Business Partners | May-June 2012

BUSINESS

bponline.amcham.gr

MAY-JUNE 2012 Vol. XI | No. 60

Healthcare in a Time of Uncertainty Washington Outlook

Is Greece an Emerging Market? ▼

Entrepreneurial Spirit

ReBoot: The Hellenic Education Ecosystem ▼

Human Trafficking

A Modern Day Anathema ▼

ΕPhForT

Leveraging Greece’s Pharmaceutical Strength ▼

Plus Biz Buzz Names & Faces Trends & Trade Makers AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

Health and Medicine in the Greece of the Future Konstantinos M. Frouzis

President of SFEE

Θεμελιώδεις λύσεις στην Υγεία

Ε Α Ν Θ Ρ Ω Π Ο Σ Ι Τ Α Ξ Ι Ε Σ Υ Φ Γ Ε Ρ E Y N Μ Ο Α Ν Τ Τ Ο Ρ Α Μ Α Ι Ρ Δ Ε Π Ι Τ Υ Χ Ι Α Ε Σ ΑΝΘΡΩΠΟΣ

Μ Ε Ρ Ι Μ Ν Α

✓ ΕΡΕΥΝΑ ✓ ΕΠΙΤΥΧΙΑ ✓ ΟΡΑΜΑ ✓ ΜΕΡΙΜΝΑ ✓ ✓ ΑΞΙΕΣ ✓ ΦΡΟΝΤΙΔΑ ✓ ΕΠΙΤΕΥΓΜΑΤΑ ✓

ΑΡΧΕΣ

ΥΓΕΙΑ

ΥΠΟΣΧΕΣΗ

Για περισσότερο από 120 χρόνια εργαζόμαστε καθημερινά με ζήλο για την προάσπιση και προαγωγή της ευημερίας της κοινωνίας και του ανθρώπου. Σκοπός μας είναι η συνεχής αναζήτηση, ανάπτυξη και προσφορά πρωτοποριακών προϊόντων για πρόληψη, διάγνωση και θεραπεία που αποτελούν τις θεμελιώδεις λύσεις στην υγεία. Με οδηγό τις διαχρονικές εταιρικές μας αξίες, Πρωτοπορία, Αντοχή στο χρόνο, Μέριμνα, Επιτεύξεις και υψηλό αίσθημα εταιρικής κοινωνικής ευθύνης, εστιάζουμε στο μέλλον και υιοθετούμε σύγχρονες πρακτικές, που διασφαλίζουν την πρόσβαση των ασθενών σε υπηρεσίες και καινοτόμα προϊόντα υγείας προσφέροντας μακροβιότητα και βελτίωση της ποιότητας ζωής των ασθενών.

Volume XI | Number 60

CHAMBER.PRESS ISSN 1109-4990 CODE: 6526

CHAMBER.PRESS

contents

AMERICAN-HELLENIC CHAMBER OF COMMERCE bponline.amcham.gr

AMERICAN-HELLENIC CHAMBER OF COMMERCE

4 THE BOARD

6 Washington Outlook Is Greece an Emerging Market?

by Alexandros Petersen

8 Chamber News

24

1 0 North Greece

Preparing for the Unpredictable

by Vassilis Kafatos

Konstantinos M. Frouzis, President of SFEE, on the role of health and medicine in the Greece of the future

1 2 The Human Age

New Rules of Engagement

by Dr Venetia Koussia

1 4 Names & Faces in the News 1 6 Business File

International Negotiation—A Strategy

by Maria Choupres

1 7 TRAVEL usa

26

Discover America—Illinois

1 8 BIZ BUZZ

Currents in Today’s Business Environment

Pascal Apostolides leads an overview of the healthcare system at a time of deep uncertainty

