Budapest Business Journal 3214

Schott Pharma’s HUF 28 bln Investment Boost

While it may lack the heavy weighting of the automotive sector in Hungary’s economy, healthcare remains a significant contributor to the country’s GDP. A prime example is Schott Pharma’s HUF 28 billion investment in Lukácsháza.  8

FirstMed Aiming at Expansion and Introducing AI

English-language clinic FirstMed opened in Hungary 25 years ago. Since then, it has faced challenges such as the 2008 financial crisis, COVID and an increasingly competitive market. It is now targeting expansion to foreign markets.  12

‘Divas & Icons’ at the House of Music

Hugely popular when it was shown at London’s Victoria and Albert Museum, the “Divas & Icons” exhibition will be at the House of Music Hungary until Sep. 15. It features original outfits of icons old and new from Marilyn Monroe to Billie Eilish.  21

A Healthy Desire for Growth

Frozen Inflation a Welcome Chill

TritonLife Group founder and CEO Péter Haraszti discusses the growth of Hungary’s largest private healthcare provider, expansion plans, and challenges in the sector. 16

Amid the current heatwave, there has been at least one piece of refreshing news. Inflation in Hungary was, to all intents and purposes, frozen on a monthly basis in June; the year-on-year increase has also returned closer to the central bank’s 2-4% target.  3

Rebranding represents a significant milestone for Warner Bros. Discovery, with the company saying it will offer an enhanced viewing experience with a wealth of new content.  6

EDITOR-IN-CHIEF: Robin Marshall

EDITORIAL CONTRIBUTORS: Luca Albert, Balázs Barabás, Zsófia Czifra, Kester Eddy, Bence Gaál, Gergely Herpai, David Holzer, Gary J. Morrell, Nicholas Pongratz, Gergő Rácz.

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THE EDITOR SAYS

‘EXTREME’ HEAT AND ‘PROTECTIVE’ DRINKS

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By my reckoning, this has been the first genuinely hot summer snap. My formula for arriving at that admittedly uncontroversial statement is based on a wide-ranging matrix of inputs, some esoteric, others highly subjective, but very few that are profoundly scientific or likely to hold up under intense scrutiny. Be that as it may, let us start with the obvious. This is the heat-related equivalent of that social media meme that had superhero sidekick Robin declaring that it is snowing outside and Batman slapping him across the face and shouting, “I know! I have a window!” So, for the record, let me assert that it is hot out there. And not just warm for the time of year, but positively tropical. Point number two also serves as a comment on the occasional downside of home office. Employers who have been unsuccessfully casting around for ways to encourage colleagues back to the office on a regular basis may now be struggling for room, given that offices have air conditioning, but many homes do not. The third factor is also climate-related and more empirical to boot. The weather app on my phone has moved from a “severe warning for high temperatures” to “extreme.” Although I haven’t lived in the United Kingdom for more than a quarter of a century, I was born and raised there, and I can tell you the word “extreme” is almost exclusively reserved for use with rain. And possibly wind, often in the same weather event. But never heat. Not all the inputs to my “Is it hot?” algorithm are weather-based, however. A “health and safety” siting is also crucial, and we got one of those this week,

with the government helpfully reminding employers they must provide outdoors workers with what they rather sweetly called a “protective” drink of the appropriate temperature and quantity. Deputy State Secretary for the Labor Market, Labor Protection and Employment Supervision Viktória Zöld-Nagy even more helpfully confirmed that it doesn’t have to be mineral water; tap water does count as a protective drink, but liquids with a high sugar content do not.

The final element is a detectable rise in the tetchiness of the authorities. You can tick that box, too. We have had both the Prime Minister (in between shuttle diplomacy trips to Kyiv, Moscow and Beijing) and Minister of National Economy Márton Nagy telling the motor fuel producers and retailers that, if they didn’t move prices under the average of our neighbors, the government would intervene. Nagy has even gone for a “tetchiness double-whammy,” meeting with HungaroControl to demand it takes “all steps” necessary to ensure air traffic is free of interruptions and calling for “immediate and coordinated” action to address an “intolerable” situation created by flight delays and cancellations during the peak travel season. So, there you have it. I have checked my data and made my calculations, so you don’t have to, and I can officially confirm it is hot. You are welcome. Wait, is that Batman walking towards me?

Robin Marshall Editor-in-chief

THEN & NOW

The black-and-white photograph from the Fortepan public archive, dated 1976, depicts a scene from a derby at the Albertirsai út race course in Budapest, today known as Kincsem Park. In the color photo from state news service MTI, winning horse Géza, under jockey Stanislav Georgiev (left), and runner-up Tunézia, with its rider István Kozma

cross the finish line during the 102nd Hungarian Derby at the three-day Derby and Fashion Festival in

Jr.

Kincsem Park on July 7.

Photo by Sándor Kopátsy / Fortepan

Photo by Zsolt

Szigetváry / MTI

1News •

macroscope

Frozen Inflation Offers Welcome Summer Chill for June

Amid the current heatwave, there has been at least one piece of refreshing news. Inflation in Hungary was, to all intents and purposes, frozen on a monthly basis in June; the year-on-year increase has also returned closer to the central bank’s 2-4% target.

Consumer prices were 3.7% higher on average in June 2024 than a year earlier, the Central Statistical Office (KSH) reported on July 9. On a year-on-year basis, a price increase of 1.1% was recorded for food, within which the price of sugar increased most (by 27.4%), while the most significant drop was seen in the cost of eggs (a fall of 22.3%).

Services became 9.7% more expensive. Alcoholic beverages and tobacco prices rose by 4.2%, within which the cost of tobacco was up by 4.7%. The price of pharmaceutical products went up by 6.1%. Electricity, gas, and other fuels became 2.7% cheaper, while natural and manufactured gas fell by 5.2%, and electricity was 2.4% less expensive.

Compared to May, prices were unchanged on average, and food prices inched down by

0.3%.

This can primarily be attributed to the lower cost of seasonal food items such as fresh vegetables and fresh domestic and tropical fruits. Food prices excluding this group went up by 0.2% on average.

The highest price increases were measured for alcoholic beverages and tobacco, and services (up by 1% in each case). Within the latter, recreational services were up by 4.4%, there was an increase of 1.4% for the maintenance costs of private houses, and rents were up 1.1%. Electricity, gas and other fuels cost 2.3% less on average, while motor fuel prices were down by 3.4%.

The latter might have come as a surprise to the government as well, as it was only a few days before the KSH report that Minister for

Change in Consumer Prices in Hungary (June 2023-June 2024) Change compared to the same period of the previous year; Percentage. Source:

June, 2023 June, 2024

National Economy Márton Nagy had warned the representatives of the fuel dealers to keep the rising fuel prices under control, particularly compared to prices in neighboring countries, or be prepared to face the consequences.

‘Unacceptable and Unfair’

The head of the ministry said he expects immediate steps from the fuel dealers to eliminate this “unacceptable and unfair situation” and to lower domestic fuel prices below the average of neighboring countries as soon as possible. He stressed that if there was no movement towards a price decrease, the government was ready to intervene in the fuel market with regulatory tools to protect families.

The drop in the price of fuel is only surprising at first; one reason for it may simply have been that the average cost for the first 20 days of May was higher than the same data for the first 20 days of June. Therefore, the price increase calculated for July could likely be significant.

Overall, the June inflation data surprised the market analysts, who had anticipated a slightly higher figure.

“Although the disinflation process broke after March, inflation remained within the inflation target range of the MNB, and in the next three months, the base effects may even be supportive in terms of the decrease in the annual rate of inflation,” Zoltán Árokszállási, head of the analysts’ center at MBH Bank said.

“At the same time, the recently accelerated price increase of fuels represents an upside risk. We have reduced our inflation expectations for this year to 3.8%

on an annual average, even though it is almost certain that, by the end of the year, inflation will be significantly higher than the current level. At the same time, it is unlikely that the annual inflation rate will rise above 5% by the end of the year,” Árokszállási predicted.

According to the head analyst, alongside fuel price developments, the critical issue for the coming months will be the price of services. The 1% monthly price increase is still high in this category, and although it is less justifiable for last year’s annual inflation to be the basis for pricing decisions, the inflationary pressure in this product range is apparently tricky to moderate.

Invigorating Demand

That is partly explained by the invigorating internal demand. At the same time, in the other major product range, food, Árokszállási perceives more downside risks, considering the development of world market prices.

“Overall, with our annual average inflation forecast of 3.8%, we currently perceive roughly balanced risks,” he concluded.

Gábor Regős, the chief economist of Gránit Alapkezelő, also acknowledged surprise at the June figures, noting that most analysts expected a minimally

decreasing or stagnant monetary deterioration. However, it is important to note that the significantly increased food prices of recent years have stayed with us. Behind the latest 1.1% increase in the category, there is a significant deviation: the cost of flour, for example, fell by nearly 20%,

while that of sugar increased by more than a quarter in a year, he explained. However, it is worth delving more deeply into the inflation data. Core inflation increased from 4% to 4.1%. Disinflation is helped chiefly by items outside of the so-called core inflation, whose price developments are volatile and do not necessarily follow the basic inflation trend.

It is also important to note that the June inflation data was not affected by the end of the mandatory promotions.

The Ministry for National Economy recently announced that, as the government has successfully suppressed the double-digit wartime inflation, the mandatory promotions supporting family purchases would end in July.

That meant that, by the end of June, several staple products had to be sold off, and they were 10-15% cheaper than the lowest prices typical of the previous month. Naturally, their prices will also rise when the measure ends. Thus, products such as sugar, wheat flour, refined sunflower oil, several chicken cuts, some UHT milk, eggs and potatoes might gradually become more expensive again in the coming months.

ZSÓFIA CZIFRA

Newmark VLK Identifies Opportunities for Office Redevelopment

Hundreds of thousands of square meters of office space are expected to become available in Budapest as state organizations relocate to new offices. This presents a significant opportunity for property owners to renovate and enhance the value of their buildings or reposition them as residential units or hotels, according to Newmark VLK Hungary’s June report.

units in buildings currently used as offices in downtown areas compared to newly built office buildings in outer districts due to differing technical parameters.

Continuing Trend

Róbert Székely, hotel market expert at Newmark VLK Hungary, argues that professional surveys indicate increasing demand for accommodation, and this trend is expected to continue in the coming years.

Real Estate

Matters

A biweekly look at real estate issues in Hungary and the region

were more common, long-term lease agreements have now emerged, providing greater security for the owners.

“In the next two to three years, various state and governmental organizations will vacate several buildings in the downtown, creating a new situation in the office market at a time when office use has fundamentally changed,” comments Newmark VLK Hungary.

“Property owners will need to address the hundreds of thousands of square meters of office space that will be vacated. While this will require financial investment, it also offers an opportunity to enhance the development of these properties,” the consultancy adds.

The report emphasizes that the first step is a thorough technical survey and an assessment of the property’s best future use. While it could remain as office space, market conditions might prompt consideration of converting it into apartments or hotels. Both types of conversion are already common in Western Europe and the United States. Budapest has seen a few office buildings successfully converted into hotels.

“These unoccupied buildings cannot remain unused as they are typically in prime business locations. Many were not initially constructed as office spaces, but if the owner opts to keep them as offices, significant investment will be needed to meet the latest technical and environmental standards, including ESG requirements,” argues Valter Kalaus, managing principal of Newmark VLK Hungary.

“The question is whether the owner is willing to carry out the necessary renovations and modernizations within the building and whether this can be done while tenants are still residing there,” he says.

“If the renovations are carried out, the next question is whether the tenant is willing to pay the increased rent or if they will move to another, newer building instead. However, since there are very few

new buildings available, this fact could be a catalyst for the office market and may result in new building developments that will be able to accommodate these multinational tenants in 3-4 years,” Kalaus adds.

The view is that uncertainties in the office market might prompt owners to consider new functions for their properties, given the strong demand, particularly in the hotel market and the residential sector. It is technically easier to create smaller room

IWG Adds new Regus Offices

IWG, the leading international workplace provider with brands including Spaces and Regus, is opening two new units in Budapest and Miskolc.

“As the adoption of hybrid working rapidly accelerates across Hungary, the number of inquiries for space in International Workplace Group locations has risen sharply, and this new opening helps meet rising demand,” said the company.

The new Regus Madarász location in the Váci office corridor is part of a drive by the International Workplace Group to meet the sharply rising demand for top-class flexible working space in the capital. Opening in early 2025, Regus Madarász will offer co-working spaces, private offices, meeting rooms and creative spaces, according to IWG.

Regus Miskolc aims to provide high-quality flexible workspace in northeast Hungary. This will be in the multifunctional Macropolis building comprising a hotel, restaurant, residential apartments, office space, shopping mall and entertainment center. With this new addition to the

According to the May hotel industry forecasts by Smith Travel Research, a 5.1% increase in revenue per available room is expected in European markets this year, with an additional 2.8% growth in 2025. The forecasts predict that growth will continue in the following years, although with variations in each local market.

These trends support the demand for three- and four-star hotels. With limited greenfield development opportunities or vacant lots in downtown areas, hotel developers have shifted their focus to repositioning buildings with different original functions, such as office or residential buildings. By converting these structures, they can and are increasingly likely to create new value.

