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MAy-june 2013 Vol. XII | No. 66

Thought Leaders

Healthcare in the Balance Women + Business

Progress, Change, and Embracing the Future ▼


Improving Health, Changing Lives ▼

Endeavor Greece & Entrepreneurship ▼


Innovation as a Process ▼

Plus Viewpoint Names & Faces Trends & Trade Makers


Leading in a Time of Crisis

Simos Anastasopoulos

Member of the Executive Committee, American-Hellenic Chamber of Commerce

A dynamic Chamber website, Breakthrough Greece promotes innovative and successful Greek companies and entrepreneurs to a global audience.

The site is a window to the world showcasing the best Greece has to offer.

Visit us at Like us on Facebook

An initiative of the American-Hellenic Chamber of Commerce AMERICAN-HELLENIC CHAMBER OF COMMERCE

Volume XII | Number 66








6 Chamber News

8 Greece Ahead

Simos Anastasopoulos, member of the Executive Committee of the American-Hellenic Chamber of Commerce, discusses his vision for the Chamber to forge a new Greece, to expand relations with the United States, and to serve its members with a full array of benefits

Strategically Restructuring Greece’s Tax Administration by Stavros Kostas

1 0 The World of Work

Randstad Hellas: A Big ‘Thank You’ To Our People

1 2 Start-Up

Innovation as a Process by Alexandros Pavlidis, Senior Manager, Management Consulting, Accenture S.A.

1 4 Names & Faces in the News 1 6 MarketPlace

Herbalife: Improving Health, Changing Lives with Manolis Leontzakos


1 8 In Profile

Capital Link… Linking the Greek – U.S. Business and Investment Communities

Manolis Leontzakos, of Herbalife, speaks about how Herbalife improves health and changes lives

2 0 Collaboration@Work On Values

by Stavros Messinis


Discover America—Maryland


2 4 The Interview

Simos Anastasopoulos, Member of the Executive Committee, American-Hellenic Chamber of Commerce

Elizabeth Filippouli, founder & CEO at Global Thinkers Forum, on leadership, change, and a new tomorrow.

2 6 Thought Leaders Healthcare in the Balance

4 0 Business Box

Busi n ess Pa rt n e rs is the b im onthly magaz i ne o f t h e Ame r ica n - H e lleni c Cha mber of Comm erce DIRECTOR Elias Spirtounias

PUBLISHER & EDITOR Raymond Matera Please Recycle

ADVERTISING Raymond Matera

OWNER American-Hellenic Chamber of Commerce Politia Business Center 109-111 Messoghion Avenue 115 26 Athens Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 E-mail:

BRANCH OFFICE 47 Vassileos Irakleiou Street DESIGN 546 23 Thessaloniki snack• Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 PRINTING & BINDING Northern Greece Publishing S.A. E-mail:

Haris Makryniotis Scale Ups, High-Impact Entrepreneurs, and Endeavor Greece

4 2 Women + Business

Elizabeth Filippouli on Progress, Change, and Embracing the Future

4 4 Trends & TrAdE Makers 4 6 Business2Business A B2B Toolbox

4 8 Viewpoint

Why Content is the Future of Marketing



Recent, positive developments related to the Greek economy, and the beginnings of a recovery accompanied by increased confidence from global investors, point to a turn for the better in Greece. This turn must proceed within a strategic plan that is integrated and not fragmented. It must fully leverage the competitive advantages of Greece with a special emphasis on labor capabilities and educational resources of our workforce. It must involve regional development and counter the trend of hyper urbanization. It must foster employment. Along these lines we need to congratulate those companies that are taking steps to expand production, increase employment, and combat undeclared labor. The Chamber is playing its role in fostering growth, development, and employment in a number of dynamic ways. In collaboration with the Athens Stock Exchange we are holding the 2nd Investment Forum in New York in early June in a well-coordinated effort to showcase the investment potential of Greece and to capitalize on the growing investment initiatives of major U.S. companies in our country. We will also host our 2nd major conference on the protection of intellectual property, a major problem in our country and with a significant economic and social impact. The 2nd Agrotechnology conference in Thessaloniki creates an important platform for an in-depth analysis of the potential of, and the critical issues in, the agricultural and food processing sectors. And our 2nd Make Innovation Work (MIW) competition, following the highly successful first MIW, is ready to launch. These initiatives, complemented by closed meetings with the political hierarchy, develop a meaningful dialogue with all stakeholders, including the State, and present substantive Chamber proposals on important issues facing the business community today. Amidst these activities, our Chamber will hold elections in June to elect new members of the BoD and a new President, in accordance to our bylaws. On the occasion of this event, I would like to thank the outgoing president of the Chamber, Mr. Yanos Gramatidis, for his devotion and significant contribution to the positive development of our Chamber during his tenure—at a time of severe economic crisis and intense doubt of principles and institutions. Mr. Gramatidis departs from the Chamber’s Presidency leaving an important legacy with his work, his outward looking policy, and his vision, that we need not only to continue but to develop even further—for the benefit of the members of our Chamber and for the business community in general. We invite all Chamber members to participate in the upcoming general assembly and election procedures, to honor the outgoing President, and at the same time to underline the beginning of a new era for our Chamber, as active and effective as in the past. Elias Spirtounias Executive Director

The American-Hellenic Chamber of Commerce A Dynamic, Proactive Chamber The American-Hellenic Chamber of Commerce was established in 1932 and is one of the largest, most active, and dynamic American Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber. The Chamber's membership is comprised of more than 1,000 proactive companies that seek to expand business horizons, create new business partnerships, and take advantage of trade and investment opportunities in today's global economy. The American-Hellenic Chamber of Commerce is an active mem-


ber of the U.S. Chamber of Commerce in Washington D.C. and the European Council of American Chambers of Commerce (ECACC).

Mission Statement The American-Hellenic Chamber of Commerce strives for continuous improvement of American-Hellenic commercial and financial relations, through increased membership and through the organization of top-quality events, exhibitions, fora, seminars, and congresses on both sides of the Atlantic.

American-Hellenic Chamber of Commerce Executive Committee


Gramatidis Yanos President | BAHAS, GRAMATIDIS & PARTNERS

Auditors Committee

Kyriacou Marios T. Vice President | KPMG CERTIFIED AUDITORS A.E.

Members: Felonis Athanassios, Papakosmas Dimitrios, Sabatakakis Kyriacos | Coordinator: Andriana Chadjianagnostou

Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E.

Corporate Governance Committee

Karayannis Angelos Secretary General | KARAYANNIS K. GROUP OF COMPANIES Panayotopoulos Litsa Treasurer | BOSTON HAMILTON LTD. Anastassopoulos Simos Counselor | PETSIAVAS N. S.A. Bacacos George Counselor | BACACOS P. CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Charalambous Odysseas Counselor | CISCO SYSTEMS HELLAS S.A.

Chair: Papacostopoulos Constantine | Members: Apsouris John, Charalambous Yiangos, Dimou Ioannis, Hadjisotiriou Paula, Iliadaki Sassa, Petalas Apostolos, Shiamishis Andreas, Theodoulidou Maria | Coordinator: Daphne Constantinidou

Corporate Social Responsibility Committee

Alexiou Maria, Constantelis George, Iliopoulou Sissy, Katsouli Katerina, Lolas Vassilis, Macheras Alexia, Vrachatis Ioannis, Zevgoli Nafsika | Coordinator: Angela Boyatzis

Energy Committee

Chair: Karayannis Angelos | Members: Alexopoulos George, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Angeliki Dikeoulia

Papadopoulos Thanos Counselor | CHEVELLAS S.A.

Greek Economy Conference Committee

Spirtounias Elias Executive Director

Innovation, Education & Entrepreneurship Committee

Chair: Kyriacou Marios | Members: Anastassopoulos Simos, Antoniades Vassilis, Bacacos George | Coordinator: Angeliki Dikeoulia Chair: Panayotopoulos Litsa | Members: Darda Dimitra, Lelakis George, Makios Vassilios, Papadakis Georgios, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Rizopoulos Yannis, Tsiboukis Antonis, Tsigos Dimitris, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki

Insurance, Social Security & Labour Matters Committee

Board of Directors Ahmed Pervaiz | BRISTOL-MYERS SQUIBB A.E. Alexopoulos George | HELLENIC PETROLEUM S.A. Antoniades Vassilis | THE BOSTON CONSULTING GROUP Antonopoulos Constantinos | INTRALOT S.A. - INTEGRATED LOTTERY SYSTEMS AND SERVICES Canellopoulos Paul | AIG Greece S.A. Costas Stavros | Economist Costopoulos Alexandros | FORESIGHT Strategy & Communications David George | COCA-COLA HELLENIC BOTTLING COMPANY S.A. Filiotis Dionysios | PHARMASERVE-LILLY SACI Frangou Angeliki | NAVIOS MARITIME HOLDINGS INC. Kartsanis Georgia | CEO CLUBS GREECE Kokorotsikos Paris | EUROCONSULTANTS S.A. Kosmatos Makis | JOHNSON & JOHNSON HELLAS S.A. Kouides Antonis | B.E.R.M.A. A.E. Koutsoureli Eftychia | QUEST HOLDINGS S.A. Kyriakides John | KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM

Chair: Kremalis Konstantinos | Members: Andriopoulos Stavros, Apostolopoulos George, Canellopoulos Paul, Christidou Agni, Ioannou Christos, Κandarakis Michael, Karantzola Helen, Kikilias Elias, Kollas John, Konstantinidis Theodore, Kouskouna Froly, Koussia Venetia (Dr.), Lisseos Panayotis, Lyssimachou Triantafyllos, Michos Stathis, Oikonomopoulou Antouaneta, Pelidis Manos, Petroglou Athina, Poulias Alkiviadis, Prountzos Michael, Sarantopoulos Dimitris, Spyrakos Fotios, Spyropoulos Rovertos, Tompras Theodossis, Tzotzos Apostolos, Vafeiadis Ioannis, Velmachos Dimitrios, Vlassopoulos George | Coordinator: Voula Tseritzoglou

IPR Committee

Chair: Galanopoulou Katerina | Members: Ailianou Andromahi, Economou Alexandra, Kargarotos Iakovos, Kyriakides John, Makris Antonis, Michos George, Paparrigopoulos Xenophon, Zachou Dora | Coordinator: Daphne Constantinidou

Leadership Committee

Chair: Miropoulos Artemis | Members: Kalligeros John, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Mamidakis Eleftheria, Mavropoulos Michael, Olympios Spyros, Panteliadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Roussos Michalis, Saracakis Alexandros, Vlachos George | Coordinator: Ritana Xidou

Medical Devices & Diagnostics Committee

Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Anastassiou Yannis, Baracos Christos, Boulougouris George, Christopoulou Martha, Deligiannis Konstantinos, Derkos Kalogridis, Kartalis Christos, Krinos Gregory, Lindholm Mangnus, Maroutsis George, Nikas Dimitris, Strouzos Anastasios | Coordinator: Voula Tseritzoglou

Northern Greece Committee

Chair: Bakatselos Nikolas | Members: Accas Ioannis, Alexopoulos Charis, Gigilinis Alexandros, Kafatos Vassilis, Katsaros George, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Thanasis, Koukountzos Konstantinos, Mavroudis Theodoros, Pylarinos Othon, Symeonides Dimitris | Coordinator: Nikos Tsavdaroglou

Pharmaceutical Committee

Manos Alexandros | GENIKI BANK

Chair: Pascal Apostolides | Vice Chairman: Filiotis Dionysios | Members: Commissaris Jeroen, Frouzis Konstantinos, Gerassopoulos Marcos, Charalampidis Savas, Karokis Antonis, Greco Roberto, Kefalas Nikos, Lakatos Matyas, Nordkamp Hendrikus Hermannus (Erik), Pervaiz Ahmed | Coordinator: Voula Tseritzoglou

Meintassis Harry | HAY GROUP S.A.

Public Affairs Committee


Nordkamp Hendrikus Hermannus | PFIZER HELLAS S.A. Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. Passaris Despina | PROCTER & GAMBLE HELLAS LTD. Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A. Priamou John | U.S. Commercial Counselor (ret.) Saracakis John D | SARACAKIS BROTHERS S.A. Stavridis Stelios | PISCINES IDEALES A.E. Symeonides Dimitris | KEPA (BUSINESS & CULTURAL DEVELOPMENT CENTER) Synghelides Polychronis | LANCIA - JEEP HELLAS S.A. Tourkolias Alexandros | NATIONAL BANK OF GREECE S.A. Yiannopoulos Emil | PRICEWATERHOUSE COOPERS BUSINESS SOLUTIONS S.A. Zeritis Panos | THRACE PAPER MILL S.A.


