openPR Logo
Press release

Datamonitor: Greece - pharmaceutical companies take a stand over pricing

10-03-2010 11:27 AM CET | Health & Medicine

Press release from: dynamic technologies Gmbh, Köln, Germany

Datamonitor: Greece - pharmaceutical companies take a stand

Following the publication of a new pricing bulletin which aims to cut healthcare costs in Greece, a significant proportion of pharmaceutical companies currently operating in the country have challenged the new prices. While there are many ways in which companies can beat the new pricing laws, the regulations may prove harmful to pharmaceutical company sales in Greece and, indeed, across Europe.

The battle continues to rage between pharmaceutical companies and the Greek government over what the industry sees as an unfair and unworkable pricing system brought about as a result of the sovereign debt crisis in Greece. Following the issuing of a pricing bulletin by the Greek government in September 2010, an average price reduction of 20% was seen for drugs covering 97% of Greek pharmaceutical expenditure. In response, some 50 companies have exercised their right to challenge the new prices issued for their products. The Greek government has stated that, to date, drug companies have only challenged up to a maximum of five product prices. GlaxoSmithKline, however, has stated that it is opposing the price cuts on approximately 30% of its products.

Many feel that the price cuts will have a knock-on effect on pharmaceutical sales across Europe, since Greece is used as a reference point for prices across numerous European countries. Pharmaceutical companies are also questioning the validity of the pricing data used by the government in making such pricing decisions. Furthermore, parallel trade out of Greece to other EU countries could grow as many payers choose to source products more cheaply from Greece.

To combat this, the Greek government has enacted a law to force wholesalers to prioritize the Greek market over exports. However, it is not clear if this and other assurances over the small scale of the existing export market will allay fears. According to industry reports, Greek consumers are already suffering drug shortages. Disputes between the pharmaceutical companies and the Greek government will undoubtedly lead to increased shortages, the delay or suspension of drug launches and the removal of high value products to the detriment of Greek patients.

In order to beat the new pricing regulations there are a number of tactics that pharmaceutical companies may pursue, including removing high value products from the market, developing deals directly with pharmacists (thus removing wholesalers from the process) and utilizing dual pricing systems. Nevertheless, given the pharmaceutical companies' response to the new prices, it is likely that the regulations will negatively impact upon drug sales in Europe.

Related research

Datamonitor: Benchmarking the Pharmaceutical Market by Drug Delivery to 2014:

Datamonitor: Pharma Pricing and Reimbursement Outlook: Optimizing price and market access in a recessionary climate:, founded in 2002 has emerged as a leading online portal for market surveys and market research in German speaking areas. Four years later the English language portal was introduced due to the extraordinary success of the portal. Again one year later - the Spanish spoken portal - was founded. The objective of the three portals is to competently and efficiently support consultants and decision makers in management, sales and marketing in the search for worldwide market research. Prospective buyers can look into more than 60,000 market surveys from more than 200 international publishers, current market data for more than 6,000 branches worldwide, 10,000 company profiles as well as a free-of-charge research and recommendation service for individual market research.
c/o dynamic technologies GmbH
Siegburger Str. 233
50679 Köln

Manuel Bravo Sanchez (CEO)
Tel ++49 (0)221 677 897 32
Fax ++49 (0)221 677 897 34

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Datamonitor: Greece - pharmaceutical companies take a stand over pricing here

News-ID: 146401 • Views:

