The first funding provided to a private Greek company by the European Investment Bank - ΕΙΒ has been secured by Pharmathen to support its programme concerning the Research and Development of innovative products.
The company will receive funding totaling 25 million Euros, which will be made available by the European Investment Bank over the next five years, while Pharmathen will invest it to support – through research – the development of new pharmaceutical products and technologies.
This agreement will further strengthen Pharmathen’s cooperation with European and domestic suppliers, universities and research institutes, thus contributing to an increase in competitiveness and added value on industrial products manufactured in Greece.
The President of Pharmathen Mr. V. Katsos, stated: “Investment in Research is a constant competitive advantage for Pharmathen. The approval of funding from the European Investment Bank – a prestigious institution of international repute - will further strengthen this advantage and our export activity, as well as further enhancing our credibility as a company. Over the next five years Pharmathen is to invest more than 100 million Euros in the field of the Research & Development of innovative products and new technologies in the Health sector, also focusing on the further expansion of applications of Long Active Injectable (LAI) and Preservative Free (PF) technologies”.
Mr. Nicholas Jennett, Director of new financial tools at the European Investment Bank, stated: “Pharmathen has demonstrated the quality that characterizes it as a company. Besides, if you look at the history of the company, it is a story full of successes. Since 2008, the growth rate in sales has been at 17% with a simultaneous increase in jobs. Innovation is at the core of Pharmathen’s proposal and that is why the European Investment Bank has decided to support it. The agreement we are signing today is the kind of agreement that Europe needs in order to prosper like America. I am certain of Pharmathen’s success. It is a model for Europe”.
Funding for Pharmathen is the EIB’s first financial transaction for Greece through its support for the programme “InnovFin – EU Finance for Innovators” and financial support for the European Union through the programme Ηοrizon 2020 Financial Instruments. The programme “InnovFin – EU Finance for Innovators” is designed to support the development and funding of companies, with the ulterior purpose of bridging the gap in innovation that exists between EU countries and America.