Greece’s health industry dates back to Hippocrates, the father of modern medicine. Today, Greek pharma companies export to more than 85 countries worldwide, making the industry one of the country’s key export sectors, valued at more than USD$1 billion. R&D investments and start-ups in biotech and life sciences are gathering pace. Greece has one of the world’s highest rates of scientific publications (8th), with 18% of Greece's research and development programmes originating from the pharmaceutical industry.
Here are six reasons why Greek pharma is the country’s fastest growing enterprise, according to McKinsey:
1. Quality and reliability
For any Greek drug to be licensed, a bioequivalence study must be conducted at one of the EU’s European Medicines Agency-approved facilities. This guarantees that the product is effective, qualified, and safe.
2. Top production facilities
Greek pharmaceuticals are produced by 42 companies in 27 state-of-the-art production facilities that are constantly inspected by both the European Medicines Agency and the U.S. Food and Drug Administration.
3. Tried and tested worldwide
Greek pharma is an established brand name. Millions of patients in more than 85 countries use Greek pharmaceuticals on a daily basis with zero recalls or instances of grievance reported.
4. High-tech R&D
More than €30 million a year is funnelled into 80 pharmaceutical research and development programmes, conducted by 800 scientists. More than 100 patents have been issued to Greek pharmaceutical companies.
5. Value for money
Greek pharmaceuticals bring down the cost of therapy, without sacrificing quality of treatment.
6. €2.8 billion impact
Greek pharma has invested more than €355 million in the past five years. The impact of the industry on Greece’s annual GDP amounts to over €2.8 billion.