Greek pharma sector bemoans accumulation of debts

The Greek pharmaceutical industry association, the SFEE, says that pharmaceutical companies may go out of business in the event of a “haircut” of the bonds they have acquired in settlement of overdue hospital debts. There is a noticeable risk of shortages in the supply of medicine.

Debts accumulated at the nation’s largest Social Security Organization (IKA) and military hospitals have reached explosive levels, coming close to 500 million euros ($658 million). The SFEE is sounding a note of warning that, unless the government addresses the problem very soon, the supply to these institutions with pharmaceuticals will be in immediate danger.

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