As a new trend, Székely sees that, unlike in previous years when operational contracts

“In the office market, tenants typically sign contracts for three, five, or maybe seven years. In hotels, we can talk about 20-30 years, and the building will have a single tenant, which is much easier to manage than having many tenants with different lease terms if it remains as an office,” the expert notes.

“Although banks consider it riskier for such a property to operate with a single tenant, they are beginning to accept that long-term revenue generation is more secure, as the owner or landlord does not always have to find new tenants when the current tenant’s lease expires or if the tenant does not want to stay,” Székely added.

He further believes that the Budapest hotel market benefits from the broader supply created through building conversions. More hotel brands, more hotel market products, and, of course, more visitors can give new momentum to tourism and infrastructure development.

Four-star hotels are the most popular category for business travelers and individual tourists, and they are generally profitable in the inner districts where Budapest tourism is concentrated.

network, which will also open in early 2025, IWG will operate in almost every major city across Hungary, the company says.

“We are establishing stronger and much-needed footprints in Budapest and Miskolc with these openings. As important business hubs, both Budapest and Miskolc are fantastic places for us to boost our expansion plans. The need

for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal,” IWG says.

“We are very pleased to work in partnership with Proform Ingatlan befektetési in Budapest and Nemzetközi Befektetési Holding in Miskolc to develop the Regus brand under management agreements that will add a cutting-edge workspace to their building,” the company concludes.

GARY J. MORRELL

The Regus Miskolc will provide flexible workspace in the multiuse Macropolis building.

Orbán’s Shuttle Diplomacy Aims to Understand Positions Roundup Crisis

In the past two weeks, Prime Minister Viktor Orbán has met not only with the opposing leaders of the countries involved in the war in Ukraine but also with a significant global leader whom he considers the major arbiter in achieving peace.

First, Orbán traveled to Kyiv for talks with Ukrainian President Volodymyr Zelensky on July 2, the day after Hungary took over the rotating presidency of the Council of the European Union. There, Orbán asked Zelensky to consider a ceasefire with a deadline.

Orbán said, “I raised the possibility of a ceasefire tied to a deadline that would offer a chance to accelerate peace talks.”

In a later interview with the Swiss paper Die Weltwoche, Orbán said that he hadn’t sought to sway Ukraine’s leader but merely to clarify his position.

“My intention was not to convince Zelensky, and not to make a proposal for him; my mission was rather to make understandable, to clarify what is his position and where are his limits when we speak about peace,” Orbán explained.

“My purpose is to make a report to the European Council on the possibility of peace. In order to […] identify the possibility of peace, first we have to understand what are the limits of the others,” he added.

On July 5, Orbán traveled to Moscow on the next stage of what he called a “peace mission,” meeting with Russian President Vladimir Putin to discuss resolving the situation in Ukraine.

“Naturally, I am ready to discuss the details of the matter with you, and I expect you to share your position, the position of your European partners, with me,” Putin told Orbán on a live broadcast by Russia-1.

No EU Mandate

Although Hungary took on the rotating presidency of the Council of the EU on July 1, Josep Borrell, the EU’s top diplomat, made clear that Orbán had received no mandate from the EU Council to visit Moscow and entreat with Putin.

“Prime Minister Viktor Orbán’s visit to Moscow takes place exclusively in the framework of the bilateral relations between Hungary and Russia,” said Borrel, the High Representative of the Union for Foreign Affairs and Security Policy. Borrell said holding the presidency did “not entail any external representation of the Union.”

Foreign-owned Companies Account for 42% of Value Added in Hungary

Businesses controlled by foreign owners accounted for 42% of the value added in Hungary’s economy in 2022, according to a survey of data by the Central Statistical

Office (KSH). The ratio has fallen from 52% in 2012. Foreign-owned businesses accounted for 47% of total corporate revenue and 50% of gross investment volume in Hungary in 2022. They accounted for 23% of the total headcount. There were 14,100 foreign-controlled companies in Hungary in 2022, 1.4% of the total.

He added that the EU’s position excluded any official contacts between the EU and Putin. NATO Secretary General Jens Stoltenberg also issued a statement saying Orbán was not representing the security alliance but his own country at the talks in Moscow.

Finally, Orbán met with Chinese President Xi Jinping in Beijing on July 8

to discuss a potential Ukraine peace deal. In a post on his Facebook page, Orbán said China was “a key power” in creating the conditions for peace in the Russo-Ukraine war. “This is why I came to meet with President Xi in Beijing, just two months after his official visit to Budapest,” he said.

Despite the efforts made by the Hungarian premier, Ukrainian President Volodymyr Zelensky said that Orbán could not mediate between Russia and Ukraine to end the conflict.

State Considering 3rd Terminal at Ferenc Liszt

The state of Hungary, as a financial and a strategic investor, will decide on developments at Budapest Ferenc Liszt International Airport, Minister of National Economy Márton Nagy said at a press conference in the capital on July 9, according to hirado. hu. A month earlier, the state acquired an 80% stake in the operator Budapest Airport, partnering with French airport company Vinci, which took a 20% stake. Nagy said financing possibilities for

According to Zelensky, only powerful economies or countries with more powerful armed forces than Russia could broker a potential resolution.

“Are there many such countries around the world? Not many,” Zelensky told a news conference during a visit to neighboring Poland. “I believe the U.S. and China are such countries. And the EU; not one country, but the whole EU.”

Kremlin spokesman Dmitry Peskov said that Russia appreciated Orbán’s efforts to clarify the positions of Russia and Ukraine on resolving their conflict.

“Mr. Orbán is taking a serious initiative to compare the positions of the different sides based on original sources, and we appreciate these efforts,” Peskov told a news briefing. “There is a whole set of disagreements among the parties concerned, but at least Mr. Orbán is making a very serious attempt to understand the essence of these disagreements, which is very much appreciated,” Peskov added.

infrastructure developments necessary to expand the airport were being weighed, but planning had to start as soon as possible for a third terminal to open in 2032. He added that a timeframe for planning and implementation would be ready by the fall. Nagy said financing for the developments would not be “exclusively a fiscal task,” adding that a concession arrangement could be considered and noted that the cost of rail and road developments alone would exceed EUR 1 billion. He said a third owner could participate in the projects, but their stake would be under 10%.

NICHOLAS PONGRATZ

In this photo released by the Press Office of the Prime Minister, Prime Minister Viktor Orbán (center left) arrives in Washington, DC, at Andrews Air Force Base on July 9 to attend the NATO summit in the U.S. capital from July 9-11.

Photo by Zoltán Fischer / MTI / Prime Minister’s Press Office

2 Business

HBO Max Transitions to Max in Hungary

The transition from HBO Max to Max in Hungary marks a significant milestone for Warner Bros. Discovery, with the company saying it will offer an enhanced viewing experience with a wealth of new content. Executive vice president Jamie Cooke shares insights into the launch, its impact, and future plans.

the content that they were already watching and, in addition, enjoy the many novelties that Max brings. This was one of the objectives we had from the very beginning: to make this process as easy as possible for our subscribers, who now can discover more than double the content on Max vs. HBO Max. And I’m happy to say that the process was successful and easy for all our subscribers.

Warner Bros. Discovery’s rebranding of HBO Max to Max brought a wave of excitement to the Hungarian market. Officially launched on May 20, Max offers an extensive library of content.

Jamie Cooke, who oversees the Central and Eastern Europe, Middle East, North Africa, and Turkey regions (and whose official title is a veritable alphabet soup: EVP & MD CEEMENAT, EMEA Creative & Pay TV), discusses the transition, new features, and strategic initiatives aimed at engaging subscribers and supporting local content production.

BBJ: How has the introduction of Max affected the Hungarian subscriber base compared to HBO Max?

Jamie Cooke: The transition from HBO Max to Max was smooth; our subscribers simply had to download the Max app on their devices, register with their HBO Max credentials and continue their journey through

BBJ: What new features does Max offer compared to the previous service?

JC: Max is our newly enhanced streaming service and combines the amazing content HBO Max brought with unmissable documentaries and reality shows from the Discovery portfolio, blockbuster movies, kids content, live premium sports from Eurosport, and so much more. We are now able to offer all our great content in one place. Within Max, there is something for everyone in the household. It combines extraordinary stories from across WBD’s extensive iconic brands, including HBO Originals, Max Originals, Warner Bros. films, the DC Universe, kids’ content and bestin-class programming across sports, reality, lifestyle, food, home, true crime and documentaries from Eurosport, Discovery, TLC, Food Network, HGTV, ID and much more. Since first launching Max in the United States and Latin America,

Just Tennis,” and “Emma & Eddie.”

Our team handling local productions and documentaries is closely working with producers, directors, and writers, searching for interesting stories that have local relevance and the potential to create scale with powerful storytelling that can travel in multiple countries and regions. It’s a permanent work in progress, and our interest in local content and documentaries is constant.

BBJ: What strategies are you using to engage younger generations with Max’s content?

JC: Max brings a combination of offering the very best content in the entertainment business from some of the most iconic brands we know audiences love and making it easy for them to watch that content through a smooth product experience with Max. We’ve built an entirely new tech platform, which is designed to deliver a better, more premium viewing experience.

we’ve learned and listened to customer feedback and have a new tech platform that delivers a better, more premium experience. As a result, we’ve seen our scores on the app store improve significantly in these markets. We’ve also built a smarter product that enables us to test, automate, and deploy changes quickly; this is critical as we begin to scale globally. The platform has been withstanding a high volume of concurrent traffic during tentpole moments. We know a solid product experience helps engagement, which ultimately reduces churn. In addition, Max also offers a choice of different base plans. We’ve got Standard and Premium plans, plus a sports add-on that can be added to any base plan. In nine European markets, we also have a Basic with Ads plan available, which allows users to enjoy Max at a lower price and includes advertising. In the region I have in my remit, we offer ad-lite in Romania and Türkiye for BluTV and for the rest of the countries, we are assessing the opportunities.

BBJ: How did you select local content, and can we expect more of it in the future?

JC: As we think about local, original content, we have a robust slate with last year’s titles like the drama series “Spy/Master,” and documentaries like “30 Coins,” “First Five,” “Happy Man,” “Apollonia, Apollonia,” and this year with “Vika!,” “Nasty: More Than

“Our team handling local productions and documentaries is closely working with producers, directors, and writers, searching for interesting stories that have local relevance and the potential to create scale with powerful storytelling that can travel in multiple countries and regions. It’s a permanent work in progress, and our interest in local content and documentaries is constant.”

It’s also about making Max available to as many people as possible and in a way that suits the way they watch their favorite content. We have more than 150 partnerships across Europe with some of the region’s biggest telco providers to make it simple for people to access Max through bundling deals. Max is also available on major platforms such as Android devices, iPhones, gaming consoles and streaming devices, so people can watch however they like. Ultimately, we know a strong product experience helps engagement, which in turn reduces churn. We’ll continue to innovate on the platform over time to provide a truly unique personalized viewing experience for subscribers. The first taste subscribers will get of this will be during the Paris 2024 Olympic Games. Max will be the only place to stream every live moment of Paris 2024, and we’re giving fans the chance to watch it in an entirely new way.

GERGELY HERPAI

EVP Jamie Cooke oversees the Central and Eastern Europe, Middle East, North Africa, and Turkey regions.

Everguest Unveils AI-Driven Tourism Solution, Attracting International Interest

Hungarian tourism startup Everguest is looking to revolutionize the tourism and hospitality sectors by leveraging artificial intelligence to enhance operations and guest experiences.

BENCE GAÁL

With numerous properties already on the waitlist before its official launch, the company’s AI-based solution, Everguest Intelligence has garnered significant attention. Their tourism solution has been showcased across Europe at conferences in Barcelona, Amsterdam, and Vienna, attracting international interest.

Kitti Gondos, head of reputation at Everguest, shared her personal experience with the rise of AI and the initial challenges that turned into advantages over time.

“AI fundamentally changed my work, and, at first, it was frightening because it seemed to replace the processes my colleagues and I performed,” she recalls. “It was a difficult feeling to process, as if all our efforts were becoming obsolete. But then I realized that, while we can’t change the circumstances, we can change how we respond to them. By focusing on what we can achieve with these new tools, we created Everguest Intelligence, which has amplified the value we provide to our clients,” Gondos says.

Scope Ratings

Affirms AutoWallis’ ‘B+’ Issuer Rating

Scope Ratings has affirmed the “B+” issuer rating of listed Hungarian car seller AutoWallis while changing the outlook on the rating to stable from positive, according to its latest report. The rating reflects AutoWallis’ “solid position” in Hungary and its continued growth in Central Europe, as well as improved profitability and the successful integration of new businesses, Scope said. The rating agency acknowledged Auto Wallis’s plans to accelerate its regional expansion, leading to a rise in external funding over the next three years, increasing leverage but weakening interest

STARTUP SPOTLIGHT

“In recent years, we have strived to be the best in the tourism sector. We are continuously working to add new userfriendly and useful innovative features to the application,” he highlights.

A recent event showcasing the power of this AI solution in Budapest marked the conclusion of the Hungarian launch phase, during which more than 250 interested parties signed up for the tool’s waitlist, in addition to several dozen international operators and chains, the company tells the Budapest Business Journal

Everguest Intelligence, a 100% Hungarian development, allows hotels to proactively manage guest feedback, contributing to a more substantial online presence.

