Greece owes 1.1 bln euros for drugs!

Pharmaceutical companies are concerned about the amount of money that Greece owes them

Reuters reports that Greece owes 1.1 bln euros to international drug-makers and is in danger of having life-saving medicines cut. Richard Bergstrom, the director general of the European Federation of Pharmaceutical Industries and Associations, told Reuters that his members had not been paid since December 2014 with money owed by both hospitals and health run insurer EOPPY. As a result, options are being discussed in the case of default.

A moral issue concerning medicine supplies to Greece is brewing with Berstrom stating that there is a commitment to Greece. The situation is not unprecedented as a similar dilemma had happened in Argentina in 2002 when some firms agreed to continue to supply drugs for a period without payment, however in the EU the situation is more complicated given the EU competition rules. In this case, the European Commission would need to approve a special scheme.