BBJ_3314

The Factors Pushing Private Healthcare

Growth in Hungary

The BBJ contacted a number of leading stakeholders to take the temperature of Hungarian private healthcare. We sought answers to the most pressing issues the field is facing.  7

Human-centric AI Integration Offers Better Care for More

Robert Wagner, head of image guided therapy in CEE for Philips, discusses how the firm can partner with state healthcare in Hungary, and how AI is increasingly being used to support diagnostics, automate workflows, and improve efficiency.  13

Seeing Budapest Statue by Statue

David Holzer's love affair with Budapest has a lot to do with statues. Monumental or minute, commemorating real people or fictitious characters, sensible or strange, easy to find or out of the way, the capital’s statues offer the perfect reason to explore the city.  21

‘Broadening our own Universe’

REPORT

Having celebrated its 75th anniversary, Hungaropharma says it is moving into a new era for its next 75 years. CEO Judit Füzesi discusses the background to this renewal, fresh strategic directions, the future of the market, and how it is preparing for new challenges in pharmaceutical wholesale. 17

Inflation Moves Further From Target Range

Consumer prices in Hungary rose once again in June, pushing inflation further away from the central bank’s 2-4% target range. In the meantime, industrial output continues to show no sign of recovery, according to the latest data from the Central Statistical Office.  3

5

BUSINESS

Years of Hungary's 1st Industrial AI Department

Established in 2020 at the Faculty of Informatics, the ELTE-Bosch Department of Artificial Intelligence has played a significant role over the past five years in industrial research and development.  5

EDITOR-IN-CHIEF: Robin Marshall

EDITORIAL CONTRIBUTORS: Luca Albert, Balázs Barabás, Éva Bodor, Zsófia Czifra, Kester Eddy, Bence Gaál, Gergely Herpai, David Holzer, Gary J. Morrell, Nicholas Pongratz.

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THE EDITOR SAYS

IN PRAISE OF HUNGARIAN HEALTHCARE WORKERS

July 1 is a significant date for many people, for many different reasons. For those with an interest in military history, it marks the start of the mechanized slaughter that was the first day of the First Battle of the Somme in 1916. Instructed to walk toward the German front lines, at a steady pace and in good order (though with 30 kg of equipment to carry, they could not run if they had wanted), the British troops were easy pickings for the German machine gunners who had simply sat out the week-long artillery barrage in their deep bunkers. By the end of July 1, 1916, the 19,240 killed in action marked the heaviest day’s loss that the British Army had ever suffered, according to Britannica.com. (There are some medieval candidates for that dubious honor, notably the Battle of Towton, on March 29, 1461, during the Wars of the Roses. Accounts soon after claimed 28,000 casualties on the day, but the numbers from so far back in time are impossible to gauge accurately.)

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You will find plenty of other historical niceties falling on this day. In CE 69, for example, Roman general Vespasian was proclaimed Emperor by his troops in Egypt during the year of the four Cesars. For lovers of celebrity, July 1, 1961, was the birthdate of Diana, Princess of Wales. Even I found, somewhat to my surprise, that I had completed 58 orbits of the Sun on July 1 this year.

However, July 1 is a much more significant date in Hungarian history, and for women everywhere. Born in Buda on July 1, 1818, Ignác Semmelweis would become known as “the Savior of Mothers” for his contribution to obstetrics. In case you

don’t know, it was he who realized that washing your hands before dealing with a mother in labor was potentially lifesaving, especially if you went to the maternity ward straight from dissecting a corpse. Today, it seems ludicrous that no one else had stumbled upon this before him. The attitude of the medical authorities toward his pioneering work is equally baffling, as are the sad series of events that ended with his death on Aug. 13, 1865. The biopic of his life story was Hungary’s entry to the Oscars this year, and is currently available to stream on Netflix in Hungary. Here, the anniversary of his birth has been adopted as Semmelweis Day, dedicated to honoring the hard work, unrelenting sacrifice and outstanding achievements of healthcare workers across the country. The day is given as a holiday to many in the profession. It is a fitting tribute to a remarkable man, and to the greatest treasure Hungary’s at times crumbling healthcare service possesses: its people. We offer up our own small tribute in this issue, with a Special Report dedicated to healthcare. We interview leading players in the private sector, speak with representatives of cutting-edge pharmaceutical, medical technology, and clinical research firms, examine examples of and opportunities for medical startups, and, inevitably, investigate where and how artificial intelligence is being applied. We hope you find it interesting; there’s certainly plenty to digest.

Robin Marshall Editor-in-chief

THEN & NOW

In an early color photograph from the Fortepan public archive, taken in 1973, an ICL System 4-70 mainframe computer stands inside the National Planning Office at Angol utca 24 in Budapest’s District XIV. In the modern image from July 8, one of the components of the University of Szeged’s new supercomputer, designed for AI research, is unveiled. The university has acquired 1.75 petaflops of computing power and gained access to additional highperformance resources managed by Hewlett Packard Enterprise (HPE).

Photo by Tamás Oláh / MTI

Photo by UVATERV / Fortepan

1News • macroscope

Inflation Moves Further From Central Bank’s Target Range

Consumer prices in Hungary rose once again in June, pushing inflation further away from the central bank’s 2-4% target range. In the meantime, industrial output continues to show no sign of recovery.

Change in Consumer Prices in Hungary (June 2024-June 2025)

Change in consumer prices compared to the same period of the previous year; percentage

2024. June 2025. June

Source:

In June, consumer prices in Hungary rose by an average of 4.6% compared to the same period of the previous year, which was roughly in line with the analysts’ consensus. In May, the increase was 4.4%. Compared to last month, prices rose by 0.1% in June, which was slightly below expectations.

“Annual core inflation decreased to 4.4% from 4.8% in May, indicating a slight decrease in inflationary pressures,” MBH Bank senior capital markets analyst Márta Balog-Béki commented on the fresh data published by the Central Statistical Office on July 8.

According to Balog-Béki, the picture remains mixed in the case of food and services, with food prices increasing both monthly and annually (despite the profit margin freeze introduced by the government). In the case of services, despite the increase in the monthly indicator, the annual rate continued to decline.

According to government announcements, its margin-limiting measures will remain in effect until the end of August, so there is no need to expect a sudden increase in food prices before then, Balog-Béki says. In fact, it is increasingly worth considering that the measure may remain with us for a more extended period, and may only end sometime in

at the earliest, she adds.

According to her, after the temporary disinflation of the summer months, inflation is expected to return to around 4.5% by the fall, and then slowly decline again to a level approaching 4% by December.

“We continue to expect an average inflation rate of 4.5% this year, but we see an upward risk in our inflation expectations for 2026,” Balog-Béki says. Elsewhere, it seems the June inflation figure did surpass some analysts’ expectations.

Slight Improvement

“The data was slightly better than our expected 4.7%. The further slowdown of core inflation, to 4.4% from 4.8% in May, is favorable,” notes Erste Bank analyst Orsolya Nyeste.

She adds that, on a monthly basis, food prices increased by 0.1%, which was slightly better than Erste’s expectations, and this is where the slight positive surprise came from. However, the picture is colored by the fact that service inflation remains high, she says.

According to Nyeste, the overall inflation picture is mixed. In the coming months, the stability of the forint, the easing of labor market tightness, and the expected slowdown in wage growth all combine to support disinflation.

The latter should be most evident in the declining inflation of market services. However, this year’s unfavorable weather poses a continuous upward risk to food price developments, despite the government’s price-limiting measures, she cautions. Nyeste expects the annual inflation index to fluctuate predominantly in the 4-5% range until the end of the year.

“After the release of the current data, we continue to maintain our inflation forecast for an annual average of 4.7%,” she adds.

For the near future, the July inflation data may show a significant slowdown. At this time, the mandatory sales promotion from last summer will be incorporated into the base, according to Dániel Molnár, head analyst at GFÜ Gazdaságkutató Központ.

“However, even with this, we expect the rate of monetary deterioration to remain above 4% until the end of the year and to return to the central bank’s tolerance band only at the beginning of next year, when the significant price increases at the beginning of this year have run out,” he says.

Drought Concerns

With the easing of tensions around the conflicts in the Middle East, the greatest risk to the inflation trajectory is the drought situation. Last year’s poor agricultural harvest resulted in a marked increase in the prices of raw materials, and similar risks are significant for this year. According to Molnár’s forecast, consumer prices may increase by an average of 4.5% this year and by 3.6% in 2026.

In the meantime, the Central Statistical Office has published the latest industrial production data. In May, the volume decreased by 1.3% on a monthly basis, while the decline was 2.6% on an annual basis. Looking at the longer term, after filtering out the effect of monthly fluctuations, the volume of industrial production in the spring months was at the same level as experienced

in the winter months, indicating that the recovery has not yet begun.

“Looking ahead, we do not expect any significant changes in industrial production in the coming months. There is still considerable uncertainty regarding the outlook,” comments Dániel Molnár of GFÜ.

“We expect a turnaround towards the end of the year; if the trade conflicts are resolved and external demand starts to pick up, this could move the industry off its low point.

In parallel, production in large factories (CATL, BYD, and BMW) may gradually start in the last months of the year, which, however, are only expected to give a new impetus to industrial production from next year, supplemented by the capacity expansion of the Mercedes factory in Kecskemét,” he adds.

With the exception of a few months, the output of Hungary’s industrial production volume has been consistently less favorable than the average of the 27 EU member states since the beginning of 2023.

“Looking ahead, we do not expect any significant changes in industrial production in the coming months. There is still considerable uncertainty regarding the outlook. We expect a turnaround towards the end of the year; if the trade conflicts are resolved and external demand starts to pick up, this could move the industry off its low point.”

By the end of the first quarter of 2025, industrial production had begun to grow in the EU as a whole, including Germany, as well as in the Czech Republic and Slovakia, which also have a significant automotive industry. However, production in Hungary continued to decline, according to an analysis by the research think-tank GKI. Its analysts predict that industrial production may start to grow slowly in the second half of the year.

ZSÓFIA CZIFRA

Ukraine

Kyiv and Budapest Argue Over Need for Unanimity to Start EU Negotiations Roundup Crisis

To no one’s surprise, Ukraine and Hungary have taken polar positions on whether unanimity will be required for Ukraine to begin accession negotiations to join the European Union.

“We now understand clearly that opening negotiations does not require unanimous agreement from all 27 member states,” Ukraine’s Minister of Justice and Deputy Prime Minister for European and Euro-Atlantic Integration Olha Stefanishyna told Fakty ICTV in an interview on July 8.

“That used to be the practice in past years, but none of the EU’s foundational documents currently mandate unanimous consent for this decision,” she added.

The Hungarian rebuff came in a post on Facebook later that same day: “It appears that in Kyiv, the interpretation of law is based on wishful thinking rather than reality, since they claim that unanimity is not needed for starting EU accession talks,” said Balázs Orbán, political director to Hungary’s Prime Minister Viktor Orbán.

Thus far, Hungary has been the most supportive of Russia among EU member states and NATO allies, with its reluctance to wean itself off Russian energy, its recent refusal to renew the EU’s 18th package of sanctions against Russia, and its general antipathy towards supporting Ukraine. Yet, this aversion is precisely what instigated a closer appraisal of the integration process on Ukraine’s part.

“Hungary’s obstructionism has prompted a deeper reassessment of the EU enlargement process,” Stefanishyna explained. “Hungary’s ‘political dumping,’ which undermines the EU’s ambitions, has triggered a thorough analysis and search for solutions.”

Stefanishyna insists unanimity is only required at the later stages of the accession process, particularly to conclude negotiations. “This is why, both because of Ukraine and for broader reasons, there is now a question of stripping Hungary of its voting rights,” she said.

“We would like to make one thing clear: the European Union is not a summer camp where it is enough to simply fill out an application form. Enlargement is not automatic, and certainly not some sort of geopolitical handout. It is the joint decision of 27 sovereign states by unanimous vote. Full stop,” he continued.

“We will not turn a blind eye to the disenfranchisement of minorities, the threat of the escalation of war and the destruction of the European economy,” Balázs Orbán insisted.

Mutual Grievance?

In an interview with conservative daily Magyar Nemzet published on July 7, Russian Minister of Foreign Affairs Sergey Lavrov attempted to invoke a mutual grievance over Kyiv’s treatment of minorities to shore up Hungarian support for Russia’s war effort against Ukraine.

“Russia and Hungary are openly speaking out in defense of their compatriots. We can unite our efforts in this regard,” Lavrov said.

High Representative of the European Union for Foreign Affairs and Security Policy and former Estonian Prime Minister Kaja Kallas had earlier suggested both of these options. With Ukraine’s accession not expected for at least a decade, she proposed that negotiations could begin now and a final unanimous approval take place later.

Kallas had also stated that the European Commission may attempt to activate Article 7 of the EU treaty to strip Hungary of its voting rights due to its “failure” to uphold the principles of EU membership.

Epta Opens Budapest Business Support Center

Italian refrigeration and food retail solutions group Epta officially opened its new Business Support Center in Budapest on July 1, positioning Hungary as a strategic pillar in the company’s global transformation strategy. The investment, part of Epta’s broader operational and digital evolution, aims to centralize services and enhance cross-border efficiency across its international portfolio.

BENCE GAÁL

The inauguration ceremony brought together senior figures from the company and Hungarian officials, including Deputy State Secretary Ádám Balogh from the Ministry of Foreign Affairs and Trade and Italian Ambassador Manuel Jacoangeli. Joining them were Marco Nocivelli, CEO of Epta, Gessica Perego, group chief people officer, and Rahul Malhotra, group shared services and business transformation director.

“Epta BSC is more than an office; it is a strategic hub designed to create a collaborative environment where knowledge thrives and cutting-edge innovations can be deployed rapidly,” stated Malhotra during the opening. “With this center, we reaffirm our commitment to continuous improvement and to our purpose of ‘Preserving our Planet with Conscious Innovation. Together.’”

