Greek pharma losing private market share

The Greek private pharmaceuticals market has experienced substantial growth over the last few years, reaching a value in 2004 of 3.2 billion euros ($4.29 billion), not including drug company sales to hospitals, according to a new analysis by Stat Bank Ltd.

While the country has seen an economic slowdown, this has been offset for the sector by higher prices, a graying market and new imported medicines selling at higher prices, says Stat Bank, according to a report carried by the Athens News Agency.

However, domestic companies have not shared in the market's continued growth and the increased drugs spending, it adds, noting that the percentage of the domestically-manufactured and packaged pharmaceuticals market held by Greece's more than 320 local drugmakers fell from 80.6% in 1987 to just 30% in 2004.