Teva Pharmaceutical Industries ($TEVA) has given a shot in the arm to the struggling economy of Hungary. The Israel-based drugmaker has opened the doors this month to a new facility in Gödöllő, where the company has made a $110 million investment to beef up its capacity for supplying the globe with sterile injectable medicines.
With 6 production lines, the 15,000-square-meter facility has the capacity to churn out 160 million to 200 million units of injectable meds annually. Teva plans to distribute chemotherapies and other products from the facility to more than 70 countries, particularly the U.S. and markets in Europe and the Far East. Teva CEO Jeremy Levin, Teva's president of operations in Hungary and other top brass took part in an Oct. 2 opening ceremony.
Teva, which has operated in Hungary since 1993 and employs more than 3,500 workers in the Eastern European country, has endeared itself to Hungarian officials with the new facility. The plant gives the company three manufacturing facilities in the country, with its API production at operation in Sajóbábony and tablet products at Teva Debrecen, Globes reports. At the Gödöllő facility opening earlier this month, Hungary's Prime Minister Viktor Orbán pledged the full support of the government to grow its pharma sector.
Economic troubles in Hungary have drawn comparisons between the Eastern European country and Greece. Orbán used the Teva plant opening as an opportunity to note the importance of the country's pharmaceutical industry. And Teva is among many producers of generic and branded meds in the country. Hungarian generics maker Gedeon Richter, for example, has been an anchor of the country's pharma manufacturing sector for decades and has a history of operations dating back to 1901.
- here's Teva's statement
- see the Globes article