Everguest Intelligence is Everguest’s first digital product and a 100%

Hungarian development. It is a web application that looks to handle the management of guest reviews and tourism management decision-making processes through innovative AI applications. The software allows hotels to proactively manage guest feedback, contributing to a more substantial online presence.

The core of Everguest Intelligence is its AI architecture, which is designed for high accuracy and efficiency in text creation and analytics. Integrating learning and predictive analytics allows hotels to gain insights into guest preferences and behavior.

The system is designed to be userfriendly, eliminating the need for lengthy and complicated training sessions.

Defining Technological Revolution

“The advent and rise of AI presents enormous opportunities. The AI revolution is not just another element of the fourth industrial revolution but the most defining technological revolution in human history,” asserts Miklós Belán, founder & CEO of Everguest.

Project leader Kristóf Szegedi explains that significant emphasis was placed on making the software easy to use, thereby simplifying, streamlining, and enhancing daily workflows.

“I realized that, while we can’t change the circumstances, we can change how we respond to them. By focusing on what we can achieve with these new [AI] tools, we created Everguest Intelligence, which has amplified the value we provide to our clients.”

Nearly 150 participants attended the event, which featured presentations about AI, the advantages of the software, and the results of a comprehensive public opinion survey conducted by Tárki on behalf of Everguest.

The survey revealed insights into how Hungarian travelers perceive guest reviews, how these reviews influence their travel decisions, and their attitudes toward AI.

cover. Scope justified the change in outlook, citing the expected increase in the company’s debt-to-EBITDA ratio.

Budapest Airport Sets up Support Points for Delayed Passengers

Budapest Airport has designated dedicated waiting areas for passengers facing flight delays, the operator of Ferenc Liszt International said in a press release on July 5. The management took the decision amid a significant number of flight delays and cancellations across Europe, the operator said. “Budapest Airport […] is doing its utmost, even beyond its own responsibilities, to support passengers at the highest possible level in this difficult situation,”

the operator said. The airport has set up two support points, dubbed BUD: Carezone, in the transit area and could add a third if necessary. Passengers in the zones will be provided with water, sandwiches, and information.

Bamo Begins Construction of HUF 520 bln Cathode Plant

Bamo Technology Hungary, a unit of China’s Huayou Cobalt, has driven the first pile into the ground for a HUF 520 billion cathode factory in Ács (95 km northwest of Budapest), the investor said in a press release. Test production at the plant will start within a year. The plant’s 900 workers will turn out 50,000 tonnes of cathode materials annually for EV batteries. Bamo Technology received the environmental and building permits for the investment in May. The state is plowing HUF 27 bln into a waterworks upgrade in Ács, and HUF 17 bln is being spent on road developments. Environmental monitoring stations will be

set up in Ács and nearby Babolna. Data from the stations will be available to the public. In December 2023, at the handover of a HUF 20 million grant supporting the construction of a playground and the road leading to it in Ács, the CEO of Bamo Technology Hungary Kft., Sun Jun, told the audience, “We are committed to becoming an active and useful member of the local community and to create added value for the residents of Ács and the surrounding area. The amount donated for the playground and road in Acs shows this commitment.”

BMW Group Hungary Sells 2,765 Models in H1

BMW Group Hungary sold 2,765 new BMW models in Hungary in the first half of this year, making it the market leader in the premium segment. The company announced that sales were up 4% from the same period a year earlier. BMW Group Hungary sold 340 fully electric vehicles. Sales of Mini models reached 213.

3 Special Report

Healthcare

Schott Pharma’s HUF 28 bln Investment Boosts Hungarian Pharmaceutical Manufacturing

While it may lack the heavy weighting of the automotive sector in Hungary’s economy, healthcare remains a significant contributor to the country’s GDP. A prime example is Schott Pharma’s HUF 28 billion investment in Lukácsháza (232 km west of Budapest by road, near the border with Austria), in a project guided by the Hungarian Investment Promotion Agency.

This new facility is a strategic move to support growing demand in the pharmaceutical industry, particularly for vaccines, biologic therapies, and the so-called glucagon-like peptide-1 (GLP-1) medications. Balázs Károly Vizi, head of regional operations bulk solutions in Europe at Schott Pharma, spoke to the Budapest Business Journal about the project.

BBJ: What is the recent investment in Lukácsháza?

Balázs Károly Vizi: We expanded our existing production site with a new facility for prefillable glass syringes from our syriQ and syriQ BioPure product families. The products are used to safely store and administer vaccines and biologic therapies, as well as GLP-1 medications, which primarily treat type 2 diabetes and obesity. We also added new work office spaces to the building. We plan further multi-million euro investments in Hungary in the coming years.

BBJ: Why choose Lukácsháza for this investment?

BKV: One reason was to build on the solid foundation and skillset created at the site over the past 30 years. In addition, we are supporting market growth for prefillable syringes and strengthening our competitiveness in Europe. We also create supply security for our high-value solutions for major pharmaceutical companies and contract manufacturing organizations worldwide.

BBJ: How does this facility in Hungary complement your capabilities in Switzerland and enhance your ability to meet the growing demand for pre-fillable glass syringes?

BKV: Besides Switzerland, Hungary is the second hub for prefillable glass syringes in our worldwide production network. It adds to the capacity by executing the

company strategy to increase highvalue solutions to more than 60% in the mid-term and supporting key pharma trends such as GLP-1, homecare solutions, and personalized medicine.

BBJ: What pharmaceutical trends will you support with this production facility? And how does the investment align with broader trends in the pharmaceutical industry, such as the rise of biologics and mRNA vaccines?

BKV: We closely follow the prevailing trends in the healthcare landscape, like personalized medicine, homecare solutions, or vaccines and GLP-1 therapies, which significantly influence our product development endeavors. Our dedication to innovation in drug containment solutions and delivery systems aligns with these trends, ensuring we continue to meet the evolving needs of patients, healthcare providers, and the broader industry.

BBJ: What types of jobs will be created by this investment?

BKV: The new facility will bring more than 120 jobs to the region. Being close to Szombathely and to the Austrian border, skilled labor is abundant in the area. The jobs will be 85% blue-collar and 15% white-collar. We have already started recruiting processes and hired more than 100 new employees. From our plant in Lukácsháza, we supply products to global pharmaceutical players and contract manufacturers. This also includes a range of pharmaceutical companies in Hungary.

BBJ: What role did the Hungarian Government play in facilitating this investment?

BKV: Schott Pharma received HUF 3.321 bln (EUR 9 million) in funding from the Hungarian Government, with the support of the Hungarian Investment Promotion Agency. With our more than three-decades-long presence in Hungary, we have been committed to serving

the healthcare needs of the Hungarian people, contributing to the advancement of the region’s pharmaceutical industry, protecting against future shortages of critical drugs, and ensuring pandemic preparedness. The subsidy from the Government will further enhance our operations and strengthen our commitment to the Hungarian market.

BBJ: What sustainability measures have you implemented in Lukácsháza?

BKV: Sustainability is a core focus. Our goal is to become climate-neutral by 2030, and we are committed to reducing our environmental footprint through a range of initiatives. For example, the new facility is powered by 100% green electricity. Furthermore, we are working on initiatives to implement energy-efficient technologies in our manufacturing processes, reduce waste, improve our supply chain to minimize carbon emissions and collaborate with suppliers to source sustainable materials and packaging. Of course, we also run regular audits and assessments to monitor and improve our environmental performance.

The healthcare sector, with its ability to create added value and generate highly skilled positions, remains a priority for Hipa, as seen from its figures.

Between Jan. 1 2014 and Dec. 31 2023, Hipa guided 2,123 projects worth some EUR 49 billion to create more than 150,000 new jobs. In 2023, the previous investment record, set in 2022, was doubled with 209 projects

BBJ: How do you plan to address any potential supply chain and logistics challenges?

BKV: Our strategy focuses on manufacturing close to our customers, reducing transport times and costs, and ensuring faster and more reliable deliveries. We continually optimize our logistics operations to maintain a robust and flexible supply chain for our customers worldwide. We also source our primary raw material, glass tubing, directly from our parent company, ensuring consistent quality and reducing dependence on external suppliers. Together, these measures enable us to meet our customers’ needs with highquality products delivered on time.

BBJ: How do you collaborate with local educational institutions to ensure workforce development?

BKV: We are in close contact with local schools and universities, particularly concerning dual education programs and dual apprenticeships. Our philosophy is to support and develop our future workforce locally. We regularly allow school classes to visit our factory. In addition, our experts visit neighboring schools and give educational talks to share insights into our work and our passion for glass and patient safety.

BBJ: What are Schott Pharma’s long-term goals in Hungary?

BKV: Our overall ambition is to fully capture the accelerating demand for high-value solutions that offer specific added value to the customers. These will boost our profitability and expand our market share. We see two primary drivers: innovation and expansion. The innovation pillar identifies future market trends and translates them into products that can contribute to our customers’ success. The expansion pillar focuses on strengthening our global market presence and meeting high demand by executing growth projects. This site in Hungary is just one example. Across all regions, we are either expanding existing capacity at our plants or paving the way for new manufacturing sites. Overall, we aim to enhance our sustainability efforts and leverage cutting-edge technologies to improve drug containment and delivery solutions to meet evolving healthcare needs.

generating investments worth EUR 13 billion. The figures for healthcare in the same period are: 44 projects , worth almost EUR 1.3 bln , creating more than 5,100 new jobs . Based on those projects managed by Hipa since 2014, the United States, France and Germany are the most important countries with regard to healthcare FDI. In recent years, Hungarian investors have become more active in the sector.

Balázs Károly Vizi

Mining Data to Save and Improve Lives Thru Cancer Treatment

Medical advances in the past 100 years mean we are more likely to live longer. Today, the focus is centered on improving the well-being of our later years, but also complete cures. As other illnesses have been overcome, cancers and cardiovascular diseases have risen up the “killer league table.” The fight now is to bring these under control, says Isabel Gruber, the managing director of MSD Hungary.

The good news, Gruber tells the Budapest Business Journal in an exclusive interview, is that, even as progress is made on survivability, cures for some cancers might be within reach, although putting a precise timetable on that is not yet possible.

“It’s a complicated question from a science perspective. For sure, we will not be able to cure every cancer because every tumor type is different and has many mutations. Still, significant progress has been made in oncology in the last decades, and we are relentlessly working on developing promising new treatments,” Gruber notes.

MSD’s mission is to “use the power of leading-edge science to save and improve lives around the world.” And the truth is that Hungary plays a surprisingly significant role in that endeavor.

The innovative pharmaceutical company has close to 200 employees in Hungary. Its human health unit deals with traditional activities, including sales, marketing, and market access, and controls a wide range of therapeutic areas. It also has an animal health division.

A distribution center here serves 14 Eastern European markets. MSD does not have a manufacturing site in Hungary, although “We are exploring options,” Gruber says. What the firm does have is a large in-country clinical research operation. Indeed, it is one of the leading companies in Hungary in this field based on the number of trials.

“We have about 85 active clinical trials up and running at almost 290 hospital and institution sites with about 1,100 patients enrolled,” Gruber says. The investment into clinical trials last

year was around HUF 3 billion, of which HUF 1 bln was medicines, she explains.

Therapeutic focus areas are oncology (80% of the Hungarian trials fall into this area), vaccines, infectious diseases and so on.

MSD is also returning to a previous area of research: cardiovascular, with upcoming trials dealing with pulmonary arterial hypertension, a rare but severe condition.

The ‘C’ Word Say “cancer,” and most people will probably have two thoughts: tumors and death. Let’s take the latter point first.

“When you look at lung cancer, for example, the outlooks used to be really grim. Modern treatments such as immunotherapy have been redefining the survival expectation of cancer patients. In less than a decade, these treatments have truly transformed cancer care in Hungary, including a doubling of the three-year

impact. Treating cancers early is less expensive in the long run. Cured patients can return to productive work earlier, and while there is still a financial cost to the healthcare system in providing treatment, if only for selfish national economic motives, the rewards outweigh that. It is the medical equivalent of a stitch in time, saves nine.

Amazing Success

While most cancers result from gene mutations within the body, it isn’t always the case. Some come from viral infections, like human papillomavirus or HPV. Many virus infections can be prevented effectively through vaccination, and that is the case with certain types of HPV.2 Hungary has a successful school-based program for children, where boys and girls are offered the HPV vaccine for free.

“It has been running for a decade and has been an amazing success with about 80-83% vaccination rate in girls that is considered high even within the region.3,” Gruber explains. “Naturally, the fight against HPV-related cancers does not stop at children; adults can also prevent HPV infections.”4

The BBJ has previously written about the unique data goldmine Hungary has due to its highly centralized nationwide data collection system. It is an advantage MSD is keen to exploit for the benefit of patients everywhere.

“Regarding data generation and research, we have seven strategic partnership agreements with universities and hospitals. We recently signed one with the National Institute of Oncology, the region’s largest specialized care provider, and we are open to further cooperation,” Gruber says.

“We have set up a specialized unit dedicated to local data, as well as realworld evidence generation, since unlike in many other European countries, we have valuable data available in Hungary to build on,” she says.

survival rate in certain types of lung cancer through the implementation of immunotherapy,” Gruber says.1 She has worked for MSD for 15 years, including leadership positions in China and Singapore. Managing director of the Hungarian operation for three years, her training was as a doctor, and she speaks with evident passion about the possibilities of cures and prevention through early intervention. Not just in terms of catching cancers early but also in treating people younger. Because the earlier any cancer is found, the greater the likelihood of cure. There is a societal impact on patients and families of lives saved and extended. But there is also a national

“The Hungarian sick fund’s full national coverage makes it possible to carry out epidemiological research uniquely and comprehensively. Through data insights and academiaindustrial collaborations, we may help decision-makers choose the right interventions. Furthermore, we can supply the Hungarian government with a comprehensive dataset to tackle challenges, further optimize patient outcomes and build more sustainable health care systems,” Gruber explains.

“Our ultimate objective is to ensure that everyone, regardless of their location, can access the appropriate medicines and vaccines they require. Expanding the reach of transformative treatments allows more patients to benefit and remain cancer-free.”

Again, that dedication shines through, and a hope for a better future for all.

Isabel Gruber, managing director of MSD Hungary

Hacking Healthcare for the Better

If patients are expected to bring their own toilet paper to a hospital, whether or not catheters are biodegradable may well be of secondary importance. Despite, or maybe because of often harsh realities, healthcare in Hungary urgently needs innovative solutions, and a recent hackathon aimed to spark some new ideas.

The idea of the winning crew, Lehet jobb! (“It Can Be Better!”), was to develop further the so-called HealthWindow app, the official platform for storing and accessing medical files in Hungary. The winning concept aimed to implement courses in the app to promote healthy lifestyles with the help of embracing tailor-made, step-by-step roadmaps.

“I frequent demo days, but the presentations were surprisingly strong. I was amazed by the potential this generation has to offer; they achieved so much in such a short time.”

A recent quiz that went viral on social media in Hungary challenged users to guess whether the photos shown to them one by one depicted a Hungarian hospital or a building in Chernobyl. In most cases, it was impossible to tell. Indeed, Steven Spielberg could shoot his next World War II movie in a local healthcare facility without altering a thing and get the ambiance right. Against this backdrop, initiatives that aim to improve conditions are even more critical.

The Knowledge and Innovation Communities (KICs) of the European Institute of Innovation and Technology (EIT) serve that very purpose, namely incentivizing innovation efforts in healthcare. Under one such project, med schools in Budapest, Debrecen and Pécs that cooperate under EIT Health teamed up with key stakeholders last year to forge closer relations between innovative enterprises, academia and clinics.

Accordingly, the consortium members launched the “Hack4Cure: Health From An Idea” hackathon, giving students and researchers the chance to become immersed in the process of product development. The event took place for the second time this year and invited participants to develop novelties under two different topic headings.

The “Green Hospital” category gathered ideas for sustainable operations, carbon footprint reduction, waste minimizing, digital transformation and energy saving. “Health for All,” meanwhile, aimed to lay the groundwork for solutions that improve reliable and authentic information flow in patient care.

“I frequent demo days, but the presentations were surprisingly strong. I was amazed by the potential this generation has to offer; they achieved so much in such a short time,” Gabriella Sódar, deputy director of Blue Planet Foundation, tells the Budapest Business Journal. Her organization runs its own accelerator program with a focus on sustainability. She also praised the spirit of the young innovators.

Dare to Pivot

“They dared to pivot, which they very much needed to do in the first place. They weren’t assigned just one single mentor, but they rather had to talk to many. I suggested they should take an ‘average’ of what they were told,” Sódar notes.

And there wasn’t too much time to do all that. Teams had 24 hours to put together the basics and present their would-be product to a jury comprised of renowned medical researchers, university and hospital executives and specialized economists.

The participants demonstrated remarkable diversity in terms of their background: future engineers, coders, doctors, and psychologists represented a series of faculties and worked together with experienced professionals on their initial concept.

The runner-up, InnovAid, conceptualized a system to monitor pharmacy stocks, allowing patients to track where they can go to get their prescription medication in the HealthWindow app. The thirdplaced Polyp team created a virtual assistant that guides patients on where to turn to with their symptoms. So far so good, but what about implementation? The Faculty of General Medical Sciences at the University of Pécs ensures adequate mentoring support and clinical testing opportunities are offered to the masterminds of the best hackathon ideas by coordinating network building and knowledge sharing.

Not all About Money

On the other hand, you may wonder to what extent such events are relevant in the first place, given the often rather dire conditions in Hungarian healthcare.

“Not everything comes down to money,” Sódar tells the BBJ “At Semmelweis University, [medical] professionals are educated to make informed sourcing decisions that can result in huge savings.” Take medication. A simple brand choice can have a huge environmental impact, and it adds up. A lot more is at stake when it comes to energy consumption, as the use of smart switches can optimize matters significantly.

“Such energy-optimizing systems do exist already, although patients don’t necessarily perceive them,” Sódar adds, noting that there are many things we take for granted, yet are not selfevident, even in Western countries.

“Cloud-based prescriptions are, by now, standard procedure in Hungary, but in other countries, it is something that is yet to be implemented,” she points out.

There is a lot to improve in healthcare, of course, but efforts like Hack4Cure are great occasions to give innovation a push, the expert concludes.

“Sustainable healthcare is evolving. Initiatives exist, and key stakeholders are active. Hungary has potential,” Sódar insists.

Gabriella Sódar, deputy director of Blue Planet Foundation.

Hack4Cure team members chat through ideas with mentors.

Doktor24 Group Leading the Way in Private Healthcare Services

Doktor24 Group is one of Hungary’s most comprehensive private healthcare providers, currently employing 1,100 workers and collaborators, including 700 doctors and healthcare professionals.

BENCE GAÁL

Annually, the group conducts more than half a million doctor-patient consultations. Nationwide, Doktor24 operates 11 operating rooms in eight hospitals and clinics, with 70 beds and 120 outpatient and diagnostic specialty clinics.

For two decades, Doktor24 has ensured its clients receive essential examinations and treatments as quickly as possible. The group was the first in Hungary to introduce an artificial intelligence-based patient triage and symptom search system. This year, the group is focusing on developing its existing clinics and expanding the Buda Multiclinic

and the Váci út center. The healthcare provider’s Budapest team has already welcomed more than 20 new specialists in 2024, allowing the group to expand capacity in no fewer than 15 medical fields.

Expanding Services

This means that the range of services continues to broaden and now includes stereotactic breast biopsy cytology, phone consultations for lab results,

in Brief News

Debrecen Uni Inaugurates Pilot Research Lab

The University of Debrecen (225 km east of Budapest) has inaugurated a pilot research laboratory with HUF 5.2 billion of European Union funding. According to hirado.hu, chancellor Zoltán Bács said the pharmaceutical lab would operate in a development phase until 2026, then start a production phase following a further HUF 1 bln investment. The lab will

have the capacity for commercial production of virus- and bacteriabased biological active ingredients.

Rector Zoltán Szilvássy said the lab would develop bacteriophages capable of eliminating antibioticresistant bacteria in hospitals.

György Kossa, who heads the board of trustees of the university’s foundation, said the school had long focused on establishing a healthcare industry ecosystem involving close cooperation with industry

With the arrival of its new colleagues, Doktor24 is also launching two new specialties, psychiatry and psychology, as it is increasingly evident that physical well-being is often unattainable without mental and emotional balance.

players. New Minister of Culture and Innovation Balász Hankó said the government had earmarked HUF 43 bln for research excellence this year.

GR Foundation Supporting Science Education

The Centenary Foundation of Gedeon Richter will provide HUF 100 million in support of public education institutions for developing equipment and the technical conditions necessary for teaching natural sciences, the pharmaceutical company said in a release on the Budapest Stock Exchange website. In December 2023, the foundation published its call for the HUF 100 mln frame amount for the first time, for which target institutions could submit applications worth a maximum of HUF 10 mln that specifically aimed to provide, acquire, and develop natural science education infrastructural facilities. The call received hundreds of applications, from which the foundation’s board selected 35 institutions, six in Budapest and at least one institution from each county.

Richter Acquires BCI Pharma

According to an announcement on the Budapest Stock Exchange website, Hungarian pharmaceutical company Gedeon Richter announced the acquisition of BCI Pharma , a privately owned Belgian biotech company.

and priority gastroscopy with the expansion of gastroenterology.

With the arrival of its new colleagues, Doktor24 is also launching two new specialties, psychiatry and psychology, as it is increasingly evident that physical well-being is often unattainable without mental and emotional balance.

In addition to individual clients, more than

1,500 partner companies have chosen Doktor24’s occupational health division. Healthcare services such as health insurance are often considered one of the most significant non-wage benefits. An annual screening costs employers only HUF 1,000 per month but provides considerable value in terms of care for employees.

This year, Doktor24 has introduced innovations in employer options, offering choices beyond health insurance and executive medical screening. The group provides a variety of flat-rate healthcare packages where care organization and examinations are centralized, making its services uniquely cost-effective in the market.

The enterprise value implied by the transaction is EUR 12 million, payable over the next few years depending on the achievement of development milestones, Richter said. “By applying their expertise in kinase [enzyme] research, BCI identified highly valuable preclinical candidates,” Péter Turek, the head of Richter’s women’s healthcare business, said in the announcement.

Doktor24 Founders buy out Investor Stakes

János Kóka and Róbert Lancz, the founders of Doktor24, one of Hungary’s most prominent private healthcare providers, have completed the buyout of financial investors’ stakes in the company, Doktor24 said on June 18. Kóka and Lancz founded Doktor24 19 years ago. Foreign and Hungarian financial investors joined as owners in 2020, but the founders decided to buy out those stakes late in 2023. Doktor24 is now wholly owned by Kóka and Lancz and, to a smaller degree, members of the management. The change in ownership will not affect management at the company. Doktor24 targets revenue of HUF 16 billion this year, up from HUF 14.5 bln in 2023, the company said. Doktor24 has around 1,100 people on its payroll, including 700 doctors and other healthcare professionals. The company boasts over half a million doctor-patient consultations a year at eight hospitals and clinics nationwide.

FirstMed Aiming at Expansion and Introducing AI

English-language clinic FirstMed opened in Hungary 25 years ago. Since then, it has faced challenges such as the 2008 financial crisis, the COVID19 pandemic and an increasingly competitive private healthcare market. The company is now targeting expansion to foreign markets. Dennis Diokno, founder and managing director of the firm, talks with the Budapest Business Journal about past experiences and future plans.

BBJ: FirstMed opened in Hungary in 1999. What were the main difficulties setting up the business here then?

Dennis Diokno: We started the project in Hungary in 1998 and decided to invest here because these were times of change, of rules being rewritten. In Western and Southern Europe, the rules were set, and the bureaucracy has been the same for 50 or 100 years. The difficulties in the early days were that, in Hungary, the rules were, literally, being written as we were opening. Nobody had made a clinic like ours in Budapest at that time. But apart from that, I would say, for the most part, that things worked smoothly here in Hungary. The language was a bit of an issue because it was generally easier to communicate in German than in English. But most of the people I was dealing with spoke English quite well. As we progressed over the years, more and more young people were speaking English. We had no significant

issues with the bureaucracy. It was easier to get things done here compared to my previous experiences in China or even in Moscow.

BBJ: What was the competition like?

DD: We started seeing more private clinics after 2010, but they were not really competitors for us, as we focus mainly on expats. Of course, our client base has changed over the years, but our patients are still primarily foreigners, at about 75-80%, with 20-25% Hungarians. Also, there are different levels in the private sector. The price points are very different depending on the clinic, so I would say the market is segmented with varying levels of competition. We see our business as being stable; foreigners have certain expectations, which we definitely meet. We have to maintain a high level of English, not just the spoken part but also the documentation that we issue. I think one of our critical advantages is that we can deal with

because some of them just don’t want to give up their state job or their state hours, and this is true for nurses, too.

BBJ: What are your opportunities for growth?

DD: Obviously, there is a certain number of expats or tourist populations in each market. The initial thought was that we would look at expanding more in Hungary, but that would have required us to change our business model and create a different marketing plan. So, we have decided to focus on the international expansion. We have already opened a clinic in Rome, Italy. And, actually, the Italians are quite impressed with the operation that we have there. We opened an endoscopy center here, and one of the significant areas we’ve grown in, which is also true in Rome, is women’s health. That’s a very popular service and a growing business for us.

“I would expect to see 20 to 25 FirstMed clinics throughout Europe in the near future. And after that, maybe Asia or South America.”

Besides Rome, we will open our next clinic in Milan by February 2025. We are planning to open two smaller clinics in Florence and Venice, and we are also considering Lisbon and Paris. There are probably also a few cities in Germany that we would look at as well. Mainly tourist clinics, maybe Berlin. I would expect to see 20 to 25 FirstMed clinics throughout Europe in the near future. And after that, maybe Asia or South America.

more than 150 different international insurance companies in multiple languages, and you have to be able to communicate with them in those languages. There are a lot of different insurance codes involved in dealing with it, and that’s one of our advantages.

BBJ: What are the challenges today?

