Additional InformationTHE PHARMACEUTICAL MARKET: GREECE - REVIEW
According to the EIU, Greece faces another year of negative growth in 2012, following three years of economic decline and plunging living standards. The economy should flatten out during 2013 and then grow modestly between 2014 and 2016. This forecast assumes that a large write-down of debt and continued government commitment to austerity make the public finances a little more manageable and that Greece remains in the euro zone. An exit from the euro zone involving redenomination of salaries and bank deposits in a depreciating currency would lead to an even more severe decline in living standards than currently expected.
The macroenvironment for the Greek pharmaceutical industry remains challenging. Politically, an election is likely to take place in mid-April. Economically, in addition to the huge budget deficit, recession in Greece is still ongoing. Legally, Greece remained on the USTR’s Watch List in 2011 due to concerns over IPR enforcement. Demographically, Greece has an ageing population, and latest projections expect that the population aged 65 and over will constitute approximately one-fifth of the total population by 2016. As a result, healthcare is increasingly focused on preventative care and there will be a continuing demand for new therapies so that patients can be treated more effectively.
In June 2011, it was reported that Roche stopped delivering medicines to Greek public hospitals that had not paid outstanding invoices since 1st September 2010. The Hellenic Association of Pharmaceutical Companies (SFEE) raised concerns about the money owed to its members. According to SFEE, public hospitals only paid for nearly two-fifths of the 1.9 billion euros (US$2.4 billion) worth of drugs delivered by SFEE member companies between January 2010 and June 2011.
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