Hungarian Joint Venture For Eli Lilly

Human Serum and Pharmaceutical Manufacturing Rt of Hungary (which produces blood derivatives, human vaccines and infusion solutions) and US drugs major Eli Lilly have set up a joint venture in Hungary to be known as Medco Kft.

Medco Kft will produce antibiotics worth about 100 million forint (nearly $1 million) annually, and will be seeking to deliver drugs throughout the eastern European market. The joint venture has already submitted two applications to the Hungarian authorities to register new drugs, and plans to introduce additional products in the near future. Medco will invest 7.5 million forint in management and sales staff training.

Human and Lilly have worked together since 1983, when the Hungarian producer started manufacture of Lilly's antibiotics and cardiovascular drugs under license. Lilly set up its wholly-owned Hungarian subsidiary, Lilly Hungary Kft, in 1991. This company conducts clinical research into areas such as malignant diseases, depression, Alzheimer's disease, osteoporosis and diabetes.