The Greek Pharmaceutical Industry Pharmathen has taken its place on the world map of innovation in the pharmaceutical field, following the most recent achievement by the department of Research and Development of innovative healthcare products, that concerns the development of Long Acting Injectable (LAI) Technology – sustained-release injectable products.
LAI Technology can be applied to a range of products and helps to dramatically improve patients’ quality of life as by progressively releasing the drug into the patient’s body, it allows for a reduction in their number of injectable treatments. This innovative technology is expected to be made available to millions of patients throughout the world, following an agreement between Pharmathen and an American pharmaceutical company for the worldwide distribution of two LAI products.
The aforementioned, together with the significance of investment in Research for the development of the Group, were announced today at a Press Conference by Messrs. V. Katsos – President of Pharmathen, E. Karavas – Vice-President of Research and Industrial Operations and K. Kotzias, Head of Corporate Communications, in the presence of Mr. N. Mitarakis – Deputy Minister of Development, who addressed the event.
During the Press Conference Mr. Mitarakis stated: "I would like to offer you my hearty congratulations on this important, scientific achievement that will bring a range of benefits both to your company, as well as to the country, and to patients throughout the world. In this way Pharmathen puts Greece on the world map of pharmaceutical innovation and indeed, in a prominent position. I have observed your activity from the position conferred on me by the Prime Minister and I can confidently say that I am impressed by your consistency and credibility at all levels. Your company is a model of Greek entrepreneurship and fulfills all the conditions for you to be counted among its ‘ambassadors’ worldwide. Pharmathen sets an example for every Greek business that wishes to become extroverted and to play an important part in the new economy we wish to create for Greece. I wish you every success and strength for what is to come".
Mr. Katsos pointed out that Pharmathen’s major successes are a result of its strategic decision to operate through the triptych "Innovation – Investments - Internationalization" and expand its portfolio with innovative as well as new products and technologies. "We systematically and consistently invest in Research, unlike any other pharmaceutical company in Greece. This focused decision of ours has resulted in us becoming a reference point in the global pharmaceutical market. Furthermore the development of the LAI technology has made Pharmathen a leading force among the top organizations that head research developments worldwide, lending it a significant competitive advantage through the innovative products and technologies it makes available throughout the world", he said.
Research at Pharmathen is interlinked with Development. "The 10 million Euro investments to be made in Sapes over the next year, the increase in the Group’s personnel by at least 100 people, all the agreements with pharmaceutical companies that have been made or that will follow, are due to the added value that Research has given Pharmathen", said Mr. Katsos, adding that "Industrialization, commercial production and distribution of LAI preparations will take place at our plant in Sapes. We are currently ranked among the 50 largest pharmaceutical firms in the EU based on investment in Research. During the period 2013-2018, our investments in the Research and Development of pharmaceutical products will exceed 100 million Euros".
Pharmathen – Financial facts and figures
Pharmathen’s Communications Director, Dr. Kostas Kotzias, presented the financial profile of the company which he described as "Greek Multinational".
"When other companies showed losses and transferred their activities abroad, Pharmathen implemented an investment plan that exceeded 40 million Euros, by creating an ultramodern production plant in Sapes. Today, according to new data, the number of employees will soon exceed 1000. We have almost doubled our workforce within 4 years", he said, adding that "our export activity amounts to almost 1% of the country’s total exports. With an annual growth rate of 12% over the last 5 years, 65 patents in our portfolio, numerous awards at a national and international level and undiminishing investment in Research, Pharmathen has already established itself as a ‘model of Greek entrepreneurship’".
The Vice-President of Research and Industrial Activities, Mr. Evangelos Karavas, gave details of the Long Acting Injectable (LAI) technology developed by Pharmathen.
Mr. Karavas explained that "The development of the Long Acting Injectable technology concerns a new therapeutic method and substantially improves the quality of life for millions of patients worldwide. In using the LAI technology, the pharmacologically active substance is gradually released into the body for 1 to 6 months, so therefore its daily administration by injection is no longer essential for patients. Furthermore, in using LAI technology, additional significant advantages become apparent, such as patient compliance to treatment, fewer side effects, improved drug action", adding that "Pharmathen has been granted the rights to this technology with the submission of two global letters patent, while we shall soon be in a position to announce the expansion of LAI applications".