The Budapest BSC is intended to function as an integrated services platform supporting Epta’s activities across Europe and beyond. Key functions include finance, procurement, HR, digital transformation,

and IT. The move aligns with Epta’s shift toward a more agile, technologydriven operating model, one that also aims to reduce environmental impact and increase customer responsiveness. Hungary was chosen for the new center due to its talent pool, geographic location, and business-friendly environment. The company already has a strong presence in the country: Epta International was established in 2011 as a centralized export hub, and since then, Hungarian revenues have grown from EUR 4 million to EUR 209 mln in 2023. The BSC represents the next phase of Epta’s local expansion.

Strategic Thinking

Following the ceremony, a closed-door roundtable, attended by the Budapest Business Journal, offered a deeper view into Epta’s strategic thinking. Group CEO Marco Nocivelli underscored the importance of collaborative action in achieving sustainable business outcomes. While not offering direct prescriptions, he emphasized the need for scalable impact, starting with how a company engages its clients and employees,

and extending to its fulfillment of its responsibilities to society and the planet. In his view, while progress doesn’t always require sweeping change, improving every day is important, and sometimes only improving a little bit every day is enough.

Gessica Perego expanded on the company’s people-first approach, emphasizing the importance of diversity, humility, and long-term commitment. Epta’s recruitment strategy prioritizes mindset over dry credentials, favoring those who embrace change and are capable of adapting to digital and market shifts.

Perego described Epta as an “honest company” that values respectful dialogue and a shared sense of purpose, key characteristics the company considers essential in a rapidly evolving industry. She also mentioned that people who opt to work with Epta tend to stay with the company for a long time.

The Budapest BSC is expected to play a critical role in delivering these goals, serving not only as a cost center but also as a hub for talent, innovation, and forward-looking strategy, embedded in the heart of Central Europe.

NICHOLAS PONGRATZ

File photo shows Ukraine’s Deputy Prime Minister for European and Euro-Atlantic Integration Olha Stefanishyna during a discussion at  the International Security Forum in Halifax, Canada, on Nov. 18, 2022.

Photo by Drop of Light / Shutterstock.com

2 Business Hungary’s 1st Industrial AI Department Celebrates 5 Years

Established in 2020 at the Faculty of Informatics of Eötvös Loránd University (ELTE), the ELTE-Bosch Department of Artificial Intelligence has played a significant role over the past five years in strengthening the strategic relationship between Hungarian higher education and industrial research and development.

Standing in the center, bearded and in a blue suit Government Commissioner for Artificial Intelligence László Palkovics is briefed on the automated unpacking machine developed by Bosch and ELTE. At the back of the group, also in a blue suit is István Szászi, the representative of the Bosch Group in Hungary and the Adriatic Region.

collaborating with the academic sector to help shape the innovation industry and participate in training new generations of engineers and IT specialists.

The department, created with the support of the Bosch Group in Hungary, operates as a unique research base and knowledge center where university lecturers, students, and Bosch experts collaborate to shape the shared future of science and industry.

This month, representatives of ELTE and the Bosch Group in Hungary, joined by Government Commissioner for Artificial Intelligence László Palkovics, signed a new agreement extending their cooperation for another five years. This move opens new horizons for AI education and real-world innovation in Hungary. The strategic, long-term goal is to make the department the most recognized applied industrial AI center in Central and Eastern Europe. Bosch’s strategy over the past two decades has included building an innovation ecosystem that strengthens the connection between higher education and industrial R&D. The company says it places great importance on

“Bosch is committed to developing artificial intelligence. We are convinced that, by working together with our academic partners, we can create even more versatile solutions for industrial AI applications,” says István Szászi, the representative of the Bosch Group in Hungary and the Adriatic Region.

“We are proud of what the ELTE-Bosch partnership has achieved in the past five years, and we believe in the success of the years to come. Through the Department of Artificial Intelligence, we have established a first-rate professional hub that not only provides up-to-date knowledge for the next generation of AI experts, but also delivers practical solutions for industry,” he adds.

Core Mission

For the Faculty of Informatics, a core mission is to make innovative use of university knowledge. ELTE believes that world-class expertise forms the foundation of successful innovation. Still, genuine results require more than just technical skill: close university-industry cooperation is essential, not only in R&D but also in training, curriculum development, and talent support, building a critical mass of skilled researchers.

Another exciting, internationally competitive direction is neuromorphic, or brain-inspired, AI-based computing, which Bosch and ELTE specialists are jointly researching.

Neuromorphic computing involves developing hardware and software systems modeled on the human brain, focusing on how nerve cells communicate and how neural networks organize themselves. This area of research could significantly enhance the capabilities of driver assistance systems.

Limitless Opportunities?

AI-powered technologies are also key to production optimization, and the department is working on relevant solutions. Robotics, especially when combined with AI, offers nearly limitless opportunities for automating complex industrial processes.

One significant outcome of the ELTE-Bosch collaboration is a specialized industrial unpacking robot, which is soon to be deployed at Bosch’s Hatvan site. The machine is designed to provide an efficient and flexible solution for unpacking, sorting, and organizing the wide variety of materials, parts, and components that factories receive daily.

Another project focuses on developing a smart 3D camera system to detect and analyze various body postures and movements, streamlining current methods and offering potential applications in sports, law enforcement, or healthcare (such as autism diagnostics). Another direction is AI-powered “digital twin” technology, which can aid in industrial error detection or support physical therapy and rehabilitation in healthcare.

“By 2025, we reached the goals we set at the outset and laid the foundation for further growth. The joint initiative between the Bosch Group and the ELTE Faculty of Informatics takes the practical application of academic knowledge to a new level, strengthening Hungary’s position at the forefront of technological and economic progress,” emphasized faculty dean Tamás Kozsik.

Contributing to advances in selfdriving vehicles, machine vision, drone technology, robotics, and increasingly sophisticated systems that emulate human brain function, the department currently has nearly

different R&D projects underway.

A central area of cooperation between the university and the company is autonomous driving, which is closely linked to artificial intelligence. Implementing these solutions, from sensing the external environment and the interior of vehicles to route planning and autonomous driving, requires a comprehensive suite of AI-based technologies.

Turning data from multiple sensors into virtual environments, planning vehicle movement, or detecting driver fatigue all depend on cutting-edge AI solutions.

Thanks to the ELTE-Bosch partnership, university students gain hands-on experience and competitive technical knowledge at the department. Over the past five years, 250 students have enrolled in the AI specialization, with 81 having earned master’s degrees to date.

The department currently offers 34 AI-related courses and opportunities to participate in a variety of industrial and research projects. Starting next academic year, a new double-degree master’s program will launch, focusing on emotional AI, developed in collaboration with European partners.

The Faculty of Informatics at ELTE is also coordinating the development of a national AI master’s program in collaboration with a consortium of 11 Hungarian universities.

Bosch has also contributed to developing the department’s educational and community spaces, following its “New Way of Working” concept. The company supports students with scholarships and other forms of assistance, including the Neumann program for talented undergraduates and the BEST (Bosch Engineering Scholarship Team) program at the master’s level, which provides financial support and professional mentoring to outstanding, ambitious students.

Innovinia Delivers Logistics Facility at IGPark Debrecen

Innovinia has completed construction of an approximately 20,000 sqm logistics hall at IGPark Debrecen. The major tenant at the facility is Duvenbeck, a leading international logistics provider. The development was built on a 4.6-hectare site, in the “VIP” industrial zone of the Debrecen Southern Economic Belt, in the immediate vicinity of the BMW plant.

GARY J. MORRELL

“The investment is a significant milestone in the life of Innovinia, as the development was realized according to plan in a very dynamic real estate market right next to BMW, and the building was fully let by the time it was handed over,” says Andrea Derényi, head of sales at Innovinia.

Real Estate Matters

A biweekly look at real estate issues in Hungary and the region

“We are very pleased that Duvenbeck will be able to start operations on schedule, for which we have tailored the building section and sincerely look forward to a successful long-term cooperation,” she adds.

The newly opened logistics hall represents a new level in industrial real estate development, not only in terms of size, but also in terms of its “environmentally conscious” design. Innovinia (formerly known as Infogroup) says it aimed to develop IGPark Debrecen (223 km east of Budapest by road) along an eco-industrial concept, in line with the company’s ESG strategy.

Long-term Impact

The company aims to implement ESG solutions that have a lasting impact, such as planting native plant species, which will lead to biodiverse vegetation in its parks. Green spaces were developed in cooperation with the Department of Ecology at the University of Debrecen.

“Our new Debrecen site strengthens our Central European logistics network with its strategically prominent location and stateof-the-art technical equipment,” comments Mónika Kovács, head of Duvenbeck Hungary, on the establishment of the new facility.

HGL Signs 10,000 sqm Lease at HelloParks Maglód

HGL has leased a further 10,000 sqm at the HelloParks Maglód megapark. The logistics service provider began operations last year in a 5,000 sqm lease at the MG1 warehouse within the same logistics park, situated near Budapest Ferenc Liszt International Airport. With the expansion, it will now occupy a total of 15,000 sqm of space.

HGL has a role in processing e-commerce goods arriving in the EU through Hungary. The company handles product arrival, customs clearance, and forwarding to the European market from Maglód (30 km southeast of central Budapest by road), which requires a rapid turnaround through a modern infrastructure and reliable operations, according to the company.

“HelloParks Maglód offers a modern and predictable operating environment that fully meets our fast-paced and high-volume logistics needs. Based on our experience over the past year, it was clear that we wanted to further expand our capacity here,” says Paul Szeman, CEO of HGL Group.

“The current agreement not only signals HGL’s strengthening but also proves the viability of HelloParks’ airport-proximity strategy,” comments András Bodahelyi, senior business development manager at HelloParks.

Comprehensive Ecosystem

“The e-commerce company’s goal is to build a service ecosystem that comprehensively serves the needs of logistics, customs, and freight forwarding companies operating in the airport area. HGL’s expansion is important feedback for us, as a globally active, high-volume logistics partner has decided to begin significant development in our Maglód mega park and commit to us long-term. This agreement is particularly valuable in that we managed to conclude it during a period that is challenging from a market perspective,” Bodahelyi adds.

HelloParks Maglód currently has two completed warehouse buildings, MG1 and MG3, offering a total of 91,000 sqm of leasable space.

Around 95% of the available space in the two buildings is already occupied, primarily due to strong demand from companies in the airport region.

The MG1 warehouse is the first industrial property in Hungary to achieve BREEAM sustainability certification at the “Excellent” level in the New Construction category. Construction of a third warehouse, MG4, is currently underway in the Maglód industrial park, and the developer is already conducting advanced negotiations for space there.

Since its launch, HelloParks has established a presence in four locations in the Budapest area: Budapest Airport (Maglód), Budapest North (Fót, 20 km northeast), Budapest West (Páty, 22 km west) and Budapest South (Alsónémedi, 24 km southeast). Across these four sites, it is developing more than one million sqm of warehouse and industrial space on a total of 200 hectares. The total development value of completed and ongoing projects is approaching EUR 600 million, according to HelloParks, a subsidiary of the Futureal Group.

The firm, headquartered in Bocholt, North Rhine-Westphalia, Germany, also has bases in Austria, the Czech Republic, Poland, Romania, Slovakia, and Spain, in addition to Hungary.

The Hungarian-owned developer and investor has specialized in the development of industrial and logistics parks in provincial hubs across Hungary. This reflects the need for industrial and logistics parks outside of Budapest to meet demand from companies in the auto and EV battery manufacturing industries that are located close to cities such as Debrecen.

Innovinia has an industrial and logistics portfolio of 230,000 sqm in Kecskemét (90 km southeast of the capital), Polgár (180 km east), Miskolc (187 km northeast), Tiszaújváros (176 km east) and Karcag (170 km east) in addition to Debrecen.

Wing Concludes 9,000 sqm Lease at Skylight City

Wing has signed a 9,000 sqm letting at Skylight City office building to establish the Hungarian headquarters of a multinational company specializing in the distribution of healthfocused dietary supplements. Already present in the Czech Republic and Poland, the company was seeking a flexible and welllocated site location for its entry into the Hungarian market. For the new tenant, it was crucial to find a building that provides a work environment for daily operations, while also being suitable for hosting events, training, and conferences with up to 190 participants, according to Wing.

The 20,000 sqm complex at Róbert Károly körút 54 in Pest’s District XIII was awarded a BREEAM In-Use “Very Good” sustainability rating in 2023. It offers office space for companies building a market presence in Hungary, according to Ernő Takács, deputy CEO for hotels and commercial properties at Wing. Citireal represented the tenant throughout the transaction process.

The Skylight City office building, developed by Wing.

IGPark Debrecen, by Innovinia.

3 Special Report

Healthcare & Insurance

Fast Access, Personalized Care, Customer Experience Pushing Private Healthcare Growth

The Budapest Business Journal contacted leading stakeholders to take the temperature of Hungarian private healthcare. We sought answers to the most pressing issues the field is facing.

surpassing HUF 27 bln, followed closely by TritonLife and the steadily ascending Budai Egészségközpont. (The picture is incomplete for now, as not all players have disclosed their 2024 financial records yet.)

Six years and nine months. That’s currently the longest a patient would need to wait for their turn in Hungarian public healthcare in a hospital. That specific case concerns knee prosthesis surgery, which is usually among the top three operations with the longest waiting lists in the country. And while the timeframe mentioned above is absurdly lengthy, the phenomenon itself is a daily reality.

Currently, more than 32,000 patients have been waiting for more than 60 days to get surgery, with retina-related and hip replacement operations topping the charts, where the average wait time is 15 and eight months, respectively.

Little wonder, then, that patients are increasingly seeking the faster track offered by private healthcare. According to business news portal Portfolio’s recent analysis of the top 30 private healthcare providers’ 2024 financial reports, the private health market not only maintained momentum but grew significantly last year, with average revenue increases of around 18%.

This might sound surprising, given that the Hungarian economy has been sluggish over the past three years, not to mention the EU-record inflation that has carved a large chunk out of households’ standard of living.

Private healthcare’s steady expansion, therefore, rather reflects a deeper trend. Hungarian patients apparently prioritize gaining access to faster (and perhaps better) treatment, even if it means cutting other spending, and are prepared to cover costs out of pocket.

The Only Option?

