The future of Europe's pharmaceutical industry will be shaped as much by manufacturing and industrial policy as by scientific innovation. Theodore Tryfon outlines how ELPEN is investing to strengthen healthcare resilience, expand internationally and support Greece's emergence as a strategic pharmaceutical manufacturing hub, while reflecting on the policy choices that will determine Europe's long-term competitiveness.
What should be key priorities for strengthening Europe’s pharmaceutical competitiveness and healthcare resilience?
We are operating in a period of exceptional geopolitical uncertainty. The potential impact of US tariff policies and the Most Favoured Nation (MFN) pricing initiative, the continuing consequences of the war in Ukraine, instability in the Middle East, and the broader pressure on Europe’s economy have all brought security of supply and competitiveness to the forefront. Pharmaceutical policy can no longer be viewed simply as health policy. It is also industrial policy, economic policy, resilience policy and, increasingly, geopolitical policy. In my opinion, these are the key priorities that Europe needs to focus on through every legislative proposal.
The Pharmaceutical Package and the Critical Medicines Act recognise many of these challenges and represent important steps in the right direction. However, translating European objectives into meaningful change will depend on implementation at national level and on creating an environment that gives companies the confidence to invest. That is why predictability matters. Companies need a clear regulatory framework, faster procedures for manufacturing changes, and procurement systems that recognise the value of supply security rather than focusing solely on the lowest price.
Europe must also view off-patent medicines manufacturing as a strategic industrial asset rather than simply a tool for containing healthcare costs. Across the industry, we are investing heavily in modernising manufacturing through digitalisation, decarbonisation and AI, yet many of these investments remain outside the scope of existing European funding programmes because they focus primarily on research. We need targeted support for industrial modernisation, alongside incentives that strengthen European manufacturing capacity and make these investments economically sustainable.
At ELPEN, we have tried to contribute through long-term investment rather than simply discussing the challenge. Our Keratea site combines advanced manufacturing and R&D capabilities for respiratory medicines, including the patented Elpenhaler platform, and today supports the treatment of more than eight million patients across Greece and Europe. It is one of only four European facilities with these specialised capabilities. We believe resilient supply chains are built through sustained investment, highly skilled people and close collaboration between industry and policymakers.
How is Greece positioning itself as a strong European pharmaceutical manufacturing hub in South East Europe, and how does the new manufacturing hub in Tripoli play into that ambition?
I believe perceptions of Greece are changing and there is increased focus on our industry capabilities for Europe. Our country is not building a pharmaceutical industry from scratch, but building on an established industrial ecosystem with a history of more than 90 years, with companies that have invested consistently in manufacturing excellence, quality systems, regulatory compliance, exports, and research and development. Today, Greece already has a strong production base, a highly skilled scientific and technical workforce, and internationally competitive companies that contribute to medicine availability well beyond the domestic market. Combined with the certainty of the European regulatory framework and Greece’s strategic location connecting Europe with the Eastern Mediterranean, the Middle East and North Africa, these strengths are making the country an attractive location for pharmaceutical manufacturing and investment. More broadly, Greece is becoming a production platform rather than simply a national market, and that is exactly the kind of productive, internationally competitive model that both Greece and Europe should continue to support.
The Tripoli hub [a new EUR 500 million European pharmaceutical hub with three factories from DEMO, Win Medica (of the ELPEN group) and FARAN – ed.] reflects that ambition in a very tangible way. It should be seen as a concrete contribution to Europe’s healthcare resilience and strategic autonomy. Recent crises have demonstrated that the availability of essential medicines cannot depend excessively on long, fragile and geographically concentrated supply chains. By expanding manufacturing capacity within the European Union, the project will help diversify supply, reduce dependence on non-European sources, and strengthen the availability of essential medicines, not only under normal market conditions but also during demand shocks, geopolitical tensions and supply disruptions. Europe cannot speak about strategic autonomy only in political terms. It must also invest in manufacturing capacity, develop skills, support investment and reward reliable supply.
Equally important is the collaborative nature of the project. Security of supply is a system-level challenge that no single company can solve alone. While we continue to compete in the marketplace, we also share a common interest in strengthening Europe’s manufacturing base for critical medicines. Each company brings its own technologies, portfolio and capabilities, and together we can create a stronger industrial foundation that enhances the resilience of European healthcare while preserving healthy competition.
Why does ELPEN continue to invest so heavily in manufacturing and innovation despite the pressures facing the European market?
