Pharmaceutical industry

Greece's pharmaceutical industry is going from strength to strength, registering a new high in output last year and continuously expanding production, according to a study by the Foundation for Economic and Industrial Research (IOBE).

The Athens Public Prosecutor’s Office has pressed serious criminal charges, including eight felonies and two misdemeanors, against those arrested for the fraud scheme against the Greek National Organization for Healthcare Services (EOPYY).

Two criminal organizations involved in serious fraud against EOPYY were dismantled through fraudulent prescription of pharmaceutical products. The total damage to the organization exceeds €3,500,000.

Notably, among the falsely prescribed medications were narcotics and other psychotropic substances, some of which are in shortage both in Greece and internationally.

The Competition Commission is investigating pharmaceuticals firm Novartis for anti-competitive practices from 2009 to 2017.

The probe concerns a range of competitive medicines treating macular diseases.

A report found Novartis aimed to prevent market access to competitors.

The commission will consider the report findings at a December 4 meeting. 

Returning from the holidays brings an unwelcome surprise for citizens, as starting today, Monday 8/26, significant price hikes on hundreds of medications will take effect due to recent re-pricing by the Ministry of Health.

The duopoly of US pharmaceuticals firm Eli Lilly and Danish Novo Nordisk in the slimming drugs market is threatened. 

Two firms, Viking Therapeutics and Roche, announced the development of three products and Viking's shot up 39% in one day. 

Goldman Sachs estimates the market for such drugs will grow from €14 billion to €130 billion by 2030.

Citizens are being significantly burdened in terms of their participation by the drug price increases finalized by the National Organization for Medicines in a list the day before yesterday. Several of the formulations for which the retail price is going up are particularly cheap. However, there are increases of up to 400%, which will be directly reflected in the “pocket” of the insured.

Ozempic is not for Hollywood stars alone as demand for the drug is spreading like wildfire due to its weight-loss reputation. Greece is no exception, with demand skyrocketing since last year, especially in the run-up to summer.

Despite its high-caliber scientific personnel, Greece continues to have a low share of the clinical studies conducted in Europe.

Some 4,000 clinical studies are conducted annually, primarily for new pharmaceutical treatments in EU countries, with Greece participating in about 200 of them.

The Prime Minister's meeting with the CEOs of the world's largest industries in the sector marks the beginning of a new era that will upgrade our country, attracting billions in investment. Huge potential for growth in biotechnology, pharmaceutical manufacturing, digital health, clinical trials and biopharmaceutical services for the benefit of the national economy and citizens