The Hungarian Government signed a Strategic Partnership Agreement with Israeli pharmaceutical company Teva on Thursday in Budapest. The agreement was signed by Minister of National Economy Mihály Varga and CEO of Teva Hungary László Szabó.

Minister Varga emphasised that the pharmaceutical industry is among the country’s most innovative and exportable fields and is responsible for 5% of the GDP. Teva serves as an example to multinational companies in Hungary, as it reinvests its profit into its Hungarian manufacturing and Research and Development capacities. Its investment so far amounts to 300 billion forints, making it one of the country’s largest investors. This year, the company has earmarked a further 15 billion for further development and 13.5 billion forints for R&D purposes.

Mr Szabó stated that the company is delighted to become the Government’s partner, as TEVA has been a strategic partner to both the Hungarian economy and Hungarian patients for many years now.

(Ministry for National Economy)