{"id":114942,"date":"2026-07-10T16:28:23","date_gmt":"2026-07-10T13:28:23","guid":{"rendered":"https:\/\/www.sfee.gr\/?p=114942"},"modified":"2026-07-10T16:32:39","modified_gmt":"2026-07-10T13:32:39","slug":"every-e1-invested-in-innovative-medicines-returned-e5-67-in-social-and-economic-value-across-europe-and-e6-in-greece","status":"publish","type":"post","link":"https:\/\/www.sfee.gr\/en\/every-e1-invested-in-innovative-medicines-returned-e5-67-in-social-and-economic-value-across-europe-and-e6-in-greece\/","title":{"rendered":"Every \u20ac1 invested in innovative medicines returned \u20ac5.67 in social and economic value across Europe and \u20ac6 in Greece"},"content":{"rendered":"

Press Release\u00a0<\/strong><\/p>\n

Economic study on impact of pharmaceutical innovation in Europe reinforces the argument that under-investment in health is a false economy, costing more than it saves.<\/strong><\/p>\n

EFPIA has published a comprehensive study on the social and economic value of pharmaceutical innovation. Data shows that between 2014 and 2024 Europe\u2019s investment of \u20ac11.67 billion in new medicines returned more than five times the amount in social, economic and hospital cost savings \u2013 equating to \u20ac66billion in total, including over \u20ac9billion in direct hospital savings.<\/p>\n

The study examines impact on mortality and hospital utilisation and quantifies the economic returns based on three major disease areas in 29 European countries between 2014 to 2022. Conducted by WifOR Institute and authored together with Columbia University economist, Professor Frank R. Lichtenberg, the research challenges the perception of healthcare as simply a cost to be contained and argues instead that policies should reflect the value that innovation brings to health systems and society.<\/p>\n

For Greece in particular, the key findings demonstrate that innovative medicines contribute significantly to reducing hospitalizations and increasing life expectancy<\/strong>:<\/strong><\/p>\n

    \n
  1. An estimated 25.6 thousand potential years of life lost (PYLL) were avoided<\/strong>, equivalent to preserving the full life expectancy (81.3 years) of 313 individuals <\/strong>in Greece.<\/li>\n
  2. A total of 252.4 thousand hospital bed-days were avoided<\/strong>, corresponding to the release of 691 hospital beds<\/strong> for an entire year – equivalent to more than 70%<\/strong> of the total bed capacity of the Evangelismos General Hospital of Athens.<\/li>\n<\/ol>\n

    An investment of only \u20ac93 million in pharmaceutical innovation <\/strong>– calculated at list prices and prior to the deduction of mandatory retuns (clawbacks & rebates) – generated significant value for Greek society:<\/strong><\/p>\n

      \n
    1. \u20ac430 million in economic benefits resulting from increased productivity<\/strong>, equivalent to approximately 0.2% of Greece’s GDP<\/strong>.<\/li>\n
    2. \u20ac127 million in savings resulting from reduced hospitalizations<\/strong>, an amount equivalent to 1.5% of the country’s total pharmaceutical expenditure<\/strong>.<\/li>\n<\/ol>\n

      \u00a0<\/strong><\/p>\n

      Policy Recommendations<\/strong><\/p>\n

        \n
      1. Recognise pharmaceutical innovation as an economic investment, not a cost<\/strong>: Returns on medicines are high and likely understated. Policy frameworks should reflect the full economic value of innovation, including productivity gains and reduced healthcare burden.<\/li>\n
      2. Ensure timely and equitable patient access to innovative medicines across Europe and Greece:<\/strong> Delays in access translate directly into avoidable health losses and foregone economic returns. Streamlining approval, reimbursement, and uptake pathways must be a shared priority across member states.<\/li>\n
      3. Strengthen Europe’s life sciences ecosystem through coordinated policy action:<\/strong> The geopolitical and regulatory environment risks making Europe less competitive as a destination for pharma investment. Member states and EU institutions must treat innovation, access, and competitiveness as interconnected, not siloed, policy agendas.<\/li>\n<\/ol>\n

