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Pharmaceutical Industry

mRNA and Personalized Cancer Vaccines

The global pharmaceutical industry may be witnessing one of its most significant breakthroughs since the development of antibiotics. mRNA technology, which rose to prominence during the COVID-19 pandemic thanks to its role in life-saving vaccines, is moving into a new domain: oncology.  12

Schott Pharma Invests EUR 100 mln in Sterile Cartridge Plant

Schott Pharma, a leading player in pharmaceutical storage and delivery solutions, will expand its Lukácsháza site with a new manufacturing facility specializing in ready-to-use sterile cartridges.  15

Budapest Film Fest Salutes the Hungarian

‘Hollywood Animal’

From Sep. 16-21, five films by legendary Hungarian-American screenwriter Joe Eszterhas are being shown as part of the Budapest Classic Film Marathon organized by the National Film Institute.  21

The Healthcare Innovation Vision

Colette Matz, Novartis Hungary’s country president, talks about the potenitally lifesaving clinical trials the firm runs in Hungary, the vital importance of investing in women’s health, and the need for public and private healthcare to work hand in hand. 10

Cautious Optimisim About Industrial Data

It appears that Hungary's industry finally began to pick up in midsummer. The latest data shows a significant month-on-month increase in production. However, analysts warn that more months of continuous increase are necessary before this can be regarded as trend.  3

Green Building Week Opens in Hungary

Hungary has joined a growing number of countries participating in International Green Building Week, a global initiative led by the World Green Building Council.  7

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 DOCTORS AND DATA

Our Special Report inside this issue is dedicated to the pharmaceutical industry, hence the in-depth interviews with the country president of the Hungarian unit of the Swiss-based multinational Novartis, and the head of Goodwill Pharma, a Hungarian family-owned business that has made its way to the Budapest Stock Exchange. If they are not precisely at opposite ends of the scale, they do serve well to illustrate the breadth of the industry here.

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We also take a look at one specific area of success. Katalin Karikó became something of an international hero during the COVID-19 pandemic, with her work on messenger ribonucleic acid (that’s mRNA to you and me) helping pave the way to a global vaccine rollout, and her scoring a share of the Nobel Prize in Physiology or Medicine in 2023, alongside her research partner, the American immunologist Drew Weissman. Although, as she says, “I dreamt about doing research, not getting an award.” But mRNA is not a one-trick pony. Work is now underway to try to develop a vaccine for cancer using the technology.

That should be welcome news everywhere, but nowhere more so than in Hungary. According to the OECD’s 2025 Country Cancer Profile, published in February of this year, the “estimated cancer incidence and cancer mortality in Hungary are above the EU averages for both men and women, driven by a high burden of lung cancer and colorectal cancer.” Although there has been a reduction in cancer mortality rates since 2011, “in 2021, with 310 cancer deaths per 100,000 population, Hungary continued to have the highest cancer mortality

rate in the EU. Cancer mortality was significantly higher among men (415 per 100,000) than among women (245 per 100,000).” There is plenty to do here. If Hungary has long been able to draw on the brainpower of world-leading scientists, it has another possibly unique treasure trove: an almost unparalleled centralized repository of patient data that is, perhaps literally, a gold mine for life sciences researchers. Even though Hungary has no dedicated Minister of Health, healthcare itself is centralized through the state in a way that simply doesn’t happen in Germany, for example, where it is devolved down to individual states. Even in the United Kingdom, proud as it is of its National Health Service, policy is decided at the national level, but a complex mix of regional and local bodies is relied upon to implement it. Hungary is able to lay its hands on comparable, searchable data collected from across the nation, which is vital for understanding the starting point of a patient population and the results of any tests and treatments you run. Little wonder, then, that the country ranks among Europe’s top five for trial activity per capita. As Colette Matz, the boss of Novartis Hungary, points out, her team also coordinates research across several countries in the region. “This dual role, local execution and regional leadership, cements Hungary’s reputation as a hub for high-impact innovation,” she says. Amen to that.

Robin Marshall Editor-in-chief

THEN & NOW

In the 1964 black and white aerial photo from the Fortepan public archive, a first-generation MiG15 fighter jet (introduced by the Soviets in late 1949, it served with the Hungarian People’s Army between 1962 and 1975) is captured in flight while still on active military service. In the color image from state news wire MTI, taken on Sep. 14, a restored MiG-15 is seen on display at the 30th Börgönd Air Show near Székesfehérvár, offering visitors a close-up look at this iconic aircraft.

Photo by Tamás Vasvári / MTI

Photo by MHSZ / Fortepan

1News • macroscope

Analysts Cautiously Optimistic About Industry Following July Data

It appears that the Hungarian industry finally began to pick up in midsummer, as the latest data shows a significant monthon-month increase in production. However, analysts warn that a few more months of continuous increase are necessary before this can be regarded as trend-like growth.

The industry produced a pleasant surprise in July: after more than two years of particularly weak performance, the annual decline slowed to a minimum, while growth was clearly visible on a monthly basis.

According to the latest data released by the Central Statistical Office (KSH), the volume of industrial production in July 2025 lagged behind the 2024 level by just 1%. According to seasonally and working-day adjusted monthly data, industrial output was 2% higher in July than in June 2025. Production volume decreased in the majority of the manufacturing subsections compared to the same month of the previous year. Of those sectors with the greatest weight in the overall total, an increase was registered in the manufacturing of transport equipment, and of food products, beverages and tobacco products, as well as in the production of computer, electronic and optical products. At the same time, however,

Industrial production in Hungary, January-July 2002-2025

output in the manufacture of electrical equipment fell. In the first seven months of the year, industrial production was 3.5%

lower

than in the same period of 2024.

According to Erste Bank analyst János Nagy, the monthly change is a significant positive surprise: indicators such as the European sales of Hungarian manufacturers or the change in German industrial orders had been anticipated to more likely predict stagnation or even a decline. However, one cannot yet breathe a sigh of relief: only if the next few months continue to go well can one hope that industry will get itself out of the hole it has been in for years, the analyst cautioned.

Meaningful Evaluation

Nagy expressed cautious optimism, saying, “One could hardly have dreamed of a better start to the third quarter, but due to the usual summer shutdowns in the automotive industry, the seventh-month data is not authoritative on its own: it can only be meaningfully evaluated together with the August data.”

According to press reports, Suzuki in Esztergom definitely stopped operating in the eighth month, a not-unusual circumstance in slow

new manufacturing orders fell by 2.9% from June, which was significantly worse than analysts’ expectations of an expansion. However, large-value orders played a role in the decline; without them, the volume would have shown a 0.7% increase.

Gradual Recovery

“In addition, it is positive that the three-month average also indicates an expansion, meaning that the trendlike improvement has continued, albeit slowly. This gradual recovery is also shown by the economic indices of the German IFO Institute,” Molnár says.

Looking ahead, he does not expect a radical turnaround in the performance of the manufacturing sector. It is certainly positive that the contribution of industry to GDP was able to expand on a quarterly basis in the second quarter, which indicates that the sector may be over the bottom.

“The recovery in consumption and the construction activity starting as a result of the government’s Otthon Start [Home Start] program may bring a recovery in certain segments of the manufacturing industry in the coming months, but the speed of the recovery will definitely be influenced by external demand,” he states.

Molnár adds that any German fiscal stimulus is expected to appear more markedly in the data from the beginning of next year. In parallel with this, the ongoing large-scale investments will also turn productive, giving further impetus to domestic industry and exports.

Source:

trade cycles. Looking ahead, it would be difficult to say that the prospects point in any one direction.

On the one hand, a gradual improvement in European business sentiment has been noticeable in recent months, which may have a positive effect on the external demand of domestic exporters. On the other hand, the effective tariff level of the United States for Hungary reached 17%

by October, up from around 1-2% at the beginning of the year, which represents a significant loss in terms of price competitiveness.

As of now, of the larger, announced projects, only BMW’s factory in Debrecen (222 km east of Budapest by road) will enter production within the foreseeable future, at the end of this year or the beginning of next, Nagy emphasizes.

Economic think tank GFÜ’s Dániel Molnár is similarly cautious: Although Hungary’s industry started the third quarter dynamically, it is important to consider the summer figures with some reservations, as the timing of regular holiday-period shutdowns at factories can significantly affect the monthly data.

Also, there is still mixed news coming from Hungary’s most important foreign market, Germany. In July, the volume of

“One could hardly have dreamed of a better start to the third quarter, but due to the usual summer shutdowns in the automotive industry, the seventh-month data is not authoritative on its own: it can only be meaningfully evaluated together with the August data.”

The KSH also published its August inflation data in early September. Consumer prices increased by

on an annual basis (the same as in July), which was roughly in line with analysts’ expectations. However, it is important to note that, without the government’s profit margin cap, this figure would have been higher, at around 6%.

Annual core inflation fell to 3.9% from 4% in June, which marks a four-year low. Based on the details of the monthly price changes, prices for the leading group of foodstuffs, which account for more than 30% of the consumer basket, stagnated in August after a previous 0.3% price increase. The price of vehicle fuels decreased by 0.8%. Household energy prices stagnated in August compared to previous months.

ZSÓFIA CZIFRA

Ukraine

Will U.S. Succeed Where EU Fails in Weaning Hungary of Russian Fossil Fuels? Roundup Crisis

The Fidesz-led Hungarian government has been singing the praises of U.S. President Donald Trump since his re-election last year, particularly concerning the Russo-Ukrainian War, believing his leadership would lead to a definitive conclusion of hostilities. However, the president’s recent approach to Russia could threaten what Hungary considers to be a matter of its own sovereignty.

On Sep. 9, Minister of Foreign Affairs and Trade Péter Szijjártó told the Fighter’s Hour podcast that President Trump had not given any indication to Hungary that it should cease importing oil from Russia. Yet, on Sep. 12, U.S. Secretary of Energy Chris Wright spoke with officials in Brussels about the European

Union’s plan to phase out all Russian energy imports by 2027, advocating that they replace it with supplies of liquefied natural gas from the United States.

Political news outlet Politico asked point-blank whether this meant that countries like Hungary and Slovakia, which have repeatedly resisted the European Commission’s entreaties to phase out Russian gas, should finally cut their supply and seek out other sources.

Wright’s response was definitive.

“We want to displace all Russian gas. President Trump, America, and all the nations

of the EU, we want to end the RussianUkraine war,” Wright said. “The more we can strangle Russia’s ability to fund this murderous war, the better for all of us,” he said. “So, the answer to your question is absolutely.”

To that end, Wright called on European countries to also find alternatives to Russian nuclear energy, saying, “We want to see nuclear technology coming from the United States or within the EU itself.” The day before, the Court of Justice of the European Union (CJEU) annulled a European Commission decision approving state aid for the upgrade of Hungary’s Paks nuclear

power plant. According to the ruling, the EC should have verified whether awarding the contract for the construction of two reactors to the Russian state firm Rosatom was in line with EU public procurement rules. Hungary did not seem receptive.

Accelerated Investment

“This judgment will not restrict or slow to any degree the advance of the investment,” Minister of Foreign Affairs and Trade Péter Szijjártó said in response to the CJEU ruling. “On the contrary, we have accelerated the investment recently,” he added, saying that Paks II remains a “pillar” of Hungary’s future energy security.

Later, speaking at the International Atomic Energy Agency general conference in Vienna on Sep. 15, Szijjártó noted that French and German subcontractors are working with Russia’s Rosatom, and that Hungary has also reached an agreement to incorporate American technology for small modular reactors.

Meanwhile, on Sep. 16, in response to comments from the Finnish and Latvian presidents urging Hungary and Slovakia to halt imports of Russian crude and gas, Szijjártó criticized what he called the “astonishing” failure of some European leaders to recognize geographic constraints. He noted the irony of Baltic and Northern European countries with seacoasts advising landlocked Hungary on energy policy.

“They forget one tiny detail: Hungary is landlocked. We have no coastline where an LNG terminal or refinery could be built overnight,” he said.

U.K. Ambassador Paul Fox Says Goodbye in Budapest

The U.K.’s Ambassador to Hungary, Paul Fox, who has been in post since Oct. 16, 2020, said his informal goodbyes to a gathering of businesspeople, journalists and friends at a farewell event at the official residence on Sep. 11.

The outgoing ambassador recalled that he arrived in Hungary in the middle of the COVID-19 pandemic and at the tail end of Brexit. From 2022 onwards, the war in Ukraine “dominated” events. With general elections due in the spring of next year, “life in Hungary is going to become even more eventful in the next few months or so,” he predicted.

Fox had a formal event to bid farewell to diplomatic and government figures

on Sep. 9. This event represented “business, friends, journalists. It’s slightly less formal, it’s a range of people I’ve always been open with, people whose company I’ve always enjoyed.”

