The Medical Technology Blog

Greece represents a small yet stable medical device market. The country currently has around 300 active companies in the medical device field. The majority operate primarily by importing and distributing scientific and medical equipment. As expected by a developing Western European country the percentage of imports of their market stands at around 93%, imported principally from the USA.

Greece’s budget deficit for 2009, 12.7% of GDP, was almost double the previous projection and four times the EU member accepted level. This triggered a collapse in the bond market, according to The Economist. In December 2009, the Prime Minister George Papandreou claimed corruption was the main reason for economic problems.

A 110 billion euros (US$142.6 billion) EU bailout plan for Greece was ratified in May 2010 funded by the EU and the IMF. This was renegotiated in June 2011 to give Greece an additional year to pay back the loan in return for further austerity measures. As of September 2011, the next loan remittance has been delayed pending further reassurances from Greece. A 750 billion euro plan was also agreed in 2010 to prevent the Greek crisis from spreading to other European countries. The three-year plan means that each of the sixteen single currency member states will have access to 440 billion euros (£381 billion) loan guarantees and 60 billion euros of emergency European Commission funding.

Greece introduced austerity measures from December 2009 with cuts to the public sector and pensions, to reduce the deficit to under 3% in 2014. The majority of investors believe Greece may still default on its debt. Further austerity measures for 2011 were agreed in December 2010. This does not bode well for the health sector as the government is looking to trim 5 billion euro off the current budget deficit by increasing taxes and reducing health and defence spending.

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…Greece Medical Device Market


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