Our investment programme continues to progress according to plan because we see manufacturing, research and innovation as long-term strategic priorities rather than short-term investments. We have expanded our manufacturing footprint with our new Keratea site, which has now been operating for two years and is dedicated entirely to exports, producing oral solid medicines, particularly for cardiovascular diseases, as well as pressurised metered-dose inhalers using lower environmental impact propellants. At the same time, Athens LifeTech Park is approaching completion, bringing together preclinical CRO services and a biotechnology incubator, while we continue to invest in our high-potency oncology manufacturing facility in Tripoli, a new logistics centre and a fourth production site in Attica. Together, these investments strengthen our capabilities across manufacturing, research, innovation and distribution.
The rationale behind them is straightforward. To remain competitive, both in our export business and in our domestic market, we need to control a significant part of the manufacturing process and consistently support our customers, from reliable supply and regulatory requirements to quality assurance throughout the product lifecycle. Companies with a high degree of vertical integration are generally better placed to manage costs, guarantee supply and build long-term partnerships. Outsourcing may offer certain financial advantages, but it also means giving up a level of control that we believe is essential if we want to remain a reliable European manufacturing partner.
Our strategy also extends beyond manufacturing alone. We continue to invest in research and development across generics, hybrid products, value-added medicines, next-generation respiratory technologies and lower environmental impact propellants, while beginning to explore selected opportunities in APIs. We recognise that the market does not always reward these investments to the extent we would expect, but for us there is only one strategic direction. If we want to remain competitive, reliable and relevant as a European manufacturer, we have to continue investing in production capacity, quality, supply security and innovation, even if the value of those investments is not always immediately reflected in the market.
The same long-term perspective applies to APIs. Europe remains heavily dependent on imported key starting materials and APIs, particularly from Asia, creating an important strategic vulnerability for pharmaceutical supply chains. Large-scale API manufacturing will not be viable in every area, but we believe there are opportunities in selected segments, including high-potency products and other specialised molecules, where Europe should continue to build capability. Our immediate focus is on supporting our own portfolio, while assessing over time how those capabilities could also create value for our external partners.
How is ELPEN balancing international expansion with its long-term investment and ownership philosophy?
Our strategy is built around three priorities. First, we want to be among the first companies to bring selected generic medicines to market. Second, we aim to create additional value through value-added medicines while maintaining competitive pricing. Third, we see security of supply as an increasingly important differentiator. Taken together, these priorities define our ambition to become one of Europe’s leading B2B pharmaceutical companies, and we believe they will become even more relevant as European manufacturers continue evolving towards value-added medicines and incremental innovation.
That strategy is reflected in the way we approach international expansion. Europe remains our natural home market, and today the majority of our production is exported, primarily within Europe but also to many international markets. We continue to grow through a combination of strong B2B partnerships and selective direct investment. Within Europe, we work with leading multinational pharmaceutical companies and best-in-class local partners, allowing us to scale efficiently while benefiting from their market expertise. Outside Europe, where we see sufficient long-term strategic value, we may establish our own local presence, as we have done with our regional subsidiary in the United Arab Emirates serving the Middle East and Africa. When evaluating new opportunities, we look well beyond market size, focusing instead on sustainable growth, regulatory predictability and markets where our portfolio, manufacturing capabilities and partnership model can create lasting value. Our objective is not expansion for its own sake, but to build durable positions as a trusted healthcare partner.
That same long-term perspective also shapes the way we invest in the business. We make use of tax incentives, clawback offset mechanisms, investment programmes, bank financing and, importantly, the reinvestment of our own profits. At the same time, we do not believe Europe’s competitiveness can be built on labour costs alone. Investing in our people and creating an environment where more than 1,700 employees can develop, perform and build long-term careers is fundamental to the quality, reliability and service we provide to our partners. We have received interest from private equity, but preserving the culture and values of a family business now entering its third generation remains central to our philosophy. Growth matters, but so does maintaining the long-term thinking that has shaped ELPEN from the beginning.
What role do you see Athens LifeTech Park playing in ELPEN’s innovation ambitions?
Athens LifeTech Park is a proactive initiative because we believe innovation depends on building an ecosystem rather than supporting individual projects in isolation. If you look at the major biotechnology hubs in the United States and across Europe, they all bring together academia, researchers, industry, investors and specialised expertise, such as legal and intellectual property support. That is the model we are trying to create in Greece. Athens LifeTech Park brings together three complementary pillars: translational research, including biobanks, preclinical CRO services, and a biotechnology incubator providing laboratories, research infrastructure and the support needed to help early-stage companies develop promising ideas into viable projects.
