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Greece Special GREECE SPECIAL As seen in NEWSWEEK The Davos Issue January 2020 GREECE CONTENT FROM COUNTRY REPORTS CONTENT FROM COUNTRY REPORTS GREECE As part of the government’s aim to bolster key sectors of Greece’s economy, it Greece: Leaping into the new decade is working with the UGS and others to further develop the cluster through measures that should, among other things, attract new ship registrations and A new government acts quickly to stimulate growth and investments investment in maritime education and technology. Another vital sector being reinvigorated is pharmaceuticals. During the financial crisis, austerity measures limited the advance of a manufacturing industry that was worth €954 million in 2017 and represents 4.3 percent ON “Greece is back,” was Prime Minister Kyriakos Mitsotakis’ message to U.S. I of Greek exports. “The prime minister has now announced that companies OT investors at a conference in New York last month. M will be able to reclaim up to €50 million for investments in pharmaceutical L- Harry Nardis Konstantinos Pantos Chris Theophilides IA Europe’s southernmost nation was hit hard by the global financial crisis but R production and research and development (R&D), including clinical trials. Chairman and MD Founder CEO E Astellas Genesis Athens Celestyal Cruises signaled its intention to take an economic leap forward in July 2019, when it / A It’s a step in the right direction,” says Olympios Papadimitriou, president of K Pharmaceuticals Clinic elected Mitsotakis as the head of a new pro-business government. According the Hellenic Association of Pharmaceutical Companies. Recent international RSTOC to the prime minister, “Our main economic target is to significantly increase E investments in the sector are “clear proof of Greece’s substantial potential in innovative science into value for patients and we are passionate about chang- Greece’s growth rate and we want to do that by attracting investment.” He this industry,” he adds, highlighting Pfizer’s establishment of a digital research ing tomorrow for those affected by medical conditions that have not been believes that the country is “regenerated, confident and optimistic.” Minister hub in Thessaloniki and Boehringer Ingelheim’s factory expansion. adequately addressed.” Astellas is particularly known for its contributions to of Finance Christos Staikouras agrees: “Trust and credibility are being restored; A company that continued to invest and thrive in Greece throughout the oncology, urology, transplantations and anti-infectives. However, he says: “We IMAGE: © SHUTT IMAGE: political stability, accountability and responsibility have returned; and the crisis is a subsidiary of Japan’s innovation-driven Astellas Pharma, one of the have shifted from a traditional R&D approach of developing drugs in limited economic climate is improving.” He expects the economy to have grown by 2 20 largest businesses in the sector worldwide. “We maintained our position by therapeutic areas to conducting R&D from multiple perspectives to push in- percent in 2019 and forecasts higher rates from 2020. collaborating with all stakeholders and investing in staff development. We be- novation forward.” He is optimistic about the future of Greece’s pharmaceuti- The government has introduced numerous reforms to achieve this, includ- came more agile; increased our effectiveness, efficiency and engagement; and cal sector: “The government is determined to implement pro-growth reforms. ing reducing corporation tax by 4 percent. Staikouras notes just a few of its strengthened our presence by building a digital strategy and expanding our Astellas is monitoring these and will evaluate any opportunities that arise.” other accomplishments: “We have reduced property tax, eliminated capital multichannel approach,” says Harry Nardis, chairman and managing director While pharmaceuticals are a traditional strength, there is also optimism controls, introduced discipline in government entities, adopted realistic bud- of Astellas Pharmaceuticals Greece, Cyprus and Malta. Innovation drives As- about the country’s future in an emerging healthcare sector: medical tourism. gets and encouraged public-private partnerships. Actions like this have created tellas’ success, he adds: “In the last three years, we have conducted 24 clinical Dr. George Patoulis is the governor of Attica, the largest of Greece’s 13 regions, fiscal space for further tax cuts in 2020.” This dynamic approach has been wel- trials in Greece to which 152 researchers from 70 institutions contributed.” which includes Athens. He believes Greece, and especially Attica, can become comed by all stakeholders, he states: “For example, we have successfully issued According to Nardis, the ethos behind all Astellas’ endeavors is “Chang- a leader in the sector: “We offer medical facilities of an exceptional quality and a 10-year bond with an interest rate of 1.5 percent and credit rating agencies Spyridon Adonis Ioannis Plakiotakis Christos Staikouras ing tomorrow: those two words are a way of life for us. Our vision is to turn highly skilled practitioners that provide excellent services.” have upgraded the country. In addition, says Deputy Minister to the Prime Georgiadis Minister of Maritime Minister of Finance Minister Stelios Petsas: “There is now significant international interest in in- Minister of Affairs and Insular Development and Policy vesting in Greece and multiple sectors offer huge potential for those investors.” Investments Pioneering fertility treatment To demonstrate its openness to investors, the government is enacting a Astellas is committed to turning “In vitro fertilization (IVF) is spearheading the rise in comprehensive investment law to further improve the business environment. Port facilities are also being improved, as Greece takes advantage of its loca- innovative science into medical Greek medical tourism,” says Dr. Konstantinos Pantos, “We want to make investors’ lives easy,” explains Minister of Development tion “at the crossroads of Europe, Africa and Asia,” says Minister of Maritime the internationally recognized expert in medically assist- solutions that bring value and hope and Investments Spyridon Adonis Georgiadis. Rania Ekaterinari, CEO of Affairs and Insular Policy Ioannis Plakiotakis. His ministry is supporting the ed reproduction who has helped bring 40,000 babies to patients worldwide. the Hellenic Corporation of Assets and Participations, the holding company future privatization of 10 regional ports, while the two largest ones, which have into the world. He is the founder and scientific director responsible for public assets, confirms an increasing appetite for investing: “We already been privatized, are showing the way forward. Every day, we work to address unmet medical needs with a focus of Greece’s largest, and one of Europe’s most presti- on oncology, urology, anti-infectives and transplantation as recently received 10 expressions of interest for a 30 percent share of Athens In- Thessaloniki Port Authority (ThPA) is responsible for Greece’s largest gious, fertility centers—Genesis Athens Clinic—which has prioritized therapeutic areas, while advancing new therapeutic ternational Airport. Our privatization program is accelerating and is expected transit-trade port that is “the natural gateway for the Balkans and south-east assisted patients from over 67 countries to date. areas and leveraging new research technologies. We remain to generate over €2 billion in 2020. Noteworthy offerings this year mainly Europe,” says Sotirios Theofanis, ThPA’s chairman and managing director. In dedicated to meeting patients’ needs and our support for them Equipped with state-of-the-art technology and will never waver. relate to energy and there are also tenders for concession rights to marinas, 2018, 67 percent of ThPA was acquired by a consortium of German, French staffed by leading medical scientists, Genesis Athens is ports, airports and motorways.” and Cypriot investors. Since then, ThPA has started transforming the port Through our commitment to providing patients with hope for a renowned for its pioneering work in areas like pre-em- of Thessaloniki into a regional logistics and transport hub. “We are boosting brighter future, we aim to lead the way in our areas of therapeutic bryo cell masses and pre-implantation genetics, states expertise; focusing on those areas where medical needs remain Our main economic target is to significantly infrastructure, services and management. The backbone of this is a €180-mil- Pantos: “We are also a leader in innovative treatments unmet. Through innovation, we will continue to identify and increase Greece’s growth rate and we want to lion expansion of the container terminal to accommodate ultra-large vessels. develop new ways to improve the health of patients. for older women, for who Greece’s legislation is very do that by attracting investment. We are also focused on networking with dry ports in neighboring countries,” favorable.” Other advantages for those traveling to the At Astellas, we’re focused on making Kyriakos Mitsotakis, Prime Minister, Greece states Theofanis. In addition, the ThPA aims to be at forefront of technology clinic include donor anonymity, accessible prices and, by establishing an innovation hub at its facility. Greece’s largest port, Pireus, is changing tomorrow a reality. he says, “We provide success stories.” In order to share also seeing investment from its operator, China’s COSCO. “The plans include its expertise widely, Genesis Athens has designed an
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