All the latest packaging trends for life sciences, all at PACK EXPO East
Explore new packaging solutions for life sciences, all in one convenient location at PACK EXPO East, March 18 – 20 in Philadelphia.

Greece owes pharma industry more than $1.2 billion

Shipments of life-saving drugs could be halted if a solution is not reached.

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."

Discover the right packaging solutions for life sciences in Philadelphia
Explore innovative packaging and supply chain solutions for the life sciences at the largest PACK EXPO East in history, March 18–20. Get ideas from 400+ top exhibitors and connect with colleagues and industry experts—all in one convenient location!
Read More
Discover the right packaging solutions for life sciences in Philadelphia
Discover Our Content Hub
Access Healthcare Packaging's free educational content library!
Read More
Discover Our Content Hub