2 0 Entrepreneurial Spirit

ReBoot: The Hellenic Education Ecosystem

by Elias G. Carayannis

2 1 Innovation at Work

Greek Entrepreneurs to Cultivate Algae for Biofuel

2 2 Business Matters

The Road to Excellence Through Business Analytics

by Aiman Zeid

22

2 4 COVER FEATURE

Konstantinos M. Frouzis, President of SFEE

2 6 Healthcare in a Time of Uncertainty

Aiman Zeid of SAS on the road to excellence through business analytics

Members of the Chamber’s Pharmaceutical Committee

3 6 Focus

ΕPhForT—Leveraging Greece’s Pharmaceutical Strength

B u s i ne s s Partn ers i s the b im o nthly magazin e o f t he A m er ican- He llenic Ch amb e r o f Comm erce DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr PUBLISHER & EDITOR Raymond Matera materay@ath.forthnet.gr Please Recycle

ADVERTISING Raymond Matera materay@ath.forthnet.gr DESIGN snack• PRINTING & BINDING A. PSILLIDIS & CO

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: info@amcham.gr BRANCH OFFICE 47 Vassileos Irakleiou Street 546 23 Thessaloniki Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 E-mail: n.tsavdaroglou@amcham.gr

3 8 Inspire: Enterprising Women The Story of i-for-U

4 0 One World

Human Trafficking: A Modern Day Anathema

4 2 Food and Beverage

The Greek Pantry—New Market Savvy

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

4 8 Viewpoint

A New Model for Education?

MAY-JUNE 2012 | BUSINESS PARTNERS |

DIRECTOR’S DESK

The May 6 elections clearly demonstrate the impoverished state of our political system, the lack of vision, and the inability of our political leadership to offer a meaningful strategic plan for Greece. Rather, most politicians cowered behind tired slogans and empty, populist promises based on a for or against memorandum position. And a coalition government, what Greece needs today more than ever, was rejected, leaving the country at a dead end.

The lack of responsibility and accountability that has prevailed in Greece for many years—at the political and social level—is at the heart of this sclerosis. The virtual bliss of migrating toward “I” and away from “We” can be seen as a root cause of the era of No Responsibility. “We” demands solutions, responsibility and accountability. “I” demands nothing, owes nothing. In addition, the lack of visionary leadership in Greece has had devastating effects. A disoriented nation needs inspiration, hope, unity, and motivation.

We’ve been offered none of these.

At this crucial time we need straight talk on specific, critical issues that will have a meaningful impact on our future. Greece continues to seriously undermine its own potential. Without growth, without a plan to tackle unemployment, and without a unified, coordinated strategic plan moving forward, we remain rudderless in a turbulent sea and in a vessel with no captain.

It is clear that a multipronged approach that capitalizes on our strengths—the only logical plan to implement—has been beyond our capabilities. Employment is achieved through investment and growth, more productivity, competitiveness, and growth.

A few simple targets would suffice to create thousands and thousands of jobs. Greece can take advantage of its human capital, strategic location, and natural resources. Greece can easily become a center for learning and education. Medical tourism. A logistics hub of Southeast Europe. A center of R&D in medicine, agriculture, energy, and food and beverage technology. But an investment ecosystem and investment mentality must prevail. Entrepreneurship must be rightly viewed as a creative act that provides both jobs and satisfaction.

Is it possible to move away from the wooden language and empty promises of the past? Is it possible build a positive society that contributes to solving problems? Adds to innovative products and services?

How difficult can this be?

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-

| BUSINESS PARTNERS | MAY-JUNE 2012

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

Committees

Gramatidis Yanos President | BAHAS, GRAMATIDIS & PARTNERS

Auditors Committee

Kyriacou Marios T. Vice President | KPMG CERTIFIED AUDITORS A.E. Bakatselos Nikolas Vice President | PYRAMIS METALLOURGIA A.E.

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

Corporate Governance Committee

Panayotopoulos Litsa Treasurer | PYRODOMI LTD.

Chair: Papacostopoulos Constantinos | Members: Charalambous Yiangos, Dimou Ioannis, Petalas Apostolis, Siamishis Andreas, Hadjisotiriou Paula, Theodoulidou Maria | Coordinator: Daphne Constantinidou

Anastassopoulos Simos Counselor | PETSIAVAS N. S.A.