A particular strength is the Greek scientific diaspora. Over the past few decades, many Greek researchers and entrepreneurs have built highly successful careers in biotechnology and healthcare innovation, especially in the United States, and many are keen to bring that experience back to Greece. Our objective is to connect that network with universities, research institutions, investment funds, European financing institutions and our own resources, creating an environment where scientific discovery can move more effectively towards industrial development. The park has now become operational, and we are beginning to attract the first projects, including work in API synthesis, while building the scientific team and capabilities needed to evaluate future opportunities.
For us, this also represents a broader evolution. ELPEN and the Greek pharmaceutical industry are moving beyond a traditional focus on generics towards value-added medicines, incremental innovation and research. Through Athens LifeTech Park, we intend to co-invest selectively in companies addressing unmet medical needs, while our own pharmaceutical strategy remains focused on selected therapeutic areas, principally cardiometabolic and respiratory diseases alongside oncology. We may broaden our commercial portfolio through partnerships and licensing, but our own development and manufacturing investments will remain disciplined and concentrated in areas where we believe we can create sustainable value.
That discipline is fundamental because every investment carries scientific, commercial and financial risk. We review our priorities over defined investment cycles and make decisions based on long-term strategic fit rather than short-term opportunities. For the same reason, we have deliberately established Athens LifeTech Park as a separate platform. It complements our core pharmaceutical business without placing unnecessary pressure on it, while allowing an independent innovation ecosystem to develop alongside ELPEN’s established manufacturing and R&D activities.
How successful has Greece been in attracting and retaining the talent needed to support the growth of its pharmaceutical industry?
Greece has an exceptional scientific workforce. The challenge has never been the quality of the talent, but creating enough opportunities to retain people and encourage those who have built careers abroad to return. By investing in research, manufacturing and innovation, companies such as ELPEN are creating high-value careers that allow talented professionals to build internationally competitive careers while remaining in Greece.
That also requires sustained investment in education, lifelong learning and closer collaboration between universities and industry. As President of the Panhellenic Union of Pharmaceutical Industries (PEF), I am particularly proud of the progress we have made in recent years. Since 2022, PEF has introduced specialised programmes in Regulatory Affairs and Quality Assurance, through which 153 young scientists have entered the pharmaceutical industry. In 2025, we launched a partnership with the National and Kapodistrian University of Athens to train a further 100 participants in Quality Control and R&D, followed in 2026 by the establishment of a vocational academy for pharmaceutical manufacturing through the public higher vocational education system. Altogether, these initiatives have enabled more than 350 young scientists and professionals to be trained or reskilled, strengthening the talent pipeline for the Greek pharmaceutical industry.
What should be Europe’s priorities if it wants to remain globally competitive in pharmaceutical manufacturing and innovation?
For me, it begins with how we see the role of industry within our economies. Europe needs a strong manufacturing base because sustainable growth depends on production, innovation, technology and, above all, people. Greece understands that particularly well after more than a decade in which investment in infrastructure, manufacturing and R&D was constrained by the financial crisis. Over the past five years, we have worked to rebuild that foundation, and I believe Europe must continue doing the same if it wants to remain competitive in the decades ahead.
Europe will never compete on labour costs with China or other regions, nor should it try to. Our competitive advantage must come from innovation, manufacturing excellence, technology and highly skilled people. Competition is becoming more intense, not only in manufacturing but also in innovation, yet we continue to see that consistency, quality and reliable supply are valued. Our customers want medicines manufactured in Europe because they recognise the importance of resilient supply chains and trusted manufacturing partners.
If there is one message I would leave with European policymakers, it is the importance of balance. We need to balance security of supply with pricing and reimbursement policies, environmental ambition with industrial competitiveness, and support for research with support for manufacturing. Europe has built world-class scientific capabilities, but it now needs to place the same emphasis on modernising manufacturing, accelerating digitalisation and strengthening collaboration between universities and industry, while ensuring that companies investing in European production, including the off-patent sector, have access to the incentives needed to remain competitive. That balance will determine Europe’s ability to build a pharmaceutical industry that is resilient, innovative and internationally competitive over the long term.
