Latest news with #Papadimitriou
Euractiv
31-07-2025
- Business
- Euractiv
Greek pharma sector braces for US tariff fallout, patients risk first impact
Greek pharmaceutical and medical technology executives have voiced growing concern over the anticipated extension of US tariffs to medicines and medtech products, warning that the move could severely disrupt innovation, fracture supply chains, and curtail patient access - particularly in smaller EU markets such as Greece. Industry leaders argue that the proposed measures risk undermining competitiveness and investment at a time when Europe is striving to strengthen its strategic autonomy in healthcare. Following the announcement of the EU-US trade deal and the impending outcome of the Section 232 investigation, Greek industry voices are calling for urgent clarity and exemptions for critical health products. They point out that the evolving US trade strategy and an insufficient EU reaction will significantly impact Greece, due to a challenging operating environment, ultimately impeding access to therapies and medical technology products. 'Imposing tariffs either by the US alone or by both sides, Greece is expected to suffer a significant blow,' Olympios Papadimitriou, President of the Hellenic Association of Pharmaceutical Companies (SfEE), told Euractiv. Fundamental risk for Greece Papadimitriou points to the overburdened pharmaceutical environment in Greece, which is struggling with mandatory returns and insufficient funding, as the main factor that could amplify the implications of US tariffs. '[Greece] is the country with the worst environment for on-patent medicines in the European Union (lowest prices and highest refunds). If economic pressure starts a chain of all kinds of cuts, Greece will be among the first to suffer the consequences,' he remarked. These developments are expected to have the greatest impact on patients. As Labrina Barmpetaki, President of Pharma Innovation Forum (PIF), explained to Euractiv, if the appropriate action isn't taken, 'there is a growing risk of launch sequence prioritisation, where smaller EU countries, such as Greece, could be deprioritised or excluded altogether from access to new medicines.' Some generics are exempt from the imposed US tariffs. However, the full impact remains uncertain as key elements are still unclear, and the anticipated imbalance caused by implementing tariffs threatens to disrupt supply chains. 'For Greece's export-oriented pharmaceutical sector, such tariffs would undermine future competitiveness and challenge established transatlantic flows,' Theodoros Tryfon, President, Panhellenic Union of Pharmaceutical Industries (PEF), tells Euractiv, adding that the generic industry is looking forward to further clarity on the scope of products to be exempted. The biotechnology industry also underlines the risks of delays, higher costs, and reduced patient access due to potential tariffs on medical technology, which includes medical devices and in vitro diagnostics. 'Potential tariffs or restrictions on the movement of these products could lead to significant delays in the availability of life-saving technologies, increased healthcare costs, and jeopardised access to modern and effective solutions for patients,' the Hellenic Association of Medical and Biotechnological Product Enterprises (SEIV) notes in a statement to Euractiv. For SEIV, patient health must not be used as a bargaining chip in trade disputes. 'Delays in the supply of critical medical technology products can have a direct impact on the quality and timeliness of care, particularly in countries with limited resources or heavy reliance on imported technologies.' Risks across the EU and the Atlantic The implications of imposing export duties on pharmaceuticals will be far-reaching. Barbetaki notes the concerns about added strain on public healthcare systems, particularly in Europe, where access to medicines is largely state-funded. 'Such a shift could carry social and budgetary consequences if it disrupts the flow or affordability of essential treatments', she adds, highlighting that Europe faces structural hurdles in attracting pharma investment, especially compared to the US, which offers stronger funding, IP protection, faster regulation, and better innovation incentives. Its market-driven healthcare model also gives it a clear competitive edge, Barbetaki points out. As Papadimitriou notes, tariffs on medicines are a blunt instrument that will disrupt supply chains, impact investment in R&D, and ultimately harm patient access to medicines on both sides of the Atlantic. 'Any tariffs risk worsening existing shortages and further straining supply chains,' Tryfon warns, adding that Europe has consistently proven to be a reliable supplier to the US, particularly for critical medicines where it often serves as the main or only alternative to Asia. Regarding medical technology, despite earlier assurances and expectations, the sector wasn't mentioned in the official announcement, with the products exempted based on the EU-US 'zero-for-zero' trade agreement. However, efforts are still underway for a last-minute change. Redisigned approach needed 'If the intent is to secure pharmaceutical investment in research, development and manufacturing, rebalance trade and ensure a fairer distribution of how global pharmaceutical innovation is financed, then there are more effective means than tariffs that would help, rather than hinder, global advances in patient care and economic growth,' Papadimitriou argues. He explains, from a European perspective, that means 'rethinking how we value innovation, significantly increasing what the region spends on innovative medicines and creating an operating environment that can accelerate turning Europe's great science into new treatments.' Barbetaki is on the same page: 'To remain globally competitive, Europe will need to strengthen its policy framework by supporting innovation, upholding strong IP protections, ensuring regulatory clarity, and aligning environmental and industrial legislation.' However, she adds that Europe should also reconsider its approach to pricing policies and cost-containment measures, 'aiming for a different model to remain attractive for global pharmaceutical launches.' The Greek pharmaceutical industry advocates for the exemption of EU-origin generics, biosimilars, and APIs, as Tryfon remarks. 