Clinical trials

Clinical trials, apart from being a key driver of scientific advances and patient access to innovative treatments, are also a “big investment” for the country: they can attract capital and research know-how and can foster entrepreneurship and employment by creating well-paying jobs for high-skilled professionals, at no cost to the Greek State.

In this context, it is important to note that every new clinical trial brings more than €250,000 into Greece. Applying the relevant fiscal multipliers, we can estimate that it adds more than double this amount to Greek GDP (IOBE[1]without counting the benefits in terms of job creation, permanent transfer of know-how to hospitals and, above all, cost-free access of patients to innovative treatments.

Given the rapid increase in the number of clinical trials internationally and investment focus on medical research, our proposals are the following:

 

  •  Coordinated cooperation of all parties involved through a central action plan established by the Ministry of Health and EOF in order to remove obstacles and expand clinical trials trifold over the next three years, from €80 million to over €250 million. In Europe, over €30 billion are invested in clinical trials every year, and Greece could catch up with that performance in relative terms.
  • Implementation of necessary reforms in order to eliminate red tape and reorganize hospitals for the conduct of clinical trials by creating the basic infrastructure and incentives to make Greece competitive and a country of choice in this area.
  • Promoting Greece as a destination of choice for the conduct of clinical trials, subject to the following necessary requirements:
    • strict adherence to the time frames laid down by EU and national legislation for approval procedures at central and regional level within a single approval and conduct framework;
  • tax and investment incentives to further strengthen cooperation between Greek and foreign companies, e.g. (a) by excluding investment in clinical trials from the clawback and (b) by establishing R&D super deductions, as applicable in other European countries[2],
  • supporting the country’s research human resources;
  • supporting and strengthening actions to foster extroversion and entrepreneurship;
  • exploiting the potential of R&D linkages.

 

[1] IOBE 2012, The tax treatment of business R&D investment

[2] Deloitte 2015 Global Survey of R&D Incentives