Greece's Pharma industry faced with most challenging environment in Europe

It is now beyond doubt that drugmakers in Greece - particularly domestic producers, primarily exposed to their home market - are faced with the most challenging operating environment in Europe, according to a new report from Business Monitor International. BMI's view that the Greek pharmaceutical market is set for a decade of decline remains firmly in play.

The list of challenges is sizeable: the combination of price erosion mechanisms; rapid generic drug substitution; out-of-control hospital debt; extensive payment delays; drug shortages; and the prospect of a “money saving” positive reimbursement list are a few of the obstacles faced by those operating in the market, says BMI.

As part of draconian measures to reduce its debt, last year, the Greek government ordered that the prices of pharmaceutical products, both branded and generics, be slashed by some 25% (The Pharma Letter May 6, 2010).