Sunday, May 20, 2012

A Greek Tragedy?

Reuters: Drugmakers crafting emergency plan for Greece

Drugmakers are putting together a plan for how to keep medications flowing to Greece if the economy collapses and payments become uncertain.

With the possibility of a financial default escalating there, drugmakers are working with European authorities to avoid a crisis, according to Reuters in an exclusive report. They are said to be studying the 2002 default in Argentina as a blueprint.

Because Greece is a small market, it is believed that most drugmakers can work with the country on delayed payment basis for awhile. But something has to be done, because the country has almost no domestic production, importing nearly everything and also buying mostly branded, not generics. As a result, its drug costs per capita are substantial, Reuters reports.

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