Hungarian Drug Exports Still Seen Climbing

According to official statistics, Hungary exported pharmaceuticals worth US$318mn in the first quarter of 2005, a year-on-year increase of 35.3%. Imports in the period also rose by 30.2% to US$425mn in the period. The two figures compare with an increase in the drug raw materials producer price index of 1.8% in April and a rise in overall industrial production of 0.6% in the month.

The Hungarian government's harsh cost-cutting policy and the country's membership in the European Union have prompted the local industry to focus on the export market in recent years. The country is an important producer of generics, with foreign firms such as Israel's Teva accounting for roughly two-thirds of the domestic pharmaceuticals sector. However, the latest results appear to confirm expectations that domestic drug consumption will rise this year, leading imports to ultimately outpace export growth.