Wall Street Journal
June 21, 2011
Greek hospitals face dwindling supplies of medicines because Greece's debt-laden government has fallen so far behind on payments to foreign pharmaceutical companies that they are withholding delivery of some drugs.
Swiss drug giant Roche Holding AG has already stopped delivering medicines to public hospitals that haven't paid their bills. Other drug makers are threatening to do likewise if the situation worsens there.
"This is a major issue," Hakan Bjoerklund, the chief executive of Swiss drug maker Nycomed SCA, said at a conference in St. Petersburg, Russia.
Last year, the Greek government began paying international suppliers to its hospitals in government bonds, which currently trade at 50% or less of their face value.
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