In most healthcare systems worldwide, innovative medicines are often viewed as a costly burden. But a new study across 29 European countries reveals they are, in fact, a strategic investment with extraordinary returns. For decades, public health debates in Greece and across Europe have revolved almost exclusively around one word: cost. This new research—conducted in collaboration with Professor Frank R. Lichtenberg of Columbia University’s Department of Economics—quantifies, for the first time, the impact of innovative medicines in 29 European countries between 2014 and 2022. It reframes health not just as an expense, but as a powerful engine of economic growth.
Greece Leads in Return on Investment
The study’s standout finding concerns Greece. It calculates an impressive return on investment (ROI) for innovative medicines: for every €1 spent, €5.98 is returned to society and the economy. This slightly exceeds the European average ROI of €5.67.
To illustrate the scale of this impact, consider a targeted €93 million investment—in list prices—in pharmaceutical innovation in Greece. That investment triggered significant relief for the National Health System (ESY) and boosted GDP through improved health outcomes and productivity.
Tangible Benefits Across Key Indicators
According to the WiFOR study:
- 25,600 life-years saved: Equivalent to preserving the full life expectancy (81.3 years) for 313 people in Greece.
- 252,400 fewer hospital days: This freed up capacity equivalent to 691 hospital beds for an entire year—more than 70% of the total bed capacity at Athens General Hospital ‘Evangelismos’.
- €430 million boost to the economy: Driven by increased productivity, this figure represents nearly 0.2% of Greece’s GDP.
- €127 million in direct cost savings: Resulting from reduced hospitalisations—equal to 1.5% of Greece’s total pharmaceutical expenditure.
Clinical Impact Confirmed by Medical Experts
Beyond the numbers, clinicians confirm the real-world value of innovation. Professor Stelios Loukidis, President of the Hellenic Thoracic Society, noted that novel therapies for severe asthma reduced exacerbations by 80% and hospitalisations by 90%. Dr. Emmanouil Saloustros, President of the Hellenic Society of Medical Oncologists, highlighted dramatic declines in cancer mortality thanks to prevention and new treatments. Meanwhile, Professor Konstantinos Makrylakis, President of the Hellenic Diabetes Association, described the current era as a period of “innovation explosion” in diabetes care.
Access Remains a Challenge
Despite these benefits, access to innovative medicines in Greece remains delayed—a concern repeatedly raised by the Hellenic Association of Pharmaceutical Companies (SFEE). While clinical and economic evidence strongly supports faster adoption, systemic barriers continue to slow patient access.