The pharmaceutical sector consists of companies which either manufacture or import pharmaceutical and parapharmaceutical products. More than 106 pharmaceutical companies (manufacturers and importers) are estimated to operate in the Greek market, many of which are members of the Hellenic Association of Pharmaceutical Companies (SFEE) and the Panhellenic Association of Pharmaceutical Industries (PEF). Most importers are subsidiaries of multinational groups.
The value of the domestic production of medicines (ex factory) in Greece was in decline in 2011-2012, but followed an upward trend in 2013-2014 and remined stable in 2015. In 2016 it registered a fall of 4.9%. From 2017 onwards the production of medicines registered a significant rise and increased by 20.5% in 2020 compared to 2019, reaching €1,688 million. According to sector insiders, a further rise is estimated for 2021. The production of generic drugs is estimated to have accounted for 24% of the total value in 2021.
The overall size of the assessed market increased during the period 2000-2009, by an average annual growth rate of 14.1%. However, during 2010-2015 the market declined by an average annual rate of -5.2%. Since then, and not including 2017, the market recovered and the total market size increased by 6.9% in 2021 compared to the previous year. In 2022, the market continued its upward trend.