Pfizer could pick Hungary for $30 mln R+D centre – paper

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US pharmaceutical giant Pfizer could set up a $25-30 million R+D centre in the Hungarian city of Szeged, business daily Világgazdaság reported on Friday.

Pfizer Hungary managing director Mario Gattino told the paper the unit submitted an application to host the centre in July. The parent company is expected to chose between other subsidiaries competing for the centre in the autumn. The Hungarian government has already ensured Pfizer it will award the company a grant if it decides to put the centre in Szeged, but Pfizer’s decision might be easier if the government were to allow drug companies to write off R+D costs from a special tax on subsidized medicines introduced last year, he said. The centre would employ 75-120 researchers.

Pfizer Hungary had revenue of $120-125 million in 2007, $25-30 million less than a year earlier because of government austerity measures. The company’s market share inched down to 4.3% from 4.5% and it cut staff numbers to 185 from 300. In spite of the downturn, Pfizer inaugurated a $1 million logistics centre in December, and it plans further developments. Pfizer Hungary targets a 7% revenue fall in 2008, but the decline could be less than expected based on Q1 figures, Gattino said. (MTI-Econews)

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