Members: Anastassopoulos Simos, Kyriacou Marios, Papadopoulos Thanos | Coordinator: Xidou Ritana

Taxation Committee

Chair: Stavros Costas | Members: Achilas Ioannis, Altiparmakis Christos, Ampeliotis Evangelos, Anastasiadis Harris, Desipris Antonis, Doucas Spyros, Filippopoulos Dimitris, Gigantes Stavros, Govaris Vassilis, Kanellatou Athena, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Leventis Thomas, Lianopoulos Themis, Mitsios Stephanos, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Cristina, Pothos Panagiotis, Samothrakis George, Savvaidou Katerina, Savvas Evangelos, Sfakakis Konstantinos, Spyriouni Litsa, Stavrides Vassilis, Stavropoulos Ioannis, Tapinos Grigoris, Trakadi Maria, Tsakonas Yannis, Yiannacou Sofoklis | Coordinator: Katerina Tzagaroulaki

Tourism Committee

Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Anglos John, Argiri Byron, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Papadopoulou Catherine, Peressiadis Costas, Van de Winkel Bart, Vrachatis Ioannis | Coordinator: Angeliki Dikeoulia

Women in Business (WIB) Committee

Chair: Kartsanis Georgia | Members: Adamopoulou Efi, Anagnostopoulou Popi, Athanassoulas Elena, Dimou Maria, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Milona Martha, Panagopoulou Varvara, Papakonstantinou Ioanna, Sideri Anastasia, Tarou Iphigenia, Tzimea Deppie, Velliotou Peggy | Coordinator: Angela Boyatzis


9th Athens Tax Forum The Chamber and its Taxation Committee hosted the 9th Athens Tax Forum, A Smart Tax Administration, Intelligently Restructured—Central to Meeting Requirements of The New Taxation System, on April 17, 2013 at the Grande Bretagne Hotel. The event was highly successful and attracted record participation. Speakers discussed “smart” proposals in view of planned tax measures, both temporary (radical) and structural, aimed to secure fiscal stabilization and trigger economic growth in Greece. The Forum assessed the negative implications of a variety of weaknesses on the effectiveness of current fiscal and restructuring measures, highlighting select taxation issues from everyday business life that demand immediate, corrective legislative action. The Forum produced constructive dialogue, crafted practical suggestions, and highlighted valuable proposals to overcome current weaknesses of the national tax system. The forum, attended by over 300 delegates, focused on those tax policies to be followed that will lead to healthy fiscal positions and economic growth. Speakers included George Mavraganis, Deputy Minister of Finance, and Harry Theoharis, General Secretary of Public Revenue, Ministry of Finance Gold Sponsor: Ernst & Young; Silver Sponsor: Kyriakides Georgopoulos Law Firm; Bronze Sponsor: Deloitte; Communication Sponsors: Naftemporiki, Business Partners, CFO agenda, European Business Review, Intelligent Life, SBC; Internet Communication Sponsors:, Breakthrough Greece Yanos Gramatidis

Stavros Kostas


Women in Business Hosts Elizabeth Filippouli The Women in Business (WIB) Committee of the Chamber hosted Elizabeth Filippouli, Founder & CEO of Global Thinkers & Global Thinkers Forum, UK, who spoke on “Women Leaders in Business & the New Challenges”, on May 16, 2013 at the Hotel Grande Bretagne. Ms. Filippouli, a former journalist with ERT, CNN and Al Jazeera, is based on London where she runs a communications firm and Global Thinkers Forum, an initiative to effect change that brings together the private sector, the government, and civil society to form new dialogues. Chamber President Yanos Gramatidis welcomed the more than 150 guests at the luncheon and WIB President Georgia Kartsanis introduced Ms. Filippouli. Elizabeth Filippouli



Panel discussion



Panel discussion

Giuseppe Zorgno, Litsa Panayotopoulos, Georgia Kartsanis, Elizabeth Filippouli, Yanos Gramatidis, Christina Sakellaridis, Anastasia Sideri, Simos Anastassopoulos

Exposec—DefenseWorld 2013

International Defense & Security Conference Exposec—DefenseWorld 2013, co-organized by the Chamber and Symeon G. Tsomokos SA, was held April 3 & 4, 2013 at the Athenaeum InterContinental Hotel. The conference was held under the auspices of the Greek Ministry of National Defense and the Center for Security Studies (KE.ME.A.). Distinguished speakers from the political, military, diplomatic, academic and business communities addressed more than 300 conference participants, representing every sphere of the defense and security sectors. Speakers included Panos Panagiotopoulos, Minister, Ministry of National Defense, Patroklos Georgiadis and Secretary General for Citizen Protection, Ministry of Public Order & Citizen Protection. Conference sponsor was: Onex; Supporters: Hellenic Aerospace Industry, Hellenic Defense Systems (EBO-PYRKAL), Eltron, Intracom Defense Electronics, Lockheed Martin and Theon Sensors; Communication sponsors: Kerdos, Security Manager, IT Security, Business Partners, SBC TV and Web Communication Sponsor: OnAlert, and Palo. PANOS PANAGIOTOPOULOS THANOS DOKOS Minister Director General Ministry of National Defence Hellenic Foundation for European & Foreign Policy (ELIAMEP)

LUIGI REBUFFI Chief Executive Officer European Organisation for Security

Yanos Gramatidis

Chamber President Addresses Students at University of Macedonia Chamber President Yanos Gramatidis spoke at the 9th Student Conference at the University of Macedonia in Thessaloniki on April 3. Mr. Gramatidis spoke on the topic: Breakthrough Greece: Can Greek Companies Compete in the Global Marketplace? As the crisis in Greece impacts every level of Greek society, the private sector, and entrepreneurship, offers a powerful force to emerge from crisis, reduce unemployment, and grow the economy. As many companies demonstrate that are profiled in Breakthrough Greece, the new Chamber initiative to showcase private sector excellence in Greece, the entrepreneurial spirit is vibrant and strong, and indeed many Greek companies are enjoying significant success in the international marketplace.

PATROKLOS GEORGIADIS Secretary General for Citizen Protection Ministry of Public Order & Citizen Protection

Chamber Calendar June 13 Athens, Hotel Grande Bretagne, WIB Seminar: Building Networks to Build Business June 17 Thessaloniki, American Farm School, 2nd Agrotechnology Conference June 26 Athens, Hotel Grande Bretagne, Annual General Assembly–Elections 2013

Chamber Supports Inception Days The Chamber supported INCEPTION DAYS, a three-day event fromMay 16th to 18th in Thessaloniki. This international gathering brought together “doers” representing governments, corporations, NGOs, academia, and venture capitalists, all seeking to cultivate Innovation. Inception Days seeks to discover, share, and implement solutions to grow innovation ecosystems, by leveraging science and technology to generate economic growth and improve the lives of billions of people.

June Athens, Launching the 2nd MIW Competition July 2 Athens, Intellectual Property Rights Conference Early July or September Athens, 12th HealthWorld Conference July Thessaloniki, 3rd MIW Forum


Greece Ahead

by Stavros Kostas President, Taxation Committee, American-Hellenic Chamber of Commerce

Strategically Restructuring Greece’s Tax Administration


uring the last three years, there has been a significant synergistic effort to reform and modernize the ailing taxation system in Greece. The reasons are simple: • To wipe out the perennial, pathogenic characteristics of Greece’s taxation system, with all its negative implications for fiscal stability, economic development, and social coherence. • To address the major challenges arising form Greece’s economic crisis and the collapse of the economic model of the country. In these respects, the Memorandum of Understanding with our European Associates (the TROIKA), provides for an agreed plan, of bold and frontloaded measures, with the objective to build a new, workable taxation system. This taxation system, in contrast to previous ineffective iterations, is designed to be simple, effective, stable, fair, development

oriented, protective against antisocial tax behaviors, operating at a lower tax compliance cost, customized to the needs of the tax payers, and securing the strict fiscal measures already taken in the plan of economic survival of the country.

A Smart Restructuring of Greece’s Tax Administration The reorganization of Greece’s tax administration, a top priority among the fiscal projects currently in process, is considered to be the pinnacle of taxation system restructuring. Such a reorganization is necessary to integrate the final stage of tax reformation with the establishment of a modern tax administration, far removed from its dysfunctional nature to date, to secure sustainable compliance, effective State revenue collections, and impartiality in conducting administrative and legislation disputes. The Taxation Committee of the Chamber

draws attention to the fact that the current tax administration demonstrates a very low rating in the following key performance indicators: • Appropriate autonomy from political authorities • Functionality and fairness • Entrepreneurial spirit and qualified personnel • Transparency and accountability • Innovative spirit Decision makers, including political authorities related to taxation, agree that a common target is needed in order to adopt promising strategies to revitalize the tax administration. The objective is clear: to create an efficient, effective taxation administration and taxation system with a primary mandate to protect the tax base, collect State revenues at a lower cost, with minimum interference toward audited tax payers while, at the same time to reduce opportunities for tax evasion and the operation of a shadow economy.�





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The World of Work

Randstad Hellas

A Big ‘Thank You’ To Our People Best Workplaces 2013 Greece


t is the first time that Randstad Hellas participates in this globally renowned employee survey and we are very proud of this recognition from our people. One of Randstad’s strategic approaches is Best People. We keep a constant eye on our employees’ development and offer them

the trust our clients place in us for their HR services needs. Kiki Avgoustatou, Operations and HR Manager at Randstad Hellas says: The fact that our own employees find the working environment at Randstad Hellas extraordinary is a great honor, for us, as an HR company.

Randstad Hellas has something to celebrate! As the leading HR service provider in the Greek market, we are pleased to announce that Randstad Hellas has been recognized as Best Workplace by the Great Place to Work Institute in Greece. challenging market conditions. In a company where employees can trust each other and are proud of their work, the winners are the company, the employees themselves, and ultimately the customers who come in contact with us. This distinction encourages us to continue to provide the high-level HR

Strong employee commitment leads to the development of strong ties with customers and this is a key factor for the development of a company

the opportunities to help them achieve their full potential. The foundation of our success has been our exceptional people. We are privileged to work with some of the most successful companies in Greece and we have a deep sense of gratitude for


We know how important for the success of a company is to attract and retain the most talented people. Strong employee commitment leads to the development of strong ties with customers and this is a key factor for the development of a company in today’s

market services to contribute to the goals of leading Greek companies.” The team at Randstad Hellas feels proud, inspired and has an ambitious vision. Our culture is contagious and is fueling our success. Our staff are committed to the objectives and values of our company and at the same time they are given the opportunity to develop personally and professionally. The next chapter in the history of Randstad Hellas promises to be very exciting, but today ... we celebrate!�


Innovation as a Process Alexandros Pavlidis examines one of today’s hottest buzzwords—and one of the most important processes in starting a business.

by Alexandros Pavlidis, Senior Manager, Management Consulting, Accenture S.A.

Dear Entrepreneur, I am glad to share my views on innovation and make the point that, contrary to popular belief, innovation is much more than “a good idea”—it is rather a process that you shall setup in your organization and manage as a business discipline, to achieve tangible innovative outcomes. Although to many it is still a buzzword, innovation is one of the leading issues on the minds of entrepreneurs globally. Business leaders believe that innovation can spark growth and contribute significantly to a company’s performance. This is even more important in today’s tough economic conditions, which call for new sources of growth that deliver value in differentiated ways. But what actually is innovation for organizations? How can you innovate? For most, innovation is synonymous to good ideas, to creativity and novelty; some even envision it as an epiphany, a moment that changes everything. I argue, however, that innovation is much more than just the ability to generate good ideas; it is a result of hard work and a thorough process involving several steps; it is a business discipline that can be developed in an organization.

Accenture defines innovation as “a new way of doing things that creates or adds value.”

Accenture defines innovation as “a new way of doing things that creates or adds value”; I find this definition complete since it does not focus only on novelty, but also on implementation and success. Innovation is a good idea that is brought to fruition; this is often the most difficult challenge. Furthermore, to fully qualify as innovation, the idea must generate a successful outcome. Starting from this definition, I urge you to view innovation as a process, which shall be supported by capabilities across dimensions that deliver overall impact and value, i.e.: quality and richness of insights, ideas and pipelines; processes and tools to convert ideas into


viable business initiatives; structures to foster systematic execution and speed to market. You, as an entrepreneur, may be a very innovative individual, but a successful startup cannot be a “one-man show” – at least not for long. This means you need to establish the process and culture toward innovation. You shall manage the innovation process as a core business discipline to achieve growth and high performance. To do this, you will need to: • Ensure a strategic direction toward innovation. Maintain a clear focus to innovation as a growth platform, pursue innovation initiatives across different dimensions (not only products or services but also business and operating model), source ideas from internal and external networks (i.e. generate ideas internally or through collaboration with suppliers, customers). • Setup a structured process to convert ideas into viable initiatives. Establish a mechanism that encourages trial of new concepts, manage and prioritize the portfolio, ensure resources capacity and capability required for innovation. • Establish a formal governance model for innovation, by involving top management in the process, holding periodic reviews on the portfolio of ideas, and linking incentives to innovation outcomes. You as an entrepreneur will have to focus on open and honest communication, be willing to reject ideas that won’t work and remain open to creativity and change, despite high pressure from investors often pushing more towards “making it through the day” than producing novel products or services. By becoming more consciously and deliberately innovative and by setting up the innovation process, you can facilitate innovation that is greater than the sum of your team’s individual talents and skills. Are you building a startup that fits this mold? All my best,


NAMES & FACES the news  SFEE Supports Crackdown SFEE (Hellenic Association of Pharmaceutical Companies) declared its support for efforts to stamp out activities, including re-export of medicines, that deprive Greek patients from necessary medications and disrupt unfettered access to treatments. SFEE advocates clearing the Greek market of misconduct with intensive checks to ensure product quality.  Hilton—Supporting Hospitality Career Choices Hilton Worldwide is supporting young people by presenting professional opportunities in the hotel industry and offering career advice at the Careers@Hilton Live 2013 event. With more than 75 million unemployed young people worldwide, this initiative is especially important.  Endeavor Global ISP The 47th International Selection Panel (ISP) of Endeavor Global was successfully completed in Athens, In total, 13 companies were selected, including two Greek ones, Obrela Security Industries and Out There Media. Haris Makryniotis, Managing Director Endeavor Greece said: “Hosting this international event in Athens is critical, as it turns the attention of the global business and investing community towards Greece and gives us an opportunity to promote high-impact Greek entrepreneurial efforts globally.  Leaders Lab The Leaders Lab held its annual graduation ceremony. The 12-month Leaders Lab training program helps participants strengthen such leadership skills as motivation, negotiation, time and stress management, strategic planning, and goal setting. The Managing Director of Leaders Lab, Iphigenia Paparoussi, is a certified trainer and business coach, providing training on measurable growth, a structured and applicable training material and an on-going follow-up to all participants.  Hellenic Entrepreneurship Award The Hellenic Entrepreneurship Award announced the four winners for 2013 who will receive business start-up funding as well as mentoring and business support services. The 2013 winners are: Stella Mare, Corfu Living History Museum – Recreating the environment of an historic mansion on Corfu, Great Catering and RabT.

