Economy

The contribution of the pharmaceutical industry

The pharmaceutical industry is a strategic pillar and main driver of growth of the Greek economy.

The pharmaceutical companies’ industry is one of the most dynamic sectors of the Greek economy, with a significant impact on the health system, patients and the Greek economy.

With the aim of continuous investment, the promotion of clinical research, the introduction of research know-how and the creation of new jobs, we contribute to the strengthening of business activity and the development of the national economy.

In more detail:

• According to the most recent estimates of the Foundation for Economic & Industrial Research (IOBE) on the economic footprint of the pharmaceutical industry in the Greek economy, its total contribution in terms of GDP is estimated at €6.2 billion (3.4% of GDP) in 2021. Thus, for every €1 of added value created by companies operating in the pharmaceutical industry, a total of €2.3 is created in the Greek economy.
• In terms of employment, the total contribution is estimated at 108 thousand jobs (or 2.8% of total employment). That is, each job in the pharmaceutical industry supports 3.4 full-time jobs in the economy as a whole.
• The impact on tax revenue from the activities of the pharmaceutical industry is estimated at around €1.7 billion.
• The industry spends 8% of total expenditure in Greece (2020) on Research and Development (R&D), while 3,830 clinical studies (2,250 completed) were conducted in the period 2002-2022, regardless of phase or stage.
• For 2022, the domestic manufacturing of pharmaceutical products in value terms (ex-factory) amounted to €1.9 billion, while value added amounted to €1.5 billion. (6.4% share in the manufacturing industry).
• The role of the pharmaceutical industry in the overall foreign trade is also significant, as pharmaceutical exports amounted to €2.6 billion in 2022 and account for 4.7% of total Greek exports of all goods in 2022, with the main export destinations being Germany, France and the United Kingdom.
• 34% of the medicines on the market are the result of collaborations between Greek & international companies.