Basic HTML Version
products, an amount that accounts for a mere
0.56% of the corresponding “basket”.
Such expenditure accounts for more than 1% of
the basket in households whose head is more
than 55 years old, and reaches 4.52% in house-
holds whose head is more than 75 years old.
Generic drugs in the Greek
market
Owing to their small size, Greek enterprises find it
difficult to compete in the market for generic
drugs, the subject of a debate that has just start-
ed in Greece. As pointed out in research carried
out by Piraeus Bank, large international compa-
nies “given the drop in their profit margins as a
result of the reduction of blockbuster drugs
(patented medicines with sales of more than 1 bil-
lion), which accounted for the largest share of
their turnover and profitability, they are forced to
pursue defence strategies, with adverse effects
on generic drug producers.
“The main features of these strategies include the
stepping-up of efforts to extend the blockbusters'
commercial life; the obstruction of their production
in generic form, using both fair and unfair means;
the creation of derivative products; and the acqui-
sition or establishment of generic drug sub-
sidiaries, with the aim of preserving their (the
large companies') global market shares.”
Under such tough circumstances, the industry
deserves more support from the government,
since:
● Pharmaceutical expenditure accounts for 2.5%
of GDP.
● The industry accounts for 1% of total employ-
ment, with more than 40,000 people employed
in pharmaceutical manufacturers, wholesalers
and pharmacies.
● Pharmaceutical products represent 5% of total
Greek exports and more than 6% of imports,
accounting for almost 7% of the trade deficit.
Greece's pharmaceutical industry exports to 100
countries, as pointed out by the President of the
Trade with Greece
72