Hungary health industry support scheme aids 57 firms

The Hungarian government’s health industry support scheme has so far helped 57 businesses carry out a total of 83 investments, creating and saving some 5,700 jobs in the process, Finance Minister Mihály Varga said on Wednesday.

The 67 billion forint (EUR 167.6m) scheme will help generate some 86 billion forints’ worth of health industry investments in the country, Varga said after inaugurating a new upgrade at Molar Chemicals in Halásztelek, near Budapest.

The pharmaceutical company has received 700 million forints in government support for a 900 million forint investment, Varga said.

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Hungary cannot afford to be fully dependent on foreign suppliers, Varga said, arguing that the coronavirus pandemic had demonstrated that adverse conditions can thwart the procurement of even the most critical products, the minister said. By strengthening domestic businesses, Hungary will be able to offset international supply chain disruptions, he added.

The government launched the health industry support scheme in the summer of 2020 in response to the pandemic.