        Mr. Konstantinos Makrylakis<\/strong>, President of the Hellenic Diabetes Association, emphasized that in recent years the fields of diabetes and obesity have experienced a true wave of innovation, with the development of new therapies that are highly effective, better tolerated by patients, and associated with fewer adverse effects, making a substantial contribution to reducing morbidity and mortality. He stressed, however, that harnessing the full potential of innovation requires well-informed and appropriately trained healthcare professionals. \u201cThe State must strengthen specialized centers with sufficient numbers of appropriately trained medical staff to ensure that all patients have equitable access to modern therapeutic options<\/em>.\u201d<\/p>\n

        Mr. Stelios Loukidis<\/strong>, President of the Hellenic Thoracic Society, pointed out that the value of pharmaceutical innovation extends beyond improving patient health, as it also contributes to a better understanding of diseases within the medical community. As he noted, innovation has delivered significant benefits for many years in both chronic respiratory and rare diseases, producing both direct and indirect positive outcomes, including the management of comorbidities. He also referred to a recent study conducted by the Hellenic Thoracic Society involving patients with severe asthma, which demonstrated an 80% reduction in exacerbations and a 90% reduction in hospitalizations, confirming the significant contribution of innovative therapies to improving patients\u2019 daily lives and quality of life.<\/p>\n

        Mr. Emmanouil Saloustros<\/strong>, President of the Hellenic Society of Medical Oncology (HeSMO), highlighted the remarkable progress achieved in oncology over recent years. Compared with the 1990s, cancer mortality has declined by approximately 30%, effectively preventing one in three cancer deaths through prevention and the development of innovative therapies. As a striking example, he cited metastatic lung cancer, where at the beginning of the 2000s only one in 20 patients survived for five years, whereas today, with immunotherapy and other innovative medicines, this figure has increased to as many as one in three patients. \u201cAt HeSMO, we will continue to invest in the education of young oncologists to ensure the highest standard of patient care, while we are confident that the Greek State will continue to take the necessary initiatives to strengthen oncology services and provide the best possible support to patients with cancer<\/em>,\u201d he said.<\/p>\n

        \u201cThe WiFOR study confirms that investment in healthcare is not a cost but a driver of economic growth and social prosperity. Greece needs an environment that fosters innovation and ensures timely patient access to new therapies<\/em>,\u201d said Mr. Olympios Papadimitriou<\/strong>, President of the Hellenic Association of Pharmaceutical Companies (SFEE).<\/p>\n

        Mr. Michael Himonas<\/strong>, Director General of SFEE, noted: \u201cThe underfunding of healthcare and pharmaceuticals is a policy choice with negative consequences for the country\u2019s growth and prosperity. The findings of the study highlight the need for a sustainable policy that supports both healthcare and the economy. Greece must make its decisions on this issue<\/em>.\u201d<\/p>\n

         <\/p>\n

        – End –<\/strong><\/p>\n

        \u00a0<\/em><\/strong><\/p>\n

        Notes to editors<\/strong><\/p>\n

        Countries included in scope: <\/strong>Austria, Belgium, Bulgaria, Croatia, Czechia, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, T\u00fcrkiye, United Kingdom.<\/p>\n

        Access<\/strong>: Europeans also wait 500 days, on average, to access a newly authorised medicine, with an 88% disparity in access between countries.<\/p>\n

        Availability: <\/strong>In 2025, close to half (49%) are not available to patients in Europe \u2013 up from 46% in 2019. In 2025, 17% are only available under restricted conditions (6% in 2019). In 2025, the share of medicines fully available on public reimbursement lists has declined substantially to 28%, down from 42% in 2019.<\/p>\n

         <\/p>\n

        All materials are available at the following link: https:\/\/www.sfee.gr\/en\/our-work\/studies\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

        SFEE-WifOR-EFPIA Press Release<\/p>\n","protected":false},"author":12,"featured_media":114940,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[429,464],"tags":[],"class_list":["post-114942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","entry"],"acf":[],"yoast_head":"\nEvery \u20ac1 invested in innovative medicines returned \u20ac5.67 in social and economic value across Europe and \u20ac6 in Greece | SFEE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sfee.gr\/en\/every-e1-invested-in-innovative-medicines-returned-e5-67-in-social-and-economic-value-across-europe-and-e6-in-greece\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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