IOBE: At 6.5 billion euros the contribution of the pharmaceutical industry to the Greek economy

At 6.5 billion euros (3.2% of GDP) the total contribution from the pharmaceutical industry to 2022, according to the study “The pharmaceutical market in Greece: Events and Data 2023” prepared by the Foundation for Economic and Industrial Research ( ), with the cooperation of the Association of Pharmaceutical Enterprises of Greece. In particular, according to recent IOBE estimates, for every EUR 1 added value of companies active in the pharmaceutical sector, a total of EUR 2.3 is created in the Greek economy. In terms of employment, the total contribution is estimated at 118.9 thousand jobs (or 2.9% of total employment). In other words, each job in the pharmaceutical sector supports 3.4 full-time jobs in the economy as a whole. The impact on tax revenues from the pharmaceutical sector’s activity is estimated at around 1.8 billion euros. Health and pharmaceutical costs are significantly affected by both the possibility of financing the public and private sectors, and by demographic developments and the state of health of the population. The life expectancy in Greece returned in 2023 to the high level of 81.6 years, after the decline due to the pandemic, approaching the EU27 average. However, in 2022, the proportion of people over 65 years of age stands at 22,9% of the total population, while by 2070 it is expected to gradually increase to 32.8%, leading to increased health and drug costs due to ageing of the population. At the same time, births are reduced, deaths are increased and the active population is gradually impaired. In addition, in 2022, the proportion of the population aged 16 and over with a chronic health problem is increasing, reaching 25.5%, while in the age group over 65 it reaches 60%. In the area of pharmaceutical coverage, total pharmaceutical expenditure (outpatient and hospital) for 2022 was €6.2 billion, compared to €5.6 billion in 2021, while it is estimated that in 2023 the expenditure was € 7.1 billion. The public expenditure for 2022 was at 2.7 billion euros, with an estimate of 2.8 billion euros in 2023, while the pharmaceutical industry’s participation in pharmaceutical expenditure increased for 2022 to 2.9 billion euros, and 3.5 billion euros in 2023 (estimate). In the last two years, the industry’s participation in pharmaceutical expenditure has exceeded that of the State. From 2022 onwards the state redistributed expenditure on the three distribution channels (retail, NG and hospitals), resulting in an uneven redistribution of compulsory refunds, especially in hospital medicines and high-cost medicines. For hospital medicines, the rate of reimbursement in 2022 was 70%, while for 2023 it is estimated at 80%. Finally, patient participation increased in 2022 to EUR 698 million and EUR 734 million in 2023. In addition, less pharmaceutical innovation reaches Greek patients, as of the 167 new drugs approved during 2019 – 2022, only 79 (47%) were introduced to Greece, while only 43 of them are currently widely available on the Greek market. The pharmaceutical industry is one of the most dynamic branches of the Greek economy, with particular importance for the health system, patients and the Greek economy. In 1998 – 2023, 4,244 clinical studies were conducted (2,500 integrated) of independent phase or stage. Employees in the pharmaceutical sector (production and wholesale) are 32.1 mm in 2023. The role of the pharmaceutical industry in the overall external trade is important, as exports of medicinal products amounted in 2023 to 2.8 billion euros and accounted for 5.5% of total exports of goods with main export destinations in France, Germany and the United Kingdom. Kingdom. Accordingly, imports account for around 5.3% of the country’s total imports in 2023.