Hungary: a regional first in biotechnology
Biotech 2010-Life Sciences: Adapting for Success, Burrill & Company's latest annual report on the life sciences industry, provides insight into biotech's changing environment and how not to just survive but succeed. The annual publication (24th in the series) of the San Francisco-based firm of biotech analysts and investment consultants, provides thoughtful information and analysis on how companies need to adapt to major challenges to their business development in order to be successful in 2010 and beyond.
In addition to covering the major players in the sector, such as the US, Canada, Japan, Australia and the United Kingdom, the report explored the progress of the developing markets, listing Hungary alongside Latin America, China, South Korea, India and Malaysia. For the first time, Burrill & Company, has dedicated a section of its annual industry report to Hungary. Hungary was shown to have outstanding growth potential in the company's in-depth international comparison of the sector.
Following Venture Valuation of Switzerland, which published a study of the biotechnology market in Central and Eastern Europe in 2009, Burrill is the second high-profile independent consulting company to rank Hungary's biotech sector as the most developed in the region.
Ernő Duda Jr., president of the Hungarian Biotechnology Association, believes this to be the result of targeted and effective strategic collaboration between the biotech industry and government. "We know there is a lot of work to do before we can realise the full potential of our biotechnology sector. At the same time, we are delighted that our strategic progress toward developing biotechnology has been internationally recognised."
ITD Hungary, the government's investment promotion agency, has assigned priority status to the biotechnology sector. According to Acting CEO Csaba Kilián, the efforts and investments of recent years are beginning to bear fruit in increasing investor interest and the international achievements of Hungarian companies. "To follow up these results, we will again be attending the BIO 2010 Conference (Booth number 3153). The event represents an excellent opportunity again to showcase the competitive advantages of the Hungarian biotech sector and forge new relationships with potential investors."
About the Hungarian Biotechnology Association
The Hungarian Biotechnology Association has set itself the objective of promoting the biotechnology sector to the status of strategic industry in Hungary as soon as possible, a position it already enjoys in more developed economies. The organisation supports development in the field of life sciences and assists companies in deriving maximum benefit from their scientific advances.
About ITD Hungary
Formed in 1993, Hungary's investment and trade development agency represents Hungarian business interests in more than 60 countries around the world. It also offers a wide-range of services in 18 cities and a total of 20 regional representative offices throughout Hungary. Operating within the framework of the European Commission Enterprise Europe Network, ITD Hungary helps Hungarian small and mid-sized enterprises market their products and services more effectively internationally.
ITD Hungary's investment and trade promotion activities in the life sciences sector are supported by the government's PRO-NOVUM 2010 programme with the support of the European Union and co-financed from the European Regional Development Fund.
