Pharmaceutical Products Export of Greece: The in-depth Trade Overview of 2024

Pharmaceutical products, the substances basically used for treatment and prevention of diseases in healthcare facilities, are an essential component of the globally traded commodities. The lack of production capacity of pharmaceuticals in different central regions across the globe, along with the rising global spread of diseases and specialization in production, has maintained the continuity in the global trade of pharmaceuticals. Greece Import Data says, the country in southeastern Europe, bordered by Turkey and Albania in the north and northeast direction, is right now one of the most significant contributors to the global pharmaceutical export market due to the high share of production meeting the export standards of the European Union and the skilled pharmaceutical workforce.

The collaboration between the Greek domestic authorities and the international pharmaceutical companies and the establishment of the supply chains connecting production to the foreign traders have resulted in a total valuation of pharmaceutical exports from Greece worth 5 billion US dollars in 2024. The increased global demand and the contribution to employment driving the pharmaceutical sector have promoted the revenue rate. Subscribe to Import Globals, the leading Greece import export trade provider, to stay updated with the latest information regarding the pharmaceutical export of the nation via the Greece Trade Data.

GOVERNMENT INITIATIVES SUPPORTING THE PHARMACEUTICAL EXPORT OF GREECE IN 2024

The national export strategy has helped the authorities to create an environment for the expansion of pharmaceutical companies for better visibility in the globally evolving trade. The inclusion of pharmaceuticals as a strategic manufacturing sector under the development law has opened up new funding tools for research and development. It has made the pharma firms of Greece more competitive.

The research and development investment incentives via the recovery and resilience plan have increased the investments for strengthening the technological and export base of the industry. It has also boosted the capacity of the country for innovation and production of exportable and high-value pharmaceutical essentials. The close back-offset mechanism linked to R&D spending has reduced the financial pressure on companies while promoting the reinvestment into innovation and export-oriented production.

THE LEADING VARIANTS OF PHARMACEUTICALS EXPORTED FROM GREECE IN 2024

The reliable access of the domestic trade authorities to EU regulatory approvals and the contribution towards modernization of the manufacturing techniques have resulted in a diversity in the overall global trade output. According to the Greece Export Data, the topmost variants of pharmaceuticals exported from the nation in 2024 are,

Antibiotics — The annual valuation of Antibiotics exported from Greece in 2024–1.9 billion US dollars
Vaccines — The annual valuation of Vaccines exported from Greece in 2024–982 million US dollars
Analgesics and pain relievers — The annual valuation of Analgesics and pain relievers exported from Greece in 2024–819 million US dollars
Antipyretics (fever-reducing drugs) — The annual valuation of Antipyretics (fever-reducing drugs) exported from Greece in 2024–765 million US dollars
Cardiovascular medicines — The annual valuation of Cardiovascular medicines exported from Greece in 2024–654 million US dollars
Anti-diabetic drugs — The annual valuation of Anti-diabetic drugs exported from Greece in 2024–576 million US dollars
Hormonal preparations — The annual valuation of Hormonal preparations exported from Greece in 2024–465 million US dollars
Anti-inflammatory drugs — The annual valuation of Anti-inflammatory drugs exported from Greece in 2024–389 million US dollars
Generic pharmaceutical formulations — The annual valuation of Generic pharmaceutical formulations exported from Greece in 2024–278 million US dollars
Biopharmaceutical products — The annual valuation of Biopharmaceutical products exported from Greece in 2024–264 million US dollars

TOP 10 EXPORT TRADE PARTNERS OF GREECE IN 2024

The participation of the country in international export markets and the clinical trial activity, increasing the innovation and research credibility, has benefited the bilateral relationship of the country with the foreign trade investors. As per the Greece Customs Data, the topmost export trade partners that have been shaping the pharmaceuticals export of the nation in 2024 are,

Italy — The total valuation of Pharmaceuticals exported from Greece to Italy in 2024–1.25 billion US dollars