Greek Pharma Legal Framework in progress: the case of Pharmaceutical Cannabis

  • 11/04/2019
  • Michalopoulou & Associates

The establishment of stronger policies at a European level, the creation of more effective funding tools for national health systems and the implementation of reforming health expenditure interventions in Greece were some of the key issues discussed during the 9th Future of Healthcare Conference Greece http://www.healthcareconference.gr/, which took place on Wednesday 27/3/2019 at the Divani Caravel Hotel with the presence of distinguished Greek and international speakers.

Our office had the honor to present in the section Investing in Health – 1st panel of the conference, the current legal framework on pharmaceutical cannabis in Greece as well as the investment opportunities in this field. Mrs. Ioanna Michalopoulou referred to the recently issued Law no 4523/2018 on the production of end medicinal products and the subsequent Ministerial Decisions No. 51483/2018 and 52588/2018 laying down the terms and conditions regarding on one hand cultivation and on the other hand, processing of production and circulation by the National Organization for Medicines (EOF) of these formulations. Particular reference was made to the use of tetrahydrocannabinol (THC) in the new Novel Foods and to the new challenges of the pharmaceutical industry ahead given that, according to a recent published study, the pharmaceutical cannabis market will reach 62 billion globally while in the next year only 700% of products containing tetrahydrocannabinol (THC) are expected to grow. Finally, from the Greek state point of view, respect for the constitutionally right of patients for access to treatments and pharmaceuticals, as well as the training of health professionals in the new generation of products are as highlighted, a priority and a primary institutional invitation for a legislative framework to be continued.

But which are the challenges for companies interested in investing in the pharma cannabis field?