Greece targets €1.8 billion in pharmaceutical investment by 2028
Greece aims to become one of Europe’s leading centres for pharmaceutical manufacturing, research and innovation, with €1.8 billion in planned investment, 10 new factories and 5,500 additional jobs by 2028, Economy and Finance Minister Kyriakos Pierrakakis has announced.
Speaking at the annual general assembly of the Panhellenic Union of Pharmaceutical Industry (PEF), Pierrakakis described the pharmaceutical sector as a key driver of Greece’s shift towards a more production-oriented economy.
Greece currently has 51 pharmaceutical manufacturing facilities and 31 research and development centres. Greek pharmaceutical companies export to more than 150 countries and contribute to meeting the medicine needs of approximately 40 million patients across Europe.
€1.8 BILLION INVESTMENT PLAN
The sector’s investment programme through 2028 includes the construction of 10 new factories and 14 research units, alongside the creation of 5,500 jobs.
Pierrakakis said the government would continue supporting pharmaceutical manufacturers through investment incentives and other policy measures, highlighting the importance of expanding production, increasing exports and strengthening the industry’s international competitiveness.
According to the minister, €250 million from the EU-backed Recovery and Resilience Facility has already been allocated to pharmaceutical manufacturing investments. The government also plans to increase investment-related clawback support to €200 million for projects approved during 2026–2027.
A further €95 million support measure is under consideration to help Greek industry cope with rising energy costs.
DEBATE OVER PHARMACEUTICAL REBATES
The system of mandatory rebates and clawback payments imposed on pharmaceutical companies was another key issue addressed by Pierrakakis.
He stressed the need to balance the financial sustainability of the public healthcare system with the economic viability of pharmaceutical manufacturers.
According to the minister, ensuring that citizens retain access to medicines must go hand in hand with enabling companies to continue investing in production and research.
EUROPEAN STRATEGIC AUTONOMY
Pierrakakis argued that pharmaceutical manufacturing is not merely a matter of economic competitiveness, but also a strategic priority for Europe’s independence and public health security.
The COVID-19 pandemic exposed vulnerabilities in international supply chains, reinforcing the need for Europe to reduce its dependence on external suppliers for critical medicines and strengthen its domestic production capacity.
The minister said Greece’s geographical position, scientific workforce and industrial infrastructure could help the country assume a greater role in Europe’s pharmaceutical industry. He added that Greece could become one of the continent’s important centres for pharmaceutical production, research and innovation over the next decade.