For many, private providers represent the only viable option for prompt and high-quality treatment. However, it’s not just patient demand driving growth; a combination of systemic

pressures, market dynamics, and shifts in human capital are all shaping a new healthcare landscape. While private clinics frequently highlight their expanding service portfolios and technological advancements, a significant part of their recent success stems from the structural failures of the public system. Doctors, now that the informal system of unaccounted gratuities (“hálapénz”) has been made illegal, and with limited performancebased incentives in public roles, are increasingly channeling their efforts into the private sector, where remuneration is more directly tied to workload.

The market’s financials showcase a clear trend. The total revenue of top players approached HUF 190 billion in 2024, roughly three times the amount five years ago. Medicover looks likely to have reclaimed the top spot, with estimated revenues

While income growth is widespread (with some players experiencing 30% year-on-year increases), profitability tells a more complex story. Rising labor costs, particularly for physicians, are eating into margins. Even without state-level wage hikes in 2024, many private providers had to raise visit fees, with prices often exceeding EUR 100. Another key development is the emergence of a more competitive mid-tier, where several institutions with annual revenues of HUF 2 bln–3 bln have created a highly competitive environment. And while the entire sector struggles with HR issues, which further drive up prices, the public-private divide in healthcare access seems likely to grow rather than shrink.

BBJ: How do you explain that the private healthcare segment in Hungary experienced dynamic revenue growth last year despite a challenging macroeconomic backdrop? What did you do to make it happen?

Dennis Diokno: We didn’t implement any major changes. We simply stayed focused on delivering exceptional care and service. The revenue growth in our sector reflects broader trends, particularly the increasing number of people turning to private providers due to ongoing challenges in the public healthcare system. At FirstMed, we constantly review underperforming specialties and adjust our marketing investments accordingly. Our patient mix, serving both Hungarian and international patients, provides us with stability and also presents a continued opportunity to expand our Hungarian market presence.

Dr. Róbert Lancz: The growth of private healthcare was not a coincidence; it reflects a deep and accelerating shift in public behavior and expectations. Today, approximately two-thirds of adult Hungarians use private healthcare, either as a supplement to or a replacement for public services. This is not simply a reaction to shortcomings in the public system, although long waiting times and capacity issues do play a role, but more fundamentally, it’s about what modern patients demand:

predictability, fast access, personalized care, and a high-quality customer experience. These are the attributes that characterize private healthcare globally. At Doktor24, we’ve embraced this trend. We continue to invest in service development, patient experience, and medical quality, learning from top Western providers.

We’re also seeing strong uptake from employers, who increasingly realize that quality healthcare is essential to workforce well-being and retention. More companies are subscribing to corporate healthcare packages and insurance products, which help expand access and support long-term growth.

Dr. Kornél Papik: The shortcomings of the public healthcare system are driving an increasing number of patients toward the private healthcare sector. Competition is strong, yet Dr. Rose Private Hospital continues to provide outstanding medical care, maintaining its leading position among private providers, a status confirmed by 18 years of consistent excellence. Alongside a steadily growing number of orthopedic, surgical, and plastic procedures, we treat patients across more than 40 medical specialties. Continuous development is a key part of our strategy: a new 1,500 sqm inpatient department will soon open, featuring two state-of-the-art operating rooms and 23 premium patient rooms.

Dennis Diokno

Dr. Róbert Lancz

But we are not only building walls; we are also introducing a new operating model, expanding medical expertise, and raising the bar for patient experience even further.

BBJ: Are you concerned that current resource scarcity-fueled price levels will slow growth? How can you simultaneously handle the constant wage pressure from healthcare professionals?

DD: Human resource scarcity is arguably the greatest challenge facing both public and private healthcare providers. This is not just a problem in Hungary but across Central and Southern Europe. Many healthcare professionals relocate to Northern Europe, where salaries are often two to three times higher. We’re seeing the same trend in Italy, where FirstMed operates clinics in Rome and, soon, in Milan. In Rome, some doctors leave for Northern Italy or other parts of Europe in search of better pay. While increasing wages is the most immediate way to address this, we’ve also seen that some doctors are willing to forgo higher salaries abroad to stay close to their families and raise their children within their own culture and community.

RL: Workforce scarcity is one of the most pressing issues in the industry, and not just in Hungary. Across Europe, skilled professionals are in short supply, and wage pressure is mounting. At Doktor24, we’ve taken a strategic approach. Rather than relying solely on freelancers, we are increasingly hiring physicians on a full-time basis. This enables us to provide consistent care, strengthen our internal medical culture, and gain better negotiating power as a large employer.

Importantly, we are now seeing Hungarian doctors return from abroad to work with us, not only because of competitive salaries, but because we provide Western-standard infrastructure, working conditions, and quality assurance. As for pricing, yes, services are more expensive than

AI is Setting the Trend in Hungarian Healthcare

Healthcare is no exception to the transformative impact that AI has on various sectors of the economy. Konrád Keresztes, associate director of MSD Pharma Hungary Kft., shared some insights on this crucial trend.

We observe a strong commitment to embracing AI in healthcare in certain countries, such as the United Kingdom. Its National Health Service received a GBP 21 million (HUF 9.7 bln) funding from the Department of Health and Social Care in June 2023 to develop AI diagnostics, including an algorithm for lung cancer detection (which is one of MSD’s investments, through the global qure.ai’s software solution). Calculations showcase a one-year ROI on this investment due to expected delivery improvements and cost savings. Additionally, a previous decision was made to provide GBP 250 mln (HUF 115 bln) in 2019 to fund the NHS AI Lab and its initial program of work. At a more localized level, Nottinghamshire’s NHS is already planning to implement a robust digital transformation plan in 2026, with a specific focus on AI. When it comes to Hungary, we also have good news to share: since earlier this year, the government has appointed a Ministerial Commissioner for AI, who has established the country’s first

ever, and out-of-pocket spending is high. But demand remains strong because patients understand the value of quality, safety, and speed. The expansion of corporate and insured models will also help mitigate personal financial burdens over time.

KP: Competition for doctors and healthcare professionals is intensifying, and it has become increasingly difficult to recruit qualified staff at wage levels that still allow for even the modest profit expectations typical of the sector. Our employee turnover remains low, but due to our ongoing expansion, we are looking to welcome new colleagues across nearly all departments. We are committed to creating not only an attractive work environment for physicians and healthcare professionals but also ideal conditions in every aspect of their work.

BBJ: What does it take now to prevail in an environment shaped by a few heavyweights and a growing number of emerging competitors?

DD: FirstMed is in a somewhat unique position. Our international patient base allows us to defend our market share more effectively than many local providers. At the same time, we see strong growth potential among Hungarian patients, especially those who have experienced healthcare abroad and value the high level of service we provide. In this competitive environment, success requires

AI strategy, in which healthcare assumes a significant role. Although there is less funding compared to the United Kingdom, we have solutions currently being tested with promising results, such as the colorectal and mammography screening algorithms at Semmelweis University. Our governmentrun healthcare cloud, EESzT, will be opened in 2026 for AI application development,

a relentless focus on quality, clear communication, and trust. Patients increasingly expect not only clinical excellence but also a smoother, more transparent healthcare experience from start to finish.

KP: We are witnessing a growing number of people opting for private healthcare, and our goal is to deliver excellent services with outstanding value for money, complemented by a truly unique patient experience. While we are also compelled to raise our prices, we cannot pass the full burden of rising costs onto our patients. Therefore, we aim to maintain exceptional quality in the long term, operating sustainably with modest profit margins. Competition in the private healthcare sector is constant. Providers compete primarily on the quality of care, speed of service, and patient safety, factors we consider essential. Thanks to our stable ownership structure, we are wellpositioned to meet these challenges

which could potentially put Hungary at the forefront of international AI research and development. We can also discuss the successful use of AI in the pharma industry. Just three months ago, Insilico Medicine developed the first drug for idiopathic pulmonary fibrosis, where both the target and compound were discovered using generative AI. This represents a significant breakthrough in science and a fascinating development to observe. Such successes are not only happening abroad, but also in Hungary: if we look locally, there are already a handful of Hungarian companies developing AI solutions for the global healthcare scene, such as Turbine.ai, which focuses on accelerating drug development and repurposing.

Or take Genomate Health (a spin-out of Oncompass Medicine), which revolutionizes personalized medicine by comparing all available therapies for a given genetic set and selects those that would provide the best health outcome for a given patient. We are very proud to say that both qure. ai and Turbine.ai belong to our Global Health Innovation Fund’s investment portfolio, where we provide funds to create the health solutions of the future. AI is changing healthcare as we know it, and we are delighted that MSD is contributing to this development.

through ongoing developments, cutting-edge technology, new services, and continuous quality improvement.

RL: We clearly see market consolidation underway. The largest players, including ourselves, are gaining scale, attracting top talent, acquiring cutting-edge technology, and driving standards higher. Meanwhile, mid-sized providers are facing rising costs, recruitment challenges, and pressure to digitize, which often requires significant capital investment. To thrive in this new environment, size and scale do matter, but so do vision, investment discipline, and patient trust. We aim to be not only a market leader but also a standardsetter, combining clinical excellence with innovative service models. We expect consolidation to accelerate over the next few years, and Doktor24 will be at the forefront of this transformation. Our mission is to build a future-ready healthcare platform that offers quality, accessibility, and sustainability for the next generation of Hungarian patients.

Our 2025 Healthcare Market Talk Panel

• DENNIS A. DIOKNO , CEO and founding partner, FirstMed-FMC Kft.

• DR. RÓBERT LANCZ , chairman of the board, Doktor24 Zrt.

• DR. KORNÉL PAPIK , managing director of Dr. Rose Private Hospital

• KONRÁD KERESZTES , associate director of health policy and communications, MSD Pharma Hungary Kft.

Dr. Kornél Papik

Konrád Keresztes

Affidea Offers a Clearer Image of Employee Health

Affidea Hungary’s chief operating officer, Emese Garamvölgyi-Veréb, speaks with the Budapest Business Journal about the well-being services it offers companies, its nationwide footprint, its work supporting the national health service and plans for the future.

BBJ: We live in a world where companies are desperate to retain their skilled workforce. One route to this is through supporting employee well-being and health. How can healthcare companies such as Affidea help with this?

Emese Garamvölgyi-Veréb: In today’s competitive labor market, employee well-being is no longer just a human resources topic; it is a strategic business driver. Companies increasingly recognize that investing in the long-term health and well-being of their people directly enhances employee retention, engagement, and productivity. At Affidea Hungary, we support this approach with fully integrated corporate health solutions. Beyond the mandatory occupational health services, we offer preventive screenings, mental health support, lifestyle and well-being programs, as well as on-site health days and workshops. These services reduce sick leave, boost workplace satisfaction, and strengthen employer branding, creating measurable business value. More companies choose us because we provide a comprehensive package under one roof, allowing them to implement a cohesive, long-term corporate health strategy. We work closely with our partners to design customized programs that fit their workforce’s unique needs.

BBJ: What are the most popular corporate packages you offer? Has this changed since Affidea entered the market here?

EG-V: The most sought-after corporate packages today are those that combine occupational health with preventive screenings and well-being services. Our partners are particularly interested in health screenings that focus on early detection of cardiovascular risks, diabetes, cancer, and mental health conditions. In recent years, we’ve seen a growing demand for mental well-being support, including stress management workshops, psychological counselling, and burnout prevention programs. Younger employees, in particular, expect employers to

support their holistic well-being, not just provide basic medical checks.

Since entering the Hungarian market, Affidea’s offering has evolved from standalone services to fully integrated programs. We now help our partners design long-term health strategies that fit their organizational culture and employee demographics. The trend is clearly moving toward personalized, flexible solutions that can be tailored for each company and even each employee.

BBJ: Affidea provides specialist healthcare services across Europe. Could you tell us more about your footprint in Hungary? How long has the company been present, how many staff do you have, and what services do you offer here?

EG-V: Affidea has been present in Hungary since 1991. Over the past three decades, we have grown to become one of the country’s leading providers of diagnostic imaging, outpatient care, and corporate health services.

Today, Affidea Hungary operates with several hundred dedicated healthcare professionals, including physicians, radiographers, nurses, and support staff, across our nationwide network. We provide a comprehensive range of services, including advanced diagnostic imaging (MRI, CT, X-ray, mammography, and ultrasound), outpatient specialty care, occupational health, corporate health screenings, and mental well-being support.

Affidea operates 11 clinics, of which six are located in hospital areas, providing diagnostic imaging services financed by NEAK, the National Health Insurance Fund. Additionally, we have five complex, private clinics based in Budapest. Beyond this, we have a nationwide coverage for occupational health services. Our goal is to bring high-quality healthcare closer to where people live and work.

With a focus on patient-centered care, we offer fast and efficient diagnostic pathways and seamless care coordination. This integrated approach enables

patients to access the right healthcare services quickly, minimizing waiting times and health-related absences.

Future expansion plans primarily include introducing new services and treatments in our existing diagnostic and outpatient clinics, as well as expanding our corporate health services at company sites nationwide. We also plan to enhance our mobile health service portfolio to provide on-site screenings and health programs directly at workplaces.

BBJ: In the fall of 2019, the firm strengthened its private outpatient service portfolio in Budapest by acquiring Medical Service Budapest (MSB) Kft. How much has Affidea invested in Hungary to date, and what are its future growth plans? Do you have further acquisition targets?

EG-V: Affidea has invested approximately EUR 50 million in Hungary to date, primarily in expanding our diagnostic imaging infrastructure, advanced technologies, and outpatient services. The acquisition of MSB in late 2019 notably enhanced our outpatient care capabilities, complementing our existing diagnostic portfolio.

Looking ahead, we plan to further expand both organically and possibly through acquisitions where they fit

our strategic goals. We are actively exploring opportunities to widen our services in all areas of operation. Our priority is to maintain the highest medical standards while increasing accessibility to integrated health solutions. We are also investing in digital solutions to improve patient pathways and health outcomes.

BBJ: Although Affidea is a private company, its public diagnostic imaging centers in Hungary are accredited for the postgraduate training of junior doctors and trainees for the Radiology Specialist Degree by the Semmelweis University Budapest Radiology Department. Is this still the case, and why is it important to support state healthcare in this way?

