Imminent Surge in Drug Prices Come Fall in Greece

Medications in Greece are about to experience a surge in prices as the Greek National Organization for Medicines (EOF) published a list on Tuesday outlining new prices on 850 drugs set to take effect in the fall.

The new prices are the result of a public consultation that began on June 20, which addressed price adjustment requests from pharmaceutical product holders.

According to the Panhellenic Pharmaceutical Association, the affected medications span a wide range of categories, from serums and antibiotics, to antidepressants and anti-inflammatories, while the increases range from minor adjustments to hikes of up to 448%.

Specifically, 445 drugs will see an increase between 0.01 and 0.99 euros, 152 between 1 and 1.99 euros, 90 products between 2 and 2.99 euros, 50 between 3 and 3.99 euros, and 59 will rise between 4 and 4.99 euros.

One product will see an astronomical hike in cost, from its current price at 0.96 euros to 5.26 euros.

President of the Panhellenic Pharmaceutical Association Apostolos Valtas explains that “these increases aim to rationalize the market.” Many drugs are sold at low prices which make them unsustainable for pharmaceutical companies to keep them in the Greek market. This often leads to drug shortages or the withdrawal of medications, leaving patients without essential treatments. As a result, patients need to seek alternative, often more expensive, medications or resort to importing them at higher costs.

Source: tovima.com