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The contribution of the pharmaceutical sector with a strong footprint on public health, society and the economy is of strategic importance.

In the last three years, the sector’s participation in pharmaceutical expenditure has exceeded that of the State.

Athens, September 25, 2025 – The Foundation for Economic and Industrial Research, in collaboration with the Association of Pharmaceutical Companies of Greece, presented today at a special press conference the publication “The pharmaceutical market in Greece: Facts and Figures 2024”, as well as the main conclusions of the study “The contribution of the pharmaceutical sector to the Greek economy”.

As every year, this year, the annual report “The Pharmaceutical Market in Greece: Facts and Figures 2024” presents the main facts and data about the industry, the developments and trends in Greece and Europe both in the field of pharmaceuticals and in the wider health ecosystem. Particular emphasis is placed on the current critical challenges facing the industry today,  as well as the prospects that are being formed in the wider health sector in the coming period.

The latest report reflects the new conditions for the Greek economy, while the challenges regarding inflation and the trade balance remain.

In addition, the report highlights the gap in the financing of pharmaceutical expenditure stemming from the period of the economic crisis and the imposition of fiscal measures.

The demographic challenge

Demographic developments and the health status of the population affect policies on health and pharmaceutical expenditure. Life  expectancy  in Greece returned to a high level of 81.9 years in 2024, after a decrease due to the pandemic, slightly above the EU27 average (81.7).

However, in 2024, the share of people over the age of 65 amounts to 23.3% of the total population, while by 2070 it is expected to gradually increase to 33.1%, leading to increased needs for health and pharmaceutical expenditures due to the aging of the population.

At the same time, the negative natural balance (births – deaths) leads to a gradual reduction of the total population to 8 million. by 2070. In addition, in 2024, the percentage of the population aged 16 and over with a chronic health problem corresponds to 24.5%, while in the age category over 65 it exceeds 60%, creating greater pressure on health spending.

Pharmaceutical expenditure

In terms of expenditure,  total pharmaceutical expenditure (outpatient and hospital) for 2023 amounted to €7.5 billion, while it is estimated that in 2024 the expenditure amounted to €8.5 billion.

Public expenditure for 2023 was €2.8 billion, with an estimate of €3.0 billion in 2024, while the pharmaceutical  industry’s share of pharmaceutical expenditure increased for 2023 to €3.9 billion, and to €4.6 billion in 2024 (estimate).

From 2022 onwards, the state reallocated expenditure to the three distribution channels (retail, HRP and hospitals), resulting in an unequal redistribution of mandatory reimbursements, especially in hospital medicines and high-cost medicines.

Finally, patient participation increased in 2023 to €740 million. and €810 million. in 2024.

Slow incorporation of new drugs

In addition, limited pharmaceutical treatments and with a delay compared to other European countries reach Greek patients, as of the 173 new drugs approved during the period 2020-2023, only 75 (43%) were introduced in Greece, while only one (1) out of five (5) innovative drugs of the last four years is available in the Greek market.

Pharmaceutical Industry: Strong Export Footprint, R&D

The pharmaceutical industry is one of the most dynamic sectors of the Greek economy, with particular importance for the health system, patients and the Greek economy.

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.

The role of the pharmaceutical sector in the overall foreign trade is also important, as exports of pharmaceutical products amounted to €2.8 billion in 2024. and account for 5.7% of total exports of goods, with Germany, Austria and Cyprus as the main export destinations.

Accordingly, imports make up about 5.1% of the country’s total imports in 2024.

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 companies operating in the pharmaceutical sector, an additional €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 the economy. Finally, the impact on tax revenues from the activity of the pharmaceutical sector is estimated at approximately €1.9 billion.

The presentation file is available here