Greece’s government has approved a program clearing the way for more than half a billion euros worth of investments in research and development programs in the country’s pharmaceutical sector in the next year-and-a-half.

The program – which forms part of the National Recovery & Resilience Plan: Greece 2.0 – represents a major step to further grow Greece’s life sciences sector, one of Greece’s export champions and at the epicenter of its fast-growing innovation ecosystem.

The approval effectively greenlights 53 investments in pharmaceutical-related R&D projects, totaling €519.3 million, that will be implemented by the end of 2023. The total includes some €272.5 million in direct investments from the private sector, and another €246.8 million contribution from the public sector through a special rebate.

The program is one of a series of initiatives the government has pursued to promote the development of the industry. In late 2020, Prime Minister Kyriakos Mitsotakis convened a high-level committee of industry executives and government officials to chart a growth strategy for Greece’s pharmaceutical industry.

Overall, the Greek pharmaceutical and life sciences sector accounts for more than 3.5% of GDP and about €2 billion worth of exports. The country is a hub for pharmaceutical R&D and drug trials, and the sector consistently claims a share of Greek patents far above the EU average.