Industry Trend Analysis - No End In Sight For Ailing Healthcare System - MAR 2017

BMI View: Greece's healthcare system continues to face significant challenges due to a lack of funding, resulting in staff and medicine shortages. Government initiatives to reverse the system's decline continue to disappoint , and we anticipate the burden of expenditure to continue to shift towards the private sector, despite a return to economic growth. Consequently , the pharmaceutical market will also face significant challenges in the years to come.

Greece's healthcare system will remain in a state of crisis, severely limiting revenue earning opportunities for pharmaceutical and medical device manufacturers. As we have repeatedly highlighted, the country's healthcare system is failing to adequately treat the population due to a number of fundamental issues, all of which stem from the global financial crisis ( see ' Health Sector To Remain Challenging Despite Economic Growth ' , January 19 2016). These issues were publically highlighted on January 1 2017 in the UK's Guardian newspaper, by an article entitled ' Patients Who Should Live Are Dying: Greece ' s Public Health Meltdown '.

This article underlines a number of the failures of the health system including staff shortages, poor hospital sanitation and the slashing of funding since 2009, which created a very public row between the Minister of Health, Andreas Xanthos, and Greek unions including the Panhellenic Federation of Public Hospital Employees (POEDIN). In reality, while some of the facts quoted by the head of POEDIN in the Guardian article were not up-to-date and more disheartening than our analysis and WHO data show, the article correctly portrays the severe issues facing the healthcare system which we have outlined in detail in previous articles.

Increasing Reliance On Private Spending
Greece: Healthcare Market Breakdown
f = BMI forecast. Source: World Health Organization (WHO), BMI

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