Pfizer’s contribution to Greece’s GDP in the 2020s at 1.6 billion euros

His total contribution Pfizer in Greece for the decade 2020-2030, recorded in a special study by Foundation for Economic and Industrial Research (IOBE)featured in the section entitled “The Contribution of American Businesses to Growth and Innovation: Pfizer’s Investments in Greece” at the 32nd Greek Business Summit organized by the Hellenic American Chamber of Commerce. Pfizer has played a pivotal role in the pharmaceutical industry in Greece since 1960 and recently strengthened its presence with the implementation of a large investment in Thessaloniki that prompted the study.

With the creation of the two global centers, the Center for Digital Innovation (CDI) and the Center for Business Operations & Services, the Pfizer underlines the important role of Greece and especially Thessaloniki as a global center of innovation and an internationally attractive destination for significant international investments. The study was presented by Svetoslav Danchev, Head of the Department of Microeconomic Analysis and Policy at IOBE.

The main objective of the IOBE study was to capture the total socio-economic contribution of Pfizer in Greece for the period (2020-2030) in recognition of the importance of value added to the economy and employment. For the purposes of the study, an input-output model with data on the sectoral and regional structure of the Greek economy was used. According to the main results of the study, the Overall Pfizer Contribution to the Greek Economy (2020-2030) are:

1; € 1.6 billion, total contribution to GDP

– € 550 million total contribution to taxes and insurance premiums (excluding contributions through reclaim and discounts, which are expected to exceed € 670 million)

– For every EUR 1 direct contribution by the company, a total of EUR 2.18 added value is created in the Greek economy

– € 730 million in total gross value created directly by Pfizer.

Contribution to the economy of Thessaloniki (2020-2030)

– The total impact on Thessaloniki’s GDP is estimated at € 657 million

In terms of employment and jobs, it is estimated that Pfizer’s activity in Greece will total (directly and indirectly) approx 2,600 jobs. In addition, 1,139 additional jobs (direct and indirect) will be created in the regional unit of Thessaloniki. Every 1 job at Pfizer supports 3.1 jobs in the Greek economy. Pfizer’s activity in Thessaloniki is estimated to triple the number of employees in Greece, with 7 out of 10 based in the co-capital.

It is worth noting that in Greece, Pfizer already employs a large number of specialized professionals in Athens and Thessaloniki, with 63% of the staff having a postgraduate degree. Percentage much higher than the average of the Greek economy which is 8%.

Additionally, Pfizer’s contribution to developing and promoting innovation in our country is important, through the Digital Innovation Center, which activation is expected to both contribute and to improve the profile of our country as an innovation-friendly country as well as in improving specific innovation indicators on the overall performance of Greece in the European Innovation Scoreboard (EIS).

Commenting on the results of the study, the Deputy Minister for Development and Investment commented, Nikos Papathanasis“Pfizer’s very significant investment in Greece is yet another ‘vote of confidence’ in the government’s reform initiatives to build an investment-friendly environment capable of attracting strong FDI into our country, integrating with strategic investments, broadening the investment framework, with new ones modern economic sectors. Greece is changing, innovating and becoming an extroverted, modern and innovative investment destination with multiplier advantages jobs and helps to reverse the brain drain that has “damaged” our country. “

Its president and CEO Pfizer Hellas, Zacharias Ragousis, commented on the IOBE study: “The IOBE study shows the important development prospects of the international research and innovation companies operating in our country. At the same time, it confirms Pfizer’s dynamic presence in Greece, which has been adding value for the country, society and patients for more than 60 years. “Through its strategic investment in Thessaloniki, Pfizer is catalyzing the country’s transition to a growth path that benefits the economy and society as a whole.”

For his part, o General Director of IOBE, Prof. Nikos Vettas, pointed out, among other things, the great importance of large investments by international companies for our country and that these do not compete with smaller domestic companies, but on the contrary can contribute to their own growth and extroversion. In particular, for the overall development of the economy, it is vital to strengthen high-tech investments that are linked to human capital and create quality jobs. Such investments can be complementary and act as a system that attracts people with knowledge and specialization in the first or even later steps of their work for our country.