EG-V: Yes, this partnership remains in place and is something we are very proud of. Affidea’s diagnostic centers play an important role in the practical training of radiology residents from Semmelweis University. Accreditation has been recently expanded to our private diagnostic imaging centers as well. Supporting the development of the next generation of healthcare professionals is part of our commitment to the future of Hungarian healthcare. By contributing to medical education, we help to ensure that both public and private healthcare providers will have well-trained, highly skilled specialists in the years to come. This collaboration also reflects our broader mission: to strengthen the overall healthcare ecosystem in Hungary by sharing our expertise, best practices, and infrastructure with the broader medical community.

BBJ: Is there anything else you would like to add?

EG-V: At Affidea, we believe that health is the foundation of personal and business success. In a rapidly changing world, companies that invest in the wellbeing of their people will be the ones that attract and retain the best talent. With our integrated corporate health services, nationwide coverage, and expertise in diagnostic imaging and outpatient care, we are uniquely positioned to help companies build a healthy, resilient workforce today and in the future.

ROBIN MARSHALL

Emese Garamvölgyi-Veréb, COO, Affidea Hungary.

Affidea operates 11 clinics, of which six are located in hospital areas, providing diagnostic imaging services financed by NEAK, the National Health Insurance Fund. Additionally, it has five complex private clinics based in Budapest.

2,500 Hungarians get Melanoma Diagnosis

Annually: Screening and Sun Protection Matter

The arrival of summer also means greater exposure to the sun’s ultraviolet rays, making it even more important that everyone pay attention to proper sun protection and check their skin for any unusual changes regularly.

The reality is stark: in Hungary, nearly 2,500 people receive a melanoma diagnosis every year. Recognized as one of the most aggressive types of skin cancer, it has the potential to spread rapidly if not detected and treated at an early stage.

Despite the risks, the likelihood of a positive outcome increases significantly with regular self-examinations and dermatological check-ups. Healthcare provider Affidea Hungary and familyowned pharmaceutical firm Dr. Kelen have joined forces again this year to raise awareness of the critical importance of melanoma screening.

Statistics from the Hungarian Dermatological Society illustrate the scope of the challenge. By age 50, one

in five Hungarians will have experienced some form of skin cancer. Furthermore, 70% of melanomas are malignant from the very beginning, appearing as new, cancerous lesions, while only 30% develop from pre-existing moles.

“At least once a year, everyone is advised to have a thorough skin examination, especially those who have many moles or risk factors for skin cancer, that is, people with fair skin; those with a family history of melanoma; those who spend a lot of time in the sun or are exposed to artificial UV radiation (such as tanning beds); and those with irregularly shaped moles,” explained Dr. Péter Kósa, dermatologist at Affidea Hungary.

“Regular mole screening makes it possible to detect any changes in time, thus increasing the chances of recovery. In our experience, many people only

visit a specialist after they notice some change, even though prevention and screening are key,” he added.

Not Only a Summer Problem

The root cause of melanoma development is often linked to overexposure to sunlight and inadequate sun protection measures. Yet, it is a common misconception that sunburn or damage

When Physical Activity and Mental Well-Being Pay Off for Employers

Employer care has reached a new level: today, companies are not just offering benefits but providing a true well-being experience with measurable business results.

BENCE GAÁL

An increasing number of companies are recognizing that employee well-being is not just a lofty ideal, but a tangible business interest. The employer’s role now extends beyond pay; employees expect their companies to prioritize their physical and mental health. Companies that consciously integrate tools supporting physical and psychological well-being into their benefits systems can expect not only more satisfied employees but also measurable outcomes.

According to a Hungarian study, 85% of employees who engage in regular physical activity say it positively impacts their job performance (AYCM × NRC, 2022). Exercise reduces stress, improves energy levels and sleep quality, and in the long term, lowers absenteeism while boosting productivity.

International data indicates that corporate programs supporting

occurs only during vacations or at the height of summer; dermatologists stress that harmful ultraviolet radiation can affect the skin at any time of year, whether the sky is clear or overcast. Therefore, practicing proper sun protection throughout the year is fundamental to reducing the risk of skin cancer. Even on cloudy days, UVA and UVB rays penetrate the atmosphere and can cause skin damage that accumulates over time.

“The use of sunscreen is especially important for maintaining healthy skin: it protects against UVA and UVB rays, slows down the aging process of the skin, and reduces the risk of developing melanoma,” emphasizes Dr. Ákos Kelen, product development pharmacist at Dr. Kelen. However, people often do not apply enough, do not reapply at the necessary intervals, or simply forget to use it in everyday life.

To raise awareness, Affidea Hungary and Dr. Kelen ran a campaign from May 5 through June 30, in which Affidea offered a 25% discount on mole screenings. The first 75 to participate received a complimentary Dr. Kelen sunscreen.

The two firms aim to continue informing the public about how melanoma develops, the differences between new and existing moles, the dangers of excessive sun exposure, and how to conduct effective selfexaminations. The Hungarian Dermatological Society’s data and recommendations are also being widely disseminated as part of the initiative.

a return of USD 3–6 through reduced healthcare and absenteeism costs (Harvard Business Review, 2010).

Strengthens Brand Perception

Benefits that encourage physical activity and are accessible nationwide, along with mental health support services, have a significant impact on the workplace atmosphere and employee loyalty. A well-structured system not only makes HR’s job easier but also strengthens employer brand perception. It may also be worth participating in benchmarking competitions that objectively evaluate the level of corporate care, offer feedback on the effectiveness of well-being programs, and reinforce the image of a “caring company” in internal communications. Beyond external recognition, these provide an opportunity to demonstrate this commitment credibly to employees as well.

physical and mental well-being improve work performance by 25% and can reduce absenteeism by up to 29% (Gallup Workplace Report, 2020). For a company with 200 employees, this can translate into annual savings of HUF 6 million–8 mln. Furthermore, for every dollar invested in such programs, companies see

In short, employer attention is not merely a moral obligation—it is a strategic advantage. Companies that actively support the physical and mental health of their workforce are not only more attractive as employers but also build more stable organizations over the long term. These strategic tools support HR efforts, boost employee satisfaction, and yield positive results in productivity, loyalty, and financial returns.

www.allyoucanmove.hu www.benefitprize.hu

Photo by iStock.

Dermatologist Dr. Péter Kósa.

Head Off Workplace Burnout Digitally Before it Appears

Employee mental well-being has been a significant issue worldwide for some time, and the recent years of permacrisis have only exacerbated the phenomenon.

A Hungarian solution provides a datadriven approach to detecting and preventing workplacerelated burnout.

Hungary is known for many things, but being a stress-free environment is not one of them. Accordingly, pressure tends to occur at workplaces in high amounts, creating an incubator for developing mental illnesses. It is not unique to Hungary, however: workplace stress is now one of the most pressing challenges facing employers globally.

The European Union estimates that the annual economic loss due to poorly managed workplace stress reaches EUR 136 billion. In Hungary, the figure is estimated at HUF 440 bln, roughly equivalent to the cost of the country’s entire Metro Line 4 project. The amount is hardly surprising considering that mental health-related sick days have multiplied in recent years.

Taking Xanax might serve as a temporary, if addictive solution, but what if all that could be prevented?

A newly developed Hungarian app, Healthcheck, aims to achieve just that by helping to detect mental health issues.

“Today, it’s beyond question that the mental state of employees significantly affects companies’ day-to-day operations, work quality, and productivity,” explains Zsófia Logemann-Molnár, founding psychologist of Minder, one of the three Hungarian organizations behind Healthcheck. “Companies need digital tools to better recognize and manage mental health issues among employees.”

The numbers are staggering. According to AbsenceSoft, 57% of U.S. employers reported an increase in leave requests in 2024. Of these,

saw growth rates above 21%. Mental health is a leading cause, accounting for close to every second leave of absence, trailing only recovery from injury or illness.

The so-called sandwich generation is particularly at risk: they have ageing parents and not-so-grown-up kids to look after alike, which puts them under extra pressure from two directions.

Managing Stress Risks

It doesn’t take a doctorate in psychology to establish what the widespread occurrence of mental problems can be attributed to. According to European data, 51% of employees report that stress is common in their workplace, and four out of 10 believe their employer fails to manage the related psychosocial risks adequately.

In Hungary, the picture is equally grim: nearly half of employees report physical health problems caused by job-related stress. The most common triggers for those problems include excessive workloads, lack of respect and fairness, as well as unrealistically high expectations.

Launched in 2025, Healthcheck is a unique collaboration between Cheq, a Budapest-based communications

workforce en masse, bringing with them a whole new set of expectations vis-à-vis their employers.

Strategic Necessity

“They’re looking for companies that care not just about performance but also about personal well-being, creativity, and innovation,” says Deliága Ákos, CEO of Talk-A-Bot Zrt., the company behind Cheq. “For modern companies, digitalization is more than a choice; it’s a strategic necessity in HR.”

Healthcheck aims to tackle this challenge head-on. It empowers companies to be proactive, rather than reactive, in dealing with workforce wellness. By recognizing psychosocial risks and responding in a timely and personalized manner, the app helps companies stay competitive in terms of profit margins, talent retention, culture, and compliance.

Beyond corporate strategy, legal aspects also play a significant role in why the C-suite must prioritize mental well-being. Hungarian law, aligned with EU directives, requires employers to regularly assess and mitigate psychosocial risks like conflict, workload, and stress. Healthcheck streamlines this process. It offers a ready-made compliance tool that also delivers tangible business benefits.

“Companies can kill two birds with one stone,” says Horváth. “They meet legal requirements while boosting employee loyalty and reducing attrition.”

startup; Pro Health Consulting Group, a specialist in workplace wellness strategies; and Minder, experts in corporate psychology. Integrated into Cheq’s internal communications system, the app delivers immediate, anonymized feedback on the mental and physical condition of employees.

The app’s standout feature is its “heat map,” a visual tool that shows HR teams and company leaders where intervention is most needed. “Based on the results, companies can redesign workflows and implement targeted health programs,” says LogemannMolnár. “These changes directly improve employee engagement and reduce turnover.”

Zsófia Horváth, senior partner of Pro Health Consulting, adds, “We’re seeing very positive results. With Healthcheck, it’s easier to plan effective health programs, and Cheq’s integration has measurably improved internal communication.”

Healthcheck isn’t just about diagnosis; it’s also an early-warning system. It supports employees in recognizing stress symptoms before they escalate into more serious issues. Users receive personalized feedback, which fosters selfawareness, stress management, and personal development.

The timing couldn’t be better. Gen Z members are entering the

The app’s design was rooted in evidence-based psychology, built around scientifically validated methodologies that correspond to both Hungarian and international benchmarks. As such, Healthcheck not»only fulfills legislative mandates but also represents a cultural shift in how companies think about work and well-being.

“Today, it’s beyond question that the mental state of employees significantly affects companies’ dayto-day operations, work quality, and productivity. Companies need digital tools to better recognize and manage mental health issues among employees.”

Untreated stress leads to absenteeism, drains morale, and undermines efficiency. And in an era full of uncertainties, stress levels are likely torise. Tools like Healthcheck offer the potential to help turn the tide.

As Logemann-Molnár concludes, “Today, there is no question that the mental state of employees significantly supports or hinders the day-to-day operations of companies, the quality of task performance, and, specifically, productivity.”

Zsófia Horváth, senior partner at Pro Health Consulting Group.

Running as a Therapy to Combat ‘Outsider’ Anxiety

The feeling of being an outsider can affect our everyday lives in many ways. According to a recent study by NN Insurance, at least two-thirds of respondents struggle with these feelings. However, Dr. Erika Sinkó, a soft skill development trainer, and survey participants confirmed that sports, specifically running, can significantly help mitigate these feelings, thanks to the shared hobby and the sense of belonging to a running community.

BENCE GAÁL

The importance of mental health is receiving increasing attention nowadays, both at the workplace and in one’s private life, with the feeling of being an outsider emerging as a frequent topic of social-psychological discussion. Whether stemming from a visible trait, behavior, or other kinds of differences, people can often feel like they are not fully part of society or don’t truly belong to the community around them.

The resulting sense of alienation and difficulty integrating can trigger feelings of anxiety, which, over time, can lead to depression and loneliness, uprooting one’s general well-being.

In a recent survey conducted among recreational runners, NN Insurance explored how many people experience this problem and how exactly they seek remedies for it.

About two-thirds of runners aged 18–59 said they had felt like an outsider at some point. This feeling was particularly common among women and young adults aged

18–29,

with both groups reporting a high occurrence rate of approximately 73%.

These findings align with an earlier NN study, which found that young adults aged 18–34 are significantly more likely to struggle with mental health issues such as anxiety, depression, and loneliness than older age groups, the insurance company says.

“The feeling of being an outsider does not only reflect the absence of belonging to a community; it often points to internal insecurities or a fragile relationship with oneself. If someone continuously ignores these feelings and doesn’t seek connection or deepen their selfawareness, it can easily lead to isolation, loneliness, and over time, anxiety or depressive states,” explains Sinkó.

Outsider Triggers

But what typically triggers the feeling of being an outsider? Most people feel this way when entering a new community: 75% of the runners surveyed cited this as a key factor. Anxiety or emotional distress were next, with more than half (53%) identifying them as causes, followed by having interests that differ

from the group’s (44%). One in three respondents attributed it to their appearance or style, while one in five mentioned grief or personal loss. What can be done about this widespread issue? Encouragingly, the vast majority of respondents, about 84%,

believe that running helps alleviate feelings of alienation and fosters a sense of connection.

“Running benefits us in three powerful ways: it protects our physical health, supports our mental well-being, and strengthens our social connections. All of this contributes to a happy, balanced, and long life.”

Running can introduce a new activity into one’s life, offering the opportunity to join a wider running community, share achievements and challenges (even in online groups) and participate in events such as charity or cleanup runs, club runs and organized races, the insurance firm notes “Running benefits us in three powerful ways: it protects our physical health, supports our mental well-being, and strengthens our social connections. All of this contributes

to a happy, balanced, and long life, what we call longevity,” says Bence Holló, CEO of NN Insurance.