He said his commercial contacts had been “really useful in the sense of letting me know, from a different perspective, what’s going on.” He gave special thanks to the British Chamber of Commerce in Hungary.

The ambassador will leave Hungary on Sep. 24 and retire from the diplomatic service on Nov. 1, bringing a 38-year career to a close.

‘Simply Extraordinary’

“I would not have changed anything for the world. I’ve traveled around the globe, done so much, met so many interesting people, made so many friends. It’s been simply extraordinary,” he told his guests.

“I’ll miss Hungary. I’ll miss the embassy, especially this beautiful house,

which has temporarily been my home. But above all, I will miss all of you here.” Fox will be succeeded as ambassador to Hungary by Justin McKenzie Smith, who will take up his appointment in mid-October, once the President of Hungary, Tamás Sulyok, has accepted his credentials.

McKenzie Smith has been preparing for his role by learning Hungarian since last year. He was most recently (20212024) head of the Central Asia and Eastern Neighbourhood Department at the U.K.’s Foreign, Commonwealth & Development Office, and before that, was on secondment to the Scottish government for a year.

The incoming ambassador is not unknown to the region; from 2016-2020, he was based in Tbilisi, as Her Majesty’s Ambassador to Georgia. Other previous overseas postings have included Mexico City (2011-2015, where he was deputy head of mission at the embassy), New York (2004-2008, as first secretary at the U.K. Mission to the United Nations), and Moscow (1996-1999 as second secretary at the embassy). He joined the FCDO in 1994.

NICHOLAS PONGRATZ

ROBIN MARSHALL

Paul Fox speaking at the King’s Coronation Party in the gardens of the British Ambassador’s Residence on June 12, 2023.

Photo by KKM / MTI

In a photo released by Hungary’s Ministry of Foreign Affairs and Trade (KKM), Minister Péter Szijjártó (right) and Alexey Likhachev, CEO of Rosatom, the Russian state nuclear energy company, shake hands at the International Atomic Energy Agency General Conference in Vienna on Sep. 15, 2025.

Photo by Andras Biro

Academia Achieves Near 100% Occupancy

Less than a year and a half after its comprehensive refurbishment, the Academia Office Building has reached close to 100% occupancy. The building has been awarded BREEAM “Excellent” certification, and the traditional wing of the complex has recently obtained WELL “Gold” accreditation, further strengthening its commitment to future-conscious and people-centered operations, according to ConvergenCE.

Real Estate Matters

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

geopolitical tensions, energy crises, and inflation all in play,” he notes.

“Despite these conditions, our agile in-house leasing team brought the building to near full occupancy within just 18 months. Rents have surpassed prime Budapest levels, and our tenants have strong financial profiles and longterm commitments,” Zeley adds.

Academia Offices now has multiple sustainability accreditations: from WELL, WELL Health and Safety Rating, WiredScore, BREAAM and Access4you, comments Regina Kurucz, managing director of Rewell Consulting and a WELL assessor.

Cordia Increases its offering by 50% percent this Year

At the beginning of 2025, Cordia planned to bring around 1,000 homes to the market this year, but in light of strong demand, the target has been increased to nearly 1,500. As part of these plans, the company will soon announce further new projects.

Only one office suite of 400 sqm remains available. Developed by Europa Property and ConvergenCE, the fullscale renovation was completed in 2023 with the aim of preserving the building’s historic character while upgrading it to meet today’s expectations in technology, comfort, and sustainability.

“Academia is a true trophy asset. Its value is supported by a rare combination of excellent leaseability, premium location, and a forwardlooking, sustainable operating model,” says Csaba Zeley, managing director of ConvergenCE.

“We acquired the property in early 2022 as a value-add investment during a period of significant global uncertainty, with the pandemic’s aftermath,

Several new tenants at Academia include the Narara Group, one of Hungary’s largest wine and viticulture companies. It will move into a customdesigned office this fall. Both Saab and Shapr3D have undergone significant expansions over the summer. Shapr3D now occupies a total of 2,800 sqm, making it the building’s largest tenant.

ConvergenCE has invested EUR 250 million in commercial properties and played a key role in transactions worth a total of EUR 750 mln, according to the developer. Over the past two decades, it has developed 200,000 sqm of office, retail, and industrial properties with a policy of repositioning well-located but underutilized real estate.

Living Completes Construction of Római Park 1st Phase

Construction of Living’s Római Park, the first development by the residential development arm of Wing to be located in Buda, is progressing according to schedule, with completion of the building structure of the District III complex, which will have an “A+” energy rating.

The 257-unit residential park, located in a green area in north Buda offering what Living describes as sustainable and modern architectural solutions, is expected to be handed over in the second half of 2026, according to the developers. The project reached its highest point in July 2025, as scheduled.

The construction phase will be followed by finishing works. Currently, the facade doors and windows and the lifts are being installed, and mechanical and electrical work is in progress in the apartments.

Római Park will offer homes with plenty of natural light, from studio flats to 4-room penthouse units. All will be built according to top-tier technical standards and have energy-efficient solutions, ensuring cost-effective operations in the long term and low utility costs for residents.

Heating and cooling will be provided by a modern heat-pump system using renewable energy, and ceiling panels

will ensure consistent thermal comfort. The 14-cm-thick heat insulation layer and tripleglazed doors and windows will result in lower heating and cooling costs, providing excellent sound insulation, Living says.

“The building structure of Római Park has been completed, and this is a milestone in the project and in Living ’s history, too,” comments Tibor Tatár, head of Wing’s residential and office development businesses in Hungary.

“With our first development in Buda, we are creating a residential park with modern homes and community spaces where you can feel close to nature while also enjoying modern urban comfort. The project is advancing splendidly, and we expect to complete it right on schedule, in the second half of 2026,” he adds. Residents will be able to customize their smart home appliances and use community services via Living’s mobile app.

“In the second half of August, demand visibly picked up again, and this could be further strengthened in September by the maturity of a government bond. The heightened situation is well reflected in the fact that the number of incoming buyer inquiries week by week is breaking records,” says Áron Görög, Cordia’s head of sales.

“Cordia has launched registration for the development of more than 200 homes in one of Budapest’s most popular rental locations, the continuation of Corvin Promenade. The next structural phase of the Corvin Innovation Campus office complex is being converted into a residential building, Corvin Campus by Cordia, offering more than 200 high-spec apartments, mainly targeting investors seeking rental opportunities,” he adds.

For example, residents can set different temperatures for their home at various times of the day, while the community lounge can be booked for family events, and tools can be checked out from the shed, the developer adds.

As one of Hungary’s leading residential developers, Living has the professed aim of creating modern and sustainable urban homes that improve the quality of life of their residents through people-oriented services and intelligent solutions.

The number of apartments delivered and under construction since the company’s establishment in 2017 is close to 2,000, with more than 1,500 apartments already sold. Completed projects include Kassák Passage, Kassák Residence, and Kassák Terrace, Metropolitan Garden, Park West 1-2, and the first phase of Le Jardin in District XIII. Park West 3, Park West Rise, Le Jardin 2 and Római Park are under construction.

All residential developments are located in areas offering excellent transport options and a multitude of services, and all have outstanding technical standards and sustainable solutions, according to Living.

“In addition to energy management and environmentally-friendly solutions, making sure residents are comfortable and satisfied is a key consideration for Living, and the community and smart home solutions available in the residential projects support this goal,” the developer concludes.

GARY J. MORRELL

Construction of Living’s Római Park complex, its first development in Buda, is on schedule, the firm says.

KPMG Names Anikó Hinterstein HR Director in Hungary

Big Four company KPMG has appointed Anikó Hinterstein as its new HR director in Hungary, strengthening the firm’s leadership at the start of the new business year.

Hinterstein brings more than two decades of human resources experience. She began her career at Magyar Telekom, where she held various HR roles for 20-plus years, including organizational development, HR business partnering, recruitment, employer branding and talent management.

She also served as an HR consultant in Deutsche Telekom’s global HR team. Most recently, she led the HR function at PwC Hungary, where she helped shape the firm’s HR strategy and supported its business units.

A mathematician, economist and certified labor law consultant, Hinterstein earned her HR consulting degree at Erasmus University in Rotterdam. She is also active in academia, teaching at the Metropolitan University and Széchenyi István University, and serves as a board member of the Kikapcs Foundation, which supports families raising children with disabilities.

“I believe in the power of positive, collaborative organizations, in datadriven thinking and in innovation, which are fundamental to a consulting company’s operations, and in the idea that HR must act as a strategic partner in supporting business growth,” Hinterstein said.

“It is inspiring to continue my career in another excellent organization within the industry, where I can apply my knowledge and experience in a different culture. I consider it important to bring new, unique directions to KPMG that shape

the community, make everyday life easier and strengthen team spirit,” she added.

With her appointment, KPMG says it aims to further enhance cohesion within its inclusive, open and supportive workplace culture.

As a multidisciplinary advisory firm, KPMG says its goal is to continue adapting to an economy and workplace transformed by technological disruption, helping clients and the broader economy navigate challenges and operate successfully.

Microsoft Hungary Appoints Gabriella Bábel Managing Director

Microsoft Hungary has announced that Gabriella Bábel became managing director from September, taking over from Péter Szabó

Bábel has held senior enterprise commercial leadership roles at Microsoft for more than a decade, both in Hungary and across the region. In 2018, she served as acting managing director of the company for nearly a year. She holds a degree in computer engineering and an MBA.

Szabó has decided to leave the company to pursue opportunities outside of Microsoft. In recent years, he has played a key role in strengthening Microsoft’s position in the Hungarian market across areas such as generative artificial intelligence, digital transformation, and corporate social responsibility.

Microsoft says his leadership has left a lasting mark on the company’s operations, driving strategic-level changes, fostering collaboration among teams, and building a trust-based workplace culture that supported growth.

His results-driven approach will continue to influence Microsoft Hungary moving forward.

MET Group Appoints Tom Van de Cruys Sales and Trading Segment CEO

MET Group, a leading European energy company that is based in Switzerland but has Hungarian roots, has announced the appointment of Tom Van de Cruys as the CEO of its sales and trading segment, effective from Sep. 1.

Van de Cruys brings more than 15 years of leadership experience in the energy sector. He joins MET from TotalEnergies, where he held senior management roles across Germany, the United Kingdom, Belgium, France, the Netherlands, and Spain, overseeing power and gas supply as well as power generation activities.

Before his time at TotalEnergies, Van de Cruys served as CEO of Lampiris, a Belgian green energy startup. Under his leadership, the company experienced strong growth and was successfully acquired by TotalEnergies. He holds a degree in civil engineering and is married with two children.

This appointment marks a significant milestone in MET Group’s strategic transformation. In January 2024, the company established two distinct business segments to enhance focus, agility, and innovation: sales and trading being one, and assets the other. This structure supports MET’s ambition to become an integrated European energy champion.

Based at MET’s headquarters in Baar, Switzerland, Van de Cruys will join the sales and trading board of directors.

Benjamin Lakatos , executive chairman of the board of MET Group, expressed his confidence in Van de Cruys’ ability to accelerate the company’s expansion.

“Tom’s deep industry knowledge, entrepreneurial mindset, and proven leadership skills make him the ideal choice to lead our sales and trading segment into its next phase of growth,” Lakatos said.

Managing Director Appointed at SAP Hungary

From October 1, 2025, Péter Hidvégi will assume the role of managing director at SAP Hungary, reporting directly to the head of the Central Europe Cluster.

Hidvégi has more than 20 years of experience in the technology and consulting sectors. Since joining SAP in 2017, he has held various leadership positions, contributing to the company’s growth.

He has worked with key domestic clients, including MOL, MVM, Richter, and Egis, and in recent years, as a sales leader responsible first for the utilities, energy, and pharmaceutical sectors, and later for large enterprise clients, successfully strengthened customer relationships and expanded the company’s market presence.

Before joining SAP, Hidvégi gained extensive experience at several international companies. He began a career at PwC and continued at IBM’s consulting division as an SAP consultant.

For 10 years, Hidvégi was responsible for leading complex system implementations and managing Accenture Hungary’s SAP consulting practice, after which he headed Microsoft’s regional collaboration with one of the most prominent players in the telecommunications sector.

A father of five, Hidvégi holds an engineering degree from the Budapest University of Technology and Economics and an MBA from Corvinus University of Budapest.

With Hidvégi’s appointment, the company says it aims to strengthen further its market presence, maintain momentum, and reach new milestones in the Hungarian market.