More Releases from dynamic technologies Gmbh, Köln, Germany

Canadean: New Zealand - The Future of Foodservice to 2016
Canadean: New Zealand - The Future of Foodservice to 2016
The New Zealand foodservice market recorded a CAGR of 1.43% during the review period. Per capita sales increased at a review period CAGR of 0.38%. In 2011, the profit sector contributed 92.1% to the country’s total foodservice sales and posted a per capital sales CAGR of 0.33%. Growth in the profit sector is attributable to the growth in the restaurant channel which grew by a CAGR of 1.56%. In South Korea B2C E-Commerce Report 2011 published on South Korea B2C E-Commerce Report 2011 published on reports-research …
The latest South Korea B2C E-Commerce Report 2011, compiled by Hamburg-based market research firm features important B2C E-Commerce facts and figures on South Korea. In addition to revenue figures, market shares and customers, the report also covers general online use, the latest trends and major competitors. In 2010, the number of internet users in South Korea rose to more than 35 million. Growth rates were very low in the last Turkey Top 100 E-Commerce Players 2011 published on Turkey Top 100 E-Commerce Players 2011 published on reports-research …
The latest and highly informative Turkey Top 100 E-Commerce Players 2011 ranking, compiled by the Hamburg-based market research firm yStats com, presents the 100 most successful players on the Turkish E-Commerce market. Turkey’s top 100 E-Commerce players have been ranked based on local unique visitor numbers from September 2011. The yStats com ranking highlights important details about competitors in the Turkish E-Commerce sector, shareholders, business models, product ranges, local and
GlobalData: Wind Power - Global Market Size, Turbine Market Share, Installation Prices, Regulations and Investment Analysis to 2020
GlobalData: Wind Power - Global Market Size, Turbine Market Share, Installation …
Wind Power - Global Market Size, Turbine Market Share, Installation Prices, Regulations and Investment Analysis to 2020 is the latest report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the Global Wind Power market. The research provides an understanding of the technology, key drivers and challenges in the global wind power market. It also provides historical and forecast data to 2020 for installed capacity and power

All 5 Releases

More Releases for Greece

Greece Agriculture Market, Greece Agriculture Industry, Greece Agriculture Dairy …
Greece agricultural sector suffers from an absence of the many natural resources. About 70 percent of the land cannot be cultivated owing to poor soil or as a result of its enclosed by forests. Agriculture is focused within the plains of Thessaly, Macedonia, and Thrace, where corn, wheat, barley, sugar beets, cotton, and tobacco are harvested. Greece's low downfall, its rural land possession system, and also the expatriation of the agricultural community
Electric Hummer in Greece - Businessman Athanasios Lazanas plans to built electr …
Greek entrepreneur Athanasios Lazanas is planning to invest up to 100 million euros in the Greek economy, with his flagship project being the construction of an electric vehicles plant. Lazanas restructured many enterprises before acquiring Arclif, a holdings company through which he is planning to create the first electric car factory in Greece. Arclif was better known for its holdings in Facebook and Spotify before they were listed, while in 2011-14
Health and Wellness Market in Greece
Summary Orbis Research delivers key insights on the Health and Wellness market in a new report titled “Health and Wellness in Greece“In this report, Orbis Research sheds light on the various factors and trends impacting market growth over the forecast Description While the ongoing recession and shrinking disposable incomes had a direct and negative impact upon health and wellness Industry sales growth, the fact that both manufacturers and retailers invested heavily in
Agrochemicals Market in Greece
ReportsWorldwide has announced the addition of a new report title Greece: Agrochemicals: Market Intelligence (2016-2021) to its growing collection of premium market research reports. The report “Greece: Agrochemicals: Market Intelligence (2016-2021)” provides market intelligence on the different market segments, based on type, active ingredient, formulation, crop, and pest. Market size and forecast (2016-2021) has been provided in terms of both, value (000 USD) and volume (000 KG) in the report. A
The Financial Crisis in Greece
Dominating the headlines, the financial crisis in Greece has resulted in split opinions and the effects it will have in Britain and across Europe. There are now worries about Italy, as their banks stocks were suspended on Friday following a steep drop in their share prices. There are also concerns that Italian banks face possible ratings downgrades. The Duetsche Bank said: “The recent weakness has put Italy's structural problem in focus. This
Luxury Beach Villas in Zakynthos Greece
Paradisso Beach Villas in Zakynthos is an idyllic retreat for guests looking for a stunning contemporary example of majestic architecture mixed with incredible surroundings, colours and views. Athens, Greece, April 18, 2011 (PressReleasePoint) -- Zakynthos Island also known as Zante, is the southernmost and third largest in both size and population of the Ionian Islands. It is situated 8,5 nautical miles south of Kefalonia, 9,5 nautical miles west of the Peloponese