Corporate Social Responsibility Committee

Karayannis Angelos Secretary General | KARAYANNIS K. GROUP OF COMPANIES

Bacacos George Counselor | BACACOS P. CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Charalambous Odysseas Counselor | CISCO SYSTEMS HELLAS S.A. Papadopoulos Thanos Counselor | CHEVELLAS S.A. Spirtounias Elias Executive Director

Chair: Stavridis Stelios | Members: Alexiou Maria, Constantelis George, Lolas Vassilis, Vrachatis Ioannis | Coordinator: Angela Boyatzis

Environment & Energy Committee

Members: Aloupis Constantine, Bakouris Costas, Karayannis Angelos, Manos Alexandros, Melissanidis Dimitris, Mytilineos Evangelos, Nomikos Elias, Papadimitriou Spyros, Papavasileiou Athanasios, Peristeris George, Stefanakis John, Yannopoulos Sotiris, Yiannopoulos Emil | Coordinator: Angeliki Dikeoulia

Greek Economy Conference Committee

Chair: Kyriacou Marios | Members: Anastassopoulos Simos, Antoniades Vassilis, Bacacos George, Yannopoulos Sotiris | Coordinator: Angeliki Dikeoulia

Innovation & Education Committee

Board of Directors Ahmed Pervaiz | BRISTOL-MYERS SQUIBB A.E. Antoniades Vassilis | THE BOSTON CONSULTING GROUP Antonopoulos Constantinos | INTRALOT S.A. - INTEGRATED LOTTERY SYSTEMS AND SERVICES

Chair: Panayotopoulos Litsa | Members: Charalambous Odysseas, Farmaki Teresa, Giourelis Stephanos, Makios Vassilis, Makridakis Spyros, Patakiouti Maria, Rizopoulos Yannis, Tsigos Dimitris | Coordinator: Katerina Tzagaroulaki

Insurance, Social Security & Labor Matters Committee

Chair: Kremalis Konstantinos | Members: Canellopoulos Paul, Koussia Venetia, Lisseos Panayotis, Panagiotou Andreas, Panorios Manos, Pelidis Manos, Vlasopoulos George, Sarantopoulos Dimitris | Coordinator: Voula Tseritzoglou

IPR Committee

Canellopoulos Paul | CHARTIS GREECE S.A.

Chair: Galanopoulou Katerina | Members: Kyriakides John, Makris Antonis, Zachou Dora, Ross Daniel | Coordinator: Daphne Constantinidou

Costas Stavros | Economist

Leadership Committee

Costopoulos Alexandros | FORESIGHT STRATEGY & COMMUNICATIONS Costopoulos John | HELLENIC PETROLEUM S.A. David George | COCA-COLA HELLENIC BOTTLING COMPANY S.A.

Chair: Miropoulos Artemis | Members: Griveas Polychronis, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Olympios Spyros, Panteliadis Aristotelis, Paraskevaides Stavros, Rabbat Vassilis, Saracakis Alexandros | Coordinator: Ritana Xidou

Medical Devices & Diagnostics Committee

Gaudreault Pierre | PFIZER HELLAS S.A.

Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Andria Magdalini, Boulougouris George, Deligiannis Konstantinos, Derkos Kalogridis, Kartalis Christos, Krinos Gregory, Lindholm Magnus, Maroutsis George, Nikas Dimitris, Papazoglou Konstantinos, Politopoulos Anastasios, Strouzos Anastasios, Tsangarakis George | Coordinator: Voula Tseritzoglou

Kartsanis Georgia | CEO CLUBS GREECE

Northern Greece Committee

Filiotis Dionysios | PHARMASERVE-LILLY SACI Frangou Angeliki | NAVIOS MARITIME HOLDINGS INC.

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.

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

Pharmaceutical Committee

LAW FIRM

Chair: Pascal Apostolides | Members: Filiotis Dionysios S., Frouzis Konstantinos, Gaudreault Pierre, Gerassopoulos Marcos, Karagiannoglou Stylianos, Katzourakis George, Kefalas Nikos, Pateraki Evangelia, Pervaiz Ahmed | Coordinator: Voula Tseritzoglou

Mamidaki Eleftheria | MAMIDOIL JETOIL PETROLEUM COMPANY S.A.

