The Greek pharmaceutical industry suffered a major blow in the first years of the economic crisis (2010/11). However, since 2013, pharmaceutical companies are once again profitable, according to a report by Grant Thornton - Greece on the industry responsible for the development, production and marketing of medications, which is generating about 6€ billion in sales annually.

The Greek pharmaceutical sector (approximately 400 companies) is dominated by large and very large companies (70%), while small and medium sized companies account for 30% of the market. The industry’s portfolio is diversified, ranging from local companies producing their own generic drugs to affiliated companies promoting well established patents. Regarding the industry’s return to profitability, the report shows that since 2013, all large and very large companies showed profits.

Moreover, forecasts for the future are optimistic, and call for more R&D spending, increase in exports, promotion of local brands, growth in the generic drugs market share, and investment in qualified and specialised human capital.

Finally, it is worth noting that the worldwide pharmaceutical business is thriving. In 2001, worldwide revenue was around €350bn. Ten years later, figures have almost tripled, and the landmark figure of €1 trillion is expected to be reached by 2018.

See also: Grant-Thornton Signs of Strength and a Glimmer of Development (December 2014, in Greek); Greek pharmaceutical companies