Anikó Hinterstein

Tom Van de Cruys

Gabriella Bábel

Péter Hidvégi

2 Business

Sustainability Pays: International Green Building Week Opens in Hungary

Hungary has joined a growing number of countries participating in International Green Building Week, a global initiative led by the World Green Building Council. The Hungarian Green Building Council officially launched the local program on Sep. 9 at Corvinus University’s Gellért Campus, recognized as the most sustainable building in Hungary’s higher education sector.

pressing need for change in how buildings are designed, constructed, operated, and ultimately decommissioned.

Against this backdrop, International Green Building Week highlights sustainable practices as both a responsibility and an opportunity.

Energy efficiency has long been part of the conversation, but experts stress that it alone is no longer sufficient.

This year’s theme, “It Pays to Build Green,” aims to demonstrate that sustainable construction and renovation practices deliver not only environmental gains, but also tangible economic and social value.

Buildings account for nearly 40% of global carbon emissions, from the production and transportation of raw materials to construction, heating, cooling, and lighting throughout their lifecycle. Even the production of cement, one of the most widely used building materials, comes with a steep environmental cost, with each tonne manufactured releasing approximately half a tonne of carbon dioxide into the atmosphere.

At the same time, Europe’s construction and demolition industry is responsible for more than one-third of all waste generated across the continent, underlining the

A broader rethink is necessary, moving from a model that prioritizes new construction to one that emphasizes upgrading, repurposing, and expanding existing structures. With the careful use of renewable natural materials, such as wood or hemp, projects can even become carbon negative, essentially locking away carbon absorbed during the plants’ lifecycle.

The economic rationale is just as important as the environmental one. Green buildings tend to enjoy lower operational costs thanks to their energy efficiency, while their long-term asset value is often higher than that of conventional properties.

These projects also have easier access to financing, as ESG benchmarks and EU taxonomy regulations increasingly direct capital toward sustainable assets.

The “it pays” message of this year’s event is therefore more than symbolic;

become a symbol of forward-looking construction in Hungary. The building holds the country’s only top-tier LEED “Gold” certification within the higher education sector, confirming compliance with strict international energy and sustainability standards.

Its design integrates advanced insulation, solar panels, and no fewer than 84

geothermal probes, earning it an “AA+” energy efficiency rating. Waste management during construction was equally rigorous: 82% of demolition material from the old building and 100% of new construction waste were selectively collected and managed.

Government officials also stressed the importance of regulation and long-term vision. Speaking at the launch, Deputy State Secretary Renáta Határ of the Ministry for Construction and Transport, said: “The goal is for sustainability not to remain a theoretical concept, but to become everyday practice in the construction industry.”

This view was echoed by other stakeholders, who noted that regulation is only one piece of the puzzle; adaptation and practice at the level of everyday users is equally crucial.

Tibor Misovicz, the secretary of the Maecenas Universitatis Corvini Foundation, which operates the university, addressed this practical dimension.

Green Operations

“It pays to build green, but we must also learn how to operate green. One of the key lessons from the Gellért Campus project is that, after completion, operators and everyday users alike face the challenge of adapting to sustainable practices.”

it is a clear reminder that while upfront costs may be higher, the mediumand long-term savings, combined with stronger market value, can offset and even outweigh those investments.

Benefiting Society

Beyond economics, there are societal benefits. Sustainable buildings provide healthier, safer, and more comfortable spaces to live and work in. This year’s program includes the showcasing of buildings that demonstrate how architecture can address climate, comfort, and community needs simultaneously.

In his opening remarks, HuGBC president Gábor Szarvas underlined both the urgency of climate change and the optimism that comes with visible progress.

“While the effects of climate change are increasingly evident in our daily lives, there is also reason for optimism.

With Green Building Week, we can highlight exemplary climate-friendly projects, showcase zero-carbon awardwinning buildings, and introduce ambassadors who represent the future of sustainable construction,” he said.

The Green Walk series of building tours began at Corvinus University’s Gellért Campus, which has quickly

His words reinforce a growing recognition in the industry that sustainability is not solely about initial design and construction, but about how buildings are maintained and used over time.

Young people also have an essential role to play. Éva Hegedűs, secretary general of HuGBC, highlighted this in her speech. “Without the openness and creativity of young people, there is no sustainable future,” she warned.

To engage the next generation, the HuGBC offered two dedicated workshops during the week: the Climate Fresk card game, designed to illustrate the chain reactions of climate change, and “Green Future, Brave Stories,” a program where participants can develop their own visions of sustainability through mentorship from writers and digital artists.

International Green Building Week in Hungary serves as both a platform for education and a catalyst for collaboration. With guided tours, exhibitions, lectures, and workshops, the program underscores how sustainable construction is no longer a niche concern but a mainstream necessity.

By aligning environmental responsibility with financial prudence and social impact, the initiative sends a clear signal: building green is not just a matter of conscience, but a strategic choice for the future of the economy, the industry, and society at large.

Deputy State Secretary Renáta Határ of the Ministry for Construction and Transport.

Photo by Gergely Herpai

Gulyás: ‘Home Start’ Mortgage Program Spurs ‘Fastest Uptake of Credit’

Hungary’s “Home Start” fixedrate mortgage program for firsttime homebuyers has gotten off to a roaring start, but it entails future costly risks, warns former central banker György Surányi.

The punters love it, the banks seemingly can’t get enough, the construction industry can’t wait long enough, and the Prime Minister’s Office head, Gergely Gulyás, can’t praise it enough.

The government’s Home Start program, offering mortgages at a 3% fixed-rate of interest to firsttime buyers, had attracted “more than 1,000 applicants” a day since its launch on Sep. 1, Gulyás told reporters at the government press conference on Sep. 11.

This result makes the scheme the»“fastest uptake of credit since the regime change [of 198990],” he added. The construction sector has been boosted by nearly 30,000 applications for Home-Start properties in the previous three weeks.

The upbeat news comes not only from government representatives: a survey involving more than 10,000 respondents in March revealed half would consider

buying a residence with a loan, while in a follow-up at the beginning of August, that number had jumped to

71%,

according to László Balogh, an economist with real-estate agency ingatlan.com, as reported by website 24.hu.

In truth, the stampede was hardly unexpected: the program, first outlined by Prime Minister Viktor Orban in early July, has been heavily promoted from the off. Even more pertinent, the scheme’s 3% fixed-rate of interest is less than half that otherwise charged by banks operating according to market rates, which currently hover around 6.5-7%. In short, for successful applicants, it’s a steal.

So, what’s not to like? This side of the story has received far less media coverage. With most economic analysts tied to banks, the same banks that in many cases hope to offer the loans and secure loyal

The Home Start [Otthon Start] Program: A Summary

Successful applicants may take out a mortgage loan to a maximum value of HUF 50 mln.

The loan carries a 3% fixed interest rate with a maximum repayment period of 25 years.

It may be used in the purchase of an apartment valued at up to HUF 100 mln, or a house up to HUF 150 mln.

The price of the property is capped at HUF 1.5 mln per square meter.

Applicants must be first-time buyers or have held no more than a 50%

stake in a home in Hungary in the last 10 years. Although these mortgages are primarily aimed at younger people, there is no age limit on who may apply.

Applicants must have a minimum 10% down payment on the residential home to take out the Home Start mortgage.

Foreigners with legal residence in Hungary may be eligible for Home Start Loans, subject to general conditions applying to non-Hungarian citizens.

Surányi dismisses this argument, pointing out that the real-estate duty, though it will offset the interest-rate subsidy for the first year, is only a one-off item. Moreover, despite HUF 300 billion in subsidies being offered to developers to boost the supply side, there will be a lag of two-to-three years before the construction industry can meet the increased demand. “Meanwhile, [home] prices will shoot up again,” he says. Surányi is not against some form of financial assistance, particularly for first-time buyers, provided these are carefully targeted and not so loose as, for example, the subsidies offered by the first Orbán government in 2001. These, he says, “were overwhelmingly absorbed by the upper 20% of society” and led, in more extreme cases, to individuals “buying up to six different subsidized properties.”

A Step Forward

In this respect, the various limits of Home Start loans, notably the price cap of HUF 1.5 mln per square meter on purchases, are “a step forward” compared to earlier schemes, Surányi says. However, he argues that those with HUF 100 mln available in cash “belong to the upper 1-2% of Hungarian society, so there is no need for [any subsidies for such buyers] at all.”

customers for the next quarter century, this paucity of critical analysis is perhaps not surprising.

Independent Voice

However, György Surányi, professor of economics at Corvinus University, a former chairman of CIB Bank, and former governor of the National Bank of Hungary, is one independent voice willing to comment on record.

A veteran critic of various government home-subsidy schemes, beginning with the last gasp efforts of the Kadar (communist) regime to ease the burden of first-time buyers in the late 1980s, he made his political independence clear from the off when the Budapest Business Journal interviewed him for this article.

“First of all, I would start by saying that for 20 years, subsequent governments have mismanaged the housing sector. They have almost exclusively focused on the demand side, which means that the decisions introduced to facilitate the availability of housing have excessively contributed to inflation in the real estate sector,” he said.

According to Surányi, Hungary leads the European Union in this respect, with real estate prices soaring 290% in the decade between 2015 and 2025.

“It’s been a bonanza for investors, but not for ordinary people, because wage [levels] in relation to house prices have deteriorated [...] in the past 15-20 years,” he underlined.

State Secretary Miklós Panyi of the Prime Minister’s Office seemingly addressed this question in mid-August, confidently telling the Index website that Home Start would “more than pay for itself” through tax revenues, real estate duty and secondary economic effects.

Whatever, while the upper price limits restrict purchases in Budapest to an extent, to put the same cap on property in the remote countryside is a serious mistake.

“In a small, rural village, for HUF 100 mln, you can buy a whole street!” he exclaims, quickly adding “Well, that’s an exaggeration, but for HUF 20 mln-30 mln, you can buy a reasonable quality house in the countryside and

HUF 150 mln

[...] is dramatically excessive.”

Thus, in such locations, Home Start will have a massive impact “because the cheap money will drive up demand and prices will jump,” he says, arguing that the different cap conditions should have been applied to Budapest, larger cities and more rural locations.

But for Surányi, who as the MNB governor had to grapple with the consequences of excessive spending by successive governments in the mid1990s, the biggest concern with Home Start is the potential burden facing future administrations caused by the unhedged interest rate costs in the coming decades.

“No one knows what inflation is going to be in five, 10 and 25 years on. This does not mean that I don’t have sympathy with helping [home buyers], but it [the Home Start program] should have been incomparably better targeted, and adjusted to the existing schemes, because the existing scheme, plus the new ones, are going to excessively burden the budget for years to come,” he warned.

“If it [the reference interest rate] shoots up, it’s again going to be the taxpayer who will be channeling subsidies to the borrowers.”

As this issue of the BBJ went to press, ingatlan.com reported that residential property prices in August were up 14.7% nationwide and 21.3% in Budapest over the past year. On a monthly basis, prices rose 1.1% nationally and 1.4% in the capital.

György Surányi

Photo by János Marjai / MTI

Mohu’s Recycling Success met With Bitter Irony by Large Retail Partners

Hungary’s deposit return system (DRS) on beverage packaging is an “internationally recognized” success, according to Mohu, the monopoly operator, but its key suppliers are not so enamored.

Any frustrated shoppers waiting in line at Hungary’s supermarkets to return cans and bottles while assistants strive to restore the machines that are key to the process back to working order may take comfort: their patience is contributing to an environmentally friendly operation with a turnover of up to HUF 750 million a day. And it’s the envy of the recycling universe.

At least, these are two conclusions implied by an early September press release from Mohu, the company that owns the equipment that, when fully functioning, gobbles up empty beverage containers, be they glass, aluminum or plastic, at an impressive rate.

According to Mohu, in 18 months, it has processed three billion spent containers, equating to 200 returns per second nationwide, with a daily record of 15 million sorted, squashed, and sent off on one day this summer.

In total, it also means the company has “paid HUF 120 bln for redeemable vouchers, which may have resulted in significant additional income” for the hosting stores.

All this, with an 80% redemption rate cited, presumably meaning four in five containers are returned for processing, the performance “far exceeds” both Mohu’s expectations and international experience to date, the release states (though it fails to supply any supporting evidence of the latter claim).

As for the future, Mohu says it is keen to broaden its network, currently at some 5,000 locations, primarily in small settlements and shops, as well as creating independent return points utilizing entrepreneurs.

To support this expansion, the Mohu release concludes with news that the company has raised

the handling fee “much higher [...] as an incentive for smaller shops and voluntary partners from September.”

Bitter Irony

So far, so good, it would appear for Hungarian recycling, the environment, Mohu and all concerned. But for Tamás Kozák, head of the Hungarian Retailers’ Association (OKSz), Mohu’s press release contained some bitter irony, as much for what it did not say as for what it did.

