Hungary’s Constitutional Court has ruled that questions concerning the introduction of doctor visit and hospital stay daily fee should be put up for referendum vote. Accor
ding to the press, the vote is likely to take place early next year.
Our view: We see the news as neutral for the two Hungarian listed drugmakers, as we think drug consumption patterns will be left largely unchanged by any decision. Since these fees do not flow into the drug subsidy budget, we see the cancellation of these fees would have no impact on drugmakers' obligation to co-finance the drug subsidy budget gap.