External reference pricing (ERP) sits at the heart of how medicine prices are set in Greece. For any company launching a product, understanding how the basket is built, how often prices are recalculated and where the pressure points lie is essential to protecting both the launch price and the reimbursed value over a product’s lifecycle.
What external reference pricing means in Greece
Greece sets the ex-factory price of on-patent medicines by reference to other European markets rather than to production cost or clinical value. In broad terms, the price is calculated from the lowest ex-factory prices found across a defined basket of EU member states. The National Organisation for Medicines (EOF) collects published prices from official sources and converts wholesale or retail figures to an ex-factory basis using its own methodology.
- Prices are benchmarked against a basket of EU countries, taking the lowest observed prices as the anchor.
- EOF publishes price bulletins and revises prices on a recurring basis.
- Greece is itself a reference country for many other European markets, so a Greek price has knock-on effects well beyond its borders.
Why the price bulletin matters
Because Greek prices feed into other countries’ baskets, an aggressive or poorly timed price in Greece can erode revenue across a wider European footprint. Re-pricing rounds can also lower a price after launch as cheaper markets enter the basket. Companies that treat the price bulletin as a one-off event rather than a continuous process are frequently caught out.
- The European launch sequence should be planned so that low-price markets do not undercut the Greek reference before it is set.
- Each re-pricing round should be checked for errors — wrong currency conversions, out-of-date source prices or incorrectly matched products.
- Objections to a proposed price must be filed within the published consultation window.
ERP alongside reimbursement and clawback
ERP determines the list price, but it is only the entry point. Reimbursement decisions, the positive list, rebates and the clawback mechanism together determine the net price a company actually realises. A defensible ERP calculation is the foundation, but it must be managed together with reimbursement negotiations and the volume-based rebates that follow.
Common pitfalls
- Failing to audit the basket data EOF uses, and missing a factual error that lowers the price.
- Missing the objection deadline in a re-pricing round.
- Launching in a very low-price market first, dragging down the wider European reference network.
- Ignoring the interaction between ERP, clawback and rebates when modelling net revenue.
How PQRA helps
PQRA supports pharmaceutical companies through every stage of Greek pricing — verifying the reference basket, checking EOF price calculations, preparing and filing objections within deadlines, and modelling the combined effect of ERP, reimbursement and clawback on net revenue. We help you align your European launch sequence so the Greek price protects rather than undermines your wider portfolio.
Contact our team to review your pricing strategy for the Greek market.
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