The Greek Biotech and Medical Industry
Greece has a well established, growing, medical and biotech industry. This is underpinned by its highly skilled workforce, high levels of education amongst its citizens, traditional manufacturing capacity and backing from government regulation.
The industry has been developing rapidly over the past ten years. The start-up and incubator sector has been growing. There is substantial foreign direct investment by biotechs in Greece and an increase in international collaborations both at an academic and corporate level.
The Greek pharmaceutical industry has also expanded. This has been driven by demands from the healthcare system, maturing drugs to generic status, and a preference from the Greek government to procure locally. With lower cost medical alternatives proving popular in Greece, there is significant opportunity for pharmaceutical companies to expand to Greece and capture market share.
Business opportunities in the Greek market
The Greek pharmaceutical market forms a fair percentage of the country’s GDP. Our team at Tsaks Consulting, believe establishing in the Greek market is often a good strategic decision due to:
- The potential to drive sales in the local market.
- The potential to use Greece as a stepping stone to enter other markets in the EU.
Through all our experience helping pharmaceutical companies in Greece, we have had success with launching Greece based products across Europe and note that they are generally very well received particularly in the EU, and the Balkans.
Growth factors driving industry growth include:
- The potential in exports for companies manufacturing pharmaceuticals in Greece due to the substantial and rapid growth of the European and CEE market.
- The strong involvement of universities and tertiary institutions in the medical and health and life sciences industries.
- The growth in popularity for medical tourism including both inpatient and outpatient care.
Attractiveness of investing in the Greek medical market
- Greece’s geography and also infrastructure make it well suited as a regional hub to conduct clinical trials. Many major pharmaceutical companies conduct a broad range of clinical trials in Greece and have done so for years. With newly introduced legislation, there is increased certainty for manufacturers and less regulation surrounding clinical trials making Greece an attractive regional hub.
- Greece hosts a large number of graduates in the sciences and medical departments. In addition, the wage rates in Greece are generally less in comparison to other European countries making it an attractive country to operate in from a human resources perspective.
How our team can help
Our team of consultants can help medical, biotechnology and life-science companies:
- Company establishment services including marketing, licensing, navigating regulation and consumer marketing.
- Identification of suitable manufacturing premises.
- Development of distributorship agreements with local companies including identifying suitable companies.
- Write and secure Greek government contracts through our expert tender writing services.
Our services extend across Greece including Athens, Crete and Thessaloniki.