Genesis Pharma S.A.

The CEO of GENESIS Pharma Mr. Costas Evripides narrated to "Executive Know-How" how his company managed to increase its turnover by 80% in 2002.

- The company was incorporated in 1997 and today we have in our portfolio 7 products derived from biotechnology. Besides Greece, we have business activities in Cyprus and the Balkans. Our turnover for 2002 was 35MM Euros, from 19MM Euros in 2001, having an increase of 80%. The aim for 2003 is to double our sales.

- Primarily is Avonex^® of the US company Biogen. The most important new products are Aranesp^® and Granulokine^® of the world's biggest biopharmaceutical company, the US based Amgen.

- We have been wondering how you managed to get the trust of such big companies.

- We succeeded by creating a very good business plan, with which we gained Biogen's trust for AvonexR. We managed to persuade them that we could achieve the goals we had set.

- Approximately 100 people, most of which are young people. Perhaps this is the key to having such a dynamic development.

- As you already know, in Greece we still haven't developed research in areas such as biotechnology. What measures do you think should be taken?

- There should be created a frame within which high risk investments are protected, since there are distinguished Greek scientists in Greece but mostly abroad. But venture capitals in Europe are interested in securing their initial capital and yields. On the contrary, in the US they seek to invest in research-based companies of high risk, in order to multiply their earnings when those companies succeed.

- Just consider that Amgen has a size equal to all the biotech companies in Europe. The EU is currently seeking for ways to support biotechnology research. We haven't lost all hope yet, but significant changes have to be implemented in an organized and fast manner.

- A lot of people claim that pharmaceutical companies use as an excuse the high cost of research in order to justify the high prices of new medicines.

- Today research costs have reached $800MM for each product. We should bear in mind that not every research program is successful and does not always result in the development and launch of a product. Especially in biotechnology, products usually address the needs of a small number of patients. What is of great importance in the cost-profit ratio, of a seemingly "expensive" medicine, is its use which can really minimize the very high cost of hospitalization and the days of absence from work.