Pharmaceutical industry

23 are already on the market or will be launched soon - Investment frenzy in Europe and America, soaring shares of pharmaceutical companies involved

A doctor, identified only as a foreign national, and two people representing a pharmaceutical company were arrested in western Greece on Saturday for issuing false medical certificates and prescribing medicines produced by a specific companies, for a fee. 

The National Organization for Medicines (EOF) issued an advisory on Thursday instructing consumers to exercise caution when purchasing food supplements online, as they may contain dangerous substances.

Specifically, EOF warned against the use of Somatomax and Ecdisten, which contain growth hormones. 

Generics producer Sandoz is planning to invest roughly US$90 million at its site in Ljubljana to establish a dedicated centre for development of biosimilars by 2026. As part of the process to spin off from Novartis, Sandoz holds part of the Slovenian pharmaceutical company Lek.

The state financing of medicines per capita in Greece was 31% smaller compared to the average of Southern Europe and by 50% compared to Western Europe in 2021, which demonstrates that the Greek health system spends less money compared to other European countries on pharmaceutical products.

Four former executives of Swiss pharmaceutical giant Novartis and a former politician were cleared on Monday of bribery and direct complicity in the offense, as part of a probe into allegations that doctors and public officials had accepted kickbacks from the company in a period spanning 2006 to 2015.

"My wife and I help students study without being shackled by debt on their chosen career path," says Greek-American Roy Vagelos, 93, a prominent figure in the pharmaceutical industry.

US pharmaceutical company Pfizer has agreed to extend its contract with the European Union for the vaccine against COVID-19 from 2023 to 2026, the Financial Times reported, citing sources familiar with the matter.

Labena, a Ljubljana-based family-run business, is launching a new platform to link start-up companies and disruptive ideas with venture capital and investment funds in medicine, biotechnology and the food and pharmaceutical industries. More than €100 million will be available, with applications expected from 14 March.

In 1937, an American drug company introduced an elixir to treat strep throat - and unwittingly set off a public health disaster. The product, which had not been tested in humans or animals, contained a solvent that turned out to be toxic. More than 100 people died.