Leaders in the Development of SE Europe
"GENESIS Pharma is one of the fastest growing pharmaceutical companies in SE Europe" states the CEO of the company, Costas Evripides. Furthermore, he notes that for 2004 turnover is expected to reach 110MM Euros.
Talking about the hospital debts, he stresses out that it never occurred to him to discontinue providing medicines to the hospitals - essentially to the patients. Short term plans of the company are its expansion in the wider area of the Balkans and its stock listing in the Athens Stock Exchange.
-What are the business activities of your company?
-The company's business activities are focused in the pharmaceutical biotechnology. We have exclusive agreements with the biggest biotechnology companies in the world, such as Amgen which holds the leading position in the biotechnology market. Additionally, Amgen is one of the top 50 companies in terms of market capitalization in the world. We also have partnerships with Biogen Idec, Cephalon, Shire and Chiron, which are in the top 10 biotechnology companies.
-When was GENESIS Pharma incorporated?
- GENESIS Pharma began its activities seven years ago, i.e. in January 1997.
Our first sales were in December of the same year. We became market leaders with our first launch product.
-What are your estimations regarding your turnover for 2004?
- We expect our turnover to reach 110MM Euros. For the first semester our turnover reached 54MM Euros, comparing it with 33MM Euros of the comparative period of the year before.
-Are you involved in product development in Greece?
-No. All are products arrive in a finished form, already packed, and we deliver them to the patients. We are a commercial organization. One of the reasons we are not involved in the product development is the difficulty in their development, since they are biotechnology-derived and are very specialized.
-What is the composition of the Board of Directors?
-Together with the Jacovides brothers, we each own 20% of the company. Our common Cypriot origin, common culture and general philosophy are what we share.
-What happens with the pharmaceutical products prices?
-We should bear in mind that the prices of the newly launched medicines in the Greek market are the lowest in the EU. The price increases that recently took place concerned only a small number of medicines, basically generics. Our products haven't had a price increase in the last few years.
-Who are your customers?
- The hospitals and the Social Security Funds. Our products are hospital products for rare and chronic diseases.
-What is the situation with the hospitals' debts?
-This is a huge problem. It is worth mentioning that there are hospitals that haven't paid us in two years. This practically means that in some cases the pharmaceutical companies basically "sponsor" the hospitals.
-Have you ever considered ceasing distributing products to those that do not pay you?
-No, that has never crossed our minds, since the end-user is not the hospital or the Social Security Funds but the patient himself who is in great need of the medicine.
-How are you progressing with the company's' listing in the Athens Stock Exchange?
- We have already submitted a fully updated file. There are 10 companies in total in the waiting list for listing in the Athens Stock Exchange, all of which have also submitted fully updated files.
-What are your plans for expanding your activities outside Greece?
- We believe that we belong to the wider area of SE Europe. We have already initiated our expansion, three years ago. We are currently active in Romania, Bulgaria, we just entered the market of Slovenia and we will soon expand our businesses in Croatia and FYROM. Additionally, we have a wholly owned subsidiary in Cyprus.
-Recently you were presented with a significant award. Please share a few words about it with us.
-GENESIS Pharma for the second consecutive year was voted one of the 10 best companies to work for in Greece. This distinction was within the frame of a competition named "Best Workplaces 2004 - The Champions".
Source: Ethnos, 7 August 200