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GSK Pharma revenue inches up 3% in 2010

GSK Pharma, a unit of GlaxoSmithKline, saw its revenue climb about 3% in 2010, in line with the expansion of the market as a whole, but under the target because of the slow pace of inclusion of products in the health insurance system and an expired contract to supply mandatory vaccines, managing director György Leitner said.

GSK Pharma had revenue of HUF 27 billion in 2009, up 7% from the previous year, Leitner said. Including sales of hygiene products, turnover came to HUF 29 billion, he added.

GlaxoSmithKline has three units in Hungary, one that makes vaccines in a plant near Budapest and two that sell drugs and hygiene products.

Next year, GSK Pharma wants to introduce 5-6 new products on the Hungarian market, Leitner said. If they are approved for inclusion in the state health insurance system, it would boost revenue, he added.

The money allocated for drugs in the 2011 budget draft is about the same as in 2010, he said. If the government would further strengthen its generics program, as much as HUF 10 billion in savings could be used to support new products, he added. (MTI – Econews)