“That’s why, for the 11th year, we are proud to support one of Hungary’s most unique mass running events, NN Ultrabalaton, as well as the NN City Run in Budapest. We hope to motivate more people to live actively and care for their physical and mental health,” he adds.

Friends Thru Running

According to the study, approximately 31% of respondents made at least one new friend through running. Notably, three-quarters of NN Ultrabalaton runners reported having formed several new friendships through their shared passion.

Mass sporting events can also be beneficial in terms of building a sense of community while also helping to ease emotional burdens.

“If we get stuck in this internal loneliness, it becomes increasingly difficult to break free. That’s why it’s essential to participate in community events while consciously developing self-awareness and identifying the thought patterns or beliefs that reinforce this state,” says Sinkó.

“Different forms of physical activity can, in themselves, contribute to stress management, emotional resilience, and greater self-acceptance, ultimately making it easier to connect with others,” she notes.

“This process can be significantly accelerated with the support of a community and professional help, such as a coach or development trainer, helping to build a more balanced and harmonious life,” Sinkó concludes.

Dr. Erika Sinkó, soft skill development trainer (left), Bence Holló, CEO of NN Insurance.

Philips Advocates Human-centric AI Integration to Enable Better Care for More

Better known for its consumer products, Philips is primarily a medtech firm with a strong presence in Hungary focused on imaging systems and monitoring devices. Dr. Robert Wagner, head of image guided therapy for Central and Eastern Europe, discusses with the Budapest Business Journal how the firm can partner with state healthcare in Hungary, the quiet revolution being worked by IGT, and how AI is increasingly used to support diagnostics, automate workflows, and improve efficiency.

from earlier diagnoses to better treatments, the reality is that the system is under immense pressure everywhere. Governments face rising numbers of patients, staff shortages, and budget constraints, all of which are contributing to growing waiting lists. Philips strategically adapts its approach to local needs and infrastructure, partnering closely with governments to deliver innovative technological solutions that advance national healthcare priorities and strengthen health systems.

BBJ: Your role is regional; how does Hungarian healthcare compare with neighboring countries?

the technology we deliver. As someone with a medical background, it’s deeply meaningful to me to help transform patient outcomes every day.

BBJ: We hear a lot nowadays about AI being used to filter images and spot anomalies. How prevalent is this, and what sort of difference can it make?

does not add to clinicians’ workload by overwhelming them with data, but instead empowers them with the clear, actionable insights they need to deliver exceptional patient care.

BBJ: Besides digitalization and AI, the other great theme of our times is sustainability. How sustainable are Philips’ operations, and what are you doing to make them more so?

RW: For us, sustainable development is not just an idea; it is concrete actions that we have been implementing for years. Since 2020, we have been climate-neutral in our operations. All the energy we use comes from renewable sources. We design our products according to EcoDesign principles, which means we prioritize energy efficiency, recyclability, and reusability of components. Currently, 24% of our revenue comes from products created in a manner consistent with the so-called circular economy.

BBJ: The “Philips Future Health Index 2025” report was recently published for the 10th time. What are its main findings?

RW: The report, titled “Building Trust in Healthcare AI,” is the world’s largest survey of its kind, gathering insights from nearly 2,000 healthcare professionals and 16,000 patients across 16 countries. It highlights an urgent need for accelerated AI adoption to address care delays and looming workforce shortages that could leave millions without timely care by 2030.

BBJ: Philips has a global and regional footprint. What is the scale of your operation in Hungary?

Robert Wagner: Philips has a significant presence in Hungary as a brand. Many people know us by our consumer products, including shavers, toothbrushes and the Avent line. In reality, we are primarily a healthcare company, offering hospitals advanced medical technologies, including imaging systems (CT, MR, X-ray, and ultrasound), patient monitoring devices, and software solutions.

BBJ: How hospitals and the healthcare system in general are structured is the choice of the government. How can a medtech company like Philips act as a partner for the state?

RW: While there are many truly remarkable advances in healthcare,

RW: Hungarian healthcare is broadly comparable to that of neighboring countries, though each market faces its own specific challenges. Maybe one of the most significant differences lies in the role and relative weight of private service providers, as well as how these services are integrated into each country’s healthcare system. This often makes a big difference in access to care.

BBJ: Your specialty is image-guided therapy, or IGT. Could you provide a brief explanation of what this is?

RW: For nearly 50 years, technology has allowed doctors to treat serious conditions without opening up the body. Instead, they make a tiny incision and travel through blood vessels, much like highways, to reach problems in the heart, brain, or liver. This quiet revolution has transformed operating rooms into advanced cath labs, enabling patients to recover faster and spend less time in the hospital. It’s a profound shift in care, one made possible by

RW: One of the most exciting and transformative trends in healthcare today is the rise of artificial intelligence. AI offers a powerful solution to the growing workload faced by medical staff by automating routine administrative tasks or supporting diagnostics, for example, in radiology, where it can deliver rapid, initial image analyses. The conversation is no longer about whether AI can improve diagnostic accuracy and efficiency (it clearly can) but about how to manage questions of responsibility and trust. At Philips, we believe AI should always work under human supervision. It will never replace the clinical team, but it can free up valuable time that healthcare professionals can dedicate to what matters most: caring for their patients.

BBJ: What other areas can AI help with in your field?

RW: AI goes far beyond imaging: it streamlines workflows, automates reporting, and supports clinical decision-making, reducing administrative burdens and elevating the quality of care. This is at the heart of healthcare’s digital transformation, an evolution I see as not just inevitable, but essential. However, its success depends on working in true partnership with medical professionals. We must ensure that our enthusiasm for technology

AI goes far beyond imaging: it streamlines workflows, automates reporting, and supports clinical decision-making, reducing administrative burdens and elevating the quality of care. This is at the heart of healthcare’s digital transformation, an evolution I see as not just inevitable, but essential.

The report reveals that staff shortages are already resulting in significant patient harm, with 73% of patients waiting an average of 70 days for specialist care and a third reporting that their health has worsened due to these delays. However, a trust gap persists, with doctors more optimistic than patients about AI’s benefits, and concerns about accountability and bias hindering adoption. The report advocates for human-centric AI integration, emphasizing design centered on user needs, robust training, clear regulatory guardrails, and robust cross-sector collaboration to enable better care for more people.

ROBIN MARSHALL

Dr. Robert Wagner

MSD Looking for Innovation Across the Healthcare Value Chain

For an innovative pharma firm like MSD, developing new drugs is the (admittedly quite expensive) bread and butter. But it is involved in far more than that, including strategic academic partnerships, a recent event with the U.S. Commercial Service, and support for patient advocacy groups, as Konrád Keresztes, associate director of the health policy and communications team in Hungary, tells the Budapest Business Journal .

annually, according to the OECD/ European Commission “EU Country Cancer Profile: Hungary 2025” report. There is no formal endpoint to the collaboration, and the partners continue to identify new areas for cooperation.

Semmelweis University plans to establish a science park next year, aiming to foster academic-industrial partnerships and innovation. It is looking for Hungarian companies willing to invest in healthcare sciences.

“They need larger, more experienced partners, such as MSD, to provide knowledge and the infrastructure where applicable. I hope that this will also become an example of good practice, not only for MSD but for any other industry player in the market, because I think we can all learn from each other.”

“We strongly believe in mutually beneficial partnerships, which is not about business, but rather the patient outcomes and the needs of healthcare and how it can be improved for better outcomes. We signed another collaboration with the University of Szeged (SZTE), and together, we have created a unique department focusing on drug development.”

The most recent academic linkup, signed at the end of May, is with Semmelweis University. Choosing it to partner up with was “a no-brainer,” in the words of Keresztes.

“The competencies they have uniquely complement what we do at MSD, and we believe in partnering up with those where, together, we can make a difference in improving healthcare provision across many different areas,” Keresztes says.

One area of focus is data-driven healthcare. The strategic agreement seeks to extend an existing collaboration with Semmelweis, one of whose professors is also a key driver in most of MSD’s local data generation projects.

“With his and his team’s help, we are building a unique chronic disease dashboard focused on epidemiological data. There are some details I can’t share yet, but we are also working on something much larger, one specific project which we are setting up with them, which would have an impact beyond the country’s borders.”

For both partners, the attraction of the relationship is obvious. MSD has a considerable footprint in clinical trials, and Semmelweis is the largest medical university in the region. MSD has a pipeline of medicines scheduled for release over the next couple of years, which will open up new therapeutic areas, and the university’s leadership is very interested in the possibilities these will raise. Beyond testing medicines, though, there’s the broader scope of screening, prevention and diagnostics.

“For example, we are partnering in a new MSc healthcare data course at Semmelweis University. MSD can provide cutting-

edge contemporary industrial knowledge to the students enrolled in the course,” says Keresztes.

Patient Pathways

“We’re looking to promote and develop more personalized medicine solutions with some advice in terms of AI. We also aim to improve existing algorithms and create new ones with the help of the university. And something that we are really proud of is that we have signed a unique program, mostly focusing on oncology so far, called the patient pathway optimization program to find the gaps in the patient journey for specific treatments, diagnosis and screening,” he says. Once those gaps have been identified, suggestions can be made about how to decrease the time from diagnosis to treatment.

“We are very specifically looking at the head and neck indications right now, but we would also extend it to lung cancer and maybe even women’s cancers.” Cancer remains one of the biggest killers in Hungary, with approximately 30,000 deaths

One of the benefits of the relationship for MSD is “we can make sure that graduates are prepared for what’s out in the real world, so they are not thrown back by real life challenges but are prepared for what they can expect, not just in MSD, but from pretty much any pharma company.”

Semmelweis has a goal of becoming a top 100 global healthcare university, but MSD is not limiting itself to working with this one institution.

“We strongly believe in mutually beneficial partnerships, which is not about business, but rather the patient outcomes and the needs of healthcare and how it can be improved for better outcomes. We signed another collaboration with the University of Szeged (SZTE), and together, we have created a unique department focusing on drug development,” Keresztes explains.

Innovative and Unique

The SZTE-MSD Industry Partnership Department will focus on pharmaceutical research and education. Its aim is not only to enhance ongoing educational programs but also to launch additional collaborations, such as doctoral programs or student research projects.

“Essentially, the department’s sole focus will be clinical medicine and clinical research development. It’s something that hasn’t been done

ROBIN MARSHALL

Konrád Keresztes

by an innovative, multinational pharma company in Hungary before, and we’re very proud of it,” says Keresztes.

“We have partnerships with all the medical universities in Hungary in one form or another. However, we also have partnerships with non-medical universities, and we would like to extend collaboration in that segment too.”

Strategic relations are not limited to academia, though. MSD has launched a new program with the commercial service at the U.S. Embassy, focusing on how organizations can take an innovative approach to their employees’ health.

There has also been a recent “patient day” organized with advocacy groups from the field of pulmonary artery hypotension and organ transplants.

“It was more about raising awareness of their work and how we can help them. What we do at the end of the day is always for patients. This is one way; just to listen and understand them and support their respective groups.”

AI is now being used across the whole healthcare value chain. Examples globally start with how a patient is admitted to hospital, or is triaged.

Software that has been in use for a while has been automated and accelerated by AI. The same applies to reviewing radiology images or electronic health records in Hungary.

“There’s an automated image annotation process that has been implemented in Semmelweis

University, for example, which they are already testing for mammography and colorectal screening. We can also leverage AI in the repurposing of existing drugs for use in other diseases. There are lots of ongoing collaborations with Deep Mind from Google or Nvidia and other pharma companies in the global scene.”

Success Stories

One success story is Turbine AI, founded by three Hungarians, which is involved in drug repurposing and accelerating drug development by narrowing down drug candidates and testing them in silico through programming. It is one of the most important investments for MSD in Hungary via the MSD Global Health Innovation Fund.

Another example is Genomate Health, based in Boston, a spin-out and partner company of the Budapestbased Oncompass Medicine. It compares all available therapies for a given genetic set and selects those that would provide the best health outcome for a given patient.

“Genomate Health was a founding member of CancerX, a White House initiative to accelerate innovation in the fight against cancer. With AI, even a Hungarian startup can arrive in Boston and be part of a White House initiative. I think this is a huge achievement, and it’s something we can also stand behind,” Keresztes says.

As the BBJ has reported previously, MSD is involved in generating and analyzing real-world evidence through data from partner Hungarian hospitals, presenting insights to decision-makers to help deliver more informed decisions.

“We are partnering in a new MSc healthcare data course at Semmelweis University. MSD can provide cutting-edge contemporary industrial knowledge to the students enrolled in the course.”

Building on that, the European Health Data Space Regulation is around the corner. Adopted in March of this year, the first key elements will be applied from March 2029 to establish a common framework for the use and exchange of electronic health data across the EU.

“It’s going to drive our focus toward our National Health Cloud strategy and how it is going to open

up for research and a tremendous amount of innovation potential for the country,” explains Keresztes. “If the government is open for collaboration with real innovators, there’s a high chance that it is going to be very successful, and MSD is going to be a top partner in terms of innovation for them.” Given that MSD has a European as well as a Hungarian footprint, might it be involved in both levels?

“We are in talks with the relevant stakeholders on how we can contribute to the local implementation of EHDS. It’s still in the early phases for any formal agreement, but it’s a conversation that both parties are interested in having,” Keresztes says.

If that is for the near future, so is a partnership that, if all goes according to plan, could be realized this year, including a unique framework between academia and industry players. There is also ongoing collaboration with EIT Health, which unites business, research and education to bring innovative, real-world health solutions to market. Keresztes can say very little, other than the parties have been in discussion for more than a year.

“If we can pull it off, it will be huge news,” he teases.

This article was made possible by MSD Pharma Hungary Kft. 1095 Budapest, Lechner Ödön fasor 10/B, +36-1-888-5300, hungary_msd@msd.com, date of closing: 02/07/2025. HU-NON-01703

EIT Health InnoStars Awards: A Helping Hand for Hungarian Healthtech Innovators

The CEE region has never been short of startup talent, but when it comes to healthcare, gaining access to real patients or clinical partners can be a hard nut to crack. This is where the EIT Health InnoStars Awards come in.