Public Affairs Committe

Kyriakides John | KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS

Manos Alexandros | PIRAEUS BANK S.A. Meintassis Harry | HAY GROUP 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 | MEVGAL S.A. DAIRY PRODUCT INDUSTRY Synghelides Polychronis | CHRYSLER JEEP DODGE HELLAS S.A. Tamvakakis Apostolos | NATIONAL BANK OF GREECE S.A. Yiannopoulos Emil | PwC (PricewaterhouseCoopers Business Solutions SA) Zeritis Panos | THRACE PAPER MILL S.A.

| BUSINESS PARTNERS | MAY-JUNE 2012

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

Taxation Committee

Chair: Costas Stavros | Members: Altiparmakis Christos, Ampeliotis Evangelos, Antoniou Basil, Desipris Antonis, Doucas Spyros, Gigantes Stavros, Goulakos Panos, Govaris Vasilios, Kanellatou Athena, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Mavraganis George, Mitsios Stephanos, Nasiopoulou Maria, Papadatos Eugene, Papandreou Cristina, Samothrakis George, Savvaidou Katerina, Sfakakis Konstantinos, Spyriouni Litsa, Stavropoulos Ioannis, Stavrides Vassilis, Trakadi Maria, Tsakonas Yiannis | Coordinator: Katerina Tzagaroulaki

Tourism Committee

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

Women In Business (WIB) Committee

Chair: Kartsanis Georgia | Members: Adamopoulou Efi, Athanassoulas Elena, Dimou-Lampadari Maria, Katsou Nelly, Kazakopoulou Betty, Papakonstantinou Ioanna, Pateraki Evangelia, Sideri Anastasia, Tarou Iphigenia | Coordinator: Angela Boyatzis

Washington Outlook

by Alexandros Petersen

Is Greece an Emerging Market?

T

he distinguished group around the table traded stories of runaway profits and debated the pitfalls of investing in high-return, high-risk economies.

The countries discussed were ones you might expect: new Asian tigers such as Vietnam and Indonesia, former Soviet economies such as Uzbekistan and Tajikistan, emerging from their isolation, as well as sub-Saharan African countries turning the corner, like Ghana and Zambia. The theme of the night was to look at opportunities in unexpected places, now that Western advanced economies are teetering.

And then someone asked a fascinating question: is Greece in emerging market?

With the Greek economy not only contracting, but more economic turmoil predicted for years to come, perhaps it is time to look at its plight through a different lens. If as an investor one does not compare Greece to other advanced European economies, but rather developing and emerging markets around the world, then perhaps it presents an opportunity – if not immediately, then down the road – for growth from a comparatively strong foundation.

This is probably a story of things getting worse before they get better. As Desmond Lachman, an economist at the American Enterprise Institute put it, “sadly, Greece appears to be heading towards emerging market status.” He cites seven indicators,

| BUSINESS PARTNERS | MAY-JUNE 2012

including, “still unusually large imbalances in Greece’s public finances, a large loss in international competitiveness and large external imbalances, a dysfunctional financial system that is burdened with bad loans, a political system that is incapable of addressing Greece’s structural economic weaknesses, an overregulated economy with very uncompetitive markets, an economy marked

As Desmond Lachman, an economist at the American Enterprise Institute put it, “sadly, Greece appears to be heading towards emerging market status.” by a lack of transparency and a high degree of corruption and an unhealthy dependence on IMF-EU-ECB bailouts”.

A damning assessment for sure. But, compared to other developing economies, may-

I recently took part in dinner discussion in Washington that centered around strategic investments in emerging markets. be not so disadvantaged. Most economists I spoke to about this issue agreed that while Greece is suffering now, its structural underpinning and “economic basis” is more sound than a number of high-performing growth markets. Better, in fact, than eight of the top ten fastest growing economies (in terms of real GDP) in 2011. These are countries whose growth rates ranged from 18% to 8%.