Speaker’s Corner 14 | BUSINESS PARTNERS | MAY-JUNE 2013

Riding 1

Life is like riding a bicycle. To keep your balance, you must keep moving. —Albert Einstein

President of Anatolia College Dr. Panos Vlachos was appointed President of Anatolia College on April 19th, 2013. Dr. Vlachos was appointed Acting President of Anatolia College in August 2012. He served in a variety of administrative leadership positions at The American College of Thessaloniki (ACT) for the past 15 years. In 2009 he was Panos Vlachos appointed Vice President for Academic Affairs at Anatolia and Provost of ACT serving also as the institutionalwide chief of Libraries and Information Technology. Dr. Vlachos, has taught for over 20 years at the graduate and undergraduate level. He holds a B.S. in Mathematics from the Aristotle University of Thessaloniki, an MSc in Mathematics and a Ph.D in Applied Sciences from the University of Rhode Island in the USA. Dr. Vlachos is married to Maria Chatzikefala and they have a son, Orestis, and a daughter, Niovi, who are both attending Anatolia.

American Farm School Opens Primary School The new primary school at the American Farm School in Thessaloniki will open its doors to students for the first time in September 2013. The new elementary school prioritizes knowledge with a distinct environmental perception, sensitivity and responsibility. The Dr. Panos Kanellis, school promises to focus on the teaching of President of the the English Language, technology, science, American Farm School and to cultivate the love for learning, sports and volunteering. The new primary school at the American Farm School takes pride in its modern interdisciplinary, student-centered, experiential teaching methods, the implementation of environmental and other innovative programs in all classes and the experienced and specialized educational personnel. The new facilities further guarantee a modern educational experience of high standards.

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A developed country is not a place where the poor have cars. It’s where the rich use public transport. —Enrique Penalosa, former Mayor of Bogota, Colombia

Elena Athanassoulas-Kyrnassiou Executive Director Stirixis Group

Supporting Human Space Tell us about Stirixis. Stirixis Group specializes in Business Concept Development and offers 360° support (Stirixis is the Greek word for support) to individuals, companies and investors wishing to create profitable and sustainable investments, whatever market they are in. Our systemic approach ensures we tackle issues holistically and produce valuable and measurable results for our customers. Founded in 1996, Stirixis Group has five business units, more than 450 successful projects, from UAE to Scandinavia, in its portfolio, and offices in London, Bucharest and Athens. How does space define our everyday lives? In the era of remote presence and connectivity through technology, space is being redefined. Space is to be created in a way that enhances our experiences, increases awareness and builds loyalty. Maturity is the sum of all experiences, therefore people develop and progress by this procedure. Mature people can make the world a better place, as they are responsible. By space we mean public spaces as well. What impact can space have on human relationships? Space, away from the virtual life model that social media create, is reality. Space represents now. It also represents truth. We can certify what we see, feel and interact in a physical way that produces complete, strong and lasting experiences. Relationships built in this context are real, strong and intense. This works both for one person to another as well as for a person to a brand.

 Best Workplaces 2013 A total of 25 Greek enterprises were included in the 11th annual Best Workplaces 2013 report compiled by the Great Place to Work Institute Hellas. The survey, compiled in cooperation with ALBA Graduate Business School, ranked 25 enterprises in three categories. The top 10 large enterprises, employing more than 251 workers, are: Elais-Unilever Hellas, Hygeia Hospital, Athens Brewery, Papastratos, Pepsico-Tasty Foods, Costa Navarino, Diamantis Masoutis, Teleperformance Hellas, Novartis Hellas and Pharmathen. The top 10 mid-sized enterprises with a workforce up to 250 workers are: Microsoft Hellas, BAT Hellas, Melissa Kikizas Foods, Roche Hellas, MARS Hellas, SCA Hygiene Products, Genesis Pharma, General Mills, General Electric and Diageo Hellas. The top five small-sized enterprises with a workforce of up to 50 workers are: SAS Institute, Randstad, Sprint Integrated Communications, ActionAid Hellas and Royal Canin Hellas.  Junior Achievement Awarded Student Trade Fairs were organized in February in Athens and in Thessaloniki and by JA-YE Europe in Riga/Latvia. The Greek student team was awarded a European distinction, the Social Responsible Business Award, for the first time in the history of the Greek organization. SEN/JA Greece also received an award as one of the model organizations in Europe by JA-YE Europe, and an award from JA Worldwide and HSBC International for the elementary school program.  EPhForT: Clinical Research and

manufacturing in Greece

On April 18, the Athens Chamber of Commerce & Industry Pharmaceutical Forum Team, EPhForT, held an event bringing together the public and private sector to discuss new legislation on clinical research. EPhForT strives to make Greece an international reference center for the development of clinical research. Speakers included Dionyssios Filiotis, President of EPhForT and Deputy Minister of Health, Marios Salmas. Discussions concentrated on the importance of clinical research for the national economy, the health industry, and ultimately the patient, who will gain access to novel treatments and new innovative drugs. Improving the environment for clinical trials would also boost the local industry, attract international pharmaceutical production, and bring recognition to Greek scientists.

Row, Row, Row Your Boat

The Living and the Dead

Love in a Time of Failure

—Kenichi Ohmae

—Mignon McLaughlin

—George Burns

Rowing harder doesn’t help if the boat is headed in the wrong direction.

Every society honors its live conformists and its dead troublemakers.

I honestly think it is better to be a failure at something you love than to be a success at something you hate.




Manolis Leontzakos

Improving Health, Changing Lives Manolis Leontzakos, Country Director Herbalife Int’l Greece, Cyprus & Lebanon, discusses Herbalife—its products, impact, and business model. Please give us an overview of Herbalife. Herbalife is a global nutrition company helping people pursue a healthy, active life for 33 years till today. Our nutrition, weight-management and personal care products are available exclusively through a network of independent Distributors in 88 countries. We support the Herbalife Family Foundation (HFF) and its Casa Herbalife program, trying to offer good nutrition to children in need. We also sponsor world-class athletes, teams and events around the globe, including the LA Galaxy and FC Barcelona soccer clubs, as well as champions in more than 15 other sports. Herbalife’s mission is to change people’s lives by providing the best business opportunity in direct selling and the best nutrition and weight-management products in the world.


Is Herbalife’s line of Healthy Nutrition Products considered to be part of a healthy diet? What is the science behind these products and how is safety ensured? Herbalife’s Inner product range is not just considered to be part of a healthy diet; it is the epitome of a healthy and active lifestyle. Herbalife is committed to setting the standard by which all nutrition companies are measured. Scientific research is very important to us when advancing the science of nutrition. Herbalife’s top priorities for all the product range of inner and outer nutrition are the product integrity, safety and efficacy. We invest in new technology and research as part of our commitment to providing innovative, science-based nutrition products. Herbalife complies with the

requirements of all regulatory bodies in any market in which we are active. What is the Nutrition Advisory Board and how is Herbalife involved? Following the commitment to quality and scientific integrity, Herbalife has established a Nutrition Advisory Board (NAB) comprised of leading experts in the fields of nutrition and health who help educate and train our independent Distributors on the principles of nutrition, physical activity and healthy lifestyle. What can you tell us about Herbalife’s financial performance and global growth? How does that compare to Herbalife Greece? Net sales for the year ended December 31, 2012 increased 17.9% to $4.07 billion compared with $3.45 billion in 2011. In local currency, net sales for the year ended December 31, 2012 increased 22.6% compared with the same period in 2011. The increase in net sales was primarily due to the continued successful adoption and operation of daily consumption DMOs (Daily Methods of Operation); increased distributor engagement and an increase in average active sales leaders; branding activities and increased distribu-

tor recruiting. Herbalife is the third biggest in terms of turnover Direct Selling Company worldwide. Herbalife Greece had an excellent year in 2012. Turnover increased by 13% and Greece is also responsible for Cyprus and Lebanon, which proves the confidence of the company to the Greek management. Herbalife has been present in Greece since 2004. What are the main trends for Herbalife in Greece today? We believe that, talking about Greece, direct-selling channel is ideally suited to marketing our products because sales of weight management, nutrition and personal care products are strengthened by ongoing personal contact, coaching and education between distributors and their customers. This frequent, personal contact can enhance consumers’ nutritional and health education as well as motivate consumers to begin and maintain wellness and weight management programs. Our product strategy in Greece is focused on providing high-quality, science-based products that can support a healthy, active lifestyle for distributors and their customers in the areas of weight management; targeted nutrition (including everyday wellness and healthy aging); energy, sports & fitness and Outer Nutrition. We rely on the scientific contribution from members of the Company’s Nutrition Advisory Board, along with our in-house scientific team, to continually upgrade or introduce new products as new scientific studies become available and accepted by regulatory authorities around the world. We use product education, sales and marketing training events and promotions on a local, national and international scale to help strengthen the personal and professional skills of our independent Distributors, which can allow them to become more effective in building sales organizations as well as developing customer relationships and maintaining high customer retention rates. What business opportunities does Herbalife offer? In an era of professional insecurity and an increasing rate of unemployment, Herbalife offers a business opportunity not only

Herbalife Greece, Official Supplier for Sport Nutrition of Olympiacos F.C.

worth mentioned yet also worth taking. As a full or part-time Herbalife Independent Distributor, one can achieve a generous compensation plan; get impressive training, work from home and all these by helping people live healthier, active lives with science-based products. In addition to the benefit independent distributors receive from discounted prices on product they and their families can enjoy, independent distributors can earn profit from several sources. First, independent distributors may earn profits by purchasing our products at wholesale prices. Second, distributors who sponsor other distributors and establish their own sales organizations may earn (1) royalty overrides, (2) production bonuses and (3) the Mark Hughes bonus in the aggregate. What type of corporate social responsibility and community outreach programs is Herbalife involved in? We support the Herbalife Family Foundation (HFF) and its Casa Herbalife program, which provides funding to improve nutrition to charitable organizations taking care of children-at-risk around the world. HFF also supports disaster relief efforts around the globe, including raising funds to reconstruct damaged areas of communities and help evacuate survivors. Concerning the environmental consciousness and initiatives, we in Herbalife believe in taking personal responsibility and in making decisions based not only on financial factors but also on the social and environmental consequences of our activities. This is why Herbalife also

focuses on protecting the environment via Live Green and the 3Rs – reduce, reuse and recycle. Finally, we uphold the highest ethical standards in the operation of our company. We do the right, honest and ethical thing, always taking the high road. Do you practice what you preach? In other words, does Herbalife have any wellness programs for employees? Herbalife walks the talk. Our Inner Nutrition and Outer Nutrition support a healthy, active lifestyle, and we strive to help our employees get healthy and fit. From complimentary products to lowering individual health insurance costs, we support and encourage their efforts. Herbalife has been recognized by Men’s Fitness magazine as ‘One of the 15 Fittest Companies in America.’ What are Herbalife’s major sponsorships? Herbalife sponsors professional athletes who ambassador the commitment to excellence, health and active lifestyle. Our sponsored athletes use Herbalife products on a daily basis to excel on an elite level. As you can tell for these athletes, high-performance nutrition is a necessity and Herbalife is proud to be part of their success. Localizing the sponsorships in the Greek market, the breathtaking model Doukissa Nomikou is the face of the company and as Herbalife is the Official Nutrition Company of many champion teams around the world, Herbalife Greece is the Official Nutrition Sponsor of Olympiacos F.C. – champions line only with champions�.


In Profile

Capital Link Linking the Greek – U.S. Business and Investment Communities


n parallel, Capital Link has become the go-to-center for investors who seek information and insight on global shipping, as it works with the majority of U.S. listed shipping companies, many of whom are of Greek interests. It has received three industry Awards; Lloyds List recognized Capital Link for its contribution in promoting Greek Shipping to investors globally, while the Intercontinental Finance Magazine Awarded Capital Link as the Best Investor Relations Firm for the Maritime Sector in Europe and the United States for two consecutive years – 2012 and 2013. Capital Link provides investor relations, financial communications and capital introduction services. It assists publicly listed companies to establish, maintain and enhance their access to institutional investors, analysts and the financial media. Besides the traditional investor relations activity, Capital Link helps its clients, private or public companies, to identify strategic business partners, take advantage of opportunities in the public and private equity capital markets and explore listing on U.S. Exchanges. It also organizes large scale investment conferences and corporate events. Nicolas Bornozis is the founder and CEO of the group. A graduate of Athens College, the Law School of Athens and Harvard Business School, he has 30 years of experience in the U.S. and European banking, financial and capital markets. He has worked for major U.S. and European banks in New York, managed the U.S. broker/dealer arm of Credit Commercial de France and then launched Capital Link in 1995 with the Paris Stock Exchange as the firm’s first client. Capital Link is proud to have organized


Nicolas Bornozis

presentations to U.S. investors for the Finance Ministers of Bulgaria, France, Greece and Portugal. Annually, Capital Link organizes about 10 investment conferences in New York, London and Athens, on Closed-End Funds and ETFs, Corporate Social Responsibility and Investing, International Shipping and on Investing in Greece. The Annual Capital Link Investor Forum on Greece is organized annually in New York in cooperation with the New York Stock Exchange, major global investment banks and with the support of the main Greek American organizations and attracts close to 1,000 delegates. It updates the U.S. business and investment community on the progress, developments and outlook of the Greek economy and its main sectors. With a 15-year track record, this prestigious, high caliber Forum offers unique informational, marketing and networking opportunities.