'The EU and US essential medicines lists significantly overlap, which highlights the necessity for a tariff exemption on products that ensure uninterrupted patient access and are crucial for reinforcing transatlantic health resilience,' Tryfon explains. Exemption is also crucial for medtech provision. SEIV sent a letter to the Greek Ministry of Health and Greek Members of the European Parliament earlier in July, stressing the need for active support to exempt medical technology products from any trade or tariff measures. It followed a joint letter from MedTech Europe and the US-based AdvaMed to European Commission President Ursula von der Leyen, expressing strong concern over the exclusion of the sector from the list of industries included in the 'zero-for-zero' trade agreement. Greek MEPs weigh in From an economist's point of view in a modern, globalised world, tariffs do not make sense, S&D and PASOK MEP Nikos Papandreou told Euractiv, noting that they are used as a weapon, 'to force trading partners to do things they wouldn't do otherwise.' However, he doesn't think that the EU should have reacted by imposing high tariffs on American goods as a form of revenge. 'Nevertheless, it is a 'win-loss situation'; a win for the US and a loss for Europe. Politically, it is a defeat; economically, it's better than what it may have been,' he says. For the pharma industry, the story is a mixed bag, according to Papandreou, as key aspects remain unclear. 'Therefore, it's too early to determine what will happen to pharma overall. Will this encourage EU investments in the USA? My prediction in this unpredictable situation? Not a cent.' EPP & ND MEP Dimitris Tsiodras also awaits the finalised deal to draw safe conclusions. He recognises, however, that regarding pharmaceuticals, the exemption of certain generics will help ensure the availability of medicines for Greek and European patients and prevent the emergence of further shortages.' [Edited by Brian Maguire]
Yahoo
18-05-2025
- Yahoo
Home of former Greek rail disaster probe chief attacked
An incendiary device exploded early Sunday outside the apartment block where a former senior state investigator probing Greece's worst train tragedy lives, police said. Athens News Agency reported that unidentified individuals had placed it at the entrance of the and that it had exploded shortly before 03:00 am on Sunday. The explosion caused minor material damage to the entrance and police found the remains of gas cannisters, firecrackers and duct tape. State security is investigating the incident at the building, which according to police sources is where Christos Papadimitriou, until recently head of the state accident investigation agency's railway sector, lives. Papadimitriou resigned early in April, citing "personal and family reasons", having said he had received threats over his work. That followed a row over statements he made about the fireball explosion that followed the devastating train collision of Tempe in 2023. Fifty-seven people, most of them young students, were killed in February 2023 when a passenger train and a freight train collided in Tempe, central Greece, having been allowed to run on the same track. But investigators say some those who died were killed not in the crash but by an 80-metre (260-feet) fireball that came after the collision. - 'Questionable' methodology - On February 27, Papadimitriou presented a report that indicated the "possible presence" of an "unknown fuel" that could have caused the fireball, a conclusion that has divided experts. In subsequent television interviews he said that European train safety officials had pressed for this conclusion to be included in the report, but that it required further investigation. "I received threats because I continued to look into it," he told Skai TV. The fireball theory was based on "questionable" methodology that was "not universally accepted" by experts, he added. Papadimitriou mentioned that there was an alternative theory that involved train engine silicone oils. If that theory turned out to be correct, then "all trains" running in Europe" could be "dangerous", he had warned. The disaster and its aftermath have sparked strikes and hundreds of protests in Greece and abroad this year. It has also led to two votes of no confidence in the conservative government, which the administration overcame. The train's Italian-owned operator Hellenic Train has denied knowledge of any illegal cargo on the freight train. Prosecutors have so taken action against more than 40 people over the accident, including the local station master responsible for routing the trains. A trial into the accident is not expected before the end of the year. Early in April, a bomb exploded outside the Athens offices of Hellenic Train, after anonymous calls to Greek media warned of the attack near one of the capital's busiest highways. No one was injured. kan/jj
Yahoo
22-04-2025
- Business
- Yahoo
Bill Gates' Harvard Professor Thought, 'What A Waste' When He Left Academia, But That 'Small Company' He Founded Changed The World
