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Entering The Hungarian Pharmaceutical Industry

During the last decade, the introduction of new innovations in Hungary has led to the restructuring of a variety of sectors, such as the pharmaceutical industry. The most successful examples of testing new approaches to conducting business can be found in developed markets such as the United States and Europe. The commonly found work ethics of employees and business managers in these developed economies have made it possible for firms to employ new measures and explore new markets.

As the Hungarian market opens to new opportunities, Hungarian firms will have a unique opportunity to expand their business in a favorable economy. Through the research provided, opportunities for growth can be recognized and capitalized upon through specific strategies in both business as well as public and government affairs. The current economic, social and legal environment in Hungary coupled with the goals of its current government, offers foreign pharmaceutical companies a formidable, yet optimistic business prospect.

The end-goal of the strategies foreign players introduce is to open the remaining restrictive policies in favor of their business plan. The tactics they will select will allow pharmaceutical companies to extend their business through the establishment of new stores. In order to fully understand the obstacles these companies will face upon realizing their ultimate goals, one must first review Hungary's current policies and economic environment. Furthermore, by reviewing past business as well as public and government affairs approaches, the foreign pharmaceutical companies interested to enter the Hungarian environment can utilize lessons learned in creating new strategies for success.

Particularly for medical insurance, it is worth mentioning that its role in Hungary has not yet been clearly defined. While the concept of supplemental health insurance has been accepted as a matter of policy, the structure for such insurance programs has yet to be worked out. According to a recent government assessment for the European Union (EU), the system of co-payment will be extended. The Health Insurance Fund will continue to provide basic insurance, which will be supplemented by voluntary health insurance. The latter has been in place for years, but has remained insignificant because of the limited coverage of co-payments. Various life and health insurance policies are available from a number of international insurance companies with operations in Hungary. Other forms of risk-bearing entities, particularly health maintenance organizations (HMOs), are currently being tested in ten centers around the country. Their number is expected to increase based on the favorable results so far.

Submitted by:

Jonathon Hardcastle

Jonathon Hardcastle writes articles on many topics including Business, Finance, and Society


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