Since 1995, with its headquarters in New York and offices in Athens and London, Capital Link has built one of the most extensive and effective platforms aiming to raise awareness of investment and business opportunities in Greece, promoting the Greek economy, stock market and listed companies to US investors. The Capital Link Shipping Forums in New York, London and Athens bring together top level executives from shipping companies, financiers, bankers and investors. Capital Link’s Shipping Forum in New York is recognized as the largest investor focused shipping event. The Annual ClosedEnd Funds & Global ETFs Forum in New York, now in its 13th year, is recognized as a must-attend event for fund managers and financial advisors. “These large scale investment forums raise awareness to a much wider audience and create unique networking opportunities which enhance the initiatives we pursue for specific clients and projects” states Nicolas Bornozis. “There is renewed confidence and interest in Greece right now and major US private equity funds are looking at investment opportunities in Greece, in areas such as energy, tourism, the food industry, banking, and of course in shipping. Reaching out to US investors necessitates a structured and consistent approach. With our knowledge of both the US and Greek markets and our extensive know-how and network among US investors, we hope to contribute to Greece’s quest to attract foreign investors.”


by Stavros Messinis

On Values


ut for many modern organizations, value statements have become real business drivers that help companies stand out in a crowded market. Has your organization defined a core set of values? Values that will guide your team along the right path as they execute your vision toward success? Have you written them down or defined them with your team? It’s a simple task with fantastic results and you’d be surprised how it can rally your team around the overall mission. It is proven that people are better motivated by mission rather than money. We live in an ethical vacuum. Values set the ethical tone of an organization. In today’s crisis engulfed world, it’s easy to descend into the ethical vacuum that has transpired. Business is tough, competition is fierce, and bending the rules can be tempting in the fight for survival. Can your organization define standards and set the rules? Having a defined set of values that will steer you through times of crisis or, in times of abundance, can keep you humble, will ensure that you prevail overall while doing good, leaving something behind. Make it part of your core culture and your stakeholders will love you for it. What values statements are: They govern personal relationships, guide our business processes, define who we are and what we stand for. They help explain why we do business the way we do, they guide us in


making decisions and likely underpin the whole organization. What value statements are not: They’re not operating practices nor business strategies but having them defined is strategic. They’re not cultural norms nor are they core competencies, they don’t change in response to the market and they are not used individually but are a set of principles to be exercised as a whole.

Values govern personal relationships, guide our business processes, define who we are and what we stand for Be genuine. Dont just have them, live them. How to define them: Include everyone, even suppliers and some close customers. Send an email asking for five values you should consider including. Overall you should not have too many. Define less than 10 so that everyone will remember them easily and embrace them. Once they’re defined: Communicate them to all stakeholders—leadership, staff, suppliers, customers. Indicate that you expect

I hear groans and I see you rolling your eyes! We may think that corporate value statements are simply vague, touchy-feely statements that sound nice but bear little relation to the way business is done.

them all to subscribe to these values if they value their relationship with you. Here’s an example of five values from an exercise I was recently involved in. 1. Honesty and Integrity Maintaining the highest ethical standards. Being open and transparent in all processes. Respecting the resources assigned to us. Being honest and thereby inspiring trust. Doing what we say and saying what we mean, matching our behaviors to our words and taking responsibility for our actions. 2. Commitment to Community Giving back. Being committed to doing good overall. Acting in an open and inclusive manner that embraces all players in our community. Nurturing and inspiring nascent communities with our actions. 3. Humility Valuing the strengths, experiences, and perspectives of others while recognizing our own limitations. Being committed to partnering effectively with local communities to ensure that our work advances the broader good for all. 4. Respectfulness Placing value in individuals. Respecting people for who they are and the value they bring. Embracing diversity and each individual’s unique contribution. Fostering a trusting environment that treats each person in a way that reflects our values. 5. Stewardship Working towards building a better and stronger company. Developing and protecting the brand and our associated brands.

Travel USA

On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

Discover America—Maryland ★


rom mountains, to the Chesapeake Bay and the Atlantic Ocean, Maryland is comprised of five regions and boasts a vast assortment of outdoor activities, unique attractions, and historical landmarks. It has been described as ‘America in Miniature’ since it encapsulates so much within about a three-hour drive of Baltimore and Washington, DC. Western Maryland is the perfect place for adventure. There are picturesque mountains for hiking and white-water rapids for rafters; Deep Creek Lake for boating and water skiing when it is warm or Wisp Resort for winter skiing and tubing. If you prefer to step back in time, explore the C&O Canal and Antietam National Battlefield. Central Maryland is home to both the capital, Annapolis, and its most populated city, Baltimore. This region boasts an unbeatable combination of fun and culture from a ball game to a classical concert, shops to historic sites, plus great meals at the region’s famous restaurants. Within minutes’ drive of the big-city hustle and bustle, serene pastures are home to Maryland’s thoroughbred horses, old mills, farms and waterside villages. Southern Maryland is where it all began back in 1634, when 140 Europeans arrived to settle the colony that would become Maryland. Today it is also renowned for the best bass fishing on the East Coast. On the Eastern Shore, check out Ocean City, Maryland’s biggest beach resort where you can take to the Atlantic Ocean or drive from one Chesapeake Bay waterfront village to the next. Baltimore

THE OLD LINE STATE Land Area 10,000 sq. miles Population 5,633,597 State Capital Annapolis Largest City Baltimore Local Time EST - 7 hours behind Greece Climate Generally fairly moderate. In the higher elevations of western Maryland, winter temperatures are colder and snowy. Coastal breezes bring cooler temperatures to the Eastern Shore in the summer. January temperatures range from 23.5°F (-5°C) to 40.3°F (5°C); July temperatures range from 66.8°F (19°C) to 87.2°F (31°F). Annual precipitation is 45 inches National Parks Antietam National Battlefield, Fort McHenry National Monument and Historic Shrine and 10 other sites under National Parks Service administration. There are also 61 State Parks and Wildlife Management Areas.

F  or more information: Maryland Office of Tourism Tel: 00 1 866-639-3526 E-mail: Website:



The Interview


in a Time of Crisis Simos Anastasopoulos, member of the Executive Committee of the AmericanHellenic Chamber of Commerce, discusses his vision for the Chamber.

Greece is in one of its most difficult periods in modern history. What would you propose to create a more growth-oriented economy? Indeed the Greek economy is in its sixth year of recession and the effect on businesses and the standard of living is clearly evident. Record unemployment, a vertical drop in company results and taxable income, and of course the general discontent and feeling of uncertainty are forcing the State and businesses to rethink their positions and plans for the future. The model that drove growth, and to a certain extent the “borrowed” prosperity of the past decade, is a failed experiment, and Greece is in desperate need of a new growth model. This should be based on a healthier perception of Greece’s strategic position, potential, and strengths.


How can Greece achieve reform that is equitable and effective? We should be considering growth that will have a higher impact on employment, will stabilize the current imbalance of payments and will support salaries. The key to the success of such a model is to restore competitiveness in the Greek economy. This requires effective actions to convey the message to local productive units of the need for an outward-looking economy. It also requires collaboration with foreign funds and the influx of foreign capital. Capital markets, however, will not be ready to invest in Greece until our credibility is restored, and that will only happen after serious and substantial reform; reform in practice, not on paper. What is the role of the Chamber in effecting change in Greece? Without structural reform and without a well-defined plan, it will not be possible for the transformation of the growth model to be completed. And there I see the importance of the role of the Chamber. AMCHAM has the obligation and opportunity to lead the effort for transformation, to assist in the implementation of structural reform, and to play a more significant role in the development of an economic environment friendlier for business—and definitely more attractive for investment. We see AMCHAM, not only as a bilateral commercial chamber, but as an organization that has the vision, the ability, and the will to assist in transforming the country, to open the agenda on issues that hinder development, and introduce policy recommendations that will promote effective change and raise the credibility of Greece globally. Our goal is to contribute to the formation of the new growth model of the country with specific actions targeted toward sectors of the economy that have been identified to present the highest potential for development. At the same time, through our continuous effort to assist the implementation of the reforms and the change in the perception of the country’s reliability, we are working to create opportunities and attract foreign investment, mainly from the U.S. Do you believe the Chamber is positioned today to continue its role as a leading voice of the business community? Absolutely. To achieve these goals the Chamber will continue to work through its committees that efficiently and effectively work in formulating and propos-

ing solutions in all areas of interest to our members. It is the substance and quality of the work of our committees that have elevated the Chamber to be among the most successful chambers in the country. As a member of the Executive Committee I have worked with the majority of the committees and I believe we have great potential in further developing and promoting rational approaches that will facilitate business and trade. To increase services to our members we will improve the organization and availability of information through the extensive use of new digital networking capabilities and communication platforms. We realize the need of our members to be informed about all levels of our activities and capitalize on the outcome of the work of the committees. It is equally important that through better communication we will be able to motivate and attract those high level professionals among our members that are willing to offer their time and experience to improve the work of our committees. Of course we should, and we will, continue and expand AMCHAM’s program of conferences, events and seminars. These highly successful events are the core of our Chamber and offer the opportunity to our members to network, to advance their interests, and to present policy issues to government officials.

I would like to announce that I will be the candidate for President of the American-Hellenic Chamber of Commerce in the upcoming June elections

What are some of the areas in which the Chamber can expand its influence? As part of our contribution to promote innovation and entrepreneurial activity, AMCHAM has introduced programs like “Make Innovation Work,” which we intend to continue, following the extensive participation in and huge success of the first MIW. We are also presenting the best examples of Greek success stories with initiatives such as “Breakthrough Greece” to showcase the ambition of the private sector and reverse the negative image of Greece to the global markets and the international press. Our main mission is the development of bilateral trade with the U.S. and for that we work to eliminate obstacles and facilitate trade for our members with this most important market. Our significant work allows the Chamber to participate and coordinate, to a certain extent, the national effort to be outward oriented toward America, and we intend to further increase our presence in the U.S. to improve the Chamber’s role as a gateway for Greek companies wishing to enter the American market. Is it time to shift the focus to new initiatives that respond to emerging needs of members and provide more effective policy recommendations for the ecoomy and public governance? The contribution of the Chamber, in its traditional role as a facilitator of entrepreneurial activity, is well recognized and this is reflected in our extensive

Simos Anastasopoulos

membership base and status among the Greek business community. However, it is my strong belief that the Chamber should also be in a position to assist its members to face their emerging needs and the State to reform its administration. We can achieve this by our ability to provide policy recommendations on economic and public governance issues, and to this extent we are planning to adjust our organization to respond to the upcoming challenges and complement our services to our members. By extending our activities and our role in the development of a new growth model, we will be asserting AMCHAM’S leading position in the business community of Greece’s tomorrow. The Chamber wil hold elections in June. How do you view the Chamber following these elections? The Chamber has been expertly guided by its leadership over the years and the last two terms under President Yanos Gramatidis have been pivotal to the exposure and recognition of the Chamber. I am confident that the new Executive Committee and Board of Directors will not only continue on the successful path of our predecessors but will respond to new challenges and will increase the Chamber’s added value for its members. With the full support of the Executive Committee and the BoD, I would like to announce that I will be the candidate for President of the American-Hellenic Chamber of Commerce in the upcoming June elections. I take this opportunity to assure our members that with the experience of the long-standing members, and the energy and enthusiasm of the new, we will outdo ourselves and achieve our goals, for the benefit of our members and the transformation of our country.


Thought Leaders

Healthcare poses one of the greatest challenges to Greece and at the same time the healthcare industry can be one of the strongest and most effective catalysts for growth. Leaders in healthcare examine these sensitive issues in a Business Partners Thought Leaders special focus. Raymond Matera

Healthcare in the Balance



Thought Leaders

Improving the Efficiency of the Healthcare and Pharma Budget

O Pascal Apostolides Managing Director, AbbVie Pharmaceuticals SA and SfEE Vice President

ver the last few years, the Greek state realized the need for rationalization of health expenditure, and has therefore taken certain measures towards this direction. However, up to now has been focusing, almost exclusively, on pharmaceutical expenses. The numbers are unquestionable. Through continuous changes, primarily limited to pricing method and the horizontal reduction of medicine prices, public outpatient pharma expenditure has decreased in the last four years more than 50% or else by approximately €3 billion. Based on current forecasts, in 2014 we will return to the spending levels of 2003 (approx. € 2B). No other industry associated with the public sector has undergone such reductions in the years of the Memorandum. Nevertheless, we should always bear in mind that health expenditures are not only related with the price of innovative medicines, which in Greece’s case are among the lowest in Europe. Additionally, regarding the access to these medicines, we shouldn’t forget that no new innovative drugs have been approved since the end of 2010; in other words, for more than 2 ½ years. Something that is less spoken about, is that only 20% of health expenditure has to do with the medicines while the remaining 80% is related to other health providers. And there, little to no cost cutting has been implemented; on the contrary, according to the Foundation for Economic & Industrial Research (IOBE) and of Ministry of Health, spending on outsourcing and other liabilities increased by 318,8% during the period 2009-2011.