Everything is relative, of course. The growth rate, as well as what the growth rate means in practice for the citizens of a particular country, depends on the basis from which it began and various points of reference.

As Uri Dadush, Director of the International Economics Program at the Carnegie Endowment for International Peace explains: “changes and not just levels of income matter; so a Chinese whose income is one quarter that of a Greek but whose income has increased by 50% in five years is probably a lot happier than a Greek whose income has fallen by 20% over the same period and who may also be unemployed or have unemployed offspring. People organize their life assuming a certain income level and if it plummets, their lives can be massively disrupted. By the same token, if Greek incomes stop declining and start rising again, even from their much lower levels, people will begin to feel a lot better.”

While Greece does not fit the traditional definition of an emerging market, it may begin to “feel” like one for economic policymakers and investors alike. Greek businesses and citizens may gain a bit of confidence by thinking that there is nowhere to go but up.

Alexandros Petersen is the author of the critically acclaimed book The World Island: Eurasian Geopolitics and the Fate of the West.

Κεντρικό Νευρικό Σύστημα Σακχαρώδης ∆ιαβήτης Οστεοπόρωση Ογκολογία Σεξουαλική Υγεία

Αντιμετώπιση Λοιμώξεων Στοματική Υγεία ∆υσπεψία Ιατρικός Εξοπλισμός

Η γραμμή της ζωής, μας ενώνει.

CO 06/2010

Καρδιολογία Εντατική Θεραπεία

CHAMBER NEWS

10 Sets of Organizational and Administrative Actions Designed to Restart the Greek Economy On May 2, 2012, the Presidents of the seven largest bilateral Chambers in Greece (American-Hellenic, British-Hellenic, French-Hellenic, German-Hellenic, Italian-Hellenic, Dutch-Hellenic and Swedish-Hellenic) and the President of the Hellenic Management Association, held a press conference at the Hotel Grand Bretagne for representatives of the Greek and foreign press. The Presidents presented “10 Sets of Organizational and Administrative Actions Designed to Restart the Greek Economy.” These actions were analytically presented at the press conference by Yannis Stournaras of the Foundation for Economic and Industrial Research (IOBE) and by Vassilis Antoniades of the Boston Consulting Group, both of whom collaborated closely with the Chambers in preparing and drafting the set of 10 actions.

On Monday, April 30, the Presidents of the Chambers visited the office of the Prime Minister, Lucas Papademos, and presented to him a copy of their proposals. During the meeting, they had the opportunity to acquaint the Prime Minister and his advisers in detail on the proposed set of actions and to underscore the willingness of the Chambers to assist in their implementation.

Ambassador Smith, President Gramatidis

Chamber Supports

Association of Chief Executive Officers Event The Chamber supported the 23rd annual Leadership Congress of ACEO (Association of Chief Executive Officers) titled “Leaders in Dilemma: “Survival Tactics or Strategies of Growth?” held May 18-19, 2012.

| BUSINESS PARTNERS | MAY-JUNE 2012

Chamber in Alliance with PIERS The Chamber, in its effort to provide comprehensive services to its members, has established an alliance with PIERS Data Import/Export Bank for members who wish to establish business-trade relationships with the USA. The PIERS Data Bank employs sophisticated product and market analysis to better match buyer and sellers.

I. Product Analysis • Geographical search • Detailed profile of every U.S. importer • Detailed commercial information (tonage, annually shipped containers, carrier trends, shipping trends) • Commercial information on the U.S. market (top U.S. imported countries, top U.S. imported products, top U.S. port preferred) • Estimated analysis (estimated total value in $, total shipments, containers) II. U.S. Market Analysis • Top U.S. import countries for each imported product in the U.S. market • U.S. buyers with estimated value in $m or % and contact numbers • Foreign sellers • Trend analysis for top U.S. import markets • Trend analysis for top growing U.S. import markets • Trend analysis for U.S. import markets in decline

Chamber Supports

Greece You Can The Chamber supported the “With One Voice, Greece You Can” initiative led by the business community on the occasion of the Olympic torch hand-over ceremony held May 17 at Panathinaikos Stadium. The 2012 Olympic Games are to be held in London starting July 27.

