Hungary in the Global Pharmaceutical Market: Cooperation Trends with Russia

ABSTRACT

The pharmaceutical industry is a strategically important area of the global economy. It is one of the most innovative and dynamically developing sectors. In addition, this industry can be considered highly profitable, its role has especially increased due to the Covid-19 pandemic. The crisis has affected all sectors of the economy, with the pharmaceutical industry being one of the least affected. In 2020, global exports of pharmaceuticals increased by 9.5% compared to 2019, reaching 704 billion USD in 2020. This publication discusses the position of Hungary in the global pharmaceutical market with the focus on the trade relations with Russia. For the Hungarian economy, the pharmaceutical industry is one of the traditional and most innovative sectors. Thus, Hungary is an attractive country for the development and expansion of Russia's trade relations in the global pharmaceutical market. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.