An overview of the Greek pharmaceutical market.

This contribution presents the major aspects of the pharmaceutical market in Greece. Total expenditure on pharmaceuticals rose from euro 1.22 billion in 1995 to euro 1.85 billion in 2000. The rise in pharmaceutical expenditure is expected to continue due to factors determining demand (e.g., aging population) and deficiencies in public policy. The latter is related to the pricing and reimbursement of medicinal products. Regarding pricing, the lowest ex-factory price in the EU is applied de facto to imported products but for domestically produced/packaged products is the upper limit. The pharmaceutical market in Greece has a trade deficit, which exceeded euro 953 million in 2000. Finally, parallel trade has received increased attention. The consequences are twofold: shortages in Greek pharmacies and delays in launching new and more effective drugs. The latter is the result of a defensive strategy followed by major companies to minimize the effects of this activity.