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June 20, 2019
ECONOMY

Greek pharmaceutical firms ask for re-examination of clawback mechanism

The Hellenic Association of Pharmaceutical Companies (SFEE) on Friday called for a re-examination of a clawback mechanism, citing difficulties facing a number of companies to meet their financial obligations.

Noting comments made by the European Commission in its third report on the Greek economy (released on Wednesday), the Association warned that clawback was rising steadily over time to levels that will soon be unsustainable. SFEE said that the pharmaceutical industry was heavily taxed with the clawback burden, rising uncontrollably year after year, from 79 million euros in 2012 to more than 500 million in 2018 and to around 680 million euros in 2019, an increase of more than 70 pct. SFEE said that this problem was hitting pharmaceutical companies, reducing job positions, freezing investments and, most importantly, placing patients’ access to new and important pharmaceutical products at risk.

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