Assessing Feasibility

The validation track targets earlystage teams, offering up to EUR 18,000 in smart funding, interactive training modules, and a unique Early Health Technology Assessment to assess the overall feasibility of their solutions in the early development stages.

“The Early Health Technology Assessment minimizes costly late-stage corrections and reduces the overall risk of failure,” says Rok Hren, senior researcher at Syreon Research Institute, a regional leader in health technology assessment. “This enables early project owners to manage risks, maximize the potential of their technology and reach the market with a solid business model.”

Meanwhile, the investment track supports scale-ready startups with EUR 12,000 in funding, investor coaching, and a realistic board meeting simulation where founders pitch to seasoned investors.

Reaching the prototype stage is already a significant achievement for any startup, particularly those active in the healthcare industry. But moving beyond that stage can be even more challenging. Healthtech startups in the region have the opportunity to transition from promising concepts to real-world impact with the support of the EIT Health InnoStars Awards, a Europe-wide accelerator program that offers funding, mentoring, and strategic hospital partnerships to early- and growth-stage innovators.

Backed by the European Institute of Innovation and Technology (EIT), the program aims to compensate against the lack of access to resources and investors as well as bridge the gap between laboratory breakthroughs and patient care, particularly in CEE.

“Startups often approach hospitals with great technology, but without the right framing,” explains Tamás Békási, RIS business creation lead at EIT Health and manager of the InnoStars Awards. “We help them think about their solution from the hospital’s perspective: what problems it solves, how it integrates into

care pathways, and what outcomes matter to clinical staff. That’s often the missing link between a great idea and a successful pilot.”

Recognizing the challenges faced when navigating complex hospital systems, the program offers a dedicated hospital engagement module as part of its validation track. This hands-on support teaches startups how to launch pilot projects, navigate procurement systems, and align with healthcare workflows, a crucial need in Hungary’s mixed public-private healthcare environment.

The program concludes at the InnoStars Grand Final in November, where top performers from both tracks compete for additional awards of up to EUR 25,000.

Hungarian startups have already benefited from the scheme and achieved significant success in the business arena. Nicowl, which developed an AI-based monitoring tool for neonatal intensive care, secured public funding and spun out as a dedicated company. Another graduate, DokiApp, is growing its on-demand digital healthcare platform with video consultations and mental health services, and it is preparing for international expansion.

Winners from the 2024 EIT Health InnoStars Awards.

The Secret Life of Human Nerve Cells

Neurodegenerative diseases are chronic conditions that cause nerve cells to lose function and die over many years. A decadelong, gradual mental decline often precedes this ultimately fatal process. During this time, the neurodegenerative disease gradually diminishes abilities such as memory and decision-making, which are essential for a person to participate in society. The disease takes a heavy toll not only on patients, but also on family and friends.

Although animals, such as laboratory rats, are often useful models for human diseases, their application is limited. For one, they do not live as long as humans. A rat is lucky to reach three years of age, whereas humans routinely live past

70.

Scientists believe that the processes that take place in the brain and its neurons are likely different if the lifespan is a few years compared to three score years and ten.

focused on intellectual tasks for lengthy periods at a stretch. Indeed, we know that we have the ability to concentrate on reading a book or answering exam questions for hours without interruption, if necessary or desired. This makes our brain and our neurons different from those of laboratory rodents, who usually stay focused on a task for no longer than tens of seconds.

These functional differences between species are generated by the slightly different molecular machinery of neurons in humans and rats. Importantly, these may also influence how diseases or drugs take effect.

animals. This is important because the relationship between the molecular uniqueness of human neurons and their “human-specific” functions is not well understood.

Even at first glance, it is evident that human nerve cells have nearly twice as many active genes as rat nerve cells. Each gene contributes to the functional differences, such as electrical activity speed and stamina, in how rodent and human brains operate and could form the basis for a new drug. According to Lamsa and Benes, screening drug candidates in the early stages using genuine human brain tissue samples can substantially benefit companies developing therapies for age-related brain diseases.

Currently, drug development requires a significant investment of time and capital: 10-15 years and nearly USD 1 billion

per drug that is finally approved. This is in no small part because drugs that seem effective in animals often do not work well in humans. Consequently, many seemingly good drug candidates developed in animal testing models fail the clinical test in humans.

Often, it remains unknown why a drug compound that works well in animals fails in human trials. Insights gathered using human brain tissue are thus twofold. First, they may enable scientists to better gauge the efficacy of drug candidates. Equally importantly, these insights may highlight drug targets and avenues of research that would have been overlooked using only animal models.

In addition to their far-reaching social impact, neurodegenerative diseases are rapidly becoming a significant global health concern. Currently, they trail only cancer as a leading cause of death, and are poised to become the leading cause of death within the next decade.

The impact of neurodegenerative disease is increasing because of the normal ageing process of human physiology, which makes the brain more vulnerable to them later in life. Globally, life expectancy is rising, meaning more people are living long enough to experience this ageingassociated deterioration.

However, that’s only one part of the problem. While a long lifespan is undoubtedly something to be admired, it unfortunately makes studying agerelated diseases much more challenging.

Unique Adaptations

Although it is possible to model neurodegenerative diseases in rats, replicating the aging effects of a long human lifespan is a challenging task. Not to mention that humans and rats have evolved in different ways for the past 90 million years or so. In both species, the brain has developed unique adaptations for specific functions. Many of these adaptations are at the cellular level and are not shared with rats. While neurons in the rodent brain have evolved to function at high speed, human neurons are specialized to operate electrically with extremely high temporal precision, without fatigue, for extended periods. This is one of the human-specific features of neurons, and it is believed that such long-term stability is crucial for our unique capacity to remain

HCEMM’s Human Neuron Physiology and Therapy Core Group, led by Dr. Karri Lamsa, is working to solve this problem by removing rats from the equation.

Lamsa’s group works with live human brain tissue obtained from patients undergoing surgery, such as tumor removal. In such cases, minuscule amounts of healthy tissue are removed to reach target areas. Researchers use these samples to identify cellular characteristics unique to the human nervous system. Since neurons do not change much throughout our lives, these samples also have the advantage of being as old as their donor.

Latest Technology

Lamsa’s group in Hungary and a second run by Dr. Vladimir Benes at HCEMM’s partner institute, the European Molecular Biology Laboratory (EMBL) in Heidelberg, use the latest technology to study gene activity in neurons removed from the brain during surgery.

At the EMBL GeneCore facility in Heidelberg, led by Benes, scientists can examine a cell’s interior with advanced techniques to study how its molecular machinery operates in real time. They observe how the machinery regulates gene expression as needed and, significantly, how this process differs from that of laboratory

The Hungarian Center of Excellence for Molecular Medicine is a distributed institute whose scientists develop advanced diagnostics and treatment options supporting healthy aging. It works at the interface of academic and industrial research on topics related to translational medicine. The goal is to enhance the quality of life for an aging Hungarian population while simultaneously reducing the cost of healthcare provision through innovative applications in the field of molecular medicine.

The HCEMM program is currently funded by an H2020 Teaming Grant (where Semmelweis University, the University of Szeged and the HUN - REN Biological Research Center in Szeged cooperate with their advanced partner, the European Molecular Biology Laboratory, headquartered in Heidelberg, Germany) and a Thematic Excellence award, as well as a National Laboratory award from the Hungarian government. The various activities are coordinated by HCEMM Nonprofit Kft., headquartered in Szeged.

From left, Vladimir Benes, Karri Lamsa, and Daphne Welter use the latest technology, a high-resolution sequencing machine, to reveal how human neurons read their genome.

Hungaropharma: Key to Competitiveness is Professional Added Value and Service Experience

In 2024, Hungaropharma Zrt. closed one of the most successful years in its 75-year history. The anniversary was not only an opportunity to look back but also to launch a new era. With a refreshed image, ambitious goals, an expanding business portfolio, and a conscious effort to “broaden our own universe,” it is preparing for new challenges in pharmaceutical wholesale. The Budapest Business Journal sat down with Judit Füzesi, the company’s CEO, to discuss the background to this renewal, strategic directions, and the future of the market.

but it will also stand on its own feet in the pharmacy and medical software solutions market. We believe that the boundaries between health technology, digitalization, and pharmaceutical logistics are increasingly blurring, and as before, albeit slightly reshaped, our place is at the intersection of these areas.

BBJ: What motivated the company to take these new directions? And why now?

JF: In recent years, the pharmaceutical market environment has fundamentally changed. Domestic manufacturers are becoming increasingly international, and international manufacturers are appearing with newer and more advanced therapies. Due to the size of the domestic market, the key to long-term competitiveness is no longer volume, but professional added value and the service experience offered to clients. Those of us who have been working in this market for decades (I have for more than 30 years) can clearly see the dynamics of change, namely, the opportunities that arise amid challenges. Adaptation is not a choice, but a matter of survival. That is why we decided, in addition to shifting our business focus and renewing, to also redefine our mindset, philosophy, and operations.

BBJ: What do you see as the most important task for the next five years?

BBJ: How would you evaluate the 2024 business year, especially in light of the company’s 75th anniversary?

Judit Füzesi: 2024 was undoubtedly the most successful year for Hungaropharma, both from a business and emotional perspective. A milestone like a 75th anniversary is an occasion for celebration and reflection, but it also carries responsibility. We have closed one era to begin another. We are proud of our past, and although the rearview mirror is important, it does not determine our direction. That is why we decided to begin a new period, another 75-year success story, with firm goals to leave our mark and forge our own path.

BBJ: What are these goals?

JF: Our mid-term strategy is defined by three directions. The first goal is to remain an indispensable market leader and a sustainable company in the Hungarian pharmaceutical wholesale sector. The second is to elevate the level of pharmaceutical-grade logistics, where, in addition to accuracy and

speed, professional competence is also key. The third is to expand our business portfolio further. In line with this, we launched a third-party logistics-plus (HPH 3PL+) business division this year, which has opened new dimensions in pharmaceutical-grade storage and logistics services, both domestically and regionally. With the handover of the third phase of our Budapest Logistics Center, our warehousing facilities have enabled us to create 360-degree logistics capabilities. With their impressive features and capacity, along with our related solutions, we offer a reliable, future-proof alternative for our B2B and B2C partners. We offer flexible and customizable options, ensuring our clients receive a comprehensive service portfolio tailored to meet every need. Additionally, we have recently finalized another acquisition that focuses on supplementary areas supporting pharmaceutical wholesale. We are particularly interested in the market for broadly interpreted but specialized healthcare products. We see that these segments are not just trends but long-term directions that, in the spirit of self-care, point toward the ongoing development of health awareness. Embracing this opportunity, we aim to continue growing and developing, becoming a defining competent professional partner; we are adapting our existing capabilities and continually expanding them accordingly. Our new mission statement expresses these efforts perfectly: “Health. Consciously.”

BBJ: What feedback have you received about the new directions and the renewal?

JF: I believe our partners sense that we are undergoing a fundamental transformation, which is not only an integral part of our strategic evolution, but also of common professional interest. From 2025, Hungaropharma has charted a new, forward-looking path for both the company and the group. Today, our primary activity remains pharmaceutical wholesale, European-level pharmaceutical logistics, and the supply of private and institutional pharmacies, as well as other healthcare partners. However, in a few years, it will be more than just pharmaceuticals and more than just logistics.

We have created a new word, Hungaroverzum®, which perfectly expresses all the vertically integrated, industry-innovative collaborations that Hungaropharma Group will become. Hungaroverzum®, that is, our own universe, is constantly expanding. We believe that in pharmaceutical wholesale, professional credibility, human relationships, and digital developments are mutually reinforcing factors, to which the new dimensions we are opening are perfectly suited.

BBJ: Since we are talking about an expanding universe, let’s return to the expansion of the company’s service portfolio. What role do you assign to digital developments?

JF: We will soon launch our IT platform, HPH Digital; it will not only make our operations more efficient and flexible,

JF: The coming period will be characterized by dynamic expansion. Our mid- and long-term business strategy clearly states that the pharma segment will define the company’s operations in terms of sustainability, while the nonpharma segment will focus on increased competitiveness and the application of innovation. In summary, we do not merely want to strengthen our existing position but also to enter additional healthcare market segments. We believe creating new, integrable, and synergyproviding business lines, and expanding into the non-pharma area will enable us to better support and complement our pharmaceutical wholesale mission.

BBJ: Finally, what does it mean to you to start a new era after 75 years of corporate history?

JF: Seventy-five years is undoubtedly an impressive number, but I prefer to focus on the next 75. Once again, we are forging our own path and reinventing ourselves. There will be new challenges and difficulties, but as I often say, it is not always the strongest or the biggest who remain at the top, but those who can adapt differently, better, and together. At Hungaropharma, we have consistently excelled in this area. Our goal is to experiment with new business solutions and implement innovative ideas to offer the market a better product. At the same time, we are also seeking further cooperation platforms because we believe that only through partnerships and finding solutions that enable professional development can every player in the sector succeed and grow over the next 75 years.

GERGELY HERPAI

Judit Füzesi, Hungaropharma’s CEO.

