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

26.11.2005

Nicosia - A rare medical condition has been found to be nine times more prevalent in Cypriots living in Paphos than in the rest of Cyprus or the European Union. Results of research carried out by the Neurology and Genetic...

Cyprus/Greece/MaltaCyprusGreeceMalta

26.11.2005

Brussels - The European Union's Agricultural Council has failed to reach a qualified majority for rejecting or upholding the Greek ban on genetically modified (GM) maize Mon 810. EuropaBio, the organization representing Europe's...

Cyprus/Greece/MaltaCyprusGreeceMalta

28.09.2005

Nicosia - US-based Genaissance Pharmaceuticals Inc. announced in September that it will provide its high-throughput genotyping services to Cyprus' Biotronics Ltd. Biotronics has been awarded a contract by the Veterinary Services...

Cyprus/Greece/MaltaCyprusGreeceMalta

12.08.2005

Athens - The Greek government announced in August a collaborative agreement between its contractor Antisel A. Selidis and US-based Genaissance Pharmaceuticals in the field of scrapie genotyping.Under the terms of the agreement,...

Cyprus/Greece/MaltaCyprusGreeceMalta

12.08.2005

La Valetta - After a broad discussion process Malta's Social Affairs Committee has presented a draft regulation on biotechnology and assisted reproduction to the parliament in July.According to the proposals the fertilised ovum...

Cyprus/Greece/MaltaCyprusGreeceMalta

10.07.2005

La Valletta - Synergene Biotechnology Group, a Malta-based biotech company, in line with its expansion programme has recently appointed several new members to the board of directors of Synergene Technologies Limited. The new...

Cyprus/Greece/MaltaCyprusGreeceMalta

10.07.2005

Valletta - In mid-June the Social Affairs Committee of the House of Representatives has ended its consultation process regarding the use of biotechnology in Malta. The Committee is currently discussing a report compiled by the...

Cyprus/Greece/MaltaCyprusGreeceMalta

10.05.2005

Athens - Greece supports the development of biotechnology but is wary of its side effects, Greek Development Minister Dimitris Sioufas said during the first national Greek biotechnology and food technology conference held on...

Cyprus/Greece/MaltaCyprusGreeceMalta

10.05.2005

Athens/Lugano - Helsinn Healthcare S.A., a Swiss pharmaceutical group, and Galenica, a Greek pharmaceutical company, announced recently the signing of an agreement granting Galenica the exclusive licence and distribution rights...

Cyprus/Greece/MaltaCyprusGreeceMalta

10.05.2005

Nicosia - Delivering the promise of nanotechnology to society for much-awaited products and jobs, hinges critically on transferring manufacturing technology to industrial production. For this purpose, the University of Cyprus...

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