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Hungarian biotech road show in U.S. big success

Among the 10 new European Union members, Hungary has the strongest biotechnology industry and has a realistic chance of becoming a significant player in Europe as a whole after having experienced fast growth over the last five years, business daily Világgazdaság said on Tuesday. Ernő Duda, chairman of the Hungarian Biotechnology Alliance and head of one of the biggest domestic biotech firms, said confirmation of Hungary's potential prowess was further underscored by the huge success of a recent biotech road show in the United States, where stops included Washington DC and Boston. The aim of the road show was to attract venture capital, though a number of deals were struck with partners there and then, he said. A number of the Hungarian biotech firms represented at the road show were commissioned to carry out new research while others had sold chemical instruments. But the real significance of the show, according to Ábel Garamhegyi, a senior official at the Economy Ministry, was that venture capital funds had taken serious note of the investment potential in Hungarian biotech.