In other words, if we want to achieve actual results in the area of health, there are opportunities for the Greek government to rationalize costs on all other cost centers of health, too (hospital materials, medical examinations and the like). An example of how this could be implemented is the UNIPART project, concerning the optimiza-

Medicines are part of the solution of the equation in health care and not the problem

tion and cost reduction of RIO University Hospital. AbbVie along with some other companies (Amgen, Genesis Pharma, Gilead, Novartis and others) is assisting and funding the Hospital in their effort to improve control, reduce inventory cost and free up nursing time through restructuring of the Hospital’s supply chain. Already, operating costs have been reduced by 20% in two parts of the hospital (Hemodynamic and Interventional Radiology) whereas, the Hospital’s employees have reduced inventory through better control,

lead-time through reducing internal bureaucracy and have improved the end-to-end supply chain through collaboration with its suppliers. Additionally, the rationalization of health costs and fiscal savings could also come from greater governmental support on home care; there are a number of studies showing that the more a state spends on home care, the less it spends on longterm hospital care (e.g. hospitalization, medical examinations and others). Furthermore, it is particularly important to disconnect the target of pharmaceutical expenditure of up to 1% of GDP that has been agreed between the Greek government and the Troika, since in Greece we are heading to the fall of GDB for the 7th consecutive year. In that sense, the expenditure ceiling in percentage of GDP cannot be considered as an appropriate reference. If a ceiling were to be fixed, it could be in value (Euros) or calculated as per capita expenditure. The pharmaceutical industry could be a key partner for the Greek government. Closer collaboration with the pharma industry could contribute to the sustainability of the Greek healthcare system. Medicines are part of the solution of the equation in health care and not the problem. And let’s not forget the contribution of the pharmaceutical industry and its added value to the national economy. It is of vital importance that the Greek state and the pharma industry look beyond the current crisis and plan for the sustainable future management of pharmaceutical spending. In that direction, they could sign a Framework Agreement in order to ensure that the target required by the Troika (in 2013 and 2014) will be reliably met through a clear and predictable mechanism. At the same time, they could also agree on a clear timeline for the payment of any outstanding arrears to the pharmaceutical industry, as well as on a strict regulation which will ensure that medicines with an administered price destined for patients in Greece will not be re-exported to other markets. In any case, both counterparts should primarily focus on patients and their quality of life; making sure that Greek patients get access to new medicinal products and treatments in a timely manner. Then and only then, we will all have done our duty. Leading in today’s turbulent times, and not only during the “sunny days” of the past. Leading in social care as well as in healthcare.

It is of vital importance that the Greek state and the pharma industry look beyond the current crisis and plan for the sustainable future management of pharmaceutical spending


Thought Leaders

Opportunities in a Healthcare System Under Crisis

G Spyros Filiotis Vice President & General Manager, Pharmaserve - Lilly S.A.C.I.

reece’s prolonged crisis has taken its toll. We are now traversing our sixth consecutive year of GDP reduction. Behind the financial numbers there is a very real impact of the crisis on the daily life of the Greek population. Healthcare statistics indicate a 40% increase in infant mortality, HIV infections have doubled and malaria infections are on the rise, with 2012 being the first year in a while with new patients infected in Greece. Greece has a public healthcare system similar to most of Europe’s, so part of the reason for these depressing facts is the ongoing constriction of public

“Never let a serious crisis go to waste. It is an opportunity to do things you thought you could not do before.” —Rahm Emmanuel

healthcare spending. The total public healthcare budget has decreased by 40% since 2008. Public pharmaceutical spending has decreased by 44% and medical device spending has decreased by


39%. At the same time there are fewer physicians and nurses treating more patients who cannot afford private care as they used to. Amidst all this bad news there is light at the end of the tunnel. Business has understood that the focus must shift outside the national borders. For business to succeed in this environment it must become outward looking. Finding international customers or smart ideas that lead to win-win solutions is the only next step. I will examine three broad categories that capture these opportunities.

Clinical Research Clinical research is an export service. Much like tourism, you export intangible things. In the case of clinical research this is scientific data, experience and knowledge. Unlike almost every other export, there are no raw materials required. The inputs to clinical research are patients and physician investigators. All materials and devices are provided by the trial sponsor so clinical research has over 95% local value added! Greece has good physicians, and patients who are willing to enter clinical trials, because they both understand the benefits in terms of technical knowledge, improved care and access to the latest technology. Legitimate clinical research answers questions that have not yet been answered, follows very strict International and European best practices and progresses human understanding. One of the positive side effects of clinical research is the knowledge transfer to Greek investigators and

institutions through their There are specialized companies in Greece known as CROs (clinical research organizations) and clinical research departments of multinational companies whose job it is to promote clinical research investment in Greece across the world. What has started with the help of EPhForT, SfEE and the Ministry of Health is an understanding of the tangible benefits to patients, the scientific community and the national economy of embracing clinical research.

Pharmaceutical Manufacturing Something that is not necessarily widely known but is common knowledge in the industry is that Greece has a tradition of pharmaceutical manufacturing. McKinsey Consulting, in their famous four pillars of Greek development, have included pharmaceutical manufacturing as one of the pillars. The combination of our geostrategic location, current financial situation and tradition is ideal for promoting pharmaceutical manufacturing for export. There are many existing factories in Greece that, until recently, have been producing for mainly local consumption. The ongoing financial crisis has meant that manufacturing costs have either remained flat or decreased over the past six years. Greece is at the crossroad of Europe, Asia and Africa and as a member of the EU follows European Good Manufacturing Practice certifications. All these facts together give Greece a competitive advantage in this field. Greek companies have the opportunity to become outsource manufacturers for large multinational pharmaceutical companies as they move to partnership manufacturing business models. Some bureaucratic problems that delay approvals and regulatory decisions have been identified and are being tackled by the government to allow this segment of the economy to flourish.

Information Technology The healthcare system in Greece is a laggard in terms of uptake of information technology, although in our defense this is true of most healthcare systems around the world. Healthcare is primarily a service industry. The patient enters the system to receive better health. If you think of how Internet companies, international banks or telecom companies manage the endless amount of information of hundreds of

millions or even billions of customers, it is clear that the problem is not one of scale. The entire Greek population is approximately 1% of the number of users on Facebook. If you think of the steps taken and the subsequent improvement in our experience as customers of telecommunications companies over the last decades, and the improvement of the experience of healthcare, there are great differences. In both industries technological advance has been staggering but the improvement in ‘customer experience’ as the interaction with the provider is quite different. There are enormous opportunities for smart ideas that can create tremendous efficiency in our healthcare system, especially in preventive healthcare. The beauty of these ideas is that they can be winwin solutions. They will improve the patient expe-

Greece is experiencing one of the toughest financial and social crises in modern history but there are always opportunities waiting for those brave enough to capture them

rience while reducing the amount of bureaucracy needed to provide the improved experience. Greece is experiencing one of the toughest financial and social crises in modern history but there are always opportunities waiting for those brave enough to capture them Privacy and standardization issues are perhaps the biggest obstacles to major information technology initiatives in healthcare but they must be dealt with because the next generation of patients and care providers are already expert users of technology and they will use technology for their healthcare needs also. involvement in multinational clinical trial programs which leads to increased visibility within the international scientific community.


Thought Leaders

From Recession to Growth Through Innovation

G Roberto Greco VP & Managing Director, GlaxoSmithKline Greece

Only through constructive cooperation we can reach growth

reece has made major efforts over the past years in cutting its deficit and doing so with difficult austerity measures. However, austerity measures alone will not solve our debt problem or even our deficit problem. Austerity measures must be complemented with recovery measures and growth enhancing structural changes. Now, having achieved in a satisfactory degree the goal of reducing costs and tidying of financial indicators, Greece has been well equipped to get the most to growth. We need to see how EU growth policy agenda translates for Greece and to develop an investment plan in many economic sectors to quickly bring the desired result, fully utilizing the potential of the country.

Pharma Industry Can Be a Significant Contributor to Growth The health and pharmaceutical sector has already been recognized as one of the main pillars of growth provided that there is a sustainable economic environment, attractive for investors. An attractive environment in the pharmaceutical sector would mean stable rules, and transparent healthcare policy, which is effectively implemented by competent authorities. Public administration should be modernized, should change the mind set and the way of working. New technologies are critical to be adopted, minimizing resourses, increasing capabilities, effectiveness and transparency. Clinical research has been increased in the last three years, despite the overall pharmaceutical market shrinking, which shows pharma companies commitment for investment in Greece. In this direction, we have seen an important improvement of the processes related to clinical trials. R&D Investments can be further enhanced


through an even clearer and efficient framework for conducting clinical research as well as through the excellent resourses in terms of health care professionals who can contribute to the increase of multi-center and Phase III clinical trials. Greece also needs to strongly support innovation by making new therapies accessible to patients, and in this way to reward R&D investments. Furthermore, the stable environment will attract also investments in production contributing further to new jobs.

GSK—Unconditional Support to Greece As GlaxoSmithKline, we have acknowledged the emergency of the situation and we have given unconditional support to the country. We keep supporting the Government’s efforts for pharmaceutical spending rationalization and we work together with Health Authorities in order to achieve those targets in a transparent way. Growth is a strategic priority for us in GlaxoSmithKline, to be enhanced by investment in innovative medicines. We are willing once more to support the Government’s effort for growth by bringing forward and proposing innovative solutions of mutual benefit. Only through constructive cooperation we can reach growth. We must open the dialogue for the future of the healthcare system and cooperate with healthcare stakeholders and the government. Growth is not wishful thinking or a statement, but a well prepared plan of reform measures to restore the growth and job creating potential of the Greek economy, moving away from bureaucracy and practices that prevent businesses from engaging in productive activities. I am optimistic. Growth enhancing structural changes will make Greece attractive to investments and a sustainable place for business.

Healthcare, CSR, and Economic Growth


anssen is dedicated to addressing some of the most important unmet medical needs in oncology, immunology, neuroscience, infectious diseases/ vaccines, and cardiovascular/ metabolic diseases. Driven by our commitment to patients, we bring innovative products, services and solutions to the Greek health care. We recognize the impact of severe conditions on the people’s lives, and we aim to empower people through disease awareness, education and access to quality care. Janssen applying acts of Corporate Social Responsibility moves on to actions and activities that have to do with its employees, collaborators, suppliers, stakeholders, clients, patient organizations and the society. Our aim is to teach, offer and underline the importance of health in the creation of a safe and sustainable future for all. We support community-based programs that improve health and well-being. Inspired by our “Credo” responsibility to communities, our contributions and social responsibility initiatives focus on making life-changing, long-term differences in human health by targeting the world’s major health-related issues. We do this through strategic partnerships with patient associations. Some of our most important programs are: Seminars for recipients of psychiatric services and their families, in collaboration with the “Association of Families and Friends for Mental Health” at Serres, aiming to educate the recipients of psychiatric services as coordinators, by developing self-help groups, self representation groups, in order to claim their rights and reduce stigma. Awareness campaigns on HIV/AIDS, in collaboration with the Association of people living with HIV in Greece, Positive Voice, for free and anonymous screening tests for HIV. Stigma index on HIV, “The people living with HIV stigma index”, in collaboration with the patient association Positive Voice, aiming to highlight the aspects of stigma and discrimination of everyday life for HIV-positive people.

Awareness campaigns for Psoriasis, in collaboration with the patient association Kalipso, aiming to inform people about psoriasis, the importance of psychological support and eliminate stigma due to ignorance for the disease.

Health Policy Action to Accelerate Growth One of the key priorities of the Greek government is to stimulate growth in the country, reduce unemployment rates and attract new investments from local or multinational companies. The key prerequisite to attract new businesses and investment in Greece, is to develop stable economic conditions and shape policies that are oriented towards those objectives. In the field of pharmaceuticals, those policies are related to the pricing and reimbursement approval of new innovative medicines, the policies that promote research and development and clinical trials and the timely payment of public sector debts to pharmaceutical companies. However, the reality is far from what is should be to promote growth in the sector of pharmaceuticals. The pricing and reimbursement approval of new innovative medicines is pending for more than two years, totally against local and EU legislation, with serious consequences in public health, patient access to new innovative therapies for serious diseases and finally serious impact on the potential financial growth of pharmaceutical companies. The legal framework for the conduct of clinical trials in Greece has changed within 2013, with main goals to facilitate and accelerate the whole process, however, the actual implementation of the law still is problematic. Finally, the accumulated amount of debts from public sector to pharmaceutical companies is more than 2 billion Euros, with no signals that the situation will be improved in the near future, causing serious financial issues to companies, sometimes fatal for their own survival. Therefore, the Greek government should take immediate actions to resolve at least the issues described in the areas above, to achieve its goal for economic growth in the pharmaceutical sector.

Nikos Kefalas Managing Director, JanssenCilag Pharmaceutical SACI

We focus on making life-changing, long-term differences in human health by targeting the world’s major healthrelated issues


Thought Leaders

The Future Contribution from the Pharmaceutical Industry to Greek Economy and Society

I Erik Norkamp President & Managing Director, Pfizer Hellas

n these times of crisis all of us are really looking for the absolute core of what we are about as individuals and companies and what we can offer to help. This encouraged me to look at some speeches from industry leaders in the last few years for some inspiration. And I have to say that I did get inspired from what I read, but I also realized that this is not enough for the future. In a similar way that in Greece its history will not guarantee a bright future. Let me start with the past and then get to where we need to make a positive contribution to the future Greek economy and society.

