The country’s development path and challenges in the health and pharmaceutical industry was delivered by Akis Skertsos from the podium of an international conference.
Speaking at the 32nd Annual Conference of Medicines for Europe co-organised with the Hellenic Association of Pharmaceutical Companies, State Minister Akis Skertosos, representing Prime Minister Kyriakos Mitsotakis, started with a question about the current state of the Greek economy.
“Our government took office in 2019, seven years ago, when Greece was still under financial supervision, without an investment grade and with a very high public debt due to the crisis of the previous decade. If I came back then and told you that in six years the Greek Finance Minister would be leading the Eurogroup, the top decision-making body for European economic policies in 2025, would you believe me or would you think I had lost my mind?” he said:
“I am sure that you would then believe that I had lost my mind and that under no circumstances country that for years was considered the “black sheep” of Europe could lead European economic policy.
But the current reality is that the Greek finance minister has chaired the Eurogroup since last December, that Greece has received 24 credit rating upgrades and is now a reliable investment destination. The reality is that by the end of 2026 Greece will no longer be the most indebted country in Europe, and that in recent years it has consistently grown faster and stronger than the European Union average, attracting record numbers of domestic and foreign direct investment.
All of this did not happen by chance, nor with autopilot in the driver’s seat. They happened because of our commitment to prudent fiscal policies that produce historic fiscal surpluses based on reducing taxes on capital and labor and increasing tax compliance. They have happened thanks to a more business-friendly environment, with less red tape for business, an ambitious and dynamic digitalisation of the state and the economy, and an overall positive agenda that provides economic incentives to attract new investment and promote innovation.
This is the “recipe” – if there is such a thing – that we would propose to our European partners and to the European economy as a whole for sustainable economic growth.”
Following this, the Minister of State observed that “in recent years Europe has been confronted with a series of crises that have highlighted a fundamental reality: health security, industrial production, technological innovation and economic competitiveness can no longer be treated as separate political priorities. They are deeply interconnected dimensions of the same strategic challenge for European strategic autonomy” and noted:
“As Europeans we are called upon to answer three fundamental, existential questions:
- Do we want to be producers or consumers of goods and services?
- Do we want to be innovators or just regulators of products produced outside Europe?
- Do we want to lead and guide the public debate, for example on artificial intelligence and new technologies, or sit in the back seat watching others determine our fate and technological progress?
Our answer as the government of Greece is clear: We must be the drivers of our own destiny. We must be innovative producers, not just passive regulators and consumers. Of course we must choose our regulatory interventions wisely, but first and foremost we must produce and innovate here in Europe.”
He noted that at the heart of this challenge is the pharmaceutical sector and continued:
“Europe today faces the urgent need to strengthen its manufacturing base, reduce strategic dependencies, secure the supply of critical medicines and create the conditions for innovation to remain and grow within Europe.
But the debate on the future of the pharmaceutical sector is also a debate on the future of European competitiveness, as the Draghi and Letta reports aptly point out.
We live at a time when the United States and China are pursuing increasingly ambitious industrial strategies, mobilising huge resources to attract investment, boost production capacity and lead in the technologies of the future.
Global competition is no longer determined by production costs alone. It is increasingly determined by the ability to attract talent, capital, research and innovation.
Europe has outstanding advantages: world-class universities, high-level scientific talent and a long industrial tradition. The challenge ahead is to turn these advantages into productive capacity, investment and sustainable growth within Europe.
Competitiveness is not an alternative to the European social model. It is a precondition for its preservation.
And the pharmaceutical sector represents one of the most promising areas in which Europe can demonstrate that innovation, industrial excellence, social cohesion and economic prosperity can go hand in hand”.
Referring in particular to Greece, he pointed out that in this overall European effort, Greece has assumed an increasingly important role.
“In recent years our country has emerged as one of the leading pharmaceutical production hubs in Europe.
Today Greece is among the five largest production bases for generic and high value-added pharmaceuticals in Europe.
Greek pharmaceutical companies export medicines to more than 170 countries worldwide, while in recent years alone, production investments exceeding 1.8 billion euros have been made.
These investments have enhanced production capacity, expanded research infrastructure and strengthened Greece’s position as a reliable partner in the European pharmaceutical value chain.
A typical example is the pharmaceutical and innovation ecosystem that is developing across Greece, from Athens to Tripoli and beyond.
Today Greece is building an integrated pharmaceutical and innovation cluster, supported by significant investments in advanced manufacturing facilities, biotechnology, research and human resource development.
This experience demonstrates how regional industrial ecosystems can contribute directly to the objectives of the Pharmaceutical Strategy for Europe, the European Health Union and Europe’s wider industrial agenda.
A pharmaceutical manufacturing facility in Greece or anywhere else in Europe is not just an investment in a country.
It is an investment in Europe’s resilience. Investment in the security of supply of critical medicines. The last few years have taught us a crucial lesson. Security is not just about borders, defence or energy. It is also about ensuring access to basic goods when citizens need them most. The pandemic, geopolitical tensions and disruptions in global supply chains have shown that access to medicines has become a strategic security issue.
This is why the European debate on strategic autonomy cannot be limited to defence and energy. It must also include health. It must include pharmaceutical production, biotechnology, active pharmaceutical ingredients and resilient European supply chains.
A Europe that cannot produce the medicines its citizens need cannot be considered truly strategically autonomous. Strengthening Europe’s pharmaceutical production capacity is not just an industrial policy option. It is an investment in European sovereignty, resilience and security.”
According to the Minister of State, Greece has shown that the right policy framework can mobilise investment and boost industrial production.
“Through innovative tools, such as the mechanism for offsetting investment expenditure against the clawback, we have created incentives that encourage productive investment, boost competitiveness and align national priorities with broader European objectives. At the same time, Greece itself has become an attractive investment destination.
Today Greece is not just a place of production. It is a reliable European destination for high value-added investment. It offers political stability, a strategic geographical location, a highly skilled workforce, modern infrastructure and an ecosystem that supports innovation, research and entrepreneurship. For this reason, I would like to send a clear message to the international pharmaceutical community today: Greece is open to investment. We are ready to welcome new production facilities, new research centres and new collaborations in the fields of biotechnology, advanced therapies and health technologies.”
As we prepare for the Greek Presidency of the Council of the European Union in 2027, we see an important opportunity to promote exactly this agenda.
An agenda based on four interlinked priorities:
- access to affordable and high-quality medicines,
- a stronger European manufacturing base,
- technological and scientific leadership,
- and strategic autonomy in critical areas.
“We want a Europe that remains a world leader not only in innovation but also in production. A Europe that is not overly dependent on third countries for strategic goods. A Europe that turns scientific excellence into growth, jobs and prosperity for its citizens.
During our Presidency, Greece will work closely with Member States, European institutions, the pharmaceutical industry and the scientific community, to promote a more resilient, innovative and competitive European pharmaceutical ecosystem.
An ecosystem that ultimately serves European citizens. Because we strongly believe that the future of European competitiveness, health security and strategic autonomy must be built here in Europe. And Greece intends to be at the forefront of this effort”, Akis Skertsos concluded.
