Cyprus/Greece/MaltaCyprusGreeceMalta

Getting paid

01.10.2011

Athens – The supply of innovative bio­pharmaceuticals to Greek hospitals has broken down. Swiss Roche AG has pulled the plug by stopping delivery of drugs for cancer and other diseases to some state-funded hospitals. Among them are customers “who haven’t paid their bills in three or four years,” according to the company’s CEO Severin Schwan, who added “there comes a point where the business is not sustainable anymore.” Roche­ is not the only pharmaceutical company in dire financial straits on the Aegean. According to the Hellenic Association of Pharmaceutical Companies, members made sales totalling €1.93bn to Greek public hospitals in the 18 months from the beginning of 2010 to the end of June 2011, but only 37% (€718m) of the bills were paid.
Richard Bergström, the director of the European Federation of Pharmaceutical Industries, said that pharma companies’ “patience is running out.” Some bills were paid in bonds, according to Roche, and reselling them immediately resulted in losses of up to 25% (around a100m). The problems don’t look set to be resolved anytime soon. Other governments “have been able to take rational steps,” Bergström said, but in his opinion Greece has not. If the situation deteriorates further, it could result in an all-out boycott of the country in the delivery of bio­pharmaceuticals and other cost-intensive drugs.

Cyprus/Greece/MaltaCyprusGreeceMalta

10.12.2011

Athens – Greek researchers have called on members of the international research community to sensitise their governments to the problems in their country’s research landscape. “The orderly execution of the badly needed reforms...

Cyprus/Greece/MaltaCyprusGreeceMalta

10.06.2011

Athens – The situation in the pharmaceutical market in Greece increasingly looks to be spiralling out of control. According to the Financial Times, the Greek government already appears to be unable to pay healthcare companies...

Cyprus/Greece/MaltaCyprusGreeceMalta

10.07.2010

Athens – The Novo Nordisk Group has restarted sales of its insulin products in Greece. At the beginning of June, the Danish pharmaceutical company had pulled out 17 products – mostly insulin or insulin analogues – after the Greek...

Cyprus/Greece/MaltaCyprusGreeceMalta

11.03.2010

Athens – A EUR2.5m EU research project targeting olfaction in the malaria carrier Anopheles gambiae is to be coordinated by Greek researchers from the Institute of Bio­logy at the Demokritos National Centre of Scientific Research...

Cyprus/Greece/Malta, PolandCyprusGreeceMalta

29.04.2009

Nicosia – Golgi Pharmaceuticals Ltd is strengthening its collaboration with London-based ReGen Therapeutics. The Cypriot firm will produce and package Colostrinin tablets, and expand distribution to Greece and other Balkan...

Cyprus/Greece/MaltaCyprusGreeceMalta

29.04.2009

Athens –The 5th International Biotechnology Forum (IGBF5), which is to be held May 8-9 in Athens, boasts appearances by three Nobel Prize winners. Andrew Schally, Richard Roberts and Sir Peter Mansfield will speak at the opening...

Cyprus/Greece/MaltaCyprusGreeceMalta

16.04.2009

Golgi Pharmaceuticals of Cyprus is strengthening its collaboration with London-based ReGen Therapeutics. Golgi will produce tablets of and package Colostrinin, and expand distribution to Greece and other Balcan countries....

Cyprus/Greece/MaltaCyprusGreeceMalta

03.11.2008

Athens/Houston – Greece is planning to establish state-of-the-art clinics for stem cell therapy with associated stem cell banks. In mid-August, GloCal Investment Ventures Enterprise (G.I.V.E.) – a venture capital fund backed by...

Cyprus/Greece/MaltaCyprusGreeceMalta

18.08.2008

Athens – Greek diagnostics supplier Neo­medica has entered into a distribution agreement with Swedish Life Assays AB (Lund), a daughter of Chemel AB. Neo­medica, a specialist for point-of care tests, now has exclusive rights to...

Cyprus/Greece/MaltaCyprusGreeceMalta

19.03.2008

Athens – Greek conglomerate Alapis is further expanding its healthcare arm (production of veterinary pharmaceuticals, medical equipment and nutritional supplements), an area that made up 75% of its total EBITDA of €117.3m in...

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