How to do Business in the USA— AHEI Seminars Preparing for the Unpredictable in Thessaloniki

The Chamber, through its AHEI Initiative, organized two U.S. Business Seminars in Northern Greece. The seminars, “How to do Business in the USA” were held May 7 and May 8 in Serres and Ioannina with the close collaboration of the local/regional Chambers of Commerce and were held under the auspices of the Ministries of Regional Development, Competitiveness and Shipping and Foreign Affairs.

The seminar series specializes in topics of importance for Greek businesses that want to do business in the United States, covering issues such as insurance, legal and tax as well as branding and marketing strategies. Other key topics covered include U.S. FDA rules and regulations and U.S. Customs and Border Protection (CBP) procedures that must to followed for successful trade. Representatives of companies that already have a presence in the U.S. are presenters. Among the 38 entrepreneurs who participated were representatives from Kri-Kri and Zagori. A successful case study for Greek companies is the example of FAGE, which has experienced significant success in selling Greek yoghurt to American consumers.

AHEPA, AHI Visits AHEPA leadership with Yanos Gramatidis (c)

The Chamber, in cooperation with Anatolia College/ACT and Deloitte, organized a presentation titled “Preparing for the Unpredictable; How Companies in Greece Can Embrace Economic Uncertainty to their Advantage” on Monday, April 2, 2012, at the American College of Thessaloniki.

The event brought together local businesspeple, consultants and academics who exchanged views on the macroeconomic prospects of the Eurozone, Greece and the Black Sea Region.

(L- R) Panayotis Gavras, Efthymis Konstantopoulos, Vassilis Kafatos, Panos Vlachos, Nikolas Bakatselos, Rafal Antczak Yanos Gramatidis, Nick Larigakis

Chamber Calendar June 7 Athens, 10th CSR Conference June 11 Thessaloniki, 1st Agrotechnology Conference June 13 Athens, Annual General Assembly Meeting

Chamber President Yanos Gramatidis met with the leadership of AHEPA (left) as well as with Nick Larigakis, President of AHI (American-Hellenic Institute) where they discussed the current climate in Greece as well as U.S.-Greece relations. The President briefed the AHEPA representatives and the AHI President on the efforts of the Chamber to contribute to meaningful reform in Greece and how the organizations may benefit from coordinated actions in the future.

June 27 Athens, 8th Tax Forum July/September Athens, 11th HealthWorld Conference September New York, NY Investment Forum in cooperation with Athens Stock Exchange

MAY-JUNE 2012 | BUSINESS PARTNERS |

North Greece

NORTH ER

GREE N CE

by Vassilis Kafatos Deloitte Partner, Deloitte Business Solutions S.A.

Preparing for the Unpredictable

T

he economic and market environment in Greece is deteriorating and the only thing likely to be certain in the near future is continued uncertainty.

Many companies’ initial response to the financial crisis was to employ the same strategies that carried them through previous recessions. However, due to the unprecedented characteristics of this crisis, organizations need to follow more radical approaches.

In this volatile and uncertain environment, companies need to strategically position for the future as they strive to survive the challenges of the moment. A bold and distinctive strategy is essential for gaining competitive advantage. Yet committing to a particular path forward is daunting when there’s so much debate about how tomorrow will look.

Figure: Scenario & Contingency Planning Approach

10 | BUSINESS PARTNERS | MAY-JUNE 2012

One way to describe the outlook is unclear or clouded. It’s worse than that, though.

Rather than an absence of predictions about tomorrow’s business conditions, there are plenty — it’s just that they conflict. Equally qualified experts have diametrically opposed ideas about the economy will evolve.

Scenario and Contingency Planning is an effective and practical means of evaluating disagreements about the future in ways that yield the insights companies need in order to make, and to hedge, strategic commitments. It’s not about trying to make the future more clear but rather accepting and capitalizing on uncertainty to gain competitive advantage.