It is true, for example, that Mohu has significantly raised the return fee paid to small shops and entrepreneurs who host DRS machines.

As part of a package of fee adjustments, retailers with a floor space of less than 200 square meters have seen their reward for a returning container raised from HUF 7.5 to HUF 11.5 per item, a 53% increase from Sep. 1.

However, the Mohu release failed to include any reference to the fee paid to larger retailers with space above 400 square meters, which have seen the handling fee cut by HUF 4, from HUF 7.5 to HUF 3.5, in the same adjustment announcement. News of the cut was met with dismay by Kozák and the larger, mostly foreignowned retailers, whom he represents. In a response released on Aug. 1, OKSz said the fee changes would add HUF 6.5 bln in additional costs to its members, who are already hosting and operating the DRS machines at a loss.

Answering inquiries for this story, Kozák told the Budapest Business Journal that the Mohu fee change had been implemented as announced, with “no negotiations; Mohu dictated it.”

Indeed, from the very beginning, when Mohu began its 35-year concession as the monopoly operator on the DRS system in mid-2024, there have been no handling fee negotiations with the retailers, according to Kozák.

From their side, a financial study undertaken by OKSz members concluded

that covering their operating costs (principally for staff employed to empty and dispose of the waste bins, plus the daily cleaning and the electricity demand by the DRS machines) would require a handling fee of HUF 10 per container.

Reasonable Assessment

The study, which was confirmed by the Hungarian consultancy Andersen Adótanácsadó as a reasonable assessment of costs, was forwarded to Mohu but was seemingly ignored, according to Kozák.

(Mohu stated in its press release that the recycling volume is such that “partners across the country have to empty an average of 50 vending machines per minute,” though this number also includes machines operated by smaller shops.)

The latest cut, Kozák said, applied to the larger retailers who together account for by far the bulk, between 70-80% of the total items recycled through the DRS system.

“Mohu is a subsidiary of [listed energy company] MOL, and they want to optimize profits [...] but these [fee] changes do not make sense. The small retailers only process around 10%, maximum 20% of the [total recycling],” he added.

The OKSz retailers, however, are in a bind: by selling beverages, they are, by law, required to host the DRS machines to recycle the empties. Mohu, in practice, unilaterally sets the fees, Kozák said, despite the law requiring some kind of independent cost assessment mechanism to determine those fees, which Mohu is obliged to pay. This mechanism “just doesn’t work,” Kozák says. Quizzed about other deficiencies alleged in Hungarian media reports, he claimed that Mohu had failed to fulfill its obligation to “deep clean” the DRS machines once a year in “more than 50% of cases.” But there is, it seems, some hope for progress in the current impasse.

“We are hoping for a solution for these problems with the new management of Mohu,” Kozák says, referring to recent changes at the top of the recycling monopoly.

Editor’s Note: The BBJ asked Mohu’s communications department for comments for this story, but no response had been received by our print deadline. We intend to return to the story once we get their input.

The Mohu Recycling Model Explained

According to a European Commission directive, all EU member states have to implement a deposit return system (DRS) on drinks’ containers as part of the EU circular economy goals. Mohu, a Hungarian acronym for the recycling firm, which is a subsidiary of state-owned oil and gas company MOL, controversially received a 35-year monopoly concession to manage and handle this task.

The Hungarian system, which suffered development delays, began operation in July 2024. Shoppers now pay a HUF 50 deposit on beverage containers, which

are marked with a special “50” symbol. The deposit is reclaimed by returning the can or bottle via the Mohu machines located at so-called REpont units, housed in supermarkets and stores.

The machine automatically checks the container has a deposit symbol and then sorts the aluminum, plastic or glass waste into individual bins. Once the containers have been collected, the shopper can opt to receive a paper slip detailing the amount to use at the cashier, have the amount automatically transferred to their bank account, or choose to donate it to charity.

TV presenter Nóra Ördög, a Mohu ambassador, at a press conference at MOL Campus on Oct. 3, 2024, about the charity fundraising element of the bottle return system.

Photo by Noémi Bruzák / MTI

3 Special Report

Pharmaceutical Industry

The Mission to Make Preventive Care Accessible to All

Colette Matz, country president of Novartis Hungary, talks to the Budapest Business Journal about the potenitally lifesaving clinical trials they run in Hungary, the vital importance of investing in women’s healthcare, and the need for public and private healthcare to work hand in hand to deliver better patient outcomes.

screenings, whether they were festival-goers or local residents. By bringing screenings into a familiar, welcoming setting, we broke down barriers and sparked conversations. These efforts complement national programs, not compete with them. With 8,000 new cases annually and one in eight women affected in their lifetime, early detection isn’t optional; it’s lifesaving.

BBJ: As a female CEO yourself, do you think you are more sensitized to the need to drive progress in women’s health issues such as this?

CM: Yes, it’s personal. Women’s health is a cause I champion because I know the juggling act of life, work, and wellbeing. Our mission is to make preventive care accessible. We’re breaking barriers, building trust, and bringing care closer to women because when women thrive, families and communities thrive.

BBJ: Does Novartis have a concrete goal to bring more investment and healthcare innovation to Hungary?

Colette Matz: Our ambition is bold: make Hungary a powerhouse for healthcare innovation. Clinical trials aren’t just research; they’re lifelines. They give patients early access to tomorrow’s therapies while strengthening the entire healthcare ecosystem. Physicians gain hands-on experience with cuttingedge science, hospitals sharpen their capabilities, and the system benefits from shared resources and efficiencies that help ease financial pressures.

This year alone, we’re launching 20-25 new clinical trials in Hungary, about 10% of all new studies in the country, keeping us among the top three most active innovators in the country. Hundreds of patients will join these programs, adding to the thousands already benefiting. Each trial represents a significant local investment, covering treatments, diagnostics, and procedures. It’s a win-win: better care for patients, added value for hospitals, and a lighter load on the national healthcare system.

BBJ: The country has been proud of its role in clinical trials and in the global clinical research ecosystem, but the number of trials has decreased in recent times. What is the government doing to better position Hungary as a target for international clinical research investment?

CM: Hungary has long punched above its weight in clinical research, ranking among Europe’s top five countries for

trial activity per capita. Yes, global trends (AI-driven modeling, tighter regulations) have shifted the landscape, but Hungary is fighting to stay ahead.

The government and the National Directorate General for Hospitals (OKFŐ) are in active dialogue with industry players, including AIPM [the Association of Innovative Pharmaceutical Manufacturers], to streamline processes and keep Hungary attractive for sponsors. With the ability to treat 2,000-3,000 patients and a stellar track record in compliance and data quality, Hungary remains a trusted partner. Renewed focus on clinical trials as a strategic priority shows the country’s intent: stay competitive, stay relevant, and keep delivering world-class research.

BBJ: What clinical trials is Novartis currently running or planning in Hungary, and what is the Hungarian team’s coordinating role in global company clinical trials?

CM: We’re running trials grounded in some of the most exciting science right here, from radioligand therapies that hunt tumors like precision-guided missiles, to CAR-T treatments that turn a patient’s own cells into cancer-fighting superheroes. Our portfolio spans oncology, hematooncology, cardiology, neuroscience, ophthalmology, immunology, dermatology, rheumatology, and rare diseases. Hungary isn’t just participating; it’s leading. Our team coordinates research across several countries in the region, providing operational expertise and ensuring trials run smoothly. This dual role, local execution and regional leadership, cements Hungary’s reputation as a hub for high-impact innovation.

BBJ: We have often spoken in the past of the almost unique resource Hungary has in terms of centralized and deep medical data. How can this be better used, and can it help with the optimization of patient pathways, treatment options, and protocols? Does more need to be done to encourage cooperation between the public and private sectors?

CM: Hungary’s centralized health data is a goldmine for smarter, faster care. We’re exploring a pilot concept that would connect clinical trial enrollment with the national health data system (EESzT). This means that eligible patients can be identified and enrolled in trials quickly, turning months into days.

The benefits ripple from there: patients get early access to breakthrough therapies, the system optimizes care pathways, and research accelerates. However, to unlock the full potential, I believe that the public and private sectors must work hand in hand. Together, we can transform data into better outcomes, stronger research, and a truly future-ready healthcare system.

BBJ: Breast cancer is the leading cause of death among women in Hungary. What is Novartis doing in terms of health education and screening programs in the country? Is this independent, or do you try to dovetail it with state campaigns?

CM: Breast cancer is personal for us. At Novartis, we’re committed to making early detection easier and less intimidating. One example? Our initiative at the Valley of Arts Festival in Kapolcs, where women aged 40–65 could access free mammography

BBJ: Does Hungary need to rethink education around breast cancer and screening strategies, not just for women, but society as a whole?

CM: There’s undoubtedly room for reflection. Since COVID-19, mammography participation has dropped to 40–50% of invited women, a signal that more can be done to raise awareness and encourage preventive care. Lowering the screening age to 40 is a step in the right direction, but awareness is key. Protecting women’s health isn’t just a women’s issue; it’s a societal one.

BBJ: How accessible are therapies at all stages across the country? Is there a postcode lottery when it comes to screening and treatment, or is it geographically well-balanced?

CM: Access to therapies is strong nationwide, but outpatient screenings can be patchy in rural areas. The good news? Regulations require imaging within two weeks, and capacity is reserved to meet that standard. Once patients reach a specialist, they can count on receiving the same high-quality care, no matter where they live. When it comes to treatment, Hungary delivers equity.

BBJ: Should more be done to promote the role of women in society in general, and to highlight the importance of lifelong follow-up?

CM: Yes, I believe so. Women often put themselves last. Regular screenings and follow-ups aren’t luxuries; they’re lifesavers. By prioritizing women’s well-being, we strengthen families, communities, and society as a whole.

ROBIN MARSHALL

Colette Matz

Goodwill Pharma: From Family Business to Publicly Listed Company

The story of Goodwill Pharma Plc. is a prime example of how a familyowned venture can grow into an internationally recognized, publicly listed pharmaceutical company. The Budapest Business Journal spoke with chairman and CEO Dr. Ferenc Jójárt about the company’s origins, its mission, and its future.

BBJ: How did the story of Goodwill Pharma begin?

Ferenc Jójárt: We started in 1997 as a family-owned business on the Hungarian pharmaceutical market, but from the outset, our goal was to create products and services that provide genuine value for both patients and physicians. Over the course of more than two decades, we gradually built up a stable, independent company that has been listed on the Budapest Stock Exchange since 2022, making us one of only three pharmaceutical players on the bourse.

BBJ: Where does the company stand today in terms of its international presence?

FJ: We operate several subsidiaries across the region, including Serbia, where we have been active since 2003. Through these subsidiaries, our products are available in 12 countries, ensuring a strong presence across Central and Eastern Europe. We export and distribute extensively to Albania, Bosnia and Herzegovina, Kosovo, Montenegro, and North Macedonia. Additionally, our subsidiaries in Austria, the Czech

Republic, Poland, and Slovakia play a key role in our regional footprint. As part of our international expansion, we have also entered new markets in Greece, Georgia, Mongolia, and the United States. Our regional headquarters is located in Szeged (175 km southeast of Budapest by road), where our logistics hub and manufacturing facilities are based. These sites are continuously being developed to support our export and growth strategy. Recent investments and capacity expansions all serve the purpose of enabling us to expand even more intensively into international markets in the coming years.

BBJ: What kind of manufacturing capacity do you have?

FJ: We are proud to have built factories in both Hungary and Serbia, where we are prepared to manufacture pharmaceuticals as well as dietary supplements. At our Szeged site, we established a GMP-certified facility, which allows us to manufacture in compliance with the highest international standards. In recent years, we have significantly expanded both our warehouse

Immuno+, which provides advanced daily support for health preservation. A key focus area for us is the treatment of dry eye disease, where we have pioneered the development of Lacrimax, an oral formulation, and the EyeJuice eye drop family. Together, these represent a unique portfolio that opens new horizons in restoring eye comfort and improving patients’ quality of life.

In parallel, we signed an agreement with the Chinese company Shenzhen Techdow Pharmaceutical for the distribution of a biosimilar enoxaparin product, a strategic partnership that further strengthens our international presence. In addition, we are launching several in- and out-licensing collaborations across Europe, while our regulatory approval procedures are already underway in Germany, Italy, and Austria.

BBJ: What role does corporate social responsibility play in the company’s life?

FJ: Goodwill Pharma has always placed great importance on supporting communities, whether that means healthcare institutions, disadvantaged children, or sports associations. We believe that sport is one of the keys to a healthy life, which is why we have been long-term supporters of the Goodwill Pharma Stilaxx Szeged ice hockey team, which recently won a silver medal in the Andersen League.

and production capacity, enabling us to serve domestic and international markets at a much higher volume.