DD: I would say that there are challenges from time to time; for instance, when the government increased all the salaries of the healthcare workers. That had a major impact on us. However, it was a measure taken for the right reasons; employees in the healthcare sector needed better compensation. So, from a human perspective, I think that was great for the doctors, the nurses and the public sector. On the other hand, for the private sector, it was challenging. Obviously, we didn’t necessarily have to make a corresponding increase in the private sector, but it still impacted our budget. Also, today, it is more difficult to recruit doctors, at least from the public sector,

BBJ: Society is on the verge of major impacts from artificial intelligence. Is it already present in private healthcare?

DD: We expect to implement some elements of artificial intelligence into our operations before the end of the year. There are medical transcription systems, where basically you can push a button on your computer or your phone and then just look into your patient’s eyes and have a conversation about their case. The system takes the notes, making the medical record for the doctor. It even has the ability to come up with a diagnosis based on all the information that it has gathered. When you’re done talking to the patient, you can look through the medical record and the recommended diagnosis. The doctor can decide if that’s appropriate or if there’s maybe something else that should be considered. So, now the doctor can focus more on the patient and the computer screen. AI is going to improve the doctor-patient experience. It should also improve efficiency quite significantly.

BALÁZS BARABÁS

Dennis Diokno

Melea: The Health Concept, a new Take on Health Tourism

This spring, a medical spa project opened in Sárvár (203 km west of Budapest by road), which, its management says, is unrivaled, and not just in Hungary. Melea: The Health Concept is dedicated to the inner and outer beauty of its guests. Here, individual care and tailor-made programs are the foundation for a medical spa dedicated to promoting life-long optimal activity (LLOA).

Melea: The Health Concept is situated on one of the seven peaceful lakes in Sárvár, not far from the Austrian border. It offers 5-star superior comfort with 83 suites and rooms, all with balconies. The Secret Spa offers a pool and sauna area, while a garden of around 32,000 sqm rounds off the offer. Melea also pays special attention to sustainability and climate protection: heating is provided entirely by a geothermal heat pump.

Every guest begins their health journey with a comprehensive questionnaire, laboratory tests, basic examinations by the nurses and individual consultations with doctors, physiotherapists, dieticians, personal trainers and highly qualified beauticians. Based on this information, the staff creates a tailormade program for each guest for their stay. More on this later.

This offer is complemented by a daily changing program of activities ranging from breathing therapy to Pilates and yoga, lectures on nutrition and homeopathy, as well as mindfulness groups and cooking classes. Healthy meals are freshly prepared and based on guests’ individual dietary plans. External beauty is also taken care of by highly trained beauticians, who offer personalized treatments at the highest level, based on consultations and exclusively using products from Biologique Recherche, Alqvimia and Seed to Skin.

Individual Programs

“Nowadays, burnout, excessive stress or simply lack of proper guidance is a common problem,” says Alfred Hackl, general manager of Melea: The Health Concept. “We provide real solutions to this, supporting each guest with a personalized, individual program plan. Our holistic concept combines

conscious gastronomy, beauty and health preservation, and mental and spiritual development to support our guests in reaching LLOA,” he adds.

A unique feature of the hotel is the four-, seven- and 10-day packages created to reach the right positive health effects. The reason for these unusual booking options is that a minimum of four days of rest, recharge and treatment is required to achieve the previously mentioned goals.

One of the critical aspects at the heart of this experience are the medical services in Melea: The Health Concept, which aims to cover the full range of treatment options with a team consisting of specialists in internal medicine, dietetics, physiotherapy, personal training, yoga, nursing and psychology.

Guests undergo a unique assessment and care process: first, they will have an internal medicine consultation, where blood pressure, ECG, vascular wall, and glycaemic values are all examined. This is followed by consultations with a dietician (including body composition measurements) and movement therapy specialists (including a physiotherapist and a personal trainer).

Melea also offers mental health consultations, carried out by psychologists, to ensure one of the main goals: that body, soul and mind harmonize. An essential element of the guest’s stay is a health test, completed on arrival, which allows the professionals to prepare for the first consultation with the guest.

Food Philosophy

Chef Gábor Gyurik and his team are responsible for the gastronomic concept of Melea. Together with Melea’s dietician, they have developed a gastronomic service in line with the hotel’s philosophy, emphasizing healthy, plant-focused gastronomy.

Their four menu system means they can cover most dietary needs. These menus offer vegan, low-fat (the specialty is that it does not contain any bloating foods), permissive (also known as the “Mediterranean menu,” which includes oilseeds, pasta, fish, seafood, and poultry), and the so-called “normal” diet (which includes red meat and butter, among other things).

The diets are designed to help guests in the long term, and the suggestions given at Melea can be incorporated into daily life at home.

LLOA & Longevity

Life Long Optimal Activity is about maintaining an active and healthy lifestyle and integrating a holistic approach to health and well-being throughout all stages of life. It involves a commitment to regular physical exercise, mental stimulation, social engagement, balanced nutrition, and preventive healthcare. By embracing these principles, individuals can enjoy a healthier, more fulfilling life well into their later years.

To enhance the experience, menus are presented in a rotating system. One of the principal reasons for this is the use of seasonal ingredients. Dishes are made from local or regional ingredients, with a preference for certified bio and organic ingredients. A feature of the restaurant is that all meals are plate service, ensuring that every guest receives the highest level of service.

The Melea team has prepared a range of special offers for guests, from a get-to-know Melea package where one could experience what Melea is all about, through a pre-wedding radiance package specially curated for brides to ensure they glow with radiance and feel their absolute best on their special day, to a cleansing and rejuvenation offer promoting the body’s anti-aging processes. For more information, visit www.melea.hu.

The U.S. National Academy of Medicine defines longevity as a state in which years spent in good health approach biological life expectancy, with high levels of physical, cognitive and social functioning that enable wellbeing for the whole population. It is about achieving a high quality of life for as long as possible, thereby increasing the standard of living of society, life expectancy at birth, and quality of life.

Accommodating Neurodiversity, Nurturing Mental Health Shapes Modern Offices

With ESG aspects and general inclusivity becoming increasingly important in business life and the office real estate market, developer Skanska has conducted a comprehensive report in CEE on neurodiversity in the workplace, shedding light on the significant impact of office design on mental health and well-being.

BENCE GAÁL

According to global data, one in five people is neuroatypical, the report notes. The Cleveland Clinic says the term neuroatypical, often used interchangeably with neurodivergent, describes people whose brains develop or work differently for some reason.

This results in different strengths and struggles for the affected person compared to those whose brains work or develop in a more typical fashion. Cleveland Clinic notes that, while some people who are neurodivergent have some kind of a medical condition, it also tends to describe people where a diagnosis has not been identified.

Neurotypical and neuroatypical people typically work in the same spaces, but frequently need different solutions and, therefore, a differently designed office to be successful.

Skanska’s report, titled “Neurodiversity in the Office: Designing Inclusive Workspaces,” explores how office environments can be optimized to accommodate neurodiverse individuals.

The Workplace research and design studio wrote the report in partnership with Skanska’s commercial development unit in the Central Eastern Europe region. Neurodiversity in the report specifically refers to the natural variation in how individuals think, learn, and process information, including conditions such as autism, ADHD, dyslexia, and anxiety disorders.

Key findings from the report indicate that creating neuro-inclusive workspaces not only supports neuroatypical individuals but also enhances the overall well-being of all employees. Skanska argues that by implementing design solutions that promote sensory

Health Matters

A monthly look at health issues in Hungary and the region

comfort, social interaction, and physical activity, these workplaces can foster a more inclusive and supportive environment for everyone.

Empathy and Understanding

“We have seen a growing interest among tenants and employees in creating more inclusive and supportive work environments. By adopting neuroinclusive design principles, organizations can not only attract top talent but also foster a culture of empathy, understanding, and inclusivity,” says Aurelia Luca, executive vice president of operations in Hungary and Romania for Skanska’s commercial development business unit.

“We believe that prioritizing mental health and well-being in the workplace is essential for creating a positive and productive work environment. Our report not only educates about neurodiversity but also shows many practical solutions and design strategies for different needs,” the executive VP adds.

One of the report’s key recommendations is the implementation of quiet zones within office spaces. These designated areas provide employees with a peaceful environment for concentration and focus, free from distractions, giving them space to think. By incorporating soundabsorbing materials and acoustic partitions, organizations can create tranquil spaces conducive to deep work and productivity. Ergonomic workstations are also a fundamental aspect of neurodiversityinclusive design. Adjustable desks, supportive chairs, and ergonomic accessories help minimize physical strain and discomfort, enhancing employee

“We have seen a growing interest among tenants and employees in creating more inclusive and supportive work environments. By adopting neuro-inclusive design principles, organizations can not only attract top talent but also foster a culture of empathy, understanding, and inclusivity.”

comfort and productivity. Organizations can further support physical well-being by encouraging regular movement and incorporating active design principles into the workplace layout.

Another crucial feature in connection to the ergonomic design is the implementation of dynamic workstations that encourage movement throughout the day. Standing desks, balance boards, and treadmill desks are furniture solutions that promote physical activity and combat the adverse effects of prolonged sitting.

Movement-friendly Features

By providing employees with the option to alternate between sitting and standing positions, workplaces can reduce sedentary behavior and improve circulation, energy levels, and cognitive function. In addition to dynamic workstations, the report

suggests integrating movement-friendly features into the overall office layout. Natural elements like plants and sunlight are another essential component of neurodiversity-inclusive design. Incorporating biophilic elements into the workplace has been shown to reduce stress, increase creativity, and improve overall mood.

In addition to these design strategies, the report emphasizes the importance of creating spaces for social interaction and sensory relief. Designating areas for casual conversations, team collaboration, and relaxation promotes social connections and fosters a sense of community within the workplace. Providing sensory relief spaces such as quiet rooms allows employees to recharge and decompress in a calm and soothing environment.

Furthermore, the report also highlights the need for organizations to prioritize mental health support and resources, including employee assistance programs and wellness initiatives.

Neurodiversity is often an advantage for teams, and companies are increasingly noticing the rationale behind investing in this area. The report shows a range of space-related solutions; some can be implemented when choosing a new office, while others can be implemented immediately by adapting an existing office. The report ends with a brief checklist, enabling businesses to evaluate and assess their own office.

The full version of the report is available in English at neuroinclusive.design/en

A shared open space in a new office.

The Best New Cancer Therapy? The old

one, With Better Targeting

Research examining patient attitudes indicates that a significant part of society views cancer as a “death sentence.” In fact, science has made great strides in recent decades, where significant treatment improvement was achieved in certain common types of cancer, such as breast cancer, provided there is an early diagnosis and prompt treatment.

Even the outcome in less-thanoptimal scenarios has changed for the better: advanced metastatic melanoma skin cancer, a form of disease in which cancer cells have spread to distant tissues, had a fiveyear survival rate of roughly 5% until the 1990s. Chemotherapy agents, used routinely before 2010, rarely elicited a complete response and came with severe adverse effects. Today, 35% of those who start treatment with advanced metastatic melanoma survive for more than five years.

Still, there exist more stubborn types of cancer against which medical science has achieved limited success. HCEMM’s Cancer Genomics and Epigenetics Research Group in Szeged, led by Dr. Lőrinc Pongor, has targeted one of the recalcitrant types: small cell lung cancer (SCLC), which affects a quarter million new patients each year.

One problem with SCLC is that most patients start treatment with the disease already in an advanced stage. Advanced cancer is more than simply a larger number of tumor cells: with time, malfunctioning cells accumulate differences and establish new genetic lineages as they grow and divide.

In the case of SCLC, cancer cells infiltrating distant tissues or transitioning to more resistant forms slash survival rates by 90%

compared to the more responsive and localized stage of the disease. While doctors can initially suppress the tumor, it often becomes resistant to treatment over time, leading to recurrence. This resistance arises because tumors comprise genetically heterogeneous cell populations, where treatment may kill one cell but may be survivable for another. Treatment, although it wins time for the patient, ultimately ends up selecting the most resilient groups that cannot be controlled.

Hunting ‘Fingerprints’

However, researchers in Pongor’s lab are working towards a solution that addresses multiple aspects of

this challenge in one go. Tumors emit various signals into the bloodstream, which act like “fingerprints,” revealing different variants of tumor cells. Once researchers can reliably map these, they can design a treatment to which defective cells are most vulnerable.

The same process is inherently useful not only for planning treatment but as a diagnostic approach as well, since the molecular “fingerprint” used to profile tumors simultaneously signals their very presence.

The Hungarian Center of Excellence for Molecular Medicine is a distributed institute whose scientists develop advanced diagnostics and treatment options supporting healthy aging. Currently, the HCEMM Program is funded by an H2020 Teaming Grant, where Semmelweis University, the University of Szeged and the HUNREN Biological Research Center, Szeged, cooperate with their advanced partner, the European Molecular Biology Laboratory (headquartered in Heidelberg, Germany). The support of the Hungarian Government is also

Currently, oncologists rely on invasive physical sampling (a process that involves reaching deeper tissues by breaking the skin) of a tumor that has already been identified by other means and removing a small cluster of cells for analysis.

The approaches that Pongor’s lab are working on would lead to genetic profiling of tumors without the need for invasively acquired tumor samples. Instead, detection of the tumor would be achieved through blood samples that are routinely collected from patients.