1. By intertwining conflicting points of view concerning the key drivers of change and

The current economic crisis seems to have greater impact and repercussions than initially anticipated and to be profoundly different from all past downturns.

uncertainty, companies can define alternative market scenarios (e.g. ‘gradual recovery’, ‘prolonged recession’, ‘abrupt Euro Zone disruption’) that suggest very different set of things to plan for. For each scenario, a ‘business stress test’ is performed by quantifying key performance and operational drivers (for instance, demand, prices, credit availability) and analyzing their impact to the organization.

2. Per scenario, the optimal company strategy is formulated, suitable responses/ options to challenges are identified and their financial implications are analyzed.

3. Strategic ‘core’ actions are prescribed that are applicable to all scenarios and should be implemented in any case, whereas scenario-specific ‘contingent’ options are identified, to be implemented when the organization perceives a certain scenario unfolding. These contingent strategic options enable businesses to rapidly adjust strategies, when they encounter obstacles or openings and provide the flexibility to deal with changing market conditions without a premature, irreversible commitment.

Strategic flexibility enables an organization to commit aggressively to specific ‘do now’ plans while at the same time arrange for ‘do if ’ actions to alter course if necessary. In an environment such as today’s, it’s essential to position for the future and yet mitigate the unavoidable risk that what emerges will be different from even the most well-educated guess as to how the ‘new normal’ will look.

After more than three years of uncertain economic and market conditions that show little sign of abating, unpredictability could be the “new normal”.

The Human Age

by Dr Venetia Koussia Managing Director, ManpowerGroup

Why being a leader in the Human Age is all about love.

The New Rules of Engagement People Move us Forward The shift from Capitalism to Talentism had us realize that organizations rely on people in order to grow. All over the world, access to talent is replacing access to capital as the absolute #1 key competitive differentiator. So how does a leader keep the right talent and attract fresh one? The answer is engagement.

Why Engagement?

However, as a recent Gallup survey states, only 29% of employees feel engaged. Why is this important, to you, as a leader? Kenexa shared that there is a 5x difference in shareholder value between organizations with the most engaged workers and those with the least and, according to a Cornell study, disengaged employees hold 5 times more chances of leaving their current position. In times of intense pressure for value, where talent is such a scarce resource, the option of ignoring your disengaged workforce could cause great strain on your business.

Leadership Is Guidance, Engagement is Love So how do you, personally, establish an engaging environment within your organization?

According to a major global study by Right Management, the #1 thing leaders can do to engage people is to value them. People need to know their work is appreciated and salary alone is not enough. In fact, recent surveys by Right Management and others have showed that pay doesn’t even rank among the top 4 engagement drivers. Mark Toth, Chief Legal Officer of ManpowerGroup North America,

12 | BUSINESS PARTNERS | MAY-JUNE 2012

in a recent upbeat webcast provided some food for thought on how to engage people in the Human Age. Based on that, I would like to share with you my handy checklist, with the six E’s of engagement:

E

The #1 thing leaders can do to engage people is to value them.

ENVISION People need to know where they’re going in order to do so. The more you help employees focus towards a direction by giving them a clear vision, the more engaged they are.

EMPATHIZE Take the time to know your people, understand what their strengths are

and what motivates them. Not knowing not only leaves you unaware of their potential and powerless to help them improve, it’s also a major source of disengagement for them.

ENHANCE Good employees hate being bored and not growing. If you took the previous piece of advice and got to know your employees, now is the time to use that knowledge to help them develop their strengths and fill in their weaknesses.

EMPOWER Allow them do their job in a more efficient way and you will get rewarded in terms of productivity. The best way to do so is to offer them flexibility. A University of Minnesota study showed a huge increase in productivity among those allowed to work virtually.

EVALUATE Employees need to know how they’re doing. So much that even negative feedback is way better than no feedback at all. When we focus on employees’ weaknesses, there is a 22% chance they will be disengaged. Praise them when they’re doing well, and the rate drