Hungarian-owned medical technology manufacturer Medicor Elektronikai Zrt. inaugurated its new manufacturing and development hall on Tuesday, 18 July. In his remarks at the event Minister of Finance Mihály Varga highlighted that the government provided support from the Healthcare Industry Support Programme for the 1.3 billion Hungarian forint investment creating 50 new jobs.
Mihály Varga emphasised that in times of war raging in a neighbouring country and amid other types of dangers, the significance of independence had grown. From that perspective, Therefore, the establishment of a health industry manufacturing facility in Hungary is a particularly significant achievement. According to the minister, such market successes give grounds to optimism in terms of the future.
The minister pointed out that it is becoming increasingly evident across the continent that Europe’s prospects are currently unfavourable due to the ongoing war and sanctions. However, the Hungarian economy has managed to rebound at a record speed even after the global pandemic. Now, after the wartime shock, the economy is expected to return to the previously familiar path of balanced growth of around 4 per cent as early as next year, the minister stated. Mihály Varga highlighted the resilience of the Hungarian economy, with high employment, low unemployment, an outstanding investment rate within the EU, and decreasing inflation that will be pushed down to single digits before the end of the year.
Mihály Varga recalled that during the pandemic, it became clear that
Hungary needed to increase its self-sufficiency in the health industry.
Therefore, in 2020, the government launched the Healthcare Industry Support Programme, which also made Medicor’s investment possible.
Medicor, one of the flagship companies of the Hungarian health industry, conducts substantial research and development activities, developing new respirator systems and prototypes, the minister emphasised.
Medicor President and CEO Arnold Steiner presented the company’s new developments: a mobile hospital and a new mass respirator, both of which have been approved by National Institute of Pharmacy and Nutrition. The system is capable of functioning in peaceful conditions for the renovation of intensive care hospital rooms and also as a stand-alone hospital in crisis and wartime situations. Additionally, the company has developed a container that can be used in mobile hospitals, which can produce medically pure oxygen and compressed air from the surrounding air. The system also includes a self-sustaining power generator, ensuring continuous power supply. The system operates under the trademark ‘Massventil’ and includes a data collection system that aggregates patient data and displays it centrally for nurses and attending physicians, as well as remotely accessible data for on-call doctors.
The project’s goal is to establish and make operational a mass respirator that can be used to ventilate a large number of patients simultaneously in crisis situations.
Responding to a question from MTI, Arnold Steiner explained that it took approximately two years for the system to progress from the idea phase to the development of the prototype. The technology
developed by experts from the Óbuda University was implemented and turned into a marketable product by Medicor.
Steiner said that the new development could be an important addition to the group’s product portfolio alongside neonatal medical instruments.
The 3,000 square meter manufacturing and development hall is equipped with four high-performance heat pumps for heating and cooling. The hall’s electricity supply is provided by solar panels installed on the roof, enabling the facility to operate entirely on renewable energy.
Medicor Elektronika Zrt. is a member of the Medicor Group, a leading manufacturer and distributor of medical devices and healthcare equipment in Hungary. In addition to hospital instruments, it also produces home diagnostic products such as digital blood pressure monitors, blood glucose meters, and digital thermometers. The company’s net revenue was 1.205 billion Hungarian forints last year, down from 1.336 billion in the previous year. At the same time, the after-tax profit increased to 287.9 million forints from 260.7 million forints.