REVIEW 2026 / 2.
P r i c e : H U F 6 ,9 9 0 Ι E U R 2 0
R E S E A R C H & D E V E L O P M E N T › L O GI S T I C S › HE A LT H C A R E & W E L L NE S S › IN N O VAT I O N › D I GI TA L I Z AT I O N
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Pharma Industry Review
INNOVATION, ACCESS AND A NEW CHAPTER FOR PHARMA Welcome to the latest edition of the Budapest Business Journal’s Pharma Review. Building on the success of our first pharmaceutical publication of the year, this edition returns to an industry whose importance extends across Hungary’s economy, its scientific community and the everyday lives of its citizens. Over the past few years, Pharma Review has become one of the cornerstones of the BBJ Review portfolio, providing a platform for the businesses and leaders helping shape the future of healthcare. There is good reason to return to this sector regularly. Pharmaceuticals carry significant weight in the Hungarian economy, bringing together manufacturing, research, exports and highly skilled employment. The industry connects a long domestic scientific tradition with international investment and expertise. Its contribution also reaches beyond conventional business
and access. Developing a medicine is one achievement; ensuring that it reaches the people who need it requires an equally sustained commitment from companies, healthcare professionals and policymakers.
measures: better prevention and treatment can help people remain active, support families and reduce the wider economic costs of illness.
PROGRESS THAT HELPS BOTH COMPANIES AND PATIENTS For patients, innovation is most visible in new medicines and therapies. Scientific progress can offer treatment options where few previously existed, improve the management of chronic conditions and allow care to become more closely tailored to individual needs. The challenge is to translate that promise into practical improvements. A breakthrough has its fullest value when diagnosis, clinical expertise, financing and the organization of care allow patients to benefit.
Yet this is an industry that rarely stands still. Innovation is fundamental to its purpose, and every advance brings fresh possibilities alongside difficult questions about implementation, affordability
Alongside these developments, another transformation is taking place. Digitalization and artificial intelligence are changing how businesses operate across the economy, and
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Pharma Industry Review
BEYOND THE AI HYPE, PHARMA FACES A TEST OF DATA, CULTURE AND TRUST AI could accelerate drug discovery, reshape clinical decisions and change how pharmaceutical companies compete. But at the seventh Pharma CEO Breakfast, speakers argued that realizing those benefits depends as much on data quality, organizational culture and human trust as on the technology itself. About 50 guests from across the pharmaceutical sector gathered on October 14 at the Duchess Rooftop Bar of the Matild Palace, a Luxury Collection Hotel, Budapest, for the seventh Pharma CEO Breakfast, organized by the Budapest Business Journal and its professional partners, PHOENIX Pharma and BENU. Building on the established success of the series, the event combined a broad view of AI’s trajectory with a discussion of the practical choices facing researchers, clinicians and business leaders. The keynote came from Dr. Bertalan Meskó, director of The Medical Futurist Institute, whose presentation examined AI’s potential to reshape healthcare and pharma. He then joined a roundtable moderated by BBJ editor-in-chief Robin Marshall, alongside entrepreneur and angel investor Ernő Duda and Dr. Miklós Garami, professor of pediatrics and chief of the Pediatric Neurooncology Unit at Semmelweis University’s Center of Pediatrics.
PROMISE, RISK AND THE QUESTION OF TRUST Marshall opened with a deliberately provocative question: Was AI more likely to help cure cancer, create catastrophic risks, achieve both or deliver neither? Duda chose both, arguing that medical progress and technological danger were not mutually exclusive. He also challenged the premise of a single cancer cure. Given the differences between cancers, he suggested, the more useful question was whether more forms could become chronic conditions with which patients could live for many years. Garami approached the question through pediatric oncology, where decades of progress had already transformed outcomes without AI. He pointed to Hungary’s nationwide registry, shared treatment protocols and systematic collection of patient information. For him, the deciding factor would be the information supplied to the technology.
