Underperforming in pharma research
Greece has missed out on investments of the order of 500 million euros in the field of pharmaceutical research in recent years, which could have translated into an increase of the gross domestic product by €1.1 billion.
In Europe, according to the European Medicines Agency (EMA), over 4,000 clinical trials are approved each year, 65% of which are funded by pharmaceutical companies. In 2023, these companies are estimated to have invested a total of €50 billion in research and development in Europe.
Despite all this, Greece barely managed to extract around €100 million, although it could absorb a fivefold amount. As pointed out in the framework of working meetings organized by the Hellenic Association of Contract Research Organization Companies, over time Greece’s comparative position in Europe in terms of the number of clinical trials is not satisfactory.
According to ClinicalTrials.gov data for 2000-2020, a total of 3,101 studies were conducted in Greece, represening only 1.7% of all clinical trials conducted in Europe.
In the last five years, however, the indicators show a clear improvement, since according to the National Medicines Agency, from 2019 to 2022 the approvals of requests to conduct new clinical studies showed a significant increase of 70% – 262 studies were approved for drugs and medical technology in 2022 against 154 in 2019.
In fact, 2023 saw a record number of requests submitted by sponsors: 298 for drugs and 22 for medical devices. Also, by June 2024, 201 drug studies and 20 medical device studies have been approved.
These data are encouraging in terms of the interest of international donors to include Greece in their European investment plans.
The clinical trial industry is highly competitive. Greece is comparable at all levels with the other EU member states in the criteria for attracting investment funds.
According to recent surveys conducted by the companies PwC and IQVIA, as well as the Foundation for Economic and Industrial Research, the main criteria for attracting investment concern speed of execution, quality criteria such as experience, know-how, consistency, infrastructure and stability as well as financial incentives.
