How can Greece maintain its fiscal stability while ensuring that patients have timely access to innovative treatments? What is the plan for pharmaceutical policy when demand for innovative therapies is growing faster than available resources? These, along with other critical questions, were at the center of a discussion held during the 3rd SFEE Summit, organized by the Hellenic Association of Pharmaceutical Companies (SFEE).
Pavlina Karasiotou, Secretary General for Fiscal Policy at the Ministry of National Economy and Finance, discussed the country’s fiscal capacity and the measures implemented in recent years to bolster pharmaceutical spending. As she noted, from 2019 to 2026, public funding for pharmaceuticals increased by 852 million euros, representing a total increase of 34%, while she emphasized that tools such as the investment clawback have been utilized.
“The State allocates the resources permitted by the country’s fiscal capacity, always within European rules. Whenever fiscal space is created, healthcare receives its fair share,” she emphasized. Ms. Karasiotou also pointed out that personalized and innovative therapies create new challenges for health systems, while making special mention of the new European financial framework for 2028–2034, which includes a specific pillar for competitiveness and may create new opportunities for the health sector as well.
AstraZeneca President Elena Chouliara pointed out that, despite increases in public funding, demand is growing at an even faster rate. “The question is not just how much funding is increasing, but whether it is increasing enough to meet patients’ actual needs,” she said. According to her, the funding gap in the pharmaceutical sector has now exceeded 1 billion euros, a fact that affects the availability of new treatments in the country.
“More resources alone are not enough. Reforms, oversight, and better utilization of every euro invested in the system are needed. The goal is for patients in Greece to have unimpeded access to the medicines they need, when they need them,” she emphasized.
Kostas Athanasakis, Associate Professor of Health Economics at the University of West Attica, emphasized that the discussion on medicines must be conducted with an eye toward the future and not based on data from previous decades. As he noted, 52% of Greeks currently live with a chronic illness, while the percentage of citizens over 65 is expected to rise from 23% today to more than 34% by 2050.
“Population aging is the most significant factor driving the increase in medication consumption, and the discussion on how the healthcare system will respond to this new reality is now imperative,” he stated. Mr. Athanasakis emphasized the need for systematic feedback on treatment protocols from the patients themselves. At the same time, he stressed that a comprehensive industrial policy for the pharmaceutical sector is required, along with a market that operates competitively for the benefit of patients.
Genesis Pharma’s General Manager, Kyriakos Berberian, focused on the need for predictability as a prerequisite for the development of innovation and investment. “Without predictability, there is no entrepreneurship. Companies must be able to plan their future in a stable environment,” he emphasized.
As he noted, Greece has some of the lowest drug prices in Europe, combined with some of the highest levels of mandatory rebates, a fact that hinders patients’ access to new therapies. According to him, only one in five new drugs is reimbursed unconditionally in the country, while important innovative therapies have either not reached Greece at all or are available only through IFET. At the same time, he pointed out that the clawback has shifted from an emergency to a permanent funding mechanism for the system, with the entire cost of the overspending being borne by the pharmaceutical industry.
Spyros E. Bokias, Co-founder and CEO of Uriach Greece and Vice Chairman of the Board of Directors of the Hellenic Association of Pharmaceutical Companies (EFEX), highlighted the contribution of self-care to the sustainability of the healthcare system. “Every euro invested in self-care can save up to 6.7 euros for the healthcare system,” he said.
Mr. Bokias emphasized that Greece has approximately 10,000 pharmacies, the densest and most accessible pharmacy network in Europe. As he noted, this network can serve as a lever for developing responsible self-care practices and relieving pressure on the system, while creating more room for funding innovative therapies.
IQVIA’s General Manager, George Mitropoulos, presented data from a recent EFPIA study on access to innovative therapies in Europe. According to the data he cited, approximately 41% of new therapies are available in Greece, compared to an average of 45% across Europe, while only one in five new drugs is ultimately reimbursed in the country without restrictions.
“Access to innovation is not just about whether a treatment comes to a country, but also how quickly and under what conditions it ultimately reaches the patient,” he noted. Mr. Mitropoulos also highlighted the importance of utilizing generics and biosimilars to create fiscal space.