“We are using structured data, qualified data, and controlled data. In that case, the outcome will be positive,” he said. “If not, it can be a disaster.” Meskó preferred to begin with the future people wanted, then work backward to identify the steps needed today. If the ambition was to make cancer more manageable, that required addressing privacy, professional understanding and trust alongside technical capability. His comparison was with MRI: physicians need not explain every technical detail of the machine to understand its capabilities and trust its clinical use. AI required a similarly informed relationship, rather than either unquestioning acceptance or rejection. The panel’s differences became sharper over artificial general intelligence, or AGI. Meskó placed it decades away; Duda believed it could arrive within a decade. Their disagreement illustrated the uncertainty facing decision-makers: even informed observers can have radically different expectations of the pace of change. HUNGARY’S DATA ADVANTAGE NEEDS WORK Closer to everyday practice, Garami argued that technology itself was not the principal obstacle to adoption. The bottleneck was insufficient structured data and information scattered among physicians, primary care providers and laboratories. Hungary’s centralized electronic health infrastructure offered an advantage, but collecting records in one system did not automatically make them suitable for AI. Garami described work on an electronic support system intended to bring information about pediatric oncology patients together throughout their care. The ambition was to combine clinical and genetic information so AI could support first-line treatment choices. He said his colleagues were seeking government support to establish the initiative as an official program. Hungary’s size and persistent patient identifiers made it well placed to develop
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Pharma Industry Review
Miroslav Sokolov
TURNING SCIENTIFIC INNOVATION INTO LASTING IMPROVEMENTS AND BETTER PATIENT CARE Miroslav Sokolov, AstraZeneca’s cluster director for Central Europe, sees earlier diagnosis, predictable access to innovative medicines and stronger research partnerships as priorities for the region. Having taken over the Hungary–Czech Republic– Slovakia cluster in July, he discusses Hungary’s clinical research strengths, the potential of AI and the conditions needed to turn healthcare innovation into lasting improvements for patients.
You took over leadership of AstraZeneca’s Hungary–Czech Republic–Slovakia cluster in July. What attracted you to the role, and what are your first-year priorities? Miroslav Sokolov: Central Europe feels like a homecoming after a career spanning Bulgaria, Prague, Switzerland, the United Kingdom and the United States. My priorities are to create greater value for patients through science and partnerships, while building a high-performing, inclusive and sustainable organization.
Pharma Industry Review
CLOSING HUNGARY’S INNOVATIVE MEDICINE ACCESS GAP Hungary’s decision earlier this year to extend reimbursement to 83 new active ingredients and indications marked an important step toward wider access to innovative treatments. But pharmaceutical industry players argue that lasting progress requires more than occasional approvals: predictable decisions, realistic funding and evidence showing what new therapies deliver for patients. For patients awaiting a new treatment, scientific progress and practical access can be very different things. A medicine may offer a clinically meaningful advance, yet remain beyond routine
reach until public reimbursement is available. Between those two milestones lie decisions about evidence, price, eligibility and the resources needed to provide treatment.
In Hungary, that gap has become a central concern for the Association of Innovative Pharmaceutical Manufacturers (AIPM). The organization argues that slow and unpredictable reimbursement decisions restrict access to modern care while making it harder for manufacturers and healthcare providers to plan. The issue extends across oncology, cardiovascular medicine, autoimmune conditions and rare diseases. Although the benefits vary by medicine and patient group, delayed access can mean waiting longer for an option that could improve survival, disease control or quality of life. An April 2026 decision covering 83 new active ingredients and indications brought a substantial group of therapies into routine publicly reimbursed care after approximately two and a half years of waiting. The package represents progress, but also illustrates how much unmet demand can accumulate between major reimbursement decisions.
Photo by Wasan Tita / Shutterstock.com
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Pharma Industry Review
HUNGARY REMOVES VAT ON PRESCRIPTION MEDICINES Hungary’s move to zero-rate prescription medicines delivers one of the new government’s healthcare pledges, offering relief to patients at a limited budgetary cost. Its practical impact, however, depends on how taxation, reimbursement and pharmaceutical pricing interact. For households managing chronic illness, spending on medicines is a recurring expense with little room for compromise. Hungary’s decision to remove VAT from prescription-only medicines addresses that burden through a straightforward tax change,
although the effect on individual pharmacy bills is more nuanced than the headline might suggest. Since September 1, the VAT rate on prescription-only medicines has fallen from 5% to zero.
The measure also covers compounded preparations for human use. Parliament adopted the amendment on August 11, with publication following on August 13, translating the government’s earlier announcement into legislation. The government has presented the change as a targeted affordability measure, particularly for people on lower incomes and those requiring regular medication. Its significance also extends to the pharmaceutical sector, where the relationship between consumer prices, public reimbursement and access remains central to the policy debate.
