Greece’s pharmaceutical industry is implementing investments that will reach 1.5 billion euros by 2026, the president of the Panhellenic Association of Pharmaceutical Industries & co-CEO of the ELPEN group, Theodoros Tryfon, said, adding that this will cover 70% of the country’s pharmaceutical needs.
Greek medicines are in significant demand in international markets and are distinguished by their competitive international presence in almost 150 countries around the world, Tryfon said and added: Their valuable passport is the excellent quality guaranteed by their production in accordance with the very strict EU rules.
Regarding the footprint of the Greek Pharmaceutical Industry in Greece, he said: The Greek Pharmaceutical Industry has served a dual role over time, social and developmental. That is why its footprint is obvious both in our national economy and in Greek society, he underlined.
For many decades, 45 pharmaceutical factories have been operating in our country, covering approximately 60% of the pharmaceutical needs of Greek patients. Representing 10% of the European production network, Greece is among the 5 most important pharmaceutical production hubs in the EU. With a presence in 147 countries, medicine stands out as the second most exportable product of the Greek economy. Greek medicines currently cover the therapeutic needs of almost 40 million European patients. Greek pharmaceutical industries also account for 65% of total employment in the sector, utilizing a significant part of our country’s scientific capital.
Being an important pillar of added value for the national economy, the domestic pharmaceutical industry represents 90% of the sector’s investments. It is implementing investments that have already begun and will reach 1.5 billion euros by 2026. The completion of the investment program of the Greek pharmaceutical industries will help meet 70% of the country’s pharmaceutical needs with quality treatments at an affordable cost for the system and the patient. This means ensuring the adequacy of the pharmaceutical market and drastically reducing shortages.
Investing in the future, the Greek Pharmaceutical Industry is implementing a development strategy based on pillars such as high value-added investments in Production & Research for the development of internationally competitive products and technologies, collaborations and development of networks with other pharmaceutical industries, universities and research institutions in the country and abroad, aiming at the exchange of knowledge, the exploitation of research results, the development and commercial exploitation of innovative products, extroversion – increasing exports and meeting the growing demand for medicines and finally, the exploitation of domestic human resources with particular emphasis on highly specialized Greek scientists.
On the investments of the Greek pharmaceutical industry, he explained that they will strengthen the sector’s export activity, paving the way for even more markets and contributing to improving the image of our country. They will bring Greece closer to its goal of becoming a pharmaceutical research and production hub in SE Europe. A key prerequisite for achieving such a goal is the timely adoption of appropriate measures that will allow the release of the significant growth potential of the sector.
