Greek biopharma sector poised for growth
Already an established hub for pharmaceutical research and development, Greece is also emerging as a hub for biotechnology innovation, one of the fastest growing and most promising sectors in the life sciences industry worldwide.
This month, Greece’s Hellenic BioCluster (HBio) organized its third industry-wide forum, bringing together some of Greece’s top innovators in biotech, medtech and other life sciences. It follows the industry’s first ever foreign trade mission late last year. Both this month’s forum and last year’s business delegation were co-sponsored by Enterprise Greece.
Since being established in 2006, HBio – the largest biosciences cluster in the country – has grown from just eight members to more than 80. And, according to industry data, 14% of all startups in Greece’s fast-growing innovation sector, are involved in the biosciences.
Many analysts see Greece’s biotech sector, which derives health solutions from living organisms rather than chemical compounds, as a natural complement to the country’s already robust pharmaceutical industry. Accounting for more than 3.5% of GDP and more than €2 billion worth of exports, the Greek pharmaceutical sector is one of the country’s leading industries. With some €1 billion worth of investments currently underway, Greece is seen as becoming a European hub – and possibly a global hub – in the production and development of pharmaceutical products within the next few years.