Photo by bbernard / Shutterstock.com
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Pharma Industry Review
PREDICTABILITY, PATIENT ACCESS AND INVESTMENT: HUNGARY’S PHARMACEUTICAL SECTOR AT A TURNING POINT Predictable taxation, clearer reimbursement pathways and stronger research capacity will shape Hungary’s ability to attract pharmaceutical investment as domestic policy and EU regulation evolve. Pharma Review discusses the opportunities and risks with Péter Zalai, director and attorney leading regulated industries and competition law advisory at Réti, Várszegi and Partners Law Firm PwC Legal; Veronika Kovács, partner at CMS Hungary; and Helga Bíró, partner at Baker McKenzie. Image by Panchenko Vladimir / Shutterstock.com
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Following Hungary’s change of government, where do you see the greatest opportunity to improve the pharmaceutical business environment, and which policy commitments would make the biggest difference to companies’ long-term investment decisions? Péter Zalai: For pharmaceutical investors, regulatory certainty is generally more important than any individual incentive. A key element would be to align Hungarian lawmaking with the European legislative cycle by implementing the EU pharmaceutical package according to the EU timetable and harmonizing our laws with the directly applicable regulations, including the Health Technology Assessment (HTA) Regulation and the European Health Data Space Regulation. The lawmaker should avoid overlapping national requirements and frequent changes to rules within national competence as these create additional compliance burdens. Veronika Kovács: The greatest opportunity lies in restoring predictability and strategic partnership between government and industry. Hungary already has significant strengths: a well-developed pharmaceutical manufacturing base, strong scientific traditions and an established clinical research ecosystem. The most valuable commitments would be providing visibility into long-term policymaking and healthcare spending priorities, a clear, multiyear pharmaceutical
Pharma Industry Review
CLOSING HUNGARY’S INNOVATION GAP, FROM SCIENTIFIC BREAKTHROUGHS TO BETTER CARE Scientific advances are opening new possibilities for treatment, but their impact depends on diagnosis, clinical research and timely patient access. Peter Ahnesorg, general manager of Roche Magyarország Kft.; Éva Balogh, market access director at MSD Hungary; and Javier Aracil, general manager of AbbVie in Hungary and the Adriatic region, discuss how innovation can translate into better outcomes and what Hungary needs to strengthen its role in international research. Image by Orawan Pattarawimonchai / Shutterstock.com
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Which advances in medicines or treatment approaches have the greatest potential to change patient care over the next five years, and what evidence gives you confidence in their promise? Peter Ahnesorg: One of the biggest changes will be where and how care is delivered. I expect a shift from hospital-centered care toward more flexible, decentralized models enabled by subcutaneous or self-administered medicines, near-patient diagnostics, remote monitoring and digital tools. This is especially relevant in Hungary, which had 651 hospital beds per 100,000 people in 2023, around 27% above the European average. New therapies in areas such as multiple sclerosis and ophthalmology can reduce treatment frequency, freeing capacity and reducing pressure on already stretched staff. Javier Aracil: I believe the next major advances will come from a deeper understanding of disease biology, combined with a broader range of therapeutic modalities that allow us to act on that knowledge. We are already seeing this across oncology, immunology and neuroscience, where novel approaches such as antibody-drug conjugates (ADCs), multispecific antibodies and in vivo CAR-T are opening new possibilities for tackling complex diseases and developing more targeted medicines. Artificial intelligence and advanced analytics are also