I would highlight that Goodwill Pharma not only produces its own products but also serves as an outsourcing partner for several major pharmaceutical players. Among our key partners is Novartis. This collaboration is a tremendous recognition for us, proving that global companies also rely on Szeged’s knowledge and manufacturing capacity.

BBJ: What are your plans for the future?

FJ: We aim to strengthen our international presence further and to build a product portfolio that contributes to the health of patients over the long term. We place strong emphasis on research and development, the introduction of state-ofthe-art technologies, and ensuring that we remain flexible in responding to the changing needs of the healthcare sector.

BBJ: The famous name of the Nobel laureate Albert Szent-Györgyi is closely associated with your company. Why is this important to you?

FJ: Our roots in Szeged naturally tie us to Albert Szent-Györgyi, the discoverer of Vitamin C. His spirit and humanist way of thinking continue to inspire us to this day. Not only does one of our flagship product families bear his name, but we also established the Albert Szent-Györgyi Medical Prize, which each year honors physicians who demonstrate exceptional professional and human dedication. This award serves both as a tribute to Hungarian scientific heritage and as an example for future generations.

BBJ: In which directions is your product portfolio expanding?

FJ: Our portfolio includes prescription medicines, dietary supplements, and products for special nutritional needs. In recent years, we have introduced innovative products such as Fortacell

As of July 1, we have also become the title sponsor of Szeged’s water polo teams, which now compete under the name SZVE Goodwill Pharma Fortacell. In the most recent OB I BENU Cup, our teams achieved strong results, and our goal is to further strengthen their position in Hungarian water polo in the years ahead.

This partnership clearly reflects our longterm commitment to youth development, health awareness, and the support of community sports, values that are deeply embedded in Goodwill Pharma’s philosophy.

BBJ: What message would you like to send to investors and partners, in closing?

FJ: Goodwill Pharma is an independent pharmaceutical company built on solid foundations, offering sustainable and predictable growth. To our investors, I can promise that every decision we make is guided by sustainability, transparency, and continuous innovation. We firmly believe that Hungarian pharmaceutical expertise, combined with international collaborations, will secure our company’s future. For me, Goodwill Pharma is not just a business, but a mission: to create value for patients, physicians, and partners alike.

Goodwill Pharma Campus, Szeged

Dr. Mária Kardos, Board Member, Director of Communications

Dr. Ferenc Jójárt, Chairman and CEO

Karikó and the new Frontier of mRNA: Personalized Cancer Vaccines

The global pharmaceutical industry may be witnessing one of its most significant breakthroughs since the development of antibiotics. Messenger RNA (mRNA) technology, which rose to prominence during the COVID-19 pandemic thanks to its role in life-saving vaccines, is now moving into a new domain: oncology.

the same technology to mobilize the human immune system against tumors.

Researchers and pharmaceutical companies are exploring whether this platform can deliver not only rapid responses to emerging viruses but also long-term, personalized solutions against cancer, one of the most complex and costly health challenges of our time. Hungarian-born scientist and Nobel laureate Katalin Karikó, whose perseverance and vision helped unlock the therapeutic use of mRNA, remains a central figure in this story. Her decades of work have laid the foundations for today’s efforts to use

In many respects, her career reflects the broader evolution of biomedical research: years of skepticism and setbacks eventually yielding to global recognition and transformative applications.

In early 2025, clinical data confirmed what many researchers had long suspected: mRNA vaccines could offer measurable benefits in oncology. One prominent study showed that patients who received the experimental vaccine mRNA-4157 (V940) in combination with the immunotherapy pembrolizumab achieved higher rates of long-term relapse-free survival than those treated with monotherapy.

The effect was not marginal but statistically and clinically significant, underscoring the potential synergy between mRNA platforms and existing checkpoint inhibitors.

Preclinical research has further strengthened the case. Animal studies demonstrated that an experimental mRNA vaccine amplified the tumorfighting impact of immunotherapy, hinting at the possibility of a future “universal” cancer vaccine.

Off-the-shelf Options

Meanwhile, alternative approaches are also being tested. The ELI-002 2P vaccine, designed as an off-the-shelf

therapy rather than a patient-specific one, produced encouraging results in trials involving pancreatic and colorectal cancer patients. By reducing recurrence rates and extending remission periods, it offered a scalable and less resourceintensive complement to highly personalized therapies.

Globally, more than 120 clinical trials with mRNA cancer vaccines are active in 2025, spanning melanoma, glioblastoma, pancreatic, and other malignancies. Industry leaders such as Moderna are experimenting with different combinations of mRNA vaccines and checkpoint inhibitors to maximize immune response and reduce relapse rates.

The rapid advances in mRNA oncology are not only scientific but symbolic. Karikó herself has long emphasized the role of persistence in discovery. At an award ceremony in Zurich, she remarked, “You have to be a champion of failure,” a phrase that has since become a mantra for young scientists navigating the uncertainties of research.

Her Nobel Prize acceptance speech revealed the same humility: “I dreamt about doing research, not getting an award.” These words highlighted her commitment to the process of inquiry rather than to recognition or accolades. At the same time, she has remained realistic about the scale of the task at hand. “When it comes to something more complicated, like cancer, then it’s a PRESENTED CONTENT

Enabling Clients to Focus on Core Business Through 1st

Class Operational and Compliance Management

Frame Group executive board member Attila Puskás talks to the Budapest Business Journal about how facility and property management can meet the highly specific needs of the pharmaceutical industry, as the firm looks to step into a new future.

regional expansion, we will begin building a presence in this industry within the next two to three years.

BBJ: The pharma sector is not yet one where Frame Group is present. Why and when would you like to enter it?

Attila Puskás: We believe timing and focus are essential to building long-term value. In the past decade, our activities have concentrated on areas where we could deliver measurable impact quickly: healthcare operations, industrial services, and infrastructure-related projects. That said, the pharmaceutical sector has always been of interest to us, due to its strong innovation culture and high standards. We see a growing demand for partners who can bring both operational excellence and fresh thinking into the supply chain and technical services around pharma. Entering the sector is, therefore, not a question of if, but of when. Our current strategy foresees that, as part of our

BBJ: Do you think technologies and practices you have developed for other fields (such as healthcare or industrial laundries) would be transferable, or would you have to start from scratch?

AP: We do not believe in reinventing the wheel where it is not necessary. Much of our experience is highly relevant to pharma. For example, in healthcare facilities and clean industrial environments, we have had to manage extremely strict hygiene standards, traceability systems, and regulatory compliance. The know-how we have gained in sterilization, technical facility management, and quality monitoring is directly transferable to pharmaceutical operations. Of course, we recognize that pharma has its own unique requirements and certifications, so some adaptation and

new capabilities will be necessary. But we view this as an extension of what we already do well, not a step into the unknown.

BBJ: You have often said that what sets Frame Group apart is its mindset and commitment to quality. Do you see a market gap in the pharma sector among your competitors operating there, and is this an opportunity you would hope to exploit?

AP: Absolutely. Many large players in the pharma sector are highly competent but often slow-moving, and their scale

can sometimes make them less agile. We see a market gap for a partner who combines rigorous quality standards with flexibility, speed, and a collaborative mindset. Our approach has always been to tailor solutions to the client’s real needs rather than push standardized packages. We believe this mindset, together with our proven operational track record, could make us a valuable partner in pharma, especially in Central and Eastern Europe, where the industry is growing rapidly and companies are actively looking for reliable service partners.

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

AP: Only that Frame Group’s journey has always been about building trust and long-term partnerships. Whether in healthcare, infrastructure, or, in the near future, pharma, we see ourselves as an enabler: helping clients focus on their core business while we ensure that critical operational and compliance areas are handled at the highest level. The pharma sector is a natural next step for us, and we look forward to contributing to its success with the same dedication and quality mindset that defines everything we do.

ROBIN MARSHALL

Attila Puskás

ANIKÓ ANGYAL

different story. Cancer is a big challenge because it’s very difficult to identify what the RNA should code for to get the immune response,” she observed in a reflective interview with EMBO Reports, a peer-reviewed scientific journal covering research related to biology at a molecular level.

“You have to be a champion of failure.”

Her words underline both the promise and the formidable obstacles facing researchers in this area.

The business implications of these scientific developments are enormous. Oncology is already one of the fastestgrowing segments of the pharmaceutical market, with annual revenues in the hundreds of billions of dollars. Should mRNA vaccines succeed in reducing recurrence rates or extending survival with fewer side effects, the economic models of cancer care could undergo significant changes.

Stakeholder Adaptation

Pharmaceutical firms are not the only stakeholders. Insurers and national healthcare systems will need to adapt reimbursement frameworks to account for therapies that could provide long-

term benefits with fewer treatment cycles. Regulators are also beginning to establish guidelines for the evaluation, manufacture, and distribution of personalized vaccines at scale. International collaboration is another defining feature of this emerging field. Universities, hospitals, and companies across North America, Europe, and Asia are pooling expertise, sharing clinical data, and coordinating trial protocols.

in Brief News

Hungarian and Belarusian Pharma Cooperation Hailed

Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó highlighted cooperation in the fields of pharmaceuticals and medical devices at a forum for Hungarian and Belarusian business leaders in Minsk on Sep. 10. He also expressed support for strengthening ties between Hungarian and Belarusian universities. Szijjártó added that the Hungarian government aims to deepen cooperation with Belarus in all sectors not subject to sanctions. Executives from 17 Hungarian companies accompanied his delegation to Minsk. Szijjártó emphasized that Hungary was the only European Union member state to vote against higher tariffs on Belarusian food and agricultural products. He cited successful examples of bilateral business ties and a new agreement easing market entry for Hungarian firms.

Pharma Exports to UAE on the Rise

Minister of Foreign Affairs and Trade Péter Szijjártó met with United Arab Emirates Minister of Foreign

Trade Thani Bin Ahmed Al Zeyoudi in Budapest on Sep. 8 to discuss expanding bilateral cooperation, according to a statement from his ministry. Szijjártó stated that the two countries are deepening their ties in emerging sectors and noted progress in implementing recently signed economic agreements. Bilateral trade reached USD 500 million in 2024 and is expected to rise further in 2025. Hungary has exported more than 15 tonnes of pharmaceuticals this year. He also announced that Hungary’s Wizz Air relaunched a flight to the UAE last week, increasing the total number of direct flights from Budapest to 20 per week.

Egis Partners With BME to Support Practical Training, Talent Development

Hungarian pharmaceutical company Egis has signed a partnership agreement with the Faculty of Mechanical Engineering at the Budapest University of Technology and Economics (BME), the French-owned firm said on Sep. 1. The collaboration aims to enhance practical training, build labor marketrelevant competencies, nurture

This reflects the recognition that cancer’s complexity cannot be tackled by any single institution or nation alone.

For patients, the prospect of vaccines that prompt their own immune systems to recognize and attack tumors represents more than a medical advance; it is a redefinition of hope. Unlike chemotherapy, which often comes with severe toxicity, mRNA platforms promise treatments that may be both more effective and less burdensome.

talent, and promote careers in the pharmaceutical industry among graduates with technical degrees.

Richter H1 Income Falls 13% Despite Revenue, Operating Profit Growth

Listed pharmaceutical company Gedeon Richter reported higher revenue and operating profit in the first half compared to the same period a year earlier, although net income declined due to a sharp drop in financial gains, according to its H1 report published on the website of the Budapest Stock Exchange. Revenue rose 11% to HUF 465.5 billion, while operating profit also increased 11% to HUF 140.4 bln. Net income slipped

Accessibility also plays a central role in this conversation. Off-the-shelf vaccines, such as ELI-002 2P, with lower production costs and simplified logistics, could help bring advanced therapies to patients in middle- and low-income regions. If successful, this could narrow long-standing disparities in cancer care and strengthen the equity dimension of global health policy. The next few years will be decisive. While optimism is high, the challenges remain significant. Personalized vaccines require detailed genetic profiling of each patient’s tumor, a costly and time-intensive process. Off-the-shelf solutions, though easier to scale, may sacrifice some degree of precision. Balancing these approaches will shape how quickly mRNA vaccines move from clinical trials to everyday practice.

Still, the overall trajectory is promising. With more than 120 trials underway and positive results already emerging, many in the field believe oncology is entering a new chapter. For Hungary, this progress resonates particularly strongly, given Karikó’s central role in advancing the technology. Her legacy, embodied in her words and her work, continues to inspire scientists and policymakers worldwide.

As of 2025, mRNA-based cancer vaccines are no longer a distant vision but an imminent reality. They represent a paradigm shift that could change not only how cancer is treated but also how healthcare systems, insurers, and societies respond to one of humanity’s most persistent medical challenges.