Insurance Companies

3

2

1

4

5

6 UNIQA BIZTOSÍTÓ

7

11 CIG PANNÓNIA ÁLTALÁNOS BIZTOSÍTÓ ZRT./CIG PANNÓNIA ÉLETBIZTOSÍTÓ NYRT. www.cigpannonia.hu

VIG Magyarország Befektetési Zrt. (100)

Groupama Holding Filiates et Participations (100)

Erste Bank Zrt. (1.36), VIG Magyarország Befektetési Zrt. (98.64)

Österreich Versicherungen AG (100)

Mihály Erdős Gergely Horváth

Gergely Bacsó Ágnes Tölgyes

Péter Zatykó Gábor Havas –

Bertrand Woirhaye Mihály Bácsfalvi

Gábor Havas

Krisztián Kurtisz Pavel Kopylov –

Bence Holló

N.V. (100) Nik Vincke

Magyar Posta Zrt. (33.10), Corvinus Nemzetközi Befektetési Zrt. (66.90)

Zsolt Kovács

Melinda Mester

Dénes Csata

István Fedák

1066 Budapest, Teréz körút 42–44. (1) 301-7100 generali@generali.hu

1368 Budapest, Könyves Kálmán körút 48–52. (1) 421-1421 ugyfelszolgalat@allianz.hu

1091 Budapest, Üllői út 1. (1) 477-4800 www.alfa.hu/irjonnekunk

1145 Budapest, Erzsébet királyné útja 1/C (1) 467-3500 info@groupamagarancia.hu

1082 Budapest, Baross utca 1. (1) 486-4200 info@union.hu

1134 Budapest, Róbert Károly körút 70–74. (1) 238-6000 info@uniqa.hu

1139 Budapest, Fiastyúk utca 4-8. (40) 464-464 nn@nn.hu

1851 Budapest, Lechner Ödön fasor 9. (1) 461-5200 biztosito@kh.hu

1022 Budapest, Bég utca 3–5. (1) 423-4200 info@mpb.hu

1123 Budapest, Alkotás utca 50. (40) 405-405 info@signal.hu

1033 Budapest, Flórián tér 1. (1) 510-0100 info@cig.eu

1211 Budapest, Szállító utca 4. (1) 666-6200

1108 Budapest, Venyige utca 3. (1) 433-1180 kobe@kobe.hu

1132 Budapest, Váci út 36–38. (40) 304-050 genertel@genertel.hu

7630 Pécs, Kastély utca 2. (72) 434-082 info@grawe.hu

Private Hospitals and Clinics

Ranked by total net revenue in 2024

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1 MEDICARE EGÉSZSÉGKÖZPONT www.medicare.hu 24,213 Medicare Egészségközpont Zrt.

3 TRITONLIFE CSOPORT tritonlife.hu 21,166 TritonLife Holding Zrt.

Laboratory tests, internal medicine, dermatology, bone densitometry, ODM, CT scans, dietetics, endoscopy, physiotherapy, dentistry, ENT, gastroenterology, paediatrics, physiotherapy, gastroscopy, cardiology, mammography, MRI scans, neurology, gynaecology, vaccination centre, vaccinations, orthopaedics, proctology, psychiatry, pulmonology, rheumatology, surgery, septin colorectal cancer screening, ophthalmology, traumatology, ultrasound scans, urology

4 BUDAI EGÉSZSÉGKÖZPONT www.bhc.hu 19,054 Budai Egészségközpont Zrt.

Obstetrics, gynaecology, orthopaedics, urology, abdominal surgery, endocrinology, internal medicine, radiology, hand surgery, rheumatology, gastroenterology, paediatrics, neonatal medicine, occupational health

Addictology, allergology, anaesthesiology, internal medicine, dermatology, diabetology, dietetics, endocrinology, dentistry, ENT, gastroenterology, spine medicine, spinal surgery, therapies, physiotherapy, hand surgery, haematology, hepatology, neurosurgery, immunology, infectology, infusion therapy, joint injection therapy, cardiology, nephrology, neurology, gynaecology, oncology, orthopaedics, plastic surgery, proctology, psychiatry, psychology, pulmonology, radiology, rheumatology, surgery, ophthalmology, urology, vaccinations

Orthopaedics (outpatient/inpatient), gynaecology (outpatient/inpatient) , ENT (outpatient/inpatient), surgery

Hospital surgical care, health insurance, dentistry, vaccination centre, MRI, CT scan, ODM international medical tourism

synlab

Richárd Lévai

Péter György Haraszti Zoltán Tóth Dorina Erdélyi

1134 Budapest, Váci út 29–31. (1) 465­3100 kapcsolat@ medicare­group.hu

1211 Budapest, Weiss Manfréd út 5–7. (1) 588­8500 ugyfelszolgalat@ synlab.com

1134 Budapest, Róbert Károly körút 64–66. (70) 659­8888 kapcsolat@ tritonlife.hu

1126 Budapest, Királyhágó utca 1–3. (1) 489­5200 info@bhc.hu

5 DOKTOR24 CSOPORT

www.doktor24.hu 14,481 Doktor24 Medicina Zrt.

1134 Budapest, Váci út 37. (1) 443­3200 ugyfelszolgalat@ doktor24.hu 6 AFFIDEA MAGYARORSZÁG KFT.

general/one day (inpatient) , dermatology (outpatient), cardiology (outpatient), endocrinology, diabetology (outpatient), neurology (outpatient), urology (outpatient)

www.affidea.hu 10,502 Affidea Magyarország Kft. Diagnostic imaging, outpatient specialties, occupational health

7 DR. ROSE MAGÁNKÓRHÁZ https://drrose.hu 7,770 Dr. Rose Magánkórház Kft.

Allergology, anaesthesiology, audiology, internal medicine, dermatology, diabetology, dietetics, endocrinology, vascular surgery, gastroenterology, otorhinolaryngology, immunology, infectology, cardiology, neurology, gynaecology, orthopaedics, medical aesthetics, plastic surgery, proctology, psychiatry, pulmonology, radiology, rheumatology, surgery, ophthalmology, urology

Complex outpatient and inpatient care, diagnostic tests, preventive screening, annual card packages, surgery, rehabilitation, corporate health services, health insurance packages, occupational health, international vaccination center

8 LIV DUNA MEDICAL CENTER https:// dunamedicalcenter.org 6,436 Duna Medical Center Kft.

Andrology, anaesthesiology, internal medicine, dermatology, diabetology, dietetics, ear, nose and throat, pain clinic, occupational medicine, gastroenterology, paediatrics, haematology, cardiology, infertility, nephrology, neurology, neurosurgery, gynaecology, obesitology, oncology, orthopaedics, plastic surgery, proctology, psychiatry, radiology, rheumatology, surgery, ophthalmology, pulmonary medicine, urology), obstetrics, surgical solutions, First Care Service, endocrinology

Complex outpatient and inpatient care, diagnostic tests, preventive screening, surgery, rehabilitation, corporate health services, health insurance packages, occupational health

Robotic surgery, gynaecology, urology, orthopaedics, cardiology, gastroenterologyendoscopy MRI, CT, ultrasound, mammography, allergology, audiology, laboratory, dermatology, internal medicine, ophthalmology, ear, nose and throat, endocrinology, paediatrics, diabetology

Manager screenings, traumatology care for chronic musculoskeletal complaints, general surgery, bone density testing, internal medicine, dermatology, otorhinolaryngology, urology, endocrinology, diabetology, lipidology, hepatology, fibroscan, obesitology, dietetics, inbody testing, neurology, infectology, paediatrics, pelvic floor biofeedback

(100)

Holding GmbH (100)

Razvan-Alexandru Predica, Emese GaramvölgyiVeréb Győző Kiss

Kornél Papik Edina Fodor Judit Aba

1138 Budapest, Föveny utca 4–6. (1) 803­6464 info@affidea.hu

1051 Budapest, Széchenyi tér 7­8. (1) 377­6737 info@drrose.hu

YIELD Zrt. (78.62), individuals (21.38)

György Péter Wáberer Ádám Varga Tamás Princz

1123 Budapest, Alkotás utca 55–61. (1) 323­7000 info@wmc.hu

László Benedek, Katalin Juhász, János Rózsás

Ahmet E. Usta Ilona Kecskés

Budapest, Lechner Ödön fasor 5. (1) 790­7070

11

3,909 Swiss Medical Hungary Zrt.

POZITRONDIAGNOSZTIKA KÖZPONT www.pet.hu 3,213

PozitronDiagnosztika Kft.

12 EMINEO MAGÁNKÓRHÁZ www.emineo.hu 3,003 Emineo Egészségügyi Szolgáltató Kft.

Allergology, anaesthesiology, internal medicine, dermatology, family medicine, diabetology, dietetics, endocrinology, headache outpatient clinic, dentistry, occupational health, ear, nose and throat, gastroenterology, paediatric obesitology, paediatrics, haematology, hepatology/ transitional elastography, immunology, cardiology, hand surgery, laboratory diagnostics, mammography, thoracic surgery, nephrology, neurology, gynaecology, orthopaedics, periodontology, plastic surgery, proctology, psychiatry, pulmonology, rheumatology, radiology, surgery, sports medicine, oral surgery, ophthalmology, ultrasound, urology

PET/CT (FDG and PSMA), Cardio­CT, CT, MR, mammography, ultrasound, Specialties: cardiology, endocrinology, diabetology, vascular surgery, gastroenterology, neurology, proctology, endoscopy

Robotic surgery, orthopaedics, accident and emergency, physiotherapy, cardiology, laboratory, X­ray, ultrasound, paediatric orthopaedics, paediatric surgery, surgery, pulmonary medicine, urology, rheumatology

Surgery, gastroscopy, colonoscopy, occupational health

(100)

Heliprobe exhalation test, aspiration cytology, isotope production and delivery 2004 68 (100)

András Kókay Gábor Gombos Alma Barbara, Fazekas­Arató

Veronika Börzsei-Knoll

1123 Budapest, Táltos

15. (1) 225­0566 info@swissclinic.hu

1117 Budapest, Hunyadi János út 9–11. (1) 505­8888 info@pet.hu

1016 Budapest, Hegyalja út 7. (1) 773­3333 office@emineo.hu 13

és Társa Befektetési Kft. (100)

Botond Halmai

14 FIRSTMED www.firstmed.hu 1,736 FirstMed­FMC Kft.

15 MEDOC EGÉSZSÉGKÖZPONT info@medocklinika.hu 1,534 MeDoc Egészségközpont Zrt.

General practitioner, internal medicine, paediatrics, specialists: gynaecology, orthopaedics, cardiology, dermatology, ophthalmology, gastroenterology, ear, nose and throat, pulmonology, physiotherapy, urology, psychology, psychiatry, surgery, neurology, telemedicine

Allergology, angiology, internal medicine, dermatology and paediatrics, diabetology, dietetics, breast diagnostics, endocrinology, vascular surgery, occupational health, ear, nose and throat, gastroenterology, endoscopy, paediatric cardiology, paediatric orthopaedics, immunology, cardiology, neurology, gynaecology, radiology, rheumatology, surgery, ophthalmology, urology

Radiology: X­ray, ultrasound, mammography laboratory 2011 61 Nimród Kovács (9) American Clinics International Inc. (91) Dennis A. Diokno Andrea Vízvári –

Individuals (100)

Ádám Bálint

Erika Vekerdi Sándor Forgács

1118 Budapest, Ménesi út 57. (1) 250­5505 info@ sasszemklinika.hu

1015 Budapest, Hattyú utca 14. (1) 224­9090 info@ firstmedcenters.com

1134 Budapest, Lőportár utca 20/A (1) 783­6004 www.medocklinika.hu

1,493 RMC Medical Zrt.

(2023) Focus Medical Egészségügyi Szolgáltató Kft.

Complex outpatient care with 60 specialties, one­day surgical centre, fetal medicine center, paediatric center, dental center

Complex health promotion screening packages, maternity and baby services, menopause programme, International Vaccination Center

Laser vision correction treatment, cataract surgery

(100)

K–Med Kft. (100)

Gyula Csermely Miklós Barta Krisztián Potyó

István Ferincz

1026 Budapest, Gábor Áron utca 74–78. (1) 392­0505 info@rmc.hu

1007 Budapest, Margitsziget, Ensana Thermal Hotel (1) 450­3333 info@focusmed.hu 18

www.professionalrendelo.hu 633 Professional Orvosi Kft.

19 KELEN KÓRHÁZ www.kelen.hu 497 (2023)

Szent Magdolna Kelen Kórház Kft.

Gastroenterology, paediatric gastroenterology, proctology, internal medicine, endocrinology, diabetology

Internal medicine, surgery, gynaecology, urology, paediatric surgery, ENT, ophthalmology, neurology, orthopaedics, laboratory, x­ray, ultrasound, cardiology, pulmonary medicine, occupational health

20 OXYGEN MEDICAL KFT. www.springdaymedical.hu

Oxygen Medical Kft.

Internal medicine, dermatology, endocrinology, vascular surgery, dentistry, ear, nose and throat, gastroenterology, physiotherapy, cardiology, laboratory diagnostics, gynaecology, orthopaedics, rheumatology, ophthalmology, urology, ultrasound, proctology, neurosurgery, dietetics, aesthetic treatments

András László (50), Andrásné László (50)

Szent Magdolna Magánkórház Kft. (100)

Márton László, András László

Dorottya Freidinger

Ferenc Somlai

1037 Budapest, Bécsi út 85. (1) 317­0631 info@ professionalrendelo.hu

1119 Budapest, Than Károly utca 20. (1) 205­0205 kelen@kelen.hu

1042 Budapest, Árpád út 47. (20) 554­1498 recepcio@ springdaymedical.hu

1085 Budapest, József körút 37–39. (30) 328­6337 info@gasparmed.hu

András Kirschner

utca

4 Socialite

Seeing Budapest Statue by Statue

My love affair with Budapest has a lot to do with statues. Monumental or minute, commemorating real people or fictitious characters, sensible or strange, easy to find or out of the way, Budapest’s statues offer the perfect reason to explore the city.

DAVID HOLZER

The statues of Hősök tere (Heroes’ Square) are magnificent, even if you have no idea who anyone is. The central groups of statues are of the seven chieftains who led the Magar tribes into Hungary under the leadership of Árpád. They are flanked on either side by various Hungarian national leaders; the Memorial Stone of Heroes, Hungary’s equivalent of a Tomb of the Unknown Warrior, lies at the feet of the horsemen. At the top of the central column is the Archangel Gabriel, holding the Hungarian Holy Crown and the apostolic double cross.

To the left and right of the statues are the excellent Museum of Fine Art and the more left field contemporary art museum the Műcsarnok Kunsthalle, of Palace of Art. Behind the square is Városliget (City Park) and the yellow cake-like towers of the Széchenyi baths. I prefer to walk to Heroes’ Square down Andrássy út, but it’s quite a hike, especially in the summer heat. You might want to take Metro Line 1, officially called the Millennium Underground, on one of its rattling, characterful trains. Inaugurated in 1896, the line was the first in continental Europe, and is the second oldest in the world after the London Underground. Take it from Deák Ferenc tér.