The approaches that Pongor’s lab are working on would lead to genetic profiling of tumors without the need for invasively acquired tumor samples. Instead, detection of the tumor would be achieved through blood samples that are routinely collected from patients. These methods have the potential to detect tumors or even monitor for progression before their size reaches the scope of modern imaging systems.

These methods have the potential to detect tumors or even monitor for progression before their size reaches the scope of modern imaging systems. While new therapies often take in excess of

years to reach the market, the Pongor group’s approach is fundamentally diagnostic, aiming to increase survival by offering better detection and targeting of preexisting therapies. Already commercially available applications are to be expected sooner than any result of similar potential that a new drug development procedure could yield.

essential for the operation of HCEMM, primarily through the Thematic Excellence Program and the National Laboratories Program. HCEMM works at the interface of academic and industrial research on topics related to translational medicine. The goal is to improve the quality of life for an aging Hungarian population while at the same time lowering the cost of healthcare provision through novel applications in the field of molecular medicine. HCEMM Nonprofit Kft., headquartered in Szeged, coordinates its various activities.

Dr. Lőrinc Pongor

Looking to Grow in a Healthy Manner

Péter Haraszti, the founder, owner and CEO of TritonLife Group, discusses the growth of what is now Hungary’s largest private healthcare provider, plans to expand even further,and the challenges and trends in the sector.

BBJ: How was the 2023 business year for you, and how have things been in H1 2024?

Péter Haraszti: 2023 was a year of expansion and growth for us. We doubled our revenue, positioning TritonLife as Hungary’s largest private healthcare provider. Last year, our group achieved net sales of nearly HUF 35 billion, up from HUF 17.5 bln the previous year. HUF 13 bln from this growth was attributed to the acquisition of Fresenius, a significant dialysis company we have already sold. More importantly, we invested in developing several new healthcare sites, amounting to over HUF 5.3 bln. We built a new hospital in Miskolc, opened a heavy imaging radiology center in Veszprém and launched the most modern laboratory in the CEE region. The oldest private clinic in Budapest and the biggest outpatient center in the countryside also joined our network. Regarding specific areas of growth, the number of surgeries across various specialties increased to 12,000 from 9,600 in 2022. We also increased our doctorpatient encounters to half a million, compared to 400,000 the previous year.

BBJ: Do you have specific investment plans for Hungary in the immediate or near future?

Is further expansion on the table?

PH: We founded TritonLife Group to establish a nationwide healthcare provider. By now, we have almost covered the whole country with our services, but there are still some areas where we want to set foot in the countryside. Furthermore, our main objective for the near future is to enter the corporate healthcare market and become a significant player. We are also investing large amounts in digital healthcare solutions such as patient route management,

telemedicine, digital patient data monitoring with IOT devices, and so on.

BBJ: What plans do you have for stepping beyond Hungary’s borders? Are there concrete plans for becoming a regional player?

PH: I believe every successful company with a robust business plan and efficient operations should consider expanding beyond its borders. However, private healthcare presents unique challenges when exporting services internationally. These challenges include varying regulatory environments, differences in healthcare infrastructure, cultural differences in medical practices, and the need for significant local market knowledge. We are actively considering rolling out several digital health, telemedicine, prevention and screening projects internationally.

BBJ: You started working for multinational companies before becoming an entrepreneur and moving into the healthcare field in 2018. What drew you to doing business in this sector?

PH: The Hungarian market was immature and fragmented; I saw business potential in consolidating

Photo by Gábor Stiglincz

and adopting a holistic approach, we advise the necessary screenings and follow that with personalized prevention and lifestyle advice. After that, we don’t leave our patients alone; rather, we measure the results and follow their progress every half a year.

BBJ: Health is, first and foremost, a personal issue. As individuals, we are responsible for our bodies. But should employers do more to promote and encourage healthier lifestyles among their staff?

The Hungarian market was immature and fragmented; I saw business potential in consolidating the sector, and healthcare is, worldwide, a rapidly growing business. I also wanted to be involved in an area where I could help people heal and live healthier lives.

PH: Many people are not mindful enough about their personal health, often neglecting preventive measures and regular check-ups. However, there are encouraging trends towards increased health awareness and proactive wellness practices. For obvious reasons, employers should care about the health of their employees, but this has become more of an expectation and a benefit.

the sector, and healthcare is, worldwide, a rapidly growing business. I also wanted to be involved in an area where I could help people heal and live healthier lives.

BBJ: What are the developing trends for healthcare in Hungary?

PH: Healthcare systems worldwide mainly focus on healing and treatment, just as in Hungary. However, there is an ongoing revolution in medicine internationally that aims to prevent diseases before they occur. The latest evidence-based, personalized prevention and lifestyle practices help us to extend our healthy lifespan by 10, 20, or even 30 years. Our role is crucial in educating our doctors, medical staff, and patients about these prevention practices and personalized screening solutions. These proven practices are effective and can make a real difference in combating the alarming trend in death rates from cancer, cardiovascular diseases or diabetes. We have developed a unique, personalized prevention and lifestyle program. We study our patients’ individual health status and parameters, genetic information and parent’s health history. Based on this information

BBJ: Hungary has a good reputation for training and producing healthcare workers. Do you find it easy to recruit staff in the quantity and quality you need?

PH: It is not easy to find skilled staff in any profession now, but in healthcare, it is even more complicated; by 2030, about 10 million healthcare professionals will be missing from healthcare systems globally. There is also a trend for young doctors to leave their countries of education for more developed countries. I believe that technology, digital health, AI and new preventative measures can help solve this problem in the long term; at least, this is our only hope. TritonLife offers competitive packages, a pleasant working environment, excellent team spirit and the latest equipment and devices for our colleagues. We are the only private provider that has rights given by the state to train doctors and nurses in eight different professional fields. We have impeccable quality standards and operate centers of excellence in six different areas of medicine. We experience that Hungarian professionals with 20-30 years of experience coming home from abroad want to work for TritonLife. That is promising!

BBJ STAFF

Péter Haraszti, founder, owner and CEO of TritonLife Group.

3 Hangodys and 2 Generations at Dr. Rose Private Hospital

Prof. Dr. László Hangody’s father was a general surgeon and two of his three sons are physicians. László Rudolf Hangody and György Márk Hangody, moved into the orthopedic field. While the profession is inherited by many, it is rare for fathers and sons to operate together, as they do at Dr. Rose Private Hospital. The Budapest Business Journal asked the trio about maintaining a family tradition.

BBJ: There is often a family tradition of passing on a love for the medical profession. Was that obvious in the case of your sons?

Prof. László Hangody: I can’t speak for other professions, but I think that in the case of medical dynasties, workplace and professional problems crop up quite frequently in discussions at home. This was the case for my father and me; he was a general surgeon, and I was always interested in locomotor surgery, but

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there were always overlaps around a common theme. In the case of my sons, their specialization is the same as mine.

BBJ: Why did you choose orthopedics?

Prof. László Hangody: My father was at university between 1945-51. It was after this period that specialization within surgery began. He worked as a general surgeon but also performed musculoskeletal surgery, gynecology, and urology. When I started working, locomotor surgery was already a separate field. It was also lucky that arthroscopic surgery started at the beginning of my career (and I had perhaps a little more talent than average for this), and within locomotor surgery, this became a big

trend, accounting for a third of the work. My sons were already born into this.

Dr. László Hangody: I liked that orthopedics was wide-ranging. A wide variety of patients – young, elderly, men, women – and ailments can be cured. At first, I considered gynecology and urology, but eventually, orthopedics won, and I’m glad it turned out that way.

Dr. György Hangody: Medical university was almost inevitable after high school. By then, I was also certain that I wanted a “manual profession,” and I committed to orthopedics during my fourth and fifth years at university. I consider myself very lucky because I love what I do, and the opportunity for development motivates me. In the long run, a good measure

of the value of our work is that preand post-operative X-rays are always taken, and the results can be traced.

BBJ: What is it like to work together? Dr. László Hangody: Working together is, as my brother said, like fruit on a tree that has slowly ripened over the years and can now be harvested. It’s a great happiness, not to mention the security that envelops, professionally and emotionally, when you work with your family members within an operating room and know each other’s “vibrations” exactly.

Dr. György Hangody: It must be a huge source of pride for a father, in my opinion, that we can operate as three Hangodys. I think this is a curiosity.

Prof. László Hangody: It’s a magnificent experience because I see the genetic patterns that I believe I discover in myself. I have already looked back at my journey; I know when it went in the right direction what my difficulties were, and I can also measure my success. I see in my children that they have a talent for certain things, which I help develop. In this sense, our joint work and joint discussions work very well. They accept and sample what I have achieved; obviously, they don’t want to restrict themselves to this level and want to go even further, but they see my professional work and can judge what I did well and what they would like to do differently.

From left: Dr. László Hangody, Prof. László Hangody, and Dr. György Hangody.

How Healthcare Data Could Change the Game in Europe

Once data can move freely in the European Union as goods, services, capital, and people already do, it could turbocharge competitiveness. Hungary’s EU Presidency offers the opportunity to put the issue high on the agenda.

The wheels have been set in motion: the EU is gearing up to reap the benefits of the data economy in healthcare. The primary platform to make that happen is the European Health Data Space (EHDS), which is designed to deliver an EU-wide system for citizens’ health data.

Zsolt Bubori, ecosystem lead for Hungary of the European Institute of Innovation and Technology Health Innostars (an EU body), explains to the Budapest Business Journal that a new infrastructure will be established to gather all the relevant patient information anonymously. That could pave the way for extensive research and a nearly unlimited number of use cases.

“Hungary is in a unique position because, unlike many other member states, we already have a functioning platform that puts us ahead of competition,” he says.

Although that e-space is not perfect since neither its structure nor its search functions are fully optimized, it is a promising starting point.

“We have around two-to-three years to make the most of this edge. So, we don’t have much time to equip stakeholders to be fully ready by the time the market opens.”

Healthcare is a one-of-a-kind position; its data can’t be compared to that gathered on weather, say, or traffic conditions. Conflicts of interest exist, as do rival lobbies, and it is a politically sensitive issue. The prevention of data misuse makes matters even more complicated, not to mention the role of artificial intelligence, which could pose an extra layer of risk. Using AI wisely is of crucial importance, though.

“Data has the potential to transform healthcare in Europe by feeding into

groundbreaking research and training advanced AI models, which can improve diagnostics or accelerate drug development,” Bubori explains.

Rapid Pace

“The rapid pace at which digital-native pharmaceutical compounds reach clinical trial phases and the prevalence of AI in radiology, reducing diagnosis times, highlight the gains possible with effective data use.”

In a new EIT Health Think Tank report, experts looked at potential hurdles and solutions regarding the implementation of the EHDS across Europe. According to its findings, understanding among critical stakeholders and public acceptance are generally low, particularly on the relationship between primary and secondary data use.

The paper recommends concerted public awareness-raising efforts on the contents and rationale of the regulation, particularly surrounding the use of data to drive critical innovation in the sector.

To close the loop on primary and secondary data use, it recommends that health data access bodies should “facilitate data traceability to foster trust in the new outputs and technologies to be fed back into healthcare.”

In Hungary, the digital transformation of healthcare also faces challenges.

The report found that healthcare data is theoretically purchasable but practically inaccessible, so efforts are now directed towards engaging hospitals and other willing data holders in consortia to demonstrate the benefits of data sharing and thus foster a bottom-up approach to gaining wider acceptance.

“It is essential to provide effective European-level responses to the issues of primary and secondary use of health data while ensuring the sovereignty of member states in data management,” says Antal Kuthy, CEO and founder of E-Group.

are sustainably returned to those who contributed their data,” Kuthy says.

Proper Funding Needed

by

“As technology advances, it becomes increasingly important to generate knowledge from distributed data without centralization. This so-called ‘federated’ approach ensures data protection and local control, which is crucial for fostering the trust necessary for innovation and for positioning Europe strongly in the healthcare applications of artificial intelligence. We must also ensure that the value and knowledge thus created

The EIT Health experts also concluded that the EHDS has the potential to revolutionize European healthcare, but without adequate funding, it will likely remain unrealized. As Europe strives to strengthen its position as a global leader in healthcare innovation, sufficient resources must be allocated to initiatives such as EHDS to drive progress and improve the health and well-being of European citizens.

It is argued that current funding is currently misaligned with the ambition outlined by the European Commission and the financial commitment from some member countries falling short of the necessary level to support healthcare and infrastructure developments.

Bubori, in turn, emphasizes the significance of the healthcare data assets for which a national data strategy is being crafted as we speak.

“Ideally, we should have our own enterprises that can offer secure datadriven services by the time the EHDS is fully up and running. It could be a game changer for the economy,” he argues.

Given that competitiveness is one of the buzzwords of Hungary’s EU Presidency, which started on July 1 and will last for six months, this could also provide a boost to the cause. According to Bubori, this could be an excellent opportunity to push the issue to the forefront.

“It would be a great achievement to underscore with well-founded arguments and detailed scenarios how the EU’s competitiveness would improve by utilizing healthcare data.”

