Gauging Greek Biopharma

Gauging Greek Biopharma

Continuing our analysis of Greece’s economic collapse and its biopharma sector (our first post can be seen here), we’re going to look at Greek employment figures. Between 2005-2011, the number of researchers employed in the overall public sector grew markedly:  up 40.7% in government institutes and 12.7% in universities over the period.  Read more

The Problem with Greece

The Problem with Greece

Greece’s economic crisis that started at the end of 2009 – which has increased unemployment from 10% (2009) to 27.5% (last quarter of 2013), and decreased GDP in millions of euros from 231.081 (2009) to 182.054 (2013) – has had a moderate negative impact on the country’s R&D and its ability to innovate, compared to other sectors. Spending on research and innovation is stuck at around 0.5%. Given that most research money in Greece comes from the public purse, the current fiscal constraints mean it is impossible to boost spending to more than 1% of GDP. This means that the only way to grow R&D spending is for the private sector to step in and invest in highly selected R&D projects that have serious possibility to lead to high added-value exportable products and/or services and thus ignite the real economy.  Read more