In a Reuters exclusive, the director general of the European Federation of Pharmaceutical Industries and Associations told the news organization that his members have not been paid by Greece, adding that country owes them more than $1.2 billion.
Although it is common for pharmaceutical companies to agree to still provide supplies during a financial crisis like the one in Greece, the situation is becoming worrisome, should Greece default on its debt or leave the euro zone.
" Although Greece represents less than 1 percent of world drugs sales, it can have a bigger impact because of such reference pricing -- and the effect could be dramatic if it left the euro and prices in euro terms fell sharply," according to the Reuters article.
Richard Bergstrom, the Director General of the European Federation of Pharmaceutical Industries and Associations, said pharma companies plan to ride the financial crisis out.
"We have started a conversation in Brussels with the European Commission," Bergstrom told Reuters. "We want the Commission to know that our companies are in this for the long run and are committed to Greece."