Photo

EIT Health

Zsolt Bubori, ecosystem lead for Hungary of the European Institute of Innovation and Technology Health Innostars

Private Hospitals and Clinics

Ranked by total net revenue in 2023

1 TRITONLIFE CSOPORT tritonlife.hu 34,902 TritonLife Holding Zrt. Obstetrics, gynaecology, orthopaedics, urology, abdominal surgery, internal medicine, radiology, hand surgery, gastroenterology, spine surgery, paediatrics, neonatal medicine, occupational health, plastic surgery, breast oncology, anaesthesiology, cardiology, ear, nose and throat, proctology, endocrinology

2 SYNLAB HUNGARY KFT. www.synlab.hu

3 MEDICOVER EGÉSZSÉGKÖZPONT www.medicover.hu

19,943 (2022) Medicover Egészségközpont Zrt.

4 BUDAI EGÉSZSÉGKÖZPONT

www.bhc.hu 17,713 Budai Egészségközpont Zrt.

Laboratory tests, internal medicine, dermatology, bone densitometry, ODM, CT scans, dietetics, endoscopy, physiotherapy, dentistry, ENT, gastroenterology, paediatrics, physiotherapy, gastroscopy, cardiology, mammography, MRI scans, neurology, gynaecology, vaccination centre, vaccinations, orthopaedics, proctology, psychiatry, pulmonology, rheumatology, surgery, septin colorectal cancer screening, ophthalmology, traumatology, ultrasonography, urology Translated with DeepL.com (free version)

Addictology, allergology, anaesthesiology, internal medicine, dermatology, diabetology, dietetics, endocrinology, dentistry, ear, nose and throat, gastroenterology, spine, spinal surgery, therapies, physiotherapy, hand surgery, haematology, hepatology, neurosurgery, immunology, infectology, infusion therapy, joint injection therapy, cardiology, nephrology, neurology, gynaecology, oncology, orthopaedics, plastic surgery, proctology, psychiatry, psychology, pulmonology, radiology, rheumatology, surgery, ophthalmology, urology, vaccinations

5 DOKTOR24 CSOPORT www.doktor24.hu 14,400 Doktor24 Medicina Zrt. Orthopaedics, ENT, surgery, occupational health

6 AFFIDEA DIAGNOSZTIKA www.affidea.hu 10,197 (2022) Affidea Magyarország Kft.

Diagnostic imaging: CT, MR ultrasound, X-ray, mammography, bone density measurement, isotope diagnostics, allergology, internal medicine, dermatology, diabetology, occupational health, otorhinolaryngology, cardiology, gynaecology, rheumatology, aviation medicine, surgery, sports medicine, ophthalmology, urology, laboratory tests

In-hospital surgical care, health insurance, dentistry, vaccination center, MRI, CT, ODM international medical tourism 1993 850 MI Hungary Kft. (100)

Lajos Károly Fábián, Gergely Lajos Fábián, Péter György Haraszti Zoltán Tóth Kinga FábiánKovács

Bonitás 2002 Zrt. (100)

László Benedek, Katalin Juhász, János Rózsás

István Csernavölgyi Anett Végh András Kiss

370 Róbert Lancz, János Kóka (100)

Screening, weight clinic, research and development, health insurance advice, physiotherapy, manual therapy, physiotherapy

András Unger

1134 Budapest, Róbert Károly körút 64–66. (70) 659-8888 kapcsolat@ tritonlife.hu

1211 Budapest, Weiss Manfréd út 5–7. (1) 588-8500 ugyfelszolgalat@ synlab.com

1134 Budapest, Váci út 29–31. (1) 465-3100 info@medicover.hu

Affidea Diagnostics B.V. (100)

Razvan-Alexandru Predica

1126 Budapest, Királyhágó utca 1–3. (1) 489-5200 info@bhc.hu

1134 Budapest, Váci út 37. (1) 443-3200 ugyfelszolgalat@ doktor24.hu

1083 Budapest, Bókay János utca 44–46. (1) 803-6464 –

7 DR. ROSE MAGÁNKÓRHÁZ https://drrose.hu 6,658 Dr. Rose Magánkórház Kft.

Allergology, anaesthesiology, audiology, internal medicine, dermatology, diabetology, dietetics, endocrinology, vascular surgery, gastroenterology, otorhinolaryngology, neurosurgery, immunology, infectology, cardiology, neurology, gynaecology, orthopaedics, aesthetics, plastic surgery, proctology, psychiatry, pulmonology, radiology, rheumatology, surgery, ophthalmology, urology

Complex outpatient and inpatient care, diagnostic tests, preventive screening tests, annual card packages, surgeries, rehabilitation, corporate health services, health insurance packages, occupational health, international vaccination center

Holding GmbH (100)

Kornél Papik György Kőfalvi Judit Aba

1051 Budapest, Széchenyi tér 7–8. (1) 377-6737 info@drrose.hu 8 LIV

5,200 Duna Medical Center Kft.

Andrology, anaesthesiology, internal medicine, dermatology, diabetology, dietetics, ear, nose and throat, pain clinic, occupational health, gastroenterology, paediatrics, haematology, cardiology, infertility, nephrology, neurology, neurosurgery, gynaecology, obesitology, oncology, orthopaedics, plastic surgery, proctology, psychiatry, radiology, rheumatology, surgery, ophthalmology, pulmonary medicine, urology), obstetrics, surgical solutions, First Care Service Translated with DeepL.com (free version)

Wáberer Medical Center Kft.

Robotic surgery, orthopaedics, gynaecology, laboratory, dermatology, MRI, CT, gastroenterology-endoscopy, urology, cardiology, ultrasound, internal medicine, ophthalmology, mammography, occupational health, ear, nose and throat, anaesthesiology, plastic surgery, endocrinology, physiotherapy

Manager screenings, pulmonology, paediatrics, neurology, andrology, rheumatology, DEXA, hepatology, paediatric orthopaedics, diabetology, general and trauma surgery, traumatology, sleep diagnostics, infectology, oncology, neurosurgery, lipidology, obesitology, paediatric otorhinolaryngology, paediatric dermatology, hand surgery

HIGH YIELD Zrt. (78.62), individuals (21.38)

Róbert Mári Ádám Varga Tamás Princz

info@ dunamedical.com

1123 Budapest, Alkotás utca 55–61. (1) 323-7000 info@wmc.hu

Richárd Lévai

10 SWISS PRÉMIUM EGÉSZSÉGKÖZPONTOK www.swissclinic.hu

3,343 Swiss Medical Hungary Zrt.

11

POZITRONDIAGNOSZTIKA KÖZPONT www.pozitronmedical.hu

2,778

PozitronDiagnosztika Kft.

12 EMINEO MAGÁNKÓRHÁZ www.emineo.hu 2,544 Emineo Egészségügyi Szolgáltató Kft.

13 K-MED KFT.

14 RMC CLINICS www.rmc.hu 1,608 RMC Medlife Holding Kft.

Allergology, anaesthesiology, internal medicine, dermatology, family medicine, diabetology, dietetics, endocrinology, headache outpatients, dentistry, occupational health, ENT, gastroenterology, paediatric obesitology, paediatrics, haematology, hepatology/ transient elastography, immunology, cardiology, hand surgery, laboratory diagnostics, mammography, breast surgery, nephrology, neurology, gynaecology, orthopaedics, periodontology, plastic surgery, proctology, psychiatry, pulmonology, rheumatology, radiology, surgery, sports medicine, oral surgery, ophthalmology, ultrasound, urology

PET/CT, CT, MR, Cardio-CT, complex breast diagnostic screening, ultrasound, cardiology, complex Alzheimer's screening, gastroenterology, vascular surgery, proctology, endocrinology-diabetology, laboratory tests, aspiration cytology

Orthopaedics: knee surgery, ankle-foot surgery, hip surgery, hand surgery, shoulder surgery, spine surgery, trauma surgery, general surgery, paediatric surgery, neurosurgery, vascular surgery, neurology, rheumatology, cardiology, dermatology, radiology, paediatric pulmonology, paediatric orthopaedics

Surgeries, gastroscopy, colonoscopy, occupational health

1123 Budapest, Táltos utca 15. (1) 225-0566 info@swissclinic.hu

16 FOCUS MEDICAL

LÉZERES LÁTÁSJAVÍTÓ KÖZPONT www.focusmed.hu

17 MEDOC EGÉSZSÉGKÖZPONT ZRT. balint.adam@ medocklinika.hu

1,316 Focus Medical Egészségügyi Szolgáltató Kft.

1,157 MeDoc Egészségközpont Zrt.

Complex outpatient care with 60 specialties, a day surgery center, a fetal medicine center, a paediatric center, a dental

General practitioner, internal medicine, paediatrics, gynaecology, orthopaedics, cardiology, dermatology, ophthalmology, gastroenterology, otorhinolaryngology, pulmonology, physiotherapy, urology, psychology, psychiatry, surgery, neurology, telemedicine

Laser vision correction treatment, cataract surgery

Allergology, angiology, internal medicine, dermatology and paediatrics, diabetology, breast diagnostics, endocrinology, vascular surgery, occupational health, ENT, gastroenterology, paediatric cardiology, immunology, cardiology, neurology, gynaecology, orthopaedics, pulmonology, radiology, rheumatology, day surgery, ophthalmology, urology

Radiology: X-ray, ultrasound, laboratory 2011

Zsolt Knoll, Kálmán Fábián, Veronika Börzsei-Knoll (100)

András Kókay Gábor Gombos Alma Arató

Veronika BörzseiKnoll, Zsolt Knoll, Zoltán Miklovicz

Halmai

Gyula Csermely Miklós Barta Krisztián Potyó

58 Nimród Kovács (9) American Clinics International Inc. (91) Dennis A. Diokno Andrea Vízvári –

István Ferincz

1117 Budapest, Hunyadi János út 9–11. (1) 505-8888 info@pet.hu

1016 Budapest, Hegyalja út 7. (1) 773-3333 emineo@emineo.hu

1118 Budapest, Ménesi út 57. (1) 250-5505 info@ sasszemklinika.hu

1026 Budapest, Gábor Áron utca 74–78. (1) 392-0505 info@rmc.hu

1015 Budapest, Hattyú utca 14. (1) 224-9090 info@ firstmedcenters.com

1990 13 K–Med Kft. (100)

Laser aesthetics, gastro- and colonoscopy, cystoscopy, manager screening 2008 42 (100) –Ádám Bálint Erika Vekerdi Sándor Forgács

1007 Budapest, Margitsziget, Ensana Thermal Hotel (1) 450-3333 info@focusmed.hu

1134 Budapest, Lőportár utca 20/A (1) 783-6004 www.medocklinika.hu

18 TRITONLIFE ISTENHEGYI MAGÁNKLINIKA www.ihklinika.hu 1,129

Istenhegyi Magánklinika Zrt.

19 PROFESSIONAL GASZTROENTEROLÓGIAI CENTRUM www.professionalrendelo.hu 537 Professional Orvosi Kft.

Day surgery, endocrinology, gynaecology, ultrasound, ENT, gastroenterology, vascular surgery, urology, dermatology, paediatrics

Paediatric specialties, aspiration cytology, intimal laser incontinence treatment, linear shockwave therapy, NightLase laser anti-snoring therapy, plastic surgery 1994 17

Gastroenterology, internal medicine, endocrinology, proctology –

Rudas Holding Kft. (75), Mihály Kollár (25) –

András Pálné László (50), András Pál László (50)

László Rudas, Mihály Kollár Antal Nikl Zsolt Dömötörfy

Márton László

Zsuzsanna Kövesd

Ferenc Somlai

1125 Budapest, Istenhegyi út 31/B (1) 224-5424 info@ihklinika.hu

1037 Budapest, Bécsi út 85. (1) 317-0631 info@ professionalrendelo.hu

1119 Budapest, Than Károly utca 20. (1) 205-0205 kelen@kelen.hu

1042

cardiology, laboratory diagnostics, gynaecology, orthopaedics, rheumatology, ophthalmology, urology, ultrasound, proctology, neurosurgery, dietetics, aesthetic treatments

Árpád út 47. (20) 554-1498 recepcio@ oxygenmedical.hu

1085 Budapest, József körút 37–39. (1) 317-8175

András Kirschner

4 Socialite

House of Music Hungary 1st Port of Call for Traveling ‘Divas & Icons’ Show

Hugely popular when it was first shown at London’s Victoria and Albert Museum (V&A), the “Divas & Icons” exhibition will be at the House of Music Hungary until Sep. 15. The show features the original outfits of icons old and new from Marilyn Monroe and Edith Piaf to Billie Eilish and Rihanna along with Hungarian divas including Lujza Blaha, Katalin Karády and many more.

Hollywood divas, including Zsazsa Gábor. Telling their stories personalizes how femininity and women’s rights evolved.

The second act celebrates the modern diva from six different perspectives, focusing on, as Horn told me, “revolutionary performers who, with their art, voice and identity, serve change and the development of society.”

As befits the HOMH’s remit, Horn said, “We have adapted the exhibition to include the life stories of outstanding Hungarian actresses, opera singers and performers whose lives and careers fit Kate Bailey’s original themes.”

Captivating Attractions

The result is an exhibition that should captivate fans of film greats like Marilyn Monroe and Elizabeth Taylor, divas such as Cher, Tina Turner and Madonna, and newcomers including Rihanna and Billie Eilish. But, for Hungarians, there’s an extra added attraction.

