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 and Industrial Research (IOBE) on the economic footprint of the pharmaceutical sector in the Greek economy, its total contribution in terms of GDP is estimated at €6.9 billion (3.1% of GDP) in 2023. Thus, for every €1 of added value of the companies operating in the pharmaceutical sector, a total of €1.3 is created in the Greek economy.
• In terms of employment, the total contribution is estimated at 119 thousand jobs (or 2.8% of total employment). That is, every 10 jobs in the pharmaceutical sector support an additional 24 full-time jobs in total in the economy.
• The impact on tax revenues from the activity of the pharmaceutical sector is estimated at approximately €1.9 billion.
• The sector’s expenditure on Research and Development (R&D) approaches €161 million. (2022), while in the period 1995-2024, 2,034 clinical studies (1,715 completed) were conducted regardless of phase or stage.
• For 2023, the domestic production of pharmaceutical products in value (ex-factory) amounted to €1.9 billion, while with value added at €1.6 billion. (5.0% share in the manufacturing sector).
• The role of the pharmaceutical sector in total foreign trade is also important, as exports of pharmaceutical products amounted to €2.8 billion in 2023.
• 39% of the medicines on the market are the result of collaborations between Greek and international companies.