As the ability to pay for health care costs has gone down, the bar for what society is willing to pay for in terms of innovation has gone up

We Have Made Huge Advances in the Last 100 Years One hundred years ago, life expectancy at birth was about 47 years. Access to health care, quality of care, and cost were not really an issue as to what was on offer wasn’t really significant… fresh air to treat tuberculosis, a starvation diet for peo-


ple with diabetes, strong alcohol or other ‘natural’ remedies for pain. Medical innovation in the form of new medicines, medical devices, new surgical techniques played a role alongside sanitation infrastructure, immunization, health education and the like. The impact has been phenomenal. The latest data for Greece published by the OECD puts average life expectancy in Greece at nearly 81 years at birth in 2010. We know from a study by Professor Frank Lichtenberg from Columbia university from 2005, who analysed disease data and death rates from 52 countries (rich and poor countries, controlled for income, education, and other factors), that new drug launches accounted for 40% of the increase in life expectancy during the two decades he studied (80s and 90s). And as we are getting older the quality of that life we gain is becoming increasingly important to us. Also here medicines have a big role to play.

The Pharma Industry— Increasingly Focusing on Unmet Patient Needs and Personalized Medicine It is, however, also clear that as additional gains in life expectancy and quality of life are more difficult to obtain, many of our societies in the developed western world have entered a time when economic growth has stalled or is negative whilst health care costs are rising. As the ability to pay for health care costs has gone down, the bar for what society is willing to pay for in terms of innovation has gone up. As an industry we have seen this coming and we have reacted. When we look

at our collective pipelines we see that from more than 5000 medicines that are in clinical development 70% are potential First-in-class medicines (a drug that uses a different mechanism of action to any already approved medicine). Also, personalized medicines are on the increase. About 25% of clinical trials now involve a personalized medicine, which means that we will be able to tell for these medicines much better which patients will benefit from certain treatments a priori. Moreover, the demand for new medicines and innovative solutions is not going to go away. Emerging infectious diseases continue to create new challenges, longstanding diseases such as cancer, diabetes, Alzheimer’s, and psychiatric diseases continue to demand novel treatments. There are many people suffering from diseases and disorders for which a therapy has yet to be found. The need is simply enormous.

A High Value Sector for Economic Growth Now to the question of our contribution to economic growth in Greece…. if we were to imagine a real industry for economic growth and sustainability it would have several characteristics: • It should provide high wage, good quality jobs • It should be innovative and deploy high technology • It should have a strong supply chain that drives further economic growth across the economy through ‘multiplier effects’ • It should produce a product of value to society • It should provide funds that are reinvested in R&D, manufacturing, generate taxes and other economic contributors The pharmaceutical sector has all of these characteristics and more. Equally important are functional impacts that are generated through improved life spans, improved productivity from effective management of disease and chronic conditions, improved quality of life, and reductions in hospitalizations resulting in potential cost off sets elsewhere in the health care system.

The challenge that Greece is facing is enormous as it has to implement changes that are bigger than anything that has been implemented anywhere in Europe in a very short time span

in Europe in a very short time span. This poses both opportunities but also very big dangers. The opportunity is that redesigning the Greek health care system will give a bigger pay off and can deliver both efficiency (less cost) and better results (patient outcomes). But the danger is that if it is not done in the appropriate way it can decrease the results (worse patient outcomes) and deliver still a very inefficiently working system. The Greek government will need expertise from many sides to help them achieve the first and not the latter.—health economists, health system experts from other countries, transformation and change management experts, program managers. The international pharmaceutical industry can contribute in many ways to this joint effort. I think it is time that we start working together with many stakeholders to grasp the opportunity this crisis is giving us.

Other Contributions the International Pharmaceutical Industry Can Offer Greece The challenge that Greece is facing is enormous as it has to implement changes that are bigger than anything that has been implemented anywhere


Thought Leaders

The Need for New Elements into the Healthcare System in Greece

H Karim Mikhail Vice President and Managing Director, MSD Greece

ealth policy not only in Greece, but worldwide, is undergoing a pressure for significant changes. The single most important reason for these changes stems from fiscal adjustment requirements that have been taking place in several European countries and which have led to underfinancing healthcare, and consequently, have created difficulties to patients’ access to the appropriate therapies. Especially in Greece, other than the obvious problems caused by austerity adjustments, there has also been a severe liquidity problem that is threatening the sustainability of the healthcare provision practitioners and organizations, both public and private (physicians, hospitals, medical research centers, pharmacists, the pharmaceuticals enterprises). In the meantime, private co-payments for the provision of health services are constantly increasing. Health care by its nature is a highly complex system that includes more than just a market of buyers and sellers. In that respect, the public sector plays a pivotal role, with several groups influencing policymaking. The required reforms are often disputed and new elements that could contribute to a better healthcare system show a very slow pace of progress. Since health is a major social asset and a most crucial factor for economic prosperity, the need for changes during periods, such as

For each additional year that life expectancy increases, the country’s GDP also increases by approximately 3%


the one we are going through, becomes even more pressing. And this is our challenge today. As a first step, a new pricing system for medicines should be adopted. It shall be based on objective principles, transparency and operational efficiency. It should also seek to minimize the administrative burden and complexity, which often leads to mistakes and market distortions. In parallel, emphasis shall be placed to pharmaceutical innovation, given its importance to both the patient and the effectiveness and sustainability of the system. Today, pharma innovation is not exploited in its full extent. New innovative medicines ameliorate the quality of life, increase life expectancy, contribute to productivity increase and savings for the healthcare system. Thus they rationalize healthcare spending and the use of infrastructure, and finally enhance economic prosperity. It is worthwhile mentioning that for each additional year that life expectancy increases, the country’s GDP also increases by approximately 3%. Therefore, by recognizing that the economic benefit that arises by the investment in new drugs is by far larger than the cost of these investments, health expenditure shall be considered as an investment and not as a cost and innovation shall be promoted. In Greece, there has been no new pricing for new drugs during the past two years, although it is evident that it would be beneficial for both the economy and the patients themselves that the new approved drugs are priced. In Greece, the pharmaceutical industry has faced significant challenges over the past several years, such as pharmaceutical expenditure cuts by more

than 50%. At the same time, the regulatory obstacles for strengthening investments and innovation have not yet been lifted, and a low expenditure definitely doesn’t contribute to the sustainability of the industry’s innovative treatment pipeline. What is of foremost importance today is to reconcile two actually complementary needs: the need to provide high quality health services to society and the need to protect pharmaceutical entrepreneurship. It is therefore necessary to depart from the current regulatory paradigm and formulate a pharmaceutical policy geared to growth that will acknowledge and utilise the industry’s potential in terms of innovation, employment, competitiveness, and GDP contribution. Under such conditions, the pharmaceutical ecosystem in Greece, inextricably linked with the quality of healthcare, will not only produce sustainable growth, but will become a critical factor of Greece’s economic recovery

REFERENCES 1 Information Paper: “Explaining AmCham EU’s Position on Investment in Healthcare” Advocacy/FINAL%20STAGE%20-%20Info%20Paper%20%20Investment%20in%20Healthcare.pdf 2 OECD (2010), Health Care Systems: Getting More Value for Money, OECD Economics, Department Policy Notes, No. 2, p. 3 3 OECD (2010), Health at a Glance: Europe 2010, p. 10 4-6 Information Paper: “Explaining AmCham EU’s Position on Investment in Healthcare” http://www. thcare.pdf 7 Frank Lichtenberg (2010), The Contribution of Pharmaceutical Innovation to Longevity Growth in Germany and France, CESIFO Working Paper No. 3095, Category 6: Fiscal Policy, Macroeconomics and Growth 8 Frank R. Lichtenberg, 2009. “Have newer cardiovascular drugs reduced hospitalization? Evidence from longitudinal country-level data on 20 OECD countries, 1995-2003,” Health Economics, John Wiley & Sons, Ltd., vol. 18(5), pages 519-534. – funded by MSD 9 American Chamber of Commerce “Chain of Care” ChainOfCare%28ebook%29/index.html

The Value of Innovative Medicines for Patients, Society and the Country


ealth is essential, not just desirable, if an economy is to prosper. There is a large body of research highlighting the role health plays in social and economic prosperity and the importance of investment in health. We tend to forget that the risk of illness or dying prematurely has decreased drastically from the past. Pervaiz Ahmed General Manager BMS Greece In the 1970s, nearly 6 out of 100 children died in Portugal. Some 35 years later, the number was reduced six-fold to less than one in 1001. According to the OECD, life expectancy has increased on average, by about 1 year every 4 years since the 1990s.2 If we look at the EU only, “life expectancy at birth in EU countries has increased by six years since 1980s, reaching 78 years in 2007”.3 A key factor for these dramatic improvements is medical innovation. In the early 20th century, drugs did not exist to treat cancer. While breast cancer incidence has increased, mortality rates have declined or have been stable thanks to better screening and treatment4. Eventually, HIV/AIDS, once considered a death sentence, has become a chronic disease and part of chronic disease management5. Although HIV incidence has risen, fewer people have died of AIDS in the past years6. In many current debates, policy discussions on new medicines are often focused on cost containment, whereas scant attention is paid to the benefits derived from the development and use of innovative pharmaceuticals such as health gains, higher quality of life and cost savings in other healthcare sectors or social security. The imperative, however, is not simply to invest in medicines but to invest in innovative ones. In a recent study, the US health economist Frank Lichtenberg concluded that “almost half of the 1.7-year increase in German life expectancy during the period 2000-2007 was due to the replacement of older drugs by newer drugs”7. Moreover, a similar analysis in France implied that chemotherapy innovation accounted for at least one-sixth of the decline in French cancer mortality rates during 2002-2006, and may have accounted for at least as half of the decline7. Another study by Frank Lichtenberg has showed that newer cardiovascular drugs have reduced hospitalization, average length of stay and age-adjusted cardiovascular mortality rate in 20 OECD countries. In particular, it was found that the per capita increase in cardiovascular drugs has led to a 3,7 times decrease in expenditure on cardiovascular hospital stays8. Viewing healthcare as an investment rather than a cost makes sense in an evidence - based economic growth model. Today, only one in 5000-10000 potential drug candidates will reach the marketplace. That requires enormous investment and commitment from business supported by academia, and the right procurement policies to encourage innovative treatments and ensure access to the patient. Bringing innovative new products to market will boost the competitiveness of the EU, create jobs and help address the healthcare challenges facing Europe. Policymakers can help to remove barriers and shape an environment that will further stimulate research, development and creative solutions in healthcare.9


Thought Leaders

Safeguard of Intellectual Property Rights is an Incentive for Ongoing Research into New Medicines

[A Konstantinos Frouzis President, SFEE (Hellenic Association of Pharmaceutical Companies)

Statistics ... reveal the unique value of the pharmaceutical R&D sector compared with any other sector or industry

s known,] it takes a long and arduous scientific journey until any medicinal product can become available to patients and be part of man’s arsenal in the fight against disease and in the effort to ensure good health and longer life expectancy. Every medicine has a similar history behind it, which highlights a need to safeguard this weapon, by granting some kind of exclusive rights, i.e. a patent, to the originator company, in recognition and as a reward for those who have worked for it and as an encouragement to the industry to keep investing in research and development. From the time scientists discover a new molecule, a new active substance, until the medicine’s circulation in the market, a real race takes place, entailing high costs and risks, which are assumed solely by the originator company in its pursuit of a vision. Statistics, after several decades of research and scientific commitment, reveal the unique value of the pharmaceutical R&D sector compared with any other sector or industry. They demonstrate that the chances that a substance manufactured in a laboratory can develop into a viable treatment are, on average, at most 2: 10,000! The average cost for each candidate new treatment exceeds 1.1 billion Euros! The time that lapses between the discovery of the substance and the final release of the medicine is usually 12 to 13 years! To encourage scientific quality and the continuous development of effective and safe treatments, the industry recognized early, on the international level, the necessity of a framework for the protec-


tion of intellectual and industrial property rights of a medicine and a pricing system that will enable reinvestment of funds in new innovative research. Based on the findings of ongoing research into new medicines, relevant international bodies have called for, and have declared their commitment to, the protection of intellectual and industrial property rights in the area of pharmaceuticals, through a patent covering the molecule (active substance), a brand name, and through data protection for clinical data. The duration of a patent is twenty years, starting from the filing of the application, and can be renewed for another five years. It should be noted that more than half of that time is typically spent on research, which does not generate any revenue and, on the contrary, requires more investment. In practice, therefore, as the application is filed long before the marketing authorization is granted, the actual period during which a pharmaceutical company can benefit from the patent is significantly less than twenty years. Subsequently, once the medicine is granted a marketing authorization, the price is determined by a system that aims to maintain the company’s business cycle and capacity to constantly reinvest in new areas of research for innovative medicines. It is proven that a medicine’s patent and the associated exclusive rights on a substance that has evolved into a treatment is not meant to ensure profits for the company that has invested and risked the most. It is not compensation, but a reward for investment in human life and a key incentive for ongoing research into new medicines.