“I’m very pleased that we managed to borrow Freddie Mercury’s stage costume from Queen’s 1986 tour for our exhibition,” a delighted Horn said. “When I saw that Freddie appeared in ‘Divas & Icons’ at the V&A, I told Kate Bailey that he’s a much-loved icon here and giving him more of a presence here in Hungary would be most appropriate. Kate connected us with a collector of Mercury memorabilia who lent us the outfit.”

DAVID HOLZER

Much more than simply a story about fashion, the exhibition shines a spotlight on the extraordinary power and creativity of these leading women and charts how the diva concept developed.

When the exhibition, which features world-class visuals, was officially opened on May 18, HOMH managing director András Batta said, “It is a great recognition for the House of Music that we were able to bring such a grandiose, high-quality international exhibition [to Hungary].”

Speaking to the Creative Boom website, V&A curator Veronica Castro explained that the show came about when lead curator Kate Bailey decided to create an exhibition that placed the story of the female performer center stage. “This would enable us to interrogate the diva concept and reclaim the term from its original Latin meaning for the 21st

century

and today’s global rock and pop megastars,” she said.

Diva originally meant goddess. Today, according to Castro, “it’s become a term for individuals with attitude, a strong sense of self, dedicated to their craft and their audiences. […] These exceptionally talented, hardworking and trailblazing performers have been given a voice and a platform, with which many not only entertain but also lead, influence and inspire through

their courage to question the status quo, push boundaries, shine a light on injustice and express themselves fearlessly.”

The resulting exhibition, which includes stage sets for Tina Turner, Cher and Pink, was a resounding success, with the U.K.’s daily conservative newspaper The Telegraph calling it “an immersive, memory-stirring, son-et-lumière extravaganza.”

I recently spoke to Márton Horn, HOMH Director, about how “Divas & Icons” came to Hungary.

Professional Relationship

“We have a good professional relationship with the V&A as a partnering institution, and we’re thrilled to be the first outside London to host this fabulous, highly relevant exhibition,” Horn explained.

“I find it very significant that barely two years after the opening of House of Music, such a large-scale and internationally significant institution as the V&A deemed us suitable to be the first to present this stunning material. I’m confident the exhibition is unique in the region,” he adds.

“Divas & Icons” explores the role of female performers in society from the 19th century to the present day. Among its themes are how women can thrive in the male-dominated world of music and film and how modern performers use their voices for social and political change.

The exhibition is divided into two “acts.” In the first, the emergence of the diva is placed in the context of the 19th century.

We move from opera divas to dancers such as Josephine Baker and Gabriella Lakatos, who liberated the human body, to

Mercury won Hungarian hearts when Queen played Budapest on July 27, 1986, when the country was still a communist dictatorship. On the appropriately named “Magic Tour,” the last the band played with its original lineup, Mercury sang the first verse of the beautiful folk song “Tavaszi szél vizet áraszt” (“Spring Winds Bring Water”) to the audience in Hungarian.

Memorabilia from other male stars include Elton John’s costume decorated with semi-precious stones and a pair of Prince’s iconic shoes. Hungary is represented by János Kóbor and Ferenc Demjén, known for their flamboyant stage presence.

“Divas & Icons” is only the latest success for the HOMH. In the past two and half years, it has been visited by more than

2.5 million people and rapidly become a cornerstone of Hungarian cultural life. As the Divas exhibition demonstrates, it’s also become a player on the international stage.

Well-known, highly regarded musicians, including Laurie Anderson, Bill Frisell and The Comet is Coming, have performed at HOMH. Alongside exhibitions and the performing arts, HOMH offers a musical education series.

“We offer programs that appeal to everyone, from the youngest to the oldest, to make sure that people want to come back,” Horn said.

You can learn more about “Divas & Icons” and the full program at the House of Music Hungary, including the mostly free summer concerts on its outdoor stage, on the English-language version of its website, zenehaza.hu/en.

An outfit worn by one of local diva Magdi Rúzsa.

Photo by György Palkó / Magyar Zene Háza

The jacket worn by Freddie Murcury during his Queen concert in Budapest in 1986.

Photo by György Palkó / Magyar Zene Háza

Budapest’s Theater Under the Stars

Since 1938, Margaret Island Open-Air Theater has been the nation’s largest theater. Initially, it was a summer venue for the Opera House and the National Theater. Now an independent entity, it’s a popular site for classical and pop music productions and cultural events from May to September. The Budapest Business Journal lifts the curtain with the help of the theater’s head manager, Teodóra Bán.

BBJ: This year’s repertoire at Margaret Island is again quite eclectic.

Teodóra Bán: This year’s program showcases diverse genres: theater, concerts, modern dance, classical and popular music performers, ballet and opera. We proudly offer the Hungarian public international sensations like Jonathan Tetelman in “The Great Puccini” opera gala. There will also be “Swan Lake,” and the company of world-renowned dancer-choreographer Antonio Gades brings us his production of “Carmen.” Vivaldianno’s “Shining Venice” program will unveil a unique and completely innovative visual concept.

BBJ: Wouldn’t it be simple to remain in the field of classical music, staging only opera and ballet performances and organizing classical concerts?

TB: If we only performed classical music, we couldn’t fill the theater (which seats 3,000) for four months. There simply isn’t a large enough audience for classical music in Hungary. There is another reason: Look at the age range of those attending the Palace of the Arts, the Music Academy, or the Opera House; most audience members are older. We want to offer events for young people as well. With popular music

concerts, we can introduce them to this gorgeous environment, hoping they will return later for other shows.

BBJ: Organizing so many performances, making agreements with artists from abroad, and coordinating productions takes time. When do you begin shaping the season? And on what basis do you choose productions?

TB: Agreeing with a foreign production takes one or two years, so my teams and I work non-stop all year. Thanks to the internet, everything is accessible. I’m always exploring what is happening in the cultural world: what are the trends and premieres? I choose what interests us from the selection, and then my colleagues look into their availability. Naturally, there are personal relationships, too. Unfortunately, there are many productions we cannot bring to Margaret Island. Maybe the artist’s fee is so high that we cannot pay it, or the production is simply too big. While this is the biggest theater venue in the nation, we have a smaller capacity than the MVM Dome or the Papp László Budapest Sportaréna. The most expensive productions are out of our league. Although our theater receives operational support, it is not enough to spend on costly shows.

big dreams. This theater meant a lot to me. I performed on this stage when I was nine years old. I danced the role of a Chinese girl in the operetta “The Land of Smiles.” Later, I performed here several times as a dancer, and I choreographed performances. My application that year was for a large spectacle theater with glass corridors and a semi-covered auditorium. What we finally managed to implement out of these grandiose plans in 2013 was to renovate and modernize the entire theater, of course, with less money than my dream building would have cost. Since it is a landmark building, we didn’t demolish anything. We added air-conditioned dressing rooms, two large rehearsal rooms, set storage and replaced the stage entirely. Also, a large spectacle roof was built, which looks amazing. The backstage area has been transformed and made comfortable according to today’s needs, and we can now welcome foreign artists and troupes. The auditorium has also been renovated. Pristine white chairs await spectators, and the Water Tower has also been renovated.

BBJ: You are a seasoned player on the Hungarian cultural scene. Has much changed in the habits of viewers over the decades?

TB: Yes, much has changed. In 1992, I established my enterprise in the cultural field, creating the V.I.P. Arts Management production office. We organized Budapest’s Summer Opera and Ballet Festival and the Opera Ball. At that time, financing, support, and the role of sponsors and ticket sales all worked differently. If something appeared on the placard, people immediately bought tickets in advance so they were sure to have a seat. There was not such a vast array of cultural offerings as now. Today’s viewers decide and commit themselves at the last moment. They don’t plan and purchase in advance. Competition has also heightened among theaters. Everyone is striving for full houses. It is a battle for spectators. Much must be spent on marketing and advertising.

BBJ: Twenty-one years ago, when you became leader of Margaret Island Theater, what was the most significant challenge?

TB : At that time, the Margaret Island Theater building was in terrible condition, which I only found out later. When I applied for the leadership position, I had

BBJ: You are an experienced and successful businesswoman, but also had a successful career as a ballet dancer, with lead roles at the Opera House. What is similar about these careers? What are the qualities that helped you to succeed in both fields? TB: Many things in life depend on luck and the opportunities that fate offers you, but it also depends on what you do with them. There are few times in my life when I wanted something. Usually, an opportunity came along, and I seized it. As ballet artists, we were locked in an unconscious state of mind. We only concentrated on roles, practice, and technical solutions. We did not pay much attention to what was happening outside. We were fanatical professional barbarians, but there was no other way to do that career. I had a goal I wanted to achieve and I fought for it with determination. This is still the case today. Struggling and achieving the goal at all costs are also hallmarks of my current professional life. Dance and company management are lonely genres, and this loneliness, in a positive sense, has always been characteristic of me. Since I was nine years old, when I entered the Ballet Institute, I always felt alone. My career was like a giant roller coaster. Some things worked out, others didn’t, but the pressure made me stronger and formulated my character, giving me motivation. When we created the opera festival, I still danced a lot. I also had a ballet school. I like being an entrepreneur. I like the excitement, and I am interested in challenges. Even today, I always want to do more, driven by inner curiosity. I spend plenty of time reading, thinking, and seeing the world, so I can hold my own in my work and do something that will benefit others. Of course, I have my family and colleagues around me, but I have to make decisions on my own regarding work. If I want things to progress and everything to work well, I must commit to the tasks.

Teodóra Bán

Chamber of Commerce Corner

This regular section of the Budapest Business Journal features news and events from various international business chambers. For further information and to register for specific events, visit the organizing chamber’s website. If you have information for inclusion on this page, send an email in English to Annamária Bálint at annamaria.balint@bbj.hu

Italian Chamber of Commerce for Hungary (CCIU)

The CCIU is again a key player in the InBuyers project, an initiative created by Promos Italia in collaboration with the chamber in Hungary, which supports SME Italian businesses in their internationalization process. An industryspecific calendar of online business matching sessions allows selected Italian companies to meet potential Hungarian counterparts and enter key international markets. After collecting registrations for each event, the InBuyer Team will search the identified sector clusters for Hungarian operators interested in an introductory

meeting. The service is provided through the B2B matching platform BMatch. After registering, companies can create an online showcase to present their company profiles and products. In case of mutual interest, companies will have the opportunity to test their interest in the products and propose meetings with potential counterparts. InBuyer covers a wide range of industries, with the next meeting on July 9-11 focussing on frozen food. Upcoming meetings of InBuyer2024 are: Sep. 25-26: Cosmetics, Oct. 8-10: Bio Food, Oct. 23-24: Furniture, Nov. 5-7: Wine.

The Swiss-Hungarian Chamber of Commerce (Swisscham)

On July 2, Swisscham launched its Holinstinct webinar series. The topic of the first episode was “Agile Living: Productivity and Well-being Without Burnout.” After a short welcome speech by Júlia Lipovecz, director of Swisscham Hungary, and the introduction of the two speakers, Bernadett Treso and Maria UdvardiGocs, both from Switzerland, a presentation followed that generated a lot of interest among members. The Holinstinct startup was created based on many years of experience in the corporate world. It aims to promote health at the workplace using a holistic approach. In the second part of the webinar, a detailed presentation of the Holinstinct project covered the advantages and disadvantages of an agile lifestyle and work style, the role of managers in preventing and managing burnout, and stress management techniques. A Q&A session followed the presentation and outlined the second part of the series, which will take place on Aug. 27, with details to follow.

Hungarian-French Chamber of Commerce and Industry (CCIFH)

Netherlands-Hungarian Chamber of Commerce (Dutcham)

Dutcham will hold its next networking lunch on July 16, this time hosted by W Budapest. The lunch will include one new bento box offering of your choice from the hotel’s Nightingale by Beefbar eatery, plus one soft drink and coffee. A tour of the hotel will follow for those interested. A second lunch will be held on Aug. 6.

• When: July 16, noon-2 p.m. • Where: W Budapest, Andrássy út 25, Budapest 1061 • Fee: Members HUF 8,500 (incl. VAT); non-members: HUF 11,500 (incl. VAT)

American

In celebration of its American heritage, AmCham hosted a lively family party on Sunday, July 7, at Öbölház, in the alluring green surroundings of Kopaszi Dam. The event welcomed nearly 200 adult

The CCIFH cordially invites you to join its season-opening reception and new members’ presentation networking event. English- and Hungarian-language guided tours of the five-star Pullman Budapest hotel are also scheduled.

• When: Tuesday, Sep. 17, from 6-8 p.m. • Where: Pullman Budapest, Nagymező utca 38, Budapest 1065. • Fee: to be confirmed

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH will host its annual “Sailing Balaton” event. This exclusive event for members has become a beloved summer tradition. Guests will enjoy a three-hour sailing tour aboard the legendary “Nemere II,” renowned for its elegance and speed. Built over half a century ago at the Balatonfüred Shipyard, the “Nemere II” has a storied history, including a long-standing speed record at the famous Kékszalag (Blue Ribbon) Regatta. It remains one of the most beautiful and admired boats on Lake Balaton. This event continues to be a highlight, offering a memorable experience on the stunning waters of Lake Balaton.

Chamber of Commerce in Hungary (AmCham)

and child guests to enjoy the day in good company. The program included a special Fourth of July menu, face painting for children, and a selfie corner where participants could capture memorable moments.