13% to HUF 120.4 bln as net financial income dropped to HUF 3.2 bln from HUF 24.2 bln in the base period. The United States remained Richter’s largest market in H1, contributing HUF 127.9 bln in revenue, up 12%, including HUF 116.7 bln in royalties from sales of Vraylar, the brand name for its antipsychotic Cariprazine. Revenue in Russia rose 26% to HUF 74.4 bln, while domestic turnover climbed 5% to HUF 30.3 bln. Cariprazine was Richter’s top-selling product, generating HUF 124.4 bln, followed by the Evra transdermal contraceptive patch, with sales of HUF 17.8 bln. “With a robust Q2 we are now tracking in line with our annual guidance despite the strong base,” CEO Gábor Orbán said.

Nobel laureate Katalin Karikó at work in her lab.

Photo courtesy of Szeged University

HCEMM, ICGEB Join Forces to Drive Scientific Excellence and Global Health

A new international partnership between two scientific powerhouses promises stronger and more effective responses to the challenges of aging and cancer, further strengthening Hungary’s position on the global research map.

The recently formalized collaboration between the Hungarian Center of Excellence for Molecular Medicine (HCEMM) and the International Center for Genetic Engineering and Biotechnology (ICGEB) is the result of nearly two years of strategic planning, scientific dialogue, and institutional relationship-building. What began in 2023 as exploratory conversations has grown into a robust partnership aimed at accelerating biomedical innovation through international cooperation.

For HCEMM, the alliance opens access to ICGEB’s global research network and long-standing expertise

About the ICGEB

The International Center for Genetic Engineering and Biotechnology is an intergovernmental organization operating at the intersection of cuttingedge science and international cooperation. Headquartered in Trieste, Italy (with additional component laboratories in New Delhi, India, and Cape Town, South Africa), ICGEB supports advanced research in genetic engineering and biotechnology.

The genetic engineering and biotechnology center plays a vital role in empowering scientists from more than 65 member states by providing access to worldclass research infrastructure,

in biotechnology. For ICGEB, the collaboration deepens its connection to Hungary’s fast-growing life sciences ecosystem and reinforces scientific ties in Central and Eastern Europe, in particular with Hungary, which has been a Member State of the ICGEB since 1987.

The partnership is also linked to Hungary’s National Laboratory program through HCEMM’s involvement in research supported by this national initiative.

High-impact Environments

Both institutions operate in highimpact scientific environments, sharing a common goal of improving human health through advanced

competitive funding programs, and international training opportunities. Its multidisciplinary research covers a wide range of fields from infectious and noncommunicable diseases to vaccine development, plant biotechnology, and industrial innovation.

Through its unique model, which combines scientific excellence with capacity building and technology transfer, ICGEB promotes sustainable development, particularly in lowand middle-income countries. By fostering collaborative research and strengthening regional scientific ecosystems, ICGEB contributes to the equitable advancement of global science.

to promote visibility and awareness through joint participation in public events and key scientific forums.

As the global health landscape becomes increasingly complex, partnerships like this between HCEMM and ICGEB demonstrate how targeted collaboration can amplify impact. The alliance supports research excellence in Hungary while strengthening connections with international scientific networks.

The two institutions are currently identifying priority areas for future collaboration, with discussions focusing on fields such as diagnostics, biotechnology, and data-driven approaches to health. These efforts reflect a shared belief in science as a global public good, one that thrives through international cooperation and delivers benefits across borders.

research and innovation. ICGEB’s strength lies in its global infrastructure and mission to build research capacity across a broad network of member states. It joins HCEMM in bringing targeted expertise in aging, cancer, and infectious disease research within a European context.

This strategic alignment provides fertile ground for joint scientific progress. Whether exploring the genetic signatures of tumors, developing novel immunotherapies, or applying bioinformatics tools in diagnostics, the partnership emphasizes practical impact, both locally and globally.

The partnership is structured around multiple layers of cooperation that touch on research, infrastructure, funding, and public engagement. Areas of collaboration include cancer diagnostics, infectious diseases, immunology, and molecular modeling.

These initiatives aim to integrate the scientific strengths of both institutions and generate results that are academically and clinically relevant.

Coordinated Approach

Collaboration will include coordinated applications for international and European research funding, increasing both institutions’ competitiveness in large-scale programs. Infrastructure sharing also plays a central role, as researchers will gain access to each other’s specialized platforms, including genomics and proteomics laboratories, advanced imaging facilities, and highthroughput screening technologies.

The cooperation also extends into science communication and stakeholder outreach, with plans

By combining their unique strengths, HCEMM and ICGEB are creating a framework that links local expertise with global strategy. Their partnership exemplifies how scientific institutions can collaborate to translate research into practical solutions, strengthening not only healthcare systems but also the societies they serve.

About the HCEMM

The Hungarian Center of Excellence for Molecular Medicine is a distributed institute whose scientists develop advanced diagnostics and treatment options supporting healthy aging. The HCEMM program is currently funded by an H2020 Teaming Grant (where Semmelweis University, the University of Szeged and the HunRen Biological Research Center, 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 Kft., headquartered in Szeged, Hungary. HCEMM operates at the intersection of academic and industrial research, focusing 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 signing of the Memorandum of Understanding between the ICGEB and HCEMM on collaboration in the field of molecular medicine, Christoph W. Sensen, director general and CEO of HCEMM (left) and Lawrence M. Banks, director general of ICGEB.

Schott Pharma to Invest EUR

100 mln in Sterile Cartridge Plant Health Matters

Schott Pharma, a leading player in pharmaceutical storage and delivery solutions, will expand its Lukácsháza site (about 186 km west of Budapest) with a new manufacturing facility specializing in ready-touse sterile cartridges.

BENCE GAÁL

The investment, valued at more than EUR 100 million, is part of the company’s global growth strategy and will create 100plus new jobs in the region. The Lukácsháza site already plays a key role in the global pharmaceutical supply chain: In June 2024, the company inaugurated a stateof-the-art production facility for high-quality prefillable glass syringes at the same location.

From left to right: István Orbán, director general of the Vas County Government Office; Dominique Bauert, head of Schott Pharma’s sterile solutions strategic business; State Secretary Péter Ágh of the Ministry of Construction and Transport; Éva Szabó, managing director of Schott Hungary Kft. in Lukácsháza; Torsten Derr, CEO of Schott AG; Andreas Reisse, CEO of Schott Pharma; István Joó, CEO of the Hungarian Investment Promotion Agency; Fabian Stöcker, head of Schott Pharma’s pharmaceutical storage solutions business unit; and János Virág, mayor of Lukácsháza, place a time capsule during the ceremonial groundbreaking.

“To meet growing demand, we are expanding our manufacturing capacities and presence in therapeutic

solutions for the treatment of diabetes and obesity. For this purpose, we are investing more than EUR 100 mln

Egis in HUF 14 bln Expansion of Körmend Site

Egis Gyógyszergyár Zrt. is expanding its Körmend site with an investment worth more than HUF 14 billion. The project will increase the plant’s capacities and renew its technological infrastructure, strengthening the strategic importance of the production unit.

Egis is financing the investment from its own resources and HUF 3.5 bln in state support. The aim is to expand production, packaging and storage capacities, as

well as further modernize technological infrastructure, the company and the Ministry of Foreign Affairs and Trade said at a joint press conference on July 28.

The investment is part of the ongoing development program at the Körmend site under which the pharmaceutical company is modernizing its tablet plant, upgrading the infrastructure required for the production of galenic preparations (non-solid dosage forms such as creams,

ointments, gels, suppositories and solutions) and expanding the packaging unit.

“This development not only increases our production capacities but also represents a technological renewal that enables us to operate more efficiently and sustainably,” said Egis Gyógyszergyár CEO Csaba Poroszlai.

“This is the key to competitiveness, which has traditionally characterized Egis alongside an innovative approach. This

A monthly look at health issues in Hungary and the region

in the development of our Hungarian plant,” said Andreas Reisse, CEO of Schott Pharma.

Ready-to-use cartridges are used for storing biologics, specific drugs, insulin, and hormone therapies designed to treat diabetes, obesity and various immunological diseases, the company noted. With the new facility, Schott Pharma will further broaden its portfolio of high value-added products manufactured in Hungary.

“We sincerely thank the Ministry of Foreign Affairs and Trade for supporting both development projects. Lukácsháza is not only a key site for supply security in the region but also makes a significant contribution to Schott Pharma’s global growth strategy,” said Éva Szabó, head of the Lukácsháza site.

The new cartridge plant will be equipped with cutting-edge technology, including an advanced washing line and steam sterilization process, ensuring product sterility while reducing environmental impact. Manufacturing will be fully integrated and automated, requiring minimal manual intervention to meet the highest quality standards. Lukácsháza will become only the second Schott Pharma site worldwide to produce sterile cartridges, after St. Gallen, Switzerland.

investment also signals that our Körmend site, the city’s largest employer, will continue to play a strategic role in the future,” he noted. He added that the goal is to use the best available technologies and equipment.

“These not only comply with the strictest international standards but also significantly enhance efficiency, thus increasing the company’s competitiveness and ultimately the performance of the Hungarian economy,” Poroszlai said.

Egis has intensively developed its Körmend site, where investments worth nearly HUF 29 bln have been carried out since 2018.

Photo by Péter Benkő / Schott Pharma

7

6

5

4

3

8 PROCTER & GAMBLE MAGYARORSZÁG NAGYKERESKEDELMI KKT. https://hu.pg.com/

(100) Kuuno Vaher

mailbox@egis.hu

4042 Debrecen, Pallagi út 13. (52) 515-100 info@teva.hu

1138 Budapest, Váci út 133. E. ép. (1) 505-0000 hu.communication@ sanofi-aventis.com

1117 Budapest, Alíz utca 4. (1) 883-6500 hu-info@astrazeneca.com

1124 Budapest, Csörsz utca 43. (1) 225-5800 –

Ana Maria Vargas Manzanera, Gergely Kiss

1123 Budapest, Nagyenyed utca 8–14. (1) 884-2858 janssenpharmahu@its.jnj.com

1097 Budapest, Könyves Kálmán körút 34. (1) 451-1301

1117 Budapest, Dombóvári út 26. (1) 487-4100

1114 Budapest, Bartók Béla út 43–47. (1) 457-6500 infoph.hungary@novartis.com

Budapest, Tó utca 1–5. (1) 505-1000

Buda-part

1095 Budapest, Lechner Ödön fasor 10/B (1) 888-5300 hungary_msd@msd.com

GOODWILL PHARMA NYRT. https://goodwillpharma.com/

GYÓGYSZERKERESKEDELMI KFT. www.amgen.co.hu

Tímea Ildikó Huszti Hrubosné, Ádám Kunszt, William John O’Brian

László Zoltán Siadik

Adrian Grecu, Gyula Balázs Gémesi, Milos Davidovic

(100)

Pharma GmbH (100) Péter Oláh

Béres Vagyonkezelő és Fejlesztő Kft. (60), Béres és Fiai Vagyonkezelő Kft. (40) –Balázs Sipos

Mária Kardos (22,45), Ferenc Jójárt (71,10)

Worldwide

B.V.A (

), MGEN Europe GmbH (

Gábor Bajúsz, Ferenc Jójárt

Judit Havass, Gábor Papp, Roger Messerli

1123 Budapest, Alkotás utca 53. (1) 488-3700 pfizerhun@pfizer.com

1095 Budapest, Lechner Ödön fasor 7. (1) 455-8600 info.hu@abbvie.com

1113 Budapest, Bocskai út 134–146. (1) 453-4600 ConsumerHealth_HU@reckitt.com

2100 Gödöllő, Táncsics Mihály út 80. (28) 532-200 –

1138 Budapest, Váci út 150. (1) 465-2100 infohu@viatris.com

1087 Budapest, Hungária körút 30/A (1) 799-7320

1037 Budapest, Mikoviny utca 2–4. (1) 430-5500 info@beres.hu

6724 Szeged, Cserzy Mihály utca 32. (62) 443-571 contact@goodwillpharma.com

1054 Budapest, Szabadság tér 7. (1) 354-4700 office.hu@amgen.com

1075 Budapest, Madách Imre utca 13–14. (1) 328–5100 web_hungary@lilly.com

1133 Budapest, Váci út 116–118. (20) 436-1695 office@stada-hungary.com

4440 Tiszavasvári, Kabay János út 29. (42) 521-000 hr.tv@sunpharma.com

2100 Gödöllő, Homoki Nagy István utca 1. (28) 529-960 info.hungary@gsk.com

Balázs Antal

1037 Budapest, Montevideo utca 5. (1) 345-7350 info@woerwagpharma.hu

1025 Budapest, Szépvölgyi út 6. (1) 250-8371 info@fresenius-kabi.hu

1107 Budapest, Szállás utca 1–3. (1) 260-4130 info.hu@xellia.com

1044 Budapest, Megyeri út 64. (1) 233-0083 budapest@expharma.hu

1113 Budapest, Bocskai út 134–146. (1) 899-9880 hungary.office@biogen.com

1123 Budapest, Alkotás utca 53. (1) 207-8292

1117 Budapest, Dombóvári út 25. (1) 238-7799 recepcio@servier.com

1097 Budapest, Könyves Kálmán körút 11/C (1) 299-1052 info_zentiva_hu@zentiva.com

1119 Budapest, Fehérvári út 97–99. (1) 354-1840 Info_Budapest@magnapharm.eu 40 MERCK KFT.

MAGNAPHARM HOLDINGS LIMITED (100) László Molnár

Sigma-Aldrich International GmbH (100)

1117 Budapest, Dombóvári út 25. (1) 463–8100 merck@merck.hu 41 MEDITOP GYÓGYSZERIPARI KFT. www.meditop.hu/

42 IPSEN PHARMA HUNGARY KFT. www.ipsen.com

Martin Spisak, Selen Zeydanli Bisson

Zoltán Ács, Dávid Lajos Greskovits (100) –Zoltán Ács, Dávid Lajos Greskovits

Ipsen Pharma Société par Actions Simplifiée (100)

2097 Pilisborosjenő, Ady Endre utca 1. (26) 336-400 info@meditop.hu

1134 Budapest, Váci út 33. (1) 555-5930 patrik.zachar@ipsen.com 43 UCB MAGYARORSZÁG KERESKEDELMI KFT. https://ucbcares.hu/hu

Héléne Andrée Nicole Rannou

Melitta Enikő Galló Nyirádyné

ASTELLAS PHARMA KERESKEDELMI KFT. www.astellas.com/hu

Levente József Szendrei, Gábor Kéri

Edina CsikóKoleszár, Fotios Kalantzis, Loukas Chalakatevakis

1023 Budapest, Árpád fejedelem útja 26-28. 1 472-5060 UCBCares.HU@ucb.com

1124 Budapest, Csörsz utca 43. (1) 577-8200 medinfo.est-m@astellas.com

1106 Budapest, Csillagvirág utca 8. (1) 431-2000 titkarsag@naturland.hu

4032 Debrecen, Bartha Boldizsár utca 7. (52) 502-610 info@keri.hu

1138 Budapest, Madarász Viktor utca 47–49. (1) 920-1570 infohungary@perrigo.com

52 BIOEXTRA ZRT. https://bioextra.hu/

53 LUNDBECK HUNGÁRIA KFT. https://www.lundbeck.com/global

54 SAGER PHARMA KFT. https://sagerpharma.hu/

Magnelli, Gergely Sándor Szandi

Ignacio Ponce Gutierrez, Manuel Ignacio Barro Robles, Veronika Ferencz Papiné

Pál Lónyai

H. Lundbeck A/S (100) Lajos Hári, Ioannis Paraschos

(100) –Rudolf Michel Tubbeh

ICN Polfa Rzeszów S.A., Przedsiebiorstwo Farmaceutyczne Jelfa S.A. (100) János András Nánay

1138 Budapest, Tomori utca 34. (1) 686-2128 ferring@ferring.hu

1138 Budapest, Dunavirág utca 2–6. (1) 355-8490 info.hu@krka.biz

1024 Budapest, Csörsz utca 49–51. (1) 301-9700 bms.hungary@bms.com

1011 Budapest, Fő utca 14–18. (1) 275-0338 info.hu@exeltis.com

1134 Budapest, Váci út 33. (1) 383-8546 bioextra@bioextra.hu

1051 Budapest, Széchenyi István tér 7. (1) 436-9980 hungary@lundbeck.com

1026 Budapest, Pasaréti utca 122–124. (1) 214-6559 sager@sagerpharma.hu

1134 Budapest, Váci út 33. (1) 345-5900

2097 Pilisborosjenő, Fő utca 7. (26) 336-597 cdmoservices@fluart.hu

1124 Budapest, Fodor utca 54/B 2. em. 1. (1) 225-7775 –58 TAKEDA PHARMA KFT. www.takeda.com/hu-hu/

(100) Dr. Med. Anna Wienner

Lévai

1138 Budapest, Népfürdő utca 22. (1) 270-7030 info-hu@takeda.com

1138 Budapest, Dunavirág utca 2. (1) 429-1060 office.hu@chiesi.com 60

Péter Gaszner

PHARMA PATENT Kft. (100) –Gábor Bakos

Judit Borbála Horváth

Dobrossy, Zsolt Szőke-Molnár (100) –Barnabás Dobrossy, Zsolt Szőke-Molnár

4025 Debrecen, Miklós utca 16. (52) 535-708 info@mediner.hu

8900 Zalaegerszeg, Kamilla utca 3. (92) 596-190 pernixpharma@pernixpharma.hu

1139 Budapest, Pap Károly u. 4–6. (1) 239-9095 pv-orion@emmes.com

1112 Budapest, Repülőtéri út 2. (23) 920-930 rubenzapharma@rubenza.hu

Healthcare Polska sp. z o.o. (100) Zoltán Kalotai 1123 Budapest, Alkotás utca 53. (30) 870-8603

Yasin Zaim, Yael Dassa-Levinsky

1095 Budapest, Lechner Ödön fasor 10. (1) 299-8900 info@ bud.boehringer-ingelheim.com

Pharmaceutical Traders

Füzesi

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1

1061 Budapest, Király utca 12. (1) 327-6700 hph@hungaropharma.hu

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4 EUROMEDIC-PHARMA GYÓGYSZERNAGYKERESKEDELMI

5 PHARMAROAD ZRT. https://pharmaroad.hu/

6 BELLIS EGÉSZSÉGTÁR KFT. https://bellis.hu/

7 VIRIDIS-PHARMA KFT. www.viridispharma.hu/

8 MEDIMPEX KERESKEDELMI ZRT. https://medimpex.hu/

9 BERLIN-CHEMIE/A. MENARINI MAGYARORSZÁG KERESKEDELMI KFT. www.berlin-chemie.hu/

10 JNTL CONSUMER HEALTH (HUNGARY) KFT. www.johnsonsbaby.hu/

–Anikó Deszk

Fromowitz

ImpexoPharma Kft. (100) –Péter Kovács, Tibor Kovács, Ferenc Szabó

Hungaropharma Zrt. (100) –Ádám Danis

Csaba Rudolf Bódis

Egis Gyógyszergyár Zrt. (100) –Zsolt Viktorin

2151 Fót, Keleti Márton utca 19. (27) 889-100 honlap@phoenix.hu

1138 Budapest, Váci út 133. (1) 505-0050 kapcsolat@sanofi.com

1152 Budapest, Erdőmenti út 3. (1) 815-3100 info@euromedic-hungary.com

1106 Budapest, Kabai utca 1. (80) 205-383 info@pharmaroad.hu

1151 Budapest, Károlyi Sándor út 121. (80) 203-235 –

3903 Bekecs, Béke út 15–17. (47) 368-248 titkarsag@viridispharma.hu

1134 Budapest, Lehel utca 11. –ceo@medimpex.hu

1087 Budapest, Hungária körút 30/A (1) 799-7320

6725 Szeged, Szabadság tér 8. (62) 423-887

1044 Budapest, Kisfaludy u 18. (1) 369-4162 minosegbiztositas@w-pharma.hu

1095 Budapest, Soroksári út 48. (30) 643-6850 safety@regsana.eu

4 Socialite Budapest Film Fest Salutes the Hungarian ‘Hollywood Animal’

From Sep. 16-21, five films by legendary Hungarian-American screenwriter Joe Eszterhas are being shown as part of the Budapest Classic Film Marathon organized by the National Film Institute.

DAVID HOLZER

“F.I.S.T.” starring Sylvester Stallone, controversial thriller “Basic Instinct,” courtroom thriller “Jagged Edge,” notorious Las Vegas expose “Showgirls” and the autobiographical “Telling Lies in America” may not be the greatest movies ever written, but they testify to Eszterhas’ status as arguably the most high-profile Hollywood screenwriter of the past 50 or so years. Budapest Classics Film Marathon director György Ráduly describes Eszterhas, now 81, as someone whose “contribution to world cinema and literature, along with his remarkable life story, makes him a figure truly worthy of being honored at the 8th Budapest Classics Film Marathon.” It’s a shame that Eszterhas’ most relevant movie for Hungarian audiences, “Music Box,” about a Hungarian war criminal, is not being shown.

Jószef Antal Eszterhás was born in Csákánydoroszló (238 km southwest of Budapest by road, close to the border with Austria) on Nov. 23, 1944.

Together with his mother and father, he escaped Hungary at the end of World War II for an Austrian refugee camp. In “Hollywood Animal,” his autobiography, he wrote that there the family “ate pine needle soup for a month and one day, my father went through his pockets for crumbs, found some, and gave them to me. I ate them.”

In 1950, the Eszterhas family emigrated to America, ending up in Cleveland. They lived above the printing shop of the paper where Eszterhas senior, a respected writer and government official in Hungary, was editor in a “strudel ghetto made up of the ethnic poor.” Eszterhas’ parents, István and Mária, struggled to keep their heads above water. Their situation wasn’t helped by Mária’s harrowing mental illness and István’s lack of practicality.

The Bullied Loner Young Eszterhas ran wild. In an article for The Wrap website, he wrote: “I was a loner, a bullied refugee kid with a big chip on my shoulder and a bad temper. I got into serious trouble in the back alleys of Cleveland, Ohio. I ran with a gang of other poor kids with chips on their shoulders and zip guns in their pockets. We rolled drunks, broke into grocery stores, stole cars, and got into brass knuckle fights. When I was 13, I hit an older kid, who had bullied me, in the back of the head with a baseball bat. He almost died. I almost went to jail.”

But the boy was also highly intelligent, and from the age of seven, he was going to the movies with his father. Alongside mainstream Hollywood films, he saw Italian neo-realist classics like “Rome,” “Open City,” and “Bicycle Thief.”

“I was watching scenes I’d already experienced,” he wrote.

Eszterhas avoided getting swallowed up by those mean streets or worse, thanks to his father, “a cerebral little man with a bad limp from childhood scarlet fever. […] He convinced me to stay out of the back alleys and instead […] to read. He taught me to never judge a man by his race, color or religion but only by his character. To judge all people with humanity and compassion.”

After swerving onto the straight and narrow, Eszterhas attended Ohio University. He won a competition sponsored by the William Randolph Hearst Foundation in 1966

and received an award at the White House.

As a journalist, Eszterhas wrote for The Plain Dealer, Cleveland, where he was one of the first reporters to cover the 1970 Kent State shootings.

He graduated to Rolling Stone magazine, at that time one of the most prestigious gigs for a young, hungry journalist, where he wrote the magnificent “Charlie Simpson’s Apocalypse.”

A vivid description of a violent conflict between rural hippies and local businessmen in Missouri in 1972, “Charlie Simpson’s Apocalypse” was included in Tom Wolfe’s hugely influential “The New Journalism” (1973) collection. Eszterhas turned it into a book, which was a finalist for the 1974 National Book Award.

The Cinematic Leap

According to Eszterhas, a studio executive who read the book told him it was “very cinematic” and suggested he could be a screenwriter. Eszterhas began writing scripts and made his way out to Hollywood.

Today, a throat cancer survivor, recovering addict and devout Christian, Eszterhas lives in Cleveland and is still in the writing game. It was announced in July 2025 that United Artists had paid USD 2 million for the rights to a reboot of “Basic Instinct” with a script by him.

Looking back over his oeuvre, the problem with evaluating Eszterhas’ achievements as a screenwriter is that his brilliance as a self-publicist can obscure his talent.

In “Hollywood Animal,” he writes, “In the year 2000, I was 56 years old, a Hollywood screenwriter, the author of fifteen movies. […] My movies had grossed more than a billion dollars at the box office. I had made millions and millions of dollars writing them. I had sold one script for USD 3 mln, another for USD 3.7 mln, another for

USD 4.7

mln.

I was the only screenwriter in the history of Hollywood who had groupies. […] I got two thousand fan letters a week.”

Apart from all this legend-burnishing (and to be fair, he’s equally willing to poke fun at himself), there’s no doubt Eszterhas is a serious writer who tackles big subjects. As I said, it’s a shame that the NFI isn’t showing “Music Box,” the 1989 film made from his script about a Hungarian immigrant accused of torturing, raping and murdering hundreds of Jews, gypsies and their protectors during the WWII Siege of Budapest successfully defended by his lawyer daughter but (spoiler alert!) revealed as a war criminal at the movie’s end.

