of the sources of long-term sustainable growth, and therefore – in addition to popularising healthy lifestyles and supporting prevention – the Hungarian government will also provide the necessary resources. He said there is a regulatory and business environment in Hungary today which favours investments and the development of businesses, protects workers through the application of stringent labour protection regulations, and pays attention to the changes arising from digitisation and the rise in the average age.

The Minister highlighted that the people’s well-being enhances the country’s performance, and so guaranteeing the right conditions for the performance of work and the development of adequate labour protection regulations are key to the development of the Hungarian economy. This is why in 2016 the government adopted its National Policy for Labour Protection which contributes to the improvement of working conditions, the preservation of working capacity and the increase of the number of years spent in good health.

Speaking about the performance of the sector, the Minister observed that since 2010 the sector has strengthened by some 50 per cent, and as part of that, the Hungarian health industry accounts for the total Hungarian GDP’s 6 per cent. In Hungary, the pharmaceutical industry is responsible for every fifth forint of research and development expenditures, and the added value percentage of sales revenues is around 38 per cent in this sector which is almost double the average of the national economy. Today in Hungary, the sector provides jobs for 14,000 people, and provides a living for some 34,000 families indirectly.