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G
reece faces a severe competitiveness
problem; it is in the midst of a deep
recession that is taking a heavy toll on
domestic demand and is undermining the meas-
ures aimed at restoring fiscal balance; and the
supply of credit to its real economy remains
severely impaired. These factors have resulted in
falling real incomes, growing social exclusion, a
disruption of social peace, an unprecedented rise
in unemployment and an outflow of human capi-
tal abroad, which have all left the country in a dire
situation. We, the leaders of economic sectors
and industries, must respond to this situation with
concrete action.
The pharmaceutical sector, as a key knowledge-
intensive industry, represents one of the Greek
economy’s strongest answers to the crisis.
Pharmaceutical industries have made impressive
headway in the last 10-15 years and could today
make the qualitative leap on the growth front,
making a crucial contribution to the much-needed
improvement of Greece’s national branding.
Today, Greece has two options: continue, without
a fight, on the path of poor entrepreneurship and
high unemployment, or dare change its growth
model and establish itself as a dynamic country
with new technologies and a highly competitive
economy.
The Greek pharmaceutical industry is a major
exporter to some 100 countries worldwide and
offers high-quality jobs to 14,500 highly qualified
scientists. Currently, 250 clinical trials are
underway, conducted by 30 pharmaceutical
companies. This represents investment worth
Trade with Greece
30
The Greek economy is currently facing major chal-
lenges, and policy-makers are called upon to address
huge problems. Some of these were caused by the
sovereign debt crisis and the financial crisis, which
have swept through the Western world since 2008,
while some others pre-existed and were only
exacerbated by the crisis.
The pharmaceutical
industry will contribute
to growth through a
concrete plan
By Dionysios Filiotis,
President & Managing Director of Pharmaserve-Lilly