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Hungary's Richter sees weak home market for years

Hungarian drug manufacturer Richter Gedeon expects its domestic market to remain sluggish for years, Chief Executive Erik Bogsch told business daily Világgazdaság.

Bogsch said he sees little chance to reverse the negative trends which have hampered growth in Hungary and as a result the share of domestic sales as part of overall revenue will continue to shrink, Bogsch said.

He added that Hungary is an exception in a fast-growing Central and East European region and the company expects fast growth in Russia, Poland and Romania to fuel its top line growth.

Hungary's drug market has suffered over the past two years due to government measures to curb budget expenditures in its effort to cut what is the European Union's biggest national budget deficit.

The government has cut subsidies, raised prices, increased taxes and implemented new fees to restrict drug sales. (Reuters)