“After our foundation, the entrepreneurial spirit was clearly over the top, and things really had to cool down to start a sensible long-term project. Now, 27 years on, MEDITOP has become a real success story. We are the leading name in pharmaceutical manufacturing in Hungary and strive to take on the large international players,” points out Managing Director Dr. Zoltán Ács, who, together with Dr. David Greskovits and two partners, set up MEDITOP in 1991.
In 1995, Dr. Ács and Dr. Greskovits started again with just the two of them at the helm of MEDITOP. “Since then, we have experienced constant growth, and prospects are still excellent. Last year, we generated turnover of seven billion HUF, and this year the figure will likely jump to between eight and nine billion HUF.”
While in the early days, contract manufacturing had been the company’s main activity, MEDITOP has continuously widened its portfolio. After the change of leadership, it was the first private pharmaceutical company to receive the manufacturing licence to produce a medical product on a contract basis. New customers and new products followed.
“We started working for the big names like Ciba-Geigy, Merck, Darmstadt, Astamedica, AstraZeneca, Novartis and the like,” notes Dr. Greskovits. “For instance, for Ciba-Geigy we started a collaboration for the primary and secondary packaging of their products. We also began to acquire products which large players sold off because they were unprofitable for them.”
Moving forward all the time – this is the only way for us. We have to grow and find new markets. Dr. David GreskovitsManaging Director
In 1998, MEDITOP launched the first product developed inhouse onto the market. “Since 2003, at the end of the partnership with Novartis, which was the company’s biggest partner, the loss triggered new research and development activities. We rely on our knowledge capital that has laid the foundation of what we are today. It has enabled us to build the company and let it flourish. All our earnings are reinvested to fund new technologies, capacities and medical development projects. We have registered about 13 pharmaceutical patents since our foundation two decades ago,” says Dr. Ács.
“Indeed, in the last six years alone, we have invested more than three billion HUF to broaden our product portfolio, implement new production technology, and install new infrastructure and a state-of-the-art energy supply system. For our R&D activities, we have invested almost the same amount. Investments are important to keep us heading for the top,” stresses Dr. Greskovits. “You cannot just rest on your laurels. It takes 100% commitment to go forwards. We must explore new markets.”
For the next two to three years, MEDITOP expects a strong upsurge in demand for contract manufacturing. “We are highly flexible and can even offer the production of solid medications including development. Even small batches of medicines are available at short notice,” says Dr. Ács. “You will find our products either under our client’s name or under our own brand name.”
MEDITOP developed Nasopax, a dosing-valve nasal spray for adults and children, following six years of joint research with the Pediatric Clinic of Semmelweis University in Budapest. “We have finally sold the brand and the product to a partner, and it has become one of our most successful brands,” adds Dr. Greskovits. “Another new OTC product is Intestal, a medicine for diarrhoea. The active ingredient in Intestal yields huge turnover in the USA, and in Europe we were the first to launch the solid medication on the market.”
Within the next five years, MEDITOP aims to become the regional partner to large pharmaceutical companies and in turn establish itself as a trustworthy partner in the European market. The foundation for success has been laid.