Pharma Industry Review
PHARMACEUTICAL MANUFACTURERS NO. OF FULL-TIME EMPLOYEES ON JULY 1, 2026
2011
93
– AbbVie Central Finance B.V. (100)
Javier Aracil Corma
2020
10
– Accord Healthcare Polska sp. z o.o. (100)
Zoltán Kalotai
11
2025
16
– Alfasigma S.p.A. (100)
Tamás Endrényi
5,884
5,194
1991
501
– SUN Pharma Holdings (100)
Béla Szabad, Katalin Szilágyi
21,660
831
800
2003
52
– AMGEN Worldwide Holdings B.V. (B), AMGEN Europe GmbH (B)
Judit Havass, Gábor Popp, Roger Messerli
Astellas Pharma Kereskedelmi Kft. www.astellas.com/hu
7,140
712
495
2005
18
– Astellas Pharma Europe Ltd. (100)
Svetoslav Tsenov
AstraZeneca Kft. www.astrazeneca.hu
202,506
–194
–463
1994
207
Bausch Health Magyarország Kft. www.bauschhealth.com
2,902
–21,262 –21,916
2003
48
Bayer-Hungária Kereskedelmi és Szolgáltató Kft. www.bayer.com/hu/hu/ magyarorszag
93,948
3,660
2,253
1989
Béres Gyógyszergyár Zrt. www.beres.hu
20,870
19
5
Berlin-Chemie/A. Menarini Magyarország Kereskedelmi Kft. www.berlin-chemie.hu
21,752
908
Bioextra Zrt. bioextra.hu
4,315
Biogen Hungary Kft. www.biogen.hu
AFTER-TAX PROFIT IN 2025 (HUF MLN)
TOP LOCAL EXECUTIVE
PRE-TAX PROFIT IN 2025 (HUF MLN)
OWNERSHIP (%) HUNGARIAN OWNERSHIP (%) NON-HUNGARIAN
COMPANY WEBSITE
TOTAL NET REVENUE IN 2025 (HUF MLN)
YEAR ESTABLISHED
LISTED IN ALPHABETICAL ORDER
AbbVie Gyógyszerkereskedelmi Kft. www.abbvie.hu
36,530
647
559
Accord-Healthcare Gyógyszerkereskedelmi Kft. accord-healthcare.com
545
1
0.60
Alfasigma Hungary Kft. www.alfasigma.com/
105
12
ALKALOIDA Vegyészeti Gyár Zrt. alkaloidazrt.hu
29,555
AMGEN Gyógyszerkereskedelmi Kft. www.amgen.co.hu
Boehringer Ingelheim RCV GmbH & Co KG Magyarországi Fióktelepe www.boehringeringelheim.com/hu
ADDRESS PHONE EMAIL
1095 Budapest, Lechner Ödön fasor 7. (1) 455-8600 info.hu@abbvie.com 1123 Budapest, Alkotás utca 53. (30) 870-8603 – 1117 Budapest, Dombóvári út 9. – info.hu@alfasigma.com 4440 Tiszavasvári, Kabay János út 29. (42) 521-000 hr.tv@sunpharma.com 1054 Budapest, Szabadság tér 7. (1) 354-4700 office.hu@amgen.com 1027 Budapest, Bem József utca 1. B (1) 577-8200 medinfo.est-m@astellas.com 1117 Budapest, Alíz utca 4. (1) 883-6500 hu-info@astrazeneca.com
– AstraZeneca Continent B.V. (100) – ICN Polfa Rzeszów S.A., Przedsiebiorstwo Farmaceutyczne Jelfa S.A. (100)
Mátyás Faluvégi, Miroslav Tsvetanov Sokolov János András Nánay
1134 Budapest, Váci út 33. (1) 345-5900 –
430
– Bayer Global Investments B.V. (100)
Lidiia Fontanezi, Tünde Sáli, Klára Urbán
1117 Budapest, Dombóvári út 26. (1) 487-4100 –
1989
546
Béres Vagyonkezelő és fejlesztő Kft. (100) –
Balázs Sipos
826
2006
101
– Berlin-Chemie/Menarini Pharma GmbH (100)
Péter Oláh, Christian Grahl
626
585
2009
97
B B
Pál Lónyai
10,585 (2024)
B
B
2009
12
– Biogen MA Inc (100)
Francesco Verolino
B
B
B
1992
71
– Boehringer Ingelheim RCV GmbH & Co KG (100)
Kinga Honos-Tóth, Yael Dassa-Levinsky
Karin Bacmanakova
Bristol–Myers Squibb Kft. www.bms.com/hu
25,554
877
834
2001
41
– BMS Holdings Netherlands Beta B.V, BMS Latin American Nominees L.L.C. (100)
Ceva-Phylaxia Zrt. www.ceva.hu
70,937
4,020
4,020
1991
1,259
– Ceva Sante Animale (100)
Tamás József Szamkó
Chiesi Hungary Kft. www.chiesi.hu
2,021
95
85
1997
34
– Chiesi Pharmaceuticals GmbH (100)
Barbara Samar Praznikar
1037 Budapest, Mikoviny utca 2–4. (1) 430-5500 info@beres.hu 1087 Budapest, Hungária körút 30/A (1) 799-7320 – 1134 Budapest, Váci út 33. (1) 383-8546 bioextra@bioextra.hu 1113 Budapest, Bocskai út 134–146. (1) 899-9880 hungary.office@biogen.com 1095 Budapest, Lechner Ödön fasor 10. (1) 299-8900 info@ bud.boehringer-ingelheim.com 1124 Budapest, Csörsz utca 49–51. (1) 301-9700 bms.hungary@bms.com 1107 Budapest, Szállás utca 5. (1) 262-9505 ceva-phylaxia@ceva.com 1138 Budapest, Dunavirág utca 2. (1) 429-1060 office.hu@chiesi.com
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