Greece aims to become a major European centre for pharmaceutical manufacturing, research and innovation, National Economy and Finance Minister Kyriakos Pierrakakis said at the annual general assembly of the Panhellenic Union of the Pharmaceutical Industry (PEF).
Pierrakakis described the pharmaceutical industry as a model of Greece’s productive economy and stressed that domestic medicine production has become a matter of European strategic autonomy. He pledged government support through investment and tax incentives while acknowledging the need to strike a balance between affordable access to medicines and the financial sustainability of pharmaceutical companies.
Pharmaceutical industry targets €1.8 billion in investment
Addressing PEF members, Pierrakakis said the Greek pharmaceutical industry exemplifies the productive economy the country wants to build — one that produces, exports, innovates and creates well-paid jobs rather than relying on consumption.
He highlighted PEF’s investment programme of €1.8 billion through 2028, which envisages 10 new factories, 14 new research facilities and 5,500 additional jobs. The investments could also strengthen regional development by creating opportunities beyond Greece’s major urban centres.
According to figures presented by the minister, Greece has 51 pharmaceutical manufacturing facilities and 31 research and development centres. Greek pharmaceutical companies export to more than 150 countries and supply medicines that meet the needs of approximately 40 million European patients.
Pierrakakis stressed that medicines cannot be treated solely as commercial products because they combine social, scientific and industrial dimensions.
“Medicine is simultaneously a social good, a scientific achievement and an industrial product. That is why our pharmaceutical policy must also serve as health policy, development policy and industrial competitiveness policy,” he said.
Government support for investment and energy costs
Pierrakakis said Greece has moved beyond a period of fiscal uncertainty and can now plan for the long term, although businesses continue to face challenges.
“Where we once talked about bankruptcy, deficits, unemployment and uncertainty, today the dominant words are growth, investment, exports, innovation and, above all, stability and prospects,” he said.
He argued that Greece’s next economic step should involve more than increasing growth. The country must change its growth model by producing more high-value-added goods, improving productivity, strengthening links between science and business, and creating better-paid jobs.
“It is not enough for the Greek economy to grow. The way the economy grows must also change,” he said.
The minister also highlighted the Pharmaceutical Vocational Training Academy and PEF Professional Development initiative, describing them as tools for aligning professional training with the industry’s practical needs.
Pierrakakis said the pharmaceutical sector had received €250 million from Greece’s Recovery and Resilience Facility for productive investments. The government has also introduced an investment clawback mechanism, which directs part of companies’ mandatory pharmaceutical rebates towards new investments and research.
He announced that the available funding for the two-year period would rise from €150 million to €200 million for projects approved in 2026 and 2027.
He also referred to a targeted €95 million support measure announced jointly by the Ministry of National Economy and Finance and the Ministry of Environment and Energy to help Greek industry manage rising energy costs.
“Businesses need stable rules and predictability on the ground to make investments. They need a long-term horizon that allows them to plan new production facilities, invest in research and create jobs,” Pierrakakis said.
Rebate and clawback system requires a balanced solution
The minister identified mandatory pharmaceutical rebates, known as rebate and clawback mechanisms, as one of the industry’s most sensitive issues.
He called for a balance between maintaining a financially sustainable healthcare system and ensuring pharmaceutical manufacturers can remain viable and invest in growth.
“These two objectives should not be treated as competing with each other. A healthcare system cannot remain sustainable in the long term if it weakens its productive base. Equally, a pharmaceutical industry cannot grow without an effective, fair and financially sustainable healthcare system,” he said.
“The challenge is to find the right balance, and achieving it requires meaningful cooperation among all stakeholders,” he added.
Greece backs stronger European pharmaceutical production
Pierrakakis placed the development of Greece’s pharmaceutical industry within the broader European effort to strengthen domestic manufacturing and supply-chain resilience.
He said supply chains had proved vulnerable, or at least more vulnerable than expected, while technological leadership had become a decisive factor in economic and geopolitical power.
“The pandemic taught us a harsh lesson: access to critical goods is not simply a matter of commercial efficiency. It is fundamentally a matter of security. This is especially true for medicines,” he said.
“During a period of geopolitical uncertainty, pharmaceutical production is not just a matter of economic competitiveness. It is a matter of Europe’s strategic autonomy and the security of its citizens,” he added.
The minister argued that Greece should no longer act as a passive recipient of European industrial policy but should actively help shape it.
“Greece should no longer be, and is no longer, a passive recipient of European industrial strategy. It can become, and is becoming, an active co-creator of that strategy,” he said.
Greece, he added, could claim a greater role in European pharmaceutical production, with domestic industry leaders developing into European champions. The government would help them achieve that goal.
He cited Greece’s geographical position, scientific workforce and industrial infrastructure as advantages that could support this ambition.
Long-term ambition for research and innovation
Concluding his address, Pierrakakis outlined his vision for the Greek pharmaceutical industry over the next decade.
“I believe we can think ambitiously: Greece can become one of Europe’s important centres for pharmaceutical production, research and innovation. The companies, people and expertise are already here,” he said.
He concluded that the Greek pharmaceutical industry already represents one of the country’s most successful examples of internationally competitive production and has the foundations to achieve even more.
(Source: AMNA)
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