For Joe Eszterhás, “Music Box” eerily foreshadowed real-life events connected to his own beloved father. Rather than spoil the story, I suggest you read “Hollywood Animal,” one of the best books ever written about Tinsel Town. You couldn’t make it up.

For more information of the Budapest Classics Film Marathon 2025, visit nfi.hu/en/budapestclassics-film-marathon-2025.

Joe Eszterhas’ screenplay writing credits include “Basic Instinct,” featuring Sharon Stone, and “Flashdance,” starring Jennifer Beals.

in Brief News Culture

Luna Wedler Wins Best Young Actor Award at Venice

Luna Wedler, who stars in Hungarian director Ildikó Enyedi’s “Silent Friend,” received the Marcello Mastroianni Award for Best Young Actor at the 82nd Venice Film Festival, Hungary’s National Film Institute (NFI) said in a statement issued on Saturday, Sep. 6. Accepting the prize at the festival’s

closing gala, Wedler described working with Enyedi as a great honor and called her an “inspiration.” Born in 1999 in Zürich, Wedler made her film debut in 2015 and was named a European Shooting Star at the Berlin Film Festival in 2018. She previously appeared in Enyedi’s “The Story of My Wife.”

László Nemes’ ‘Orphan’ is Hungary’s Oscar Entry

Oscar-winning director Nemes László’s latest film, “Orphan,” has been selected to represent Hungary at next year’s Academy Awards, the National Film Institute said in a statement issued on Friday. Nemes’ debut feature “Son of Saul” won the Academy Award for Best Foreign Language Film in 2016,

WILLIAM BLAKE

and HIS CONTEMPORARIES

along with Golden Globe and Bafta awards. “Orphan,” inspired by the director’s family history, was produced with support from the NFI in a Hungarian-British-FrenchGerman co-production. Set in 1957, following the uprising against the Communist regime in Budapest, the film tells the story of a 12-year-old boy being raised by his mother, who clings to the hope that his father, missing since World War II, might

still return. “Orphan” was nominated for the Golden Lion at the Venice International Film Festival and is scheduled for release in Hungarian cinemas on Oct. 23.

Budapest Museum of Fine Arts to Feature William Blake, Terracotta Army, Baselitz

The Budapest Museum of Fine Arts will host a series of major exhibitions, including a showcase of William Blake’s fine art from Sep. 26-Jan. 11, organized in partnership with London’s Tate Gallery, director László Baán said on Monday, Sep. 8. Additional highlights include an exhibition featuring 10 terracotta soldiers from China’s first emperor, running from Nov. 27-May 2026, and a display of Georg Baselitz’s graphic works from Dec. 11-March 15. Baán also announced that the museum would advocate for Hungary to call for a review of the European Union’s directive on the procurement of artworks. He noted that out of thousands of acquisitions made between 2019 and 2024, seven cases raised concerns under public procurement rules. While acknowledging the museum had bypassed procedures in those instances, Baán argued the EU directive, adopted into Hungarian law, is “absurd” and should be reconsidered.

Culture Program

Marks Music Academy’s 150th Anniversary

Minister of Culture and Innovation Balázs Hankó launched the Ambassadors of Hungarian Culture Program on Friday, Sep. 5, at an event marking the 150th anniversary of the Liszt Hungarian Academy of Music in Budapest. According to state news agency MTI, Hankó announced that Kossuth- and Liszt Prize-winning pianist and associate professor János Balázs has been appointed as the first ambassador. “It is fitting that we are celebrating the 150th anniversary of the Academy of Music with a HUF 1 million government grant

for every year of the institution’s existence, ensuring HUF 150 mln [EUR 382,000] in funding for the anniversary events,” Hankó said. He added that the jubilee should be commemorated “in a way that opens a new chapter in Hungarian culture.”

Hungary and Poland’s Enduring Cultural Ties Praised

The deep cultural and historical foundations of Hungarian-Polish relations “are withstanding the test of time,” Minister for European Union Affairs János Bóka said on Facebook on Wednesday, Sep. 3. Bóka attended the Karpacz Economic Forum, which he described as “one of the most important meeting points of Central European economic and political life,” at the invitation of the Oeconomus Economic Research Foundation. He said this year’s event demonstrated a clear intention to “continue working together and start new chapters at the same time.” Hungary and Poland’s deep-rooted cultural, historical and personal ties, he added, “created a rock-solid foundation even at times when we have to face political waves.” Bóka said he believes that the two countries’ interests and values are “mostly aligned,” and that “good Hungarian-Polish cooperation has no alternative, neither on a bilateral, nor regional, nor European level.”

360 Design Budapest Wins 2nd Red Dot Award

The 360 Design Budapest exhibition has received another international honor, securing its second Red Dot Award, according to a statement released by the Hungarian Fashion and Design Agency (MDDU). The 2024 exhibition won in the “Brands and Communication Design” category. Last year’s event, staged in the former waiting room of Nyugati Railway Station in October as the main program of Budapest Design Week, showcased nearly 300 works by renowned artists, established designer brands, and emerging talents. The exhibition previously won its first Red Dot Award in 2021 for its “phygital” (physical and digital) concept.

Museum of Fine Arts, Budapest

Ildikó Enyedi, the Béla Balázs- and Golden Bear Award-winning film director.

Photo by Péter

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

Italian Chamber of Commerce for Hungary (CCIU)

The CCIU is delighted to invite members, partners and business owners to a complimentary special event on generational succession in enterprises, an increasingly important challenge for today’s businesses. The event will bring together Italian and Hungarian experts on the topic, along with first-hand testimonials of successful transitions. It will provide an overview of the most common pitfalls and practical strategies to help companies navigate succession with confidence. Participants will have the opportunity to engage in meaningful dialogue with entrepreneurs, professionals and stakeholders, exchanging ideas, tools and experiences. The event will be in Hungarian and Italian with simultaneous translation.

• When: Monday, Oct. 20, 9 a.m.-1 p.m. • Where: Budapest city center. • Fees: Free participation upon registration.

Belgian Business Club in Hungary (Belgabiz)

Belgabiz organized a members-only company visit to Beltaste Mórahalom Kft. on Sep. 16. Originating from Vanreusel Snacks, a traditional Belgian family business, Beltaste is a market leader in high-quality frozen meat snacks for the European market, with three production sites in Europe. Ambassador of Belgium Jeroen Vergeylen attended the event, together with the Belgian owners and managers of Beltaste. General manager Zsolt Réti introduced the company and its activities, followed by a tour of the modern factory, offering insights into the production of their products. After a convivial lunch, participants visited the Mini Hungary Park, showcasing models of significant Hungarian castles, churches, and other architectural landmarks, a unique way to experience the country’s history and heritage.

Swiss-Hungarian Chamber of Commerce (Swisscham)

Contemporary art today carries not only cultural but also business significance: it opens new perspectives, provides inspiration, and creates opportunities for building connections. Swisscham and Dutcham are offering members and partners an exclusive Hungarian-languageguided tour at the Budapest Contemporary art fair, where they will gain insight into some of the most exciting works of the Hungarian and international contemporary art scene. The event guide will be György Gajzágó, art consultant and founder of the Contemporary Collectors Academy (CCA). During the program, participants will learn how to look at contemporary art in order to truly see it, discover how to distinguish valuable contemporary works from those that merely appear similar, receive guidance to avoid poor investments or potential business missteps, gain professional insights into the ways contemporary art can create business advantages, enjoy opportunities for informal networking, be enriched by an inspiring experience at the intersection of art and business. Participation is subject to prior registration by no later than Sep. 23. • When: Thursday, Sep. 25, from 4:30 p.m. • Where: Bálna Budapest, Fővám tér 9, 1093 Budapest • Fee: members HUF 5,000 / person (0% VAT); non-members HUF 8,000 / person (0% VAT)

Hungarian-French Chamber of Commerce and Industry (CCIFH)

The CCIFH, together with its partners, welcomed members and friends to a memorable seasonopening event on the rooftop of Matild Palace. Against the backdrop of one of Budapest’s most spectacular panoramas, guests enjoyed the flair of the French Riviera brought to life in the heart of the city. The evening featured live music by DJ Maxim Kuznyecov and saxophonist Andris Jász, creating a vibrant atmosphere that blended perfectly with fine wine tastings from Tokaj Kikelet Winery, gourmet bites, and a celebratory cake. The chamber was delighted to mark the occasion alongside its jubilee member companies, celebrating community and shared success within the business network. Special thanks to the event partners: Matild Palace Budapest, Tokaj Kikelet Winery, Confindustria Ungheria, the Czech-Hungarian Business Club, the British Chamber of Commerce in Hungary, and the Austrian-Hungarian Business Council.

Upcoming Event

The CCIFH and the Swedish Chamber of Commerce in Hungary invite guests to “Hot Topic: The Space Industry as a Business,” a high-level conference and roundtable on the future of the space economy. Key themes include business opportunities in the space sector for non-space companies, entering the market as suppliers or innovation partners, and lessons from successful Hungarian players. Keynote speakers include Dr. Orsolya Ildikó Ferencz, Ministerial Commissioner for Space Research, and astronaut Tibor Kapu (to be confirmed). Roundtable participants include leaders from the HunSpace Cluster, Aedus Space Ltd., Hun-Ren, and Sigma Technology Hungary Ltd.

• When: Thursday, Oct. 16, 9-11:30 a.m.

• Where: Hun-Ren HQ, Alkotmány u. 29, 1054 Budapest

American Chamber of Commerce in Hungary (AmCham)

The Insight Reception, a long-standing tradition honoring the commitment and support of AmCham members, brought the community together on Sep. 10. The exclusive event at the Continental Citygolf Club offered members a moment to reflect on the achievements of the first half of 2025 and look ahead to upcoming goals. The night blended achievement with community spirit, featuring a light-hearted quiz and opportunities to strengthen relationships. The reception also marked an important moment of transition, as AmCham bid farewell to outgoing committee chairs, welcomed new committee and working group leaders, and expressed gratitude to those continuing in their roles for their dedication and commitment.

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH will host its Business and Geopolitical Forum for SMEs in October under the theme “Uncertainty and Opportunity: Economic Growth in a Changing Geopolitical Landscape.2 The half-day event will gather participants from the business community, academia, and policy circles. The forum will open with welcoming remarks from the president of the chamber, followed by a keynote speech from György Surányi, former President of the Hungarian National Bank, who will share insights on Europe’s economic outlook in turbulent times. A high-level panel with experts will then examine critical themes, including EU competitiveness, political shifts, the role of Central and Eastern Europe, and the future of transatlantic trade. The program will conclude with a closing talk by Hold Asset Management Ltd., providing practical strategies on “How to Invest in Times of Uncertainty.”

• When: Thursday, Oct. 9, 8 a.m-noon.

• Where: Akadémia Offices, Akadémia utca 6, 1054 Budapest

• Fees: Members HUF 20,000; non-members HUF 32,800

Netherlands-Hungarian Chamber of Commerce (Dutcham)

EU Chambers, a non-profit umbrella organization of the bilateral European chambers operating in Hungary, opened the budgeting season with a joint event on Sep. 17 at Randstad Hungary, featuring expert insights and discussion. Prof. Ákos Péter Bod , a lecturer at Corvinus University and former President of the National Bank of Hungary, delivered the keynote address. A panel called “Where will we land in 2025 and outlook 2026” included: Zsolt Becsey, UniCredit Bank Hungary; Sándor Baja, Randstad; Ágnes Bejo, Jalsovszky; and Ernő Hadnagy, WLP Hungary, and was moderated by Albert Hulshof, of UniCredit Bank Hungary. The event also provided valuable networking opportunities for members of the bilateral chambers and the wider business community.

German-Hungarian Chamber of Industry and Commerce (DUIHK)

On Wednesday, Sep. 3, the traditional Back to Work Cocktail of the DUIHK took place at the residence of the German Embassy in Budapest. More than 170 members of the German-Hungarian business community took the opportunity to kick off the second half of the year after the summer break with networking in a relaxed atmosphere. Ambassador Julia Gross warmly welcomed the guests from the business world, and Barbara Zollmann, managing board member of the DUIHK, emphasized the close and successful cooperation between the chamber and the embassy. In the summery setting of the residence garden, accompanied by live music and a barbecue buffet, numerous conversations, new contacts, and ideas emerged, making for a successful start to an exciting second half of the year. DUIHK members can look forward to a packed fall program, including the German-Hungarian Business Forum in Debrecen on Wednesday, Nov. 5, various thematic delegation trips to Germany, and new educational offerings from the NémetMagyar Tudásközpont – DUWZ on Artificial Intelligence and Digitalization and Innovation in Production.