Acknowledging an entirely unheroic episode in Hungarian history, the Shoes on the Danube Bank commemorates the

3,500 people

massacred by the vicious Arrow Cross Party in Budapest towards the end of World War II, 800 of them Jews.

Unveiled in 2005, the statue was the idea of film director Can Togay and was created by sculptor Gyula Pauer.

Victims were murdered on the banks of the Danube so the river would take their bodies away. Before they were killed they were ordered to take off their shoes which were valuable and could be resold.

Whenever I find myself wandering past the Shoes, I’m reminded that Budapest isn’t just another tourist destination to be ticked off a bucket list. It’s an at times dark, moody city with a bloody, dramatic past. There’s something obscurely comforting in this thought.

Falk

and Spencer

To Western eyes, it’s surreal that there are statues to crumpled TV detective Columbo, played by American actor Peter Falk, and barrel-chested Hollywood footnote Bud Spencer in Budapest.

Unveiled in 2014, the bronze Colombo statue stands on the corner of Falk Miksa utca and Szent István körút, the thoroughfare that runs from Margit híd (Margaret Bridge) up to Nyugati Railway Station and into the heart of the city.

Spencer’s statue, by Hungarian sculptor Szandra Tasnádi was unveiled in 2017, a year after he died. Budapest also has a Bud Spencer Park, officially opened in 2021, and the story behind it is a fine example of sardonic, madcap Budapesti humor.

Tongue in Cheek

After you’ve paid your respects to Spencer, head for the terrific bars and restaurants of Tompa utca, a leafy, atmospheric boulevard nearby.

Hungary’s tongue firmly in cheek Two-tailed Dog Party inaugurated Bud Spencer Park on the Buda side, not far from Romai Strand (home of the finest hekk and fries, the Hungarian fish and chips, in all of Hungary) in 2016 with a play fight. A slightly raised area in the park is named Terence Hill.

For Hungarians starved of images of the decadent United States, where their relatives often lived, the amiable adventure comedies of Hill and Spencer provided a much-needed escape from socialist dreariness.

The park became official after the municipality asked locals if they really wanted a park named for Spencer and 96% said yes.

The people who decided on the statue, erected at an estimated cost of USD 63,000, claimed that the actor may have been related to Miksa Falk, the 19th-century Hungarian politician the street is named for. In fact, the two are connected, beyond sharing the same surname.

There’s a dog at Columbo’s feet representing Columbo’s own pet and based on Franzi, a local basset hound. Eagle-eyed observers will spot a small statue of a murdered squirrel holding a gun behind Columbo. This, my friends, is a Kolodko. More of him later.

Even though the link is tenuous, the Columbo statue sort of makes sense. But the logic behind the Bud Spencer statue near Corvin Plaza is impossible to fathom unless you ask a Hungarian of a certain age, as I did.

Spencer, also known as Napoli-born Carlo Pedersoli, was a huge star on Hungarian TV at a time when its output was controlled by the socialist authorities. It seems that sour censors thought that the 20

movies

the former professional swimmer and water polo player Spencer made with the actor and director Terence Hill (another Italian whose real name was Mario Girotti) were harmless.

For Hungarians starved of images of the decadent United States, where their relatives often lived, the amiable adventure comedies of Hill and Spencer provided a much-needed escape from socialist dreariness.

(I don’t know if they’re still going, but a few years ago there was a band named the Spencer Hill Magic Band who only played covers of songs from Spencer and Hill movies. They were hugely popular among Hungarians.)

The murdered squirrel clutching a handgun near the Columbo statue is one of many Mykhailo (Mihály) Kolodko’s mini-statues dotted around Budapest. I’ve found several near the Parliament. They range from whimsical subjects such as the “Cuckoo,” which is only meaningful if you know something of Hungarian cartoons, to the rather more profound, such as the “Sad Tank” near Batthyány tér on the Buda side.

I tried to interview Kolodko, a Ukrainian, for this article, but failed. My guess is that the Ukrainian war had something to do with it. On his website, Kolodko writes that the miniature format makes it possible for him to depict a “monumental idea.”

Sadly, space limitations mean I have to stop here, but let me leave you with this thought. Why isn’t there a statue to the great Tamás Erdélyi, better known to the world as Tommy Ramone, in Budapest? Erdélyi was born here to Jewish photographer parents in 1949. The family escaped to the United States in 1956. He remains the only Hungarian ever inducted into the Rock and Roll of Fame.

For more about Kolodko’s minisculptures and their location, head to kolodkoart.com.

Photo by Budapestflow

“Sad Tank” by Ukrainian artist Mykhailo Kolodko is on the opposite bank to the Hungarian Parliament building.

Valley of Arts Festival Returns for 34th Staging in Balton Uplands Culture Matters

This year marks the 34th staging of the 10-day interdisciplinary gathering, billed as the biggest all-arts festival in the country. Taking place from July 18 to 27, the venues are spread across the streets and courtyards of the three villages of Kapolcs, Taliándörögd and Vigántpetend, located in the Káli Basin Protected Landscape Area, in the valley of the Eger Stream in the Balaton Uplands.

The Művészetek Völgye (Valley of Arts) festival has been under the leadership of Natalia OszkóJakab for more than 10 years. With the help of her 12-member team, she organizes this intergenerational event in a green setting that encompasses all areas of culture, taking place annually at more than 30 locations and attracting nearly 1,500,000 visitors. The venues are permanent but expand year with new additions; this year, for example, the Buda Courtyard and the Sportgarden have been added to the mix.

On July 18 at 8:30 p.m., the festival will be opened by a regular participant, Platon Karataev, with a special performance directed by actor and director Miklós H. Vécsei. Several artists who feature in their own right in the festival will make guest appearances during the kick-off set on the Panorama Stage.

On July 20, the audience will be treated to an international star performance from 11 p.m.: the Scottish band Franz Ferdinand will appear to promote their new album “The Human Fear.” There is an unexpected Hungarian connection with the band: The album’s cover art was inspired

in Brief News Culture

Tender Published for Design of Debrecen Transportation Museum

A tender for architectural design services for the new Hungarian Transportation Museum in Debrecen (225 km east of Budapest by road) has been published on the European Union’s tenders website, according to a statement issued on June 30. The Debrecen municipal council welcomed the move, stating that the museum will enhance the city’s cultural and tourism role.

Orbán, Kapu Discuss Hungary’s Space Role

Prime Minister Viktor Orbán and astronaut Tibor Kapu, spoke during the latter’s two-week mission on the International Space Station (ISS), about the experiments being conducted in orbit, the Hunor program, and Hungary’s position in the space

industry. In footage aired on TV news channel M1 on June 30, Kapu described it as an honor to speak with Orbán and “to all viewers through this broadcast.” Speaking earlier in an interview with Kossuth Rádió in Brussels on June 27, Orbán had expressed his gratitude to Kapu for “honoring Hungary” with his mission to the ISS, saying he “gave us a reason to be proud to be Hungarian.” Orbán also emphasized Hungary’s “serious potential” in the space industry.

“We tend to think that it’s just the big countries that are involved with space, since they’re the only ones that can launch spacecraft, but that’s not true,” he said. Orbán noted that private Hungarian companies were making significant scientific contributions to space missions. Axiom Mission 4, with its crew of four astronauts, took off on June 25 and docked with the ISS on the following day. At the time of writing, AX-4 was due to return to Earth on July 9.

A regular look at culture issues in Hungary and the region

vulnerability that bears many returns and satisfactory repetition,” it says. Throughout the 10 days, there will also be contemporary art exhibitions and theatrical performances featuring artists from Radnóti Theater and Orlai Productions, among many other theater companies. The Rippel Brothers’ circus show will perform alongside a diverse range of music, from classical to pop, jazz, and folk. Among the many performances, the veteran Kossuth Prize-winning pop singer Zsuzsa Koncz and Hungarian Blues artist Hobo (László Földes) will be celebrating his 80th birthday.

Natalia Oszkó-Jakab, organizer of the Valley of Arts.

by Hungarian visual artist Dóra Maurer’s self-portrait “Seven Twists.”

According to the website notes for the festival, the visuals have always been as important as the sound to the band.

Immediacy With Depth

“Maurer’s work appealed because it does exactly what they want from their music: a striking immediacy that is impossible to ignore, but with a depth and

Happy Semmelweis Day, Healthcare Workers

July 1 was Semmelweis Day in Hungary, dedicated to honoring the hard work, unrelenting sacrifice and outstanding achievements of healthcare workers across the country. The day, which is a holiday for many healthcare workers, is named after Ignác Semmelweis, also known as “the saviour of mothers,” for his contribution to obstetrics. Semmelweis, who died on Aug. 13, 1865, was born on July 1, 1818.

47 Distilleries Compete in 2024 Pálinka Contest

This year’s palinka competition, organized by the Pálinka National Council (PNT), saw participation from 47 commercial distilleries, with a total of 332 entries submitted, PNT President László Mihályi said at the awards ceremony. According to a statement issued on June 24, the entries underwent analytical testing conducted by the National Food Chain Safety Office. Only three entries were disqualified, which

Almost every age group can find something to enjoy. There will be entertaining performances for children and their grandparents, while adults can try their hand at fashion workshops, radio broadcasts, and film production. There’s also yoga, architecture, ecoart, a showcase by Korean dance artists, folk arts to buy and lectures related to climate change.

As a step toward sustainability, this year the festival will again feature a reusable cup system and compostable tableware. Transportation within the festival is provided by the “Csigabusz,” operating throughout the day between the Valley locations and the nearby villages. Those who have bought wristband “tickets” for the festival can use the bus free of charge.

Mihályi noted was a strong indicator of improving quality and growing compliance with legal standards. A total of 39 gold medals were awarded, with 17 of those entries also earning the prestigious “Champion” title.

Óbuda

World Music Week

The 7th Óbuda World Music Week took place from June 23 to 29 at Kobuci Kert, in the courtyard of the Zichy Palace in Óbuda, District III, offering expats a unique opportunity to engage with the world music scene and the Hungarian community it unites, according to the organizers. The event opened with a free outdoor screening of the documentary “Still in the Heart,” co-directed by György Szomjas and Béla Halmos. Musical performers included the HelsinkiCotonou Ensemble, blending Beninese and Finnish influences, the Kerekes Band, known for merging psychedelic elements with Hungarian folk, Besh o droM, and Trio Mandili, a vocal group from a Georgian mountain village. The festival closed with a concert by Mihály Dresch and his String Quartet, marking the saxophonist’s 70th birthday.

ÉVA BODOR

Chamber of Commerce Corner

This regular section of the Budapest Business Journal features news and events from various international business chambers. For further information and to register for specific events, visit the organizing chamber’s website. If you have information for inclusion on this page, send an email in English to Annamária Bálint at annamaria.balint@bbj.hu

Hungarian-French Chamber of Commerce and Industry (CCIFH)

The CCIFH, in cooperation with the Hungarian Export Promotion Agency, is organizing its third Hungarian-French Business Forum on Sep. 30 at the Mercure Budapest Korona Hotel. The event will bring together procurement representatives from the Hungarian subsidiary of four major French companies (Alstom, Michelin, Sanofi and Valeo), offering an excellent opportunity for Hungarian suppliers to expand their commercial activities and establish new business partnerships with these large corporations.

The Deputy State Secretary for Foreign Trade Development and the French Ambassador to Hungary will open the event, followed by presentations from the aforementioned companies, during which they will outline their purchasing activities and needs. After lunch, B2B meetings will provide French and Hungarian companies with the opportunity to identify potential areas of cooperation.

• When: Sep. 30, 9 a.m.-5.00 p.m.

• Where: Mercure Budapest Korona Hotel, Kecskeméti utca 14., 1053 Budapest

• Fee:  With confirmed B2B meeting, HUF 29,900 plus VAT/meeting; without B2B, HUF 14,900 plus VAT.

Netherlands-Hungarian Chamber of Commerce (Dutcham)

Dutcham invites guests to its upcoming networking lunch in mid-July, this time hosted by W Budapest. After lunch, there will be an opportunity to take a tour of the hotel.

• When: Tuesday, July 15, noon-2 p.m. • Where: W Budapest, Andrássy út 25, 1061 Budapest, • Fee: Members: HUF 10,900 (incl. VAT); non-members: HUF 15,900 (incl. VAT). The price includes the business lunch menu offer of your choice, one soft drink, and coffee.

Hungarian-Norwegian Chamber of Commerce (HNCC)

Following four successful years of service in the country, Hungary’s Ambassador to Norway Eszter Sándorfi is concluding her diplomatic mission. To mark this occasion, a farewell reception was held with the participation of members of the diplomatic corps, Norwegian partners, the HungarianNorwegian Chamber of Commerce, and the Hungarian community. As a valued board member of the HNCC, the ambassador made a significant contribution to strengthening bilateral relations, supporting our members, and enhancing the chamber’s activities. Her active involvement in programs, event organization, and consistent commitment to shared goals greatly benefited our work. We extend our sincere thanks for her dedication and wish her continued success in the future.

German-Hungarian Chamber of Industry and Commerce (DUIHK)

Although the summer holidays have only just begun, they always seem to fly by faster than expected. Before you know it, it’ll be the start of September and time to go back to work. The fourth Back-to-Work Cocktail event, organised by the chamber once again in collaboration with the German Embassy

in Budapest, is an excellent opportunity to catch up with fellow chamber members and partners after the summer break, make new business contacts, and discuss upcoming projects. The beautiful surroundings of the German Ambassador’s residence provide a relaxed atmosphere in which to enjoy

the last days of summer before returning to work in September.

• When: Wednesday, Sep. 3, from 6-10 p.m.

• Where: Residence of the German Ambassador, Rómer Flóris u. 53, 1023 Budapest • Fee:  Members HUF 32,000 + VAT; nonmembers HUF 55,000 + VAT.

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH sends a heartfelt thank you to everyone who joined it on Tuesday, July 1, to celebrate Canada Day. “Your energy, smiles, and good vibes made it truly special!” the CCCH said. The chamber is especially grateful to Pasarét Bisztró for hosting everyone at such a welcoming venue, and to The Box Donut for the delicious donuts that brought a sweet Canadian touch to the day.

Opening a business doesn’t make you a businessman.