The Problems in the Field of Clinical Research


ur country is at a crucial crossroad and all the productive forces of Greece face a great challenge: not only to withstand, but also to help the economy grow actively, by investing in innovation, research competence and highly specialized staff. The state, due to the lack of a clear strategic plan, has excluded the country from the production process of new and innovative drugs. There were a lot of problems in clinical research and development. Some of these problems are already known, as they relate to the overall situation in the country and others are more specific, concerning exclusively the field of medicine. Our goal should be placed between these two axes: the development of clinical research and the attraction of major international pharmaceutical companies, which will produce their medicines in production units in Greece. These products will be exported to the international market. There is a great opportunity for us, since in recent years, most big and international pharmaceutical companies are in the process of outsourcing the manufacturing of their products. It was a great pleasure for us the fact that the state legislated and put in place a serious framework for clinical research, while the Common Ministerial Decision recently issued, lays the groundwork for the development of clinical research in Greece for the first time, through simplified and unified procedures. Τhe severe lack of hospital infrastructure to support such a project has been an obstacle for clinical research for many years. For example, it is very difficult for the hospital to know at any time how many patients are taking part in clinical trials and what to “expect” from them. Therefore, it is necessary to create a secure and reliable system for monitoring clinical trials in real time. Otherwise, the lack of organization and systematic monitoring will destroy even the purest intentions for innovation and growth.

We should also highlight the fact that doctors who were taking part in clinical research all these years, had never had equivalent benefits as their colleagues abroad. The primary goal of those doctors should certainly be their participation in research, because of scientific interest and supplementation of a better CV. On the other hand, just as health units enhance their resources by carrying out clinical research, the same way should doctors participating in them enjoy corresponding benefits. In addition, the Division of Pharmaceutical Studies and Research of the National Organization of Medicines needs to increase its human resources in order to be able to cope with the new challenges. In practice, clinical research faces major problems due to the lack of an organized registration system for clinical studies taking place in Greece.

Yiannis Vlontzos President & Managing Director, Merck A.E. Hellas, SFEE Vice President, Regulatory & Scientific Issues of National Organization for Medicines, President of the Hellenic Biotech Association

Our goal should be placed between these two axes: the development of clinical research and the attraction of major international pharmaceutical companies

The creation of a database, which will be online and with easy access not only by the researchers, will be a huge step in the research field. The field of medicine is one of the most dynamic sectors of Greek industry, and as long as the state facilitates research and development, it will also enjoy its own benefit from our business initiatives.


Business Box

Scale Ups, High-Impact Entrepreneurs, and Endeavor Greece

Business Partners recently spoke with Haris Makryniotis, Managing Director of Endeavor Greece, about the organization’s successful model of selecting, mentoring and accelerating “high-impact” entrepreneurs. Can you give us a bit of background on Endeavor? Endeavor is a non-profit organization, based in New York, backed by a very strong group of business leaders and investors. Endeavor was started in 1997 to selectively find “high impact” entrepreneurs, as we call them, through affiliates in emerging markets. We


are not looking for start-ups, we are not looking for ideas. We are looking for “scale-ups”: companies that already have turn-over of 200,000 – 2 million Euros, up to 7-8 million per year. And we are looking for entrepreneurs who can create hundreds of jobs and millions in revenues and, most importantly, become role models for their local com-

munities. Fifteen years ago, we launched in Latin America and now we are present in 17 countries. Greece is the latest addition to the Endeavor network. It is the first affiliate in Europe and the first that is not an emerging market—or, as our CEO called it last year, a “submerging” market! How do you fund your operations? The Endeavor board in Greece funds 100 percent of operations in the local offices for the first year. From the second year, 10-20 percent of the budget comes from the entrepreneurs that we support in the form of contributions. Beyond funding the local office, Endeavor Greece’s elevenmember board also offers its members’ network and time. That’s the first nucleus of Endeavor in Greece. The second nucleus is the mentors. The mentors are CEOtype business leaders, who also provide their valuable time and expertise. And in our mentor group you find individuals

like Stelios Boutaris, or Giorgos Korres, or Paul Efmorfidis from Coco-mat. What is your value proposition for companies? We are not a fund. What we have is a global network of top tier leaders of businesses and investors. In addition to our mentors, we mobilize our network and our global boards, which can help our entrepreneurs make inroads into international markets, for example. We also help them with access to investment, not investing ourselves, but by linking them with investors with whom we have partnerships, either in the U.S. or in their area. Finally, we set up a custom advisory board to assist our members with their own strategic goals. How many companies are there globally? In the last 15 years, Endeavor has selected about 800 entrepreneurs. And they have created more than 200,000 jobs. In 2011 alone, they generated more than five billion dollars in revenues. And every year we select more and more. How do you see your role in terms of supporting the broader business community? Globally, Endeavor dedicates 20 percent of its focus to things like education, business advocacy, and lobbying within the business environment. There, we are looking for partnerships with a very select number of companies, universities, or institutions. What we bring to these partnerships is our network, plus some former partners that we have such as Stanford University. How many companies have applied in Greece? Since our launch in September, we have received roughly 150 applications from Greek companies—mostly focusing on technology—who want to join the Endeavor network. To date, we have accepted five companies, four of which are in the broader tech class—Daily Secret, Out There Media, Hellas Direct, Obrela—and our newest Papadimitriou CC, in the food sector. We have a plan; we want to be selecting 8-10 companies per year.

How are companies selected? Companies first undergo assessments with the local office, which include four or five interviews with local mentors. They present their case to the Board, they prepare a business plan with financial projections and business models. If they go through that phase, and the local Board gives the green light, they proceed to the final step of the selection process, which is the international selection panel, the ISP, as we call it. ISPs are held five times per year, somewhere in the world. In March the panel was held in Athens, the next is in Johannesburg. At these ISPs, a global selection committee from Endeavor gives a final assessment and a final ‘yes’ or ‘no’ answer as to whether or not the companies will join the Endeavor network. What types of companies are you looking for in Greece? We are looking for companies in every sector. The broader ICT/digital/web sector has an important share. But the Board, looking at the obvious growth sectors of the Greek economy, has asked me to focus not only on tech, but also the broader food sector and tourism. There, we are a bit more pro-active in finding out who are the most promising entrepreneurs. What kind of entrepreneurship does Greece need today? We know the sectors. We know the focus areas. So, we know where we should go. The thing is how we get there. And for me, the model should not be based on philanthropy, top-down, politically-driven, subsidy-driven approach: “help this poor guy make a business.” Not everybody is meant to be an entrepreneur; we need to understand that. Not everybody is meant to be an investor. The same way, not everybody can become a good doctor or football player. We need to find the few—and there will always be just a few—who can drive successful companies, be visionaries, and create followers. What is your message to aspiring entrepreneurs? For me it’s not necessary to leave the country and pursue opportunities abroad be-

Not everybody is meant to be an entrepreneur. Not everybody is meant to be an investor. We need to find the few who can drive successful companies, be visionaries, and create followers cause, in some sectors, Greece is the “sexiest” place on earth. So, lets just find out what we want to do, forget the past, forget about blaming each other and just do it—whether it is becoming an entrepreneur or creating some skills that we need to create. It’s a system in transition. But I am optimistic for the few that can make a difference.


Women + Business

Progress, Change

and Embracing the Future Elizabeth Filippouli, Founder & CEO, Global Thinkers Forum, on leadership, change, and a new tomorrow. Please tell us a few words about Global Thinkers Forum and the work you do at Global Thinkers. Global Thinkers Forum is a non-profit think tank, a platform to create dialogue and bring current and future leaders together to discuss governance, society, entrepreneurship, business, progress and the future—and also to promote collaboration and business. We organize regional, themespecific events and also a big annual gathering which takes place in a different city every year and through our wide international network, we develop an ecosystem for collaboration and positive change. GTF 2012 Amman took place under the patronage of Her Majesty Queen Rania Al Abdullah, who participated in person and the King Abdullah Fund for Development. We convene country leaders, leaders of companies, academic institutions, and leading NGOs, together with social innovators, educators, and entrepreneurs—in Amman the theme was ‘Women Leaders in MENA.’ In 2012 we


also inaugurated the GTF Awards for Excellence which have been embraced by the likes of Her Majesty Queen Rania, Arianna Huffington, Dr Hayat Sindi, HRH Princess Rym Ali, Dalia Mogahed, HRH Princess Sumaya bint El Hassan, Zaha Hadid and other world acclaimed women leaders. Global Thinkers is a London-based consultancy comprising a team of world experts/ management consultants advising organizations on business development, innovation and strategic communications. One of the key issues in Greece today is that of change. In a nutshell, please discuss the challenges of change in difficult, fractured environments. Change has many forms: there is simple change and there is transformational change. There is also negative and positive change. Greece is going through a phase of fundamental shift, a wave of changes that can potentially transform a sick system—which was operating abnormally for decades—into

a healthy, productive one. However we have yet to see signs of positive change. The Greek society has suffered a shock, a sudden awakening which has been quite cruel. Unfortunately so far it has failed to show its benefits, it has disappointed in terms of its effectiveness and results. I believe that change does not happen overnight. It should not happen overnight. This is a wrong approach as the tremors that may be created can obstruct progress and development. Change needs a multilateral strategy and it needs to be gradual, targeted and focused on the public good of a society taking into account a wide variety of dynamics which range from technocratic to cultural to social to psychological. Do you believe that civil society in Greece should be playing a larger role as a change agent? Absolutely. I believe (and this is exactly what we promote through GTF) in a triangle of collaboration between the public sector (government), the private sector (companies) and

civil society. These are the pillars on which the state can thrive. And they need to join hands. If they don’t, if one of these sectors underperforms then it hampers the work of the other two and positive change will either be delayed or not happen at all. Civil society should join hands with companies and governments in analyzing the problems, in development of remedies, in the implementation and monitoring of necessary reforms. There is often a paradox—that people desire progress but fear change. Could you identify some impediments to change— from within and from outside—and what change makers need to know about overcoming resistance? This paradox is normal, expected. The first reaction towards change is most of the times negative (even when existing circumstances are not satisfactory), people are resistant to the unknown. Most of us hate to leave our comfort zones, we resist giving up tried recipes or conditions which are familiar, part of a known routine. This is the anxiety of losing one’s peace. But we like it or not, transformation and change are part of the evolution and they will sooner or later disrupt the ordinary, the norm in favor of the new. New models develop and become dominant. Good leaders need to be able to understand the signs of upcoming change, also not be afraid of it but help society not only adapt but benefit from it. What methods to communicate new ideas have you identified that are the most effective so that more people—doubters, cynics, the fearful—come aboard the change vessel? Information is becoming the engine, resource, and commodity driving economies and social institutions as well as our personal and professional lives. Dynamic human networks are replacing, complementing, and competing with hierarchical organizations as powerful systems for communicating, sharing, and organizing. In the information age, where media are not any more the gatekeepers of information and power is applied bottom-up instead of top-down, those who do not understand the profound transformation

under way, will find themselves on the outside. Those who will not lead or at least join change, will be overrun by developments and sooner or later will become extinct. Certainly leadership buy-in is a key factor in effective progress. As we identify more tools to effect better governance, which, do you think, are the most meaningful? Leadership in the Information Age requires cross-boundary, inter-agency collaboration with networking as a core strategy. Leaders must leverage human and other resources. Networking and collaboration challenge the traditional power and role of the hierarchy. In the Information Age, leadership is less about managing established practices, and more about managing transformation of practices, developing new expertise or integrating new combinations of expertise. Peer and lateral relationships are becoming more powerful in relation to hierarchical relationships. Civil society needs competent society leaders who can foresee or even create a future of prosperity and development. Clearly women and young people have a stake in a brighter future. What key messages do you have for women and young people to effect change? If you don’t involve or at least actively encourage the participation of women in the social engine, you simply lose out on 50% of a nations intellectual and human capacity; simple as that. There is no dearth of capable, qualified and highly committed women with a strong investment in social and other progress. My message to women and young people is ‘fear not.’ Allow yourself the opportunity to develop your dreams into a vision. Allow your vision to guide you and open new pathways in life. Progress cannot be achieved if we don’t embrace change, before change absorbs us. The future is here, it is just unevenly distributed across small changes that go unnoticed but when the dots are connected, nothing can stop the tsunami of change. So embrace the future, create it. Technology now plays a major role in our lives. In what way can technology aid in our quest for better governance, more civic en-

gagement, more effective leadership, and a more enlightened social environment? Globalization relies on ICT that enables rapid communications and information dissemination. The result is a dramatic change in the world of media. Government agencies need to leverage Web 2.0 technologies. First of all, the notions of time and distance are abolished. Economic, political and geographic boundaries are nearly irrelevant. Internal problems take international dimensions and this is because of cross-boundary collaboration which is happening in virtual environments thanks to technology’s omnipresence. Secondly, leaders need training and experience in dealing with the newest set of media tools such as blogs, Internet videos, podcasts, and websites. Websites today promote dialogues, business, trade, collaboration. In the Information Age leadership is less about being the smartest expert, than being the connector or the trusted mediator for encouraging collaboration and development and for tackling complex, wicked problems.�



Digitized Magazine Subscriptions for Business Waiting Rooms Uninspired by waiting room literature? Can’t find the latest edition of Business Partners? A new service called Foli has come up with a solution. The new service utilizes location detection technology to enable businesses to offer their customers a vast selection of digital magazines that only becomes accessible at their physical location. Readers will be directed to download the Foli app for free from the App Store when they’re at the premises, where they will be able to access content from Foli’s collection. If they haven’t finished reading an article while at the location, they can save it for later and access it even when out of range of the Foli spot.

New “Microbatteries” to Offer Huge Boost for Electronics The most powerful batteries on the planet are only a few millimeters in size, yet they pack such a punch that a driver could use a cellphone powered by these batteries to jump-start a dead car battery – and then recharge the phone in the blink of an eye. Developed by researchers at the University of Illinois at Urbana-Champaign, the new microbatteries out-power even the best supercapacitors and could drive new applications in radio communications and compact electronics. With so much power, the batteries could enable sensors or radio signals that broadcast 30 times farther, or devices 30 times smaller. The batteries are rechargeable and can charge 1,000 times faster than competing technologies. In addition to consumer electronics, medical devices, lasers, sensors and other applications could see leaps forward in technology with such power sources available.