Before he became one of the wealthiest people on the planet with Microsoft Inc. (NASDAQ:MSFT), Bill Gates was just another Harvard undergrad, albeit one whose intelligence made a long-lasting impression on his professors. One of them, Christos Papadimitriou, recalled thinking Gates was the smartest person he had ever encountered. But when Gates ditched academia to pursue business, Papadimitriou had just one reaction: 'what a waste'. What Happened: In the 1970s, Gates co-authored a paper on a mathematical problem called "pancake sorting" with Papadimitriou. His unique solution slashed the number of necessary operations drastically and held the world record for decades. Don't Miss: Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share! Are you rich? Here's what Americans think you need to be considered wealthy. But just two years later, when Papadimitriou called Gates to share the news that their paper had been accepted for publication in a prestigious journal, Gates had already changed course, relocating to New Mexico to concentrate on his software company. Speaking about the episode at the ACM Awards several years later, Papadimitriou said: "Two years later, I called to tell him our paper had been accepted to a fine math journal. He sounded eminently disinterested. He had moved to Albuquerque, New Mexico to run a small company writing code for microprocessors, of all things. I remember thinking: 'Such a brilliant kid. What a waste.' Why It Matters: Gates' early departure from Harvard to build Microsoft appeared like a diversion from academic glory. But it instead signalled the start of of one of the most dynamic and influential careers in the tech world. While Papadimitriou saw Gates' re-orientation as a loss in the early days, history proved otherwise. Bill Gates may have walked away from math journals and complex theories, but not from problem-solving. His story demonstrates how intellectual ability can take many shapes and forms, and how a "waste" in one domain can transform into world-changing success in another. Read Next: BlackRock is calling 2025 the year of alternative assets. One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates. These five entrepreneurs are worth $223 billion – they all believe in one platform that offers a 7-9% target yield with monthly dividends Photo Courtesy: Alexandros Michailidis On Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Bill Gates' Harvard Professor Thought, 'What A Waste' When He Left Academia, But That 'Small Company' He Founded Changed The World originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Al Arabiya
09-04-2025
- Politics
- Al Arabiya
Lead investigator of 2023 deadly Greek train crash resigns
The supervisor of Greece's national investigation into a 2023 train crash resigned on Wednesday, a move expected to further complicate efforts to shed light on the country's worst rail disaster that killed 57 people. According to opinion polls, most Greeks view the crash as emblematic of the neglect of the country's railways in recent decades and also of a persistent failure by the state to address safety concerns. The crash has prompted angry protests, fueled further by a lack of trust in institutions. Christos Papadimitriou, the head of the railway division at Greece's Air and Rail Accident Investigation Authority (HARSIA), stepped down days after a top court prosecutor ordered a probe into HARSIA's findings. In February, HARSIA said the safety gaps, which failed to prevent the head-on collision of a freight train and a passenger train on February 28, 2023, had not yet been fixed. It also found that a fireball that followed the collision could not have been caused by train equipment, generating doubts about the freight train's cargo as well as political wrangling. HARSIA decided this week to remove the section which refers to the causes of the fireball, after at least one of the foreign universities cited in its report said it had neither reviewed nor authorized the content. Greece's Supreme Court prosecutor ordered a probe into the developments to determine if there was an attempt to influence a judicial investigation which has been underway since 2023. HARSIA, an independent authority, was only set up in late 2023. It launched its probe in March 2024, more than a year after the crash, which meant it had to rely on others for much of its information. 'I tried to serve the public interest... in a difficult situation,' said Papadimitriou in his resignation letter, standing by HARSIA's main findings.
Yahoo
09-04-2025
- Politics
- Yahoo
Lead investigator of 2023 deadly Greek train crash resigns
ATHENS (Reuters) - The supervisor of Greece's national investigation into a 2023 train crash resigned on Wednesday, a move expected to further complicate efforts to shed light on the country's worst rail disaster that killed 57 people. According to opinion polls, most Greeks view the crash as emblematic of the neglect of the country's railways in recent decades and also of a persistent failure by the state to address safety concerns. The crash has prompted angry protests, fuelled further by a lack of trust in institutions. Christos Papadimitriou, the head of the railway division at Greece's Air and Rail Accident Investigation Authority (HARSIA), stepped down days after a top court prosecutor ordered a probe into HARSIA's findings. In February, HARSIA said the safety gaps, which failed to prevent the head-on collision of a freight train and a passenger train on February 28, 2023, had not yet been fixed. It also found that a fireball that followed the collision could not have been caused by train equipment, generating doubts about the freight train's cargo as well as political wrangling. HARSIA decided this week to remove the section which refers to the causes of the fireball, after at least one of the foreign universities cited in its report said it had neither reviewed nor authorised the content. Greece's Supreme Court prosecutor ordered a probe into the developments to determine if there was an attempt to influence a judicial investigation which has been underway since 2023. HARSIA, an independent authority, was only set up in late 2023. It launched its probe in March 2024, more than a year after the crash, which meant it had to rely on others for much of its information. "I tried to serve the public interest... in a difficult situation," said Papadimitriou in his resignation letter, standing by HARSIA's main findings.
