Modest growth forecast for Greek pharma market, despite unstable economy

The growing prevalence of chronic diseases and an increasing elderly population will boost the Greek pharmaceutical market, which will increase from around $7.8 billion in 2013 to $8.2 billion in 2020, at a compound annual growth rate (CAGR) of 0.6%, forecasts research and consulting firm GlobalData.

According to the company’s latest report, the Greek pharmaceutical market was valued at $7.5 billion in 2007; but, following the recent economic crisis, net public pharmaceutical expenditure saw a cumulative decline of $1.67 billion. This downturn was due to amendments made to medicine prices, as well as changes to the reimbursement rates for Social Security Funds (SSFs) and to the regulation of wholesale and retail margins.

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