Innovation that Matters

12 Year-Old Mobile App Creator Honored For Helping Disabled Eric Zeiberg, the pre-teen creator of the HandySpeech app, has been recognized for his effort by Connecticut General Assembly, the Connecticut Governor Dannel Malloy, and the state Senate and state House leadership. HandySpeech is a handwriting-to-speech application on the app store that provides a unique opportunity for people with speech disabilities to communicate. Users simply write what they want to say in any one of 13 languages, hit a button, and the writing instantly turns into male or female voice. Zeiberg, was inspired to create the app by his autistic sister. “We are very proud of Eric in our district,” said Senator Beth Bye, Assistant Senate Majority Leader. “I think the whole state is proud of him for using his energy for something that helps people who need help”.


Myrto Lavda Head, Education Department Onassis Cultural Centre

Please tell us about the focus of your Fulbright scholarship? I began my studies in the U.S. as a masters student in the Art & Art Education program at Columbia University Teachers College, a program that has a strong theoretical grounding in art education, in addition to providing practical experience, acquired through studio courses, teaching in primary and secondary education schools, and/or teaching in museums. For example, at MoMA, I completed a Teaching Residency Program. How have you been able to apply knowledge transfer to Greece? Upon returning to Greece I started working in the Education Department of the Museum of Cycladic Art, applying all the knowledge the NY experience endowed me with in relation to different teaching strategies, museum-based lessons and teaching specifically adapted to a museum’s collection. Since 2010, I have been the head of the Education Department at the Onassis Cultural Centre, Athens, organizing programs both related to the arts program of the Centre and independently thereof, for people of all ages. Do you believe the Fulbright experience has had a meaningful impact on your career? The Fulbright experience opened new avenues of learning and possibilities for me. In New York I was able to refine my research skills, acquire new information about topics of art and museum education research, solidify some already existing skills in an academic institution of the highest level, become part of a multi-cultural community of intellectual and inspiring people, and be able to continue working on projects relevant to my interests and field of study.




W The 8 Most Popular Websites for Small Businesses* *ranked by total visits—Do-it-yourself email marketing solution for small businesses and associations—Magazine focused on business resources for the entrepreneur—Caters to international business people who are actively seeking opportunities abroad

© photo: JASON REED/REUTERS—A community of small business owners and entrepreneurs sharing news, tips, blog posts and information

White House Goes Neuro, Launches BRAIN Initiative—A community for entrepreneurs who share their first-hand knowledge of how to succeed in small business

On April 2nd, President Obama unveiled a $100 million “BRAIN” Initiative—a bold new research effort to revolutionize our understanding of the human mind and uncover new ways to treat, prevent, and cure brain disorders like Alzheimer’s, schizophrenia, autism, epilepsy, and traumatic brain injury. The BRAIN Initiative—short for Brain Research through Advancing Innovative Neurotechnologies—promises to accelerate the invention of new technologies that will help researchers produce real-time pictures of complex neural circuits and visualize the rapid-fire interactions of cells that occur at the speed of thought. Such cutting-edge capabilities, applied to both simple and complex systems, will open new doors to understanding how brain function is linked to human behavior and learning, and the mechanisms of brain disease.—Free advice on business planning including hundreds of free sample business plans, business plan templates, and advice on starting a business

European Tax Burdens on the Rise

E.U. T C E R I D

The overall tax-to-GDP ratio in the EU27 stood at 38.8% in 2011, up from 38.3% in 2010, according to the recently published 2013 edition of “Taxation trends in the European Union”. The overall tax ratio in the euro area increased to 39.5% in 2011, up from 39.0% in 2010. Overall tax burdens vary significantly between Member States. The highest 2011 figure was recorded in Denmark (47.7% of GDP) and the lowest in Lithuania (26.0%). Taxation to GDP in Greece for 2011 stood at 32.4%. The study also reviewed taxation on consumption, which constitutes roughly one-third of all European tax revenue. Implicit tax rates on consumption were lowest in 2011 in Spain (14.0%), Greece (16.3%), Latvia (17.2%) and Italy (17.4%), and highest in Denmark (31.4%), Sweden (27.3%), Luxembourg (27.2%), Hungary (26.8%) and Finland (26.4%).—Free resource for entrepreneurs worldwide—Online publication for small business owners, entrepreneurs and the people who interact with them

What is Leadership in a Bureaucracy? Leaders of big bureaucracies need to get — and keep — everyone enthused, create and communicate a future vision, assure support during the transition, insist on excellence, create demands on managers, and convince everyone of top management’s conviction and commitment to change. These leadership challenges may seem familiar, but in a bureaucracy they are, if anything, magnified. To sustain momentum in this special context, leaders may need to adopt the behaviors of a fanatic — as Winston Churchill said, “A fanatic is one who can’t change his mind and won’t change the subject.” -Brad Power, Harvard Business Review


“The Macintosh team was what is commonly known as intrapreneurship; only a few years before the term was coined—a group of people going, in essence, back to


Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization. Intrapreneurship is a novel way of making organizations more profitable where imaginative employees entertain entrepreneurial thoughts. Whereas an entrepreneur starts a venture and bears full risk of failure, an intrapreneur is partially independent and is sponsored by his or her corporation. The intrapreneur is also not liable to bear the losses in case of project failure. While an entrepreneur raises the finance from various sources, an intrapreneur is not responsible to raise the capital or to return it. The term “intrapreneurship” was first used in the popular media in February 1985 by a TIME magazine article entitled “Here come the Intrapreneurs”. Later that year, Steve Jobs told Newsweek that


Understanding ‘Intrapreneurs’


@ fo in


the garage, but in a large company.” One of the most well-known examples of intrapreneurship was the “Skunk Works” group at Lockheed Martin. The group, named after a cartoon reference, was created in 1943 to build the P-80 fighter jet. Because the project was to eventually become a part of the war effort, the project was internally protected and secretive. The group was directed by Kelly Johnson, who later coined the famous ‘Kelly’s 14 rules of intrapreneurship’. The best knows contemporary model of intrapreneurship is surely Google, which famously allows their employees to spend up to 20 percent of their time to pursue projects of their choice. This intrapreneurship model was the driving force behind the creation of some of Google’s most important products, including gmail and Google News.

Dining: For Business and Pleasure

Luna Rossa From its opening in September 2003, Ristorantenoteca Luna Rossa has been the unofficial ambassador of Italian cuisine in Greece—and the go-to destination for great Italian food in Athens for those in the know. The restaurant has earned the praise of both food aficionados and gastro press, and has been a featured addition to the Michellin Guide every year since 2007. The kitchen of Luna Rossa endorses tradition above all else, using only top quality and fresh ingredients to prepare pure Italian food following the “Slow Food” model. Begin your visit with the filled fresh pasta with foie gras and truffle, before moving onto a tender veal fillet cooked to perfection with a balsamic glaze. Or let


to the most extravagant. Luna Rossa’s cozy, unassuming location is just off the beaten path, and makes for a great gastronomic detour. The restaurant is skilled in accommodating business events, offering customized menus, wine pairings and even free wifi in one of their three dining rooms. Choose to eat in their intimate wine cellar or elegant prive room for maximum privacy.

the restaurant provide a culinary tour of Italy through their tasting menu. And Luna Rossa’s extensive wine catalog offers the very best of Italian wines, from the basics

Luna Rossa is open from the 15th of September to the 30th of July. Monday to Saturday, 19:30 to 23:30 213 str. Sokratous, Kallithea Tel: +30 210 9423777 Mob: +30 6944 395246

The Business Bookshelf

Contagious Why Things Catch On Jonah Berger

What makes things popular? If you said advertising, think again. People don’t listen to advertisements, they listen to their peers. But why do people talk about certain products and ideas more than others? Why are some stories and rumors more infectious? And what makes online content go viral? Wharton marketing professor Jonah Berger has spent the last decade answering these questions. He’s studied why products get word of mouth, and how social influence shapes everything from the cars we buy to the clothes we wear to the names we give our children. In this book, Berger reveals the secret science behind social transmission. Contagious combines groundbreaking research with powerful stories. Learn how a luxury steakhouse found popularity through the lowly cheese-steak, why antidrug commercials might have actually increased drug use, and why more than 200 million consumers shared a video about one of the seemingly most boring products there is: a blender. If you’ve wondered why certain stories get shared, emails get forwarded, or videos go viral, Contagious explains why, and shows how to leverage these concepts to craft contagious content. Whether you’re a manager at a big company, a small business owner trying to boost awareness, a politician running for office, or a health official trying to get the word out, Contagious will show you how to make your product or idea catch on.

Jargonaut Behavioral Targeting The holy grail of interactive media is to be more targeted. Behavioral targeting is when the online advertiser places the message in the path of the user, based on the user’s past behavior.

Clicks-and-Chicks Slang for Web sites that try to use femalefocused content to drive e-commerce sales.

Customer Acquisition Cost A marketing term to describe the cost (or expense) associated with acquiring a new customer or user.

Flame To send nasty or insulting messages via e-mail or to post them on a newsgroup or a blog.

Kickback Marketing Any one of several online marketing methods whereby Web sites and media sites form alliances to refer customers back and forth to each other, thereby sharing in the revenue


by Travelogue

Shoulder Surfing Scenic Drives in Greece! By Andreas Stylianopoulos President, Navigator Travel & Tourist Services Ltd

Scenic drives can be a wonderful way to explore Greece and enjoy landscapes and spectacular views! Athens to Ancient Epidaurus and to Nafplion and back to Athens epidaurus theater

Athens to Sounion Athens to Delphi to Itea Galaxidi and Nafpaktos Athens to north Evia Athens to Volos and around Pelion


Thessaloniki to Alexandroupolis Round Corfu Athens to Stemnitsa Athens, Patras, Katakolon, Kalamata, Pylos


“Shoulder surfing” is a term that refers to someone standing over your shoulder to obtain private and sensitive information as you complete a form using your personal information, enter in your PIN or password, or even when dialing a telephone number.

Transactional Ad An online ad that uses pull-down menus and data boxes to let users search or shop for goods without leaving a Web site.

Voice Novel A voicemail message that goes on forever.

Zipperhead Slang for a person with a closed mind.. Reproduced by Permission © 1994-2010 NetLingo® The Internet Dictionary at

Athens to Parnitha



Why Content is the Future of Marketing


usinesses put up websites as part of their marketing strategy: to gain recognition and to draw in potential customers. To do this, they put information on their websites for potential clients and customers to see. This information is referred to as online content. There are a lot of ways for a business to leverage online content—the most common being blogging and the use of social media sites such as Facebook, Twitter and Pinterest. All these methods have the potential to boost a company’s brand customer engagement in one way or another. Yet unfortunately, most companies do not have a solid strategy on the type of content they publish online—or how to maximize benefit from it.

Businesses put up websites as part of their marketing strategy: to gain recognition and to draw in potential customers. To do this, they put information on their websites for potential clients and customers to see. This information is referred to as online content.

Importance of Online Content

Generate More Leads Using Blogging

On the financial scale, one importance of online content is that it can motivate spur action, convincing potential customers to part with their hard earned money on a product or serve. This is marketing, pure and simple. But the values of good online content are often less direct. Good content, for example, is a critical component in increasing your website’s rating with search engines. Search engines are, after all, the main reasons why people get to your website and see your content. Landing the top spot in search engine searches is very crucial to businesses because people tend to look only at the first five to ten results. And to secure these spots, you need to have a steady stream of fresh, relevant content.

In the survey conducted by Econsultancy and Outbrain, it was found that B2B companies who use blogging were able to generate 67% more leads compared to companies who do not blog. Also, companies that blog get indexed 434% more than companies who do not blog. This means that, as a marketing strategy, blogging pays off. Therefore, whether you are using blogging, guest blogging, social media or ad postings as marketing tools, it is important that you review your current content strategy right now. Make sure that your website’s online content is informative to engage your audience. After all, if you want a boost in revenue today, it is important that your site is visited by more and more people who will become interested in what you have to offer.  Source:

The American-Hellenic Chamber of Commerce


Become a Member

To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s most preeminent and proactive business organizations, apply on the Chamber website at, send an e-mail to, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7 and request an application form.

To subscribe to Business Partners, send an e-mail to, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7.


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Tsangos Chris

Member of Management Team PJ Tech Catalyst Fund

Siokos Stavros, Ph.D

Chief Executive Officer, Sciens Alternative Investments, UK

Doxiadis Aristos

Trahanis Spiros

Partner at Openfund

Sarikas Omiros

Director, Mergers and Acquisitions, AHV Associates LLP, UK

Spanoudakis George

President and Co-Founder Pinnatta San Francisco Bay, USA

General Manager, Europa Aluminum Systems Coordinator

Pilitsis Loukas

Goudinakos Stratos

CEO, Piraeus Equity Advisors

Koutsoyannopoulos Yorgos, Ph.D CEO, HELIC

Palandjian Onic

Managing Partner, Odyssey Venture Partners

Chief Risk Officer ATE Insurance Coordinator

Drandakis Nikos

Founder & CEO of TaxiBeat

The forum will take place in the Greek language

For more information please contact us either at or at (+30) 2106846329

Business Partners | May-June 2013  

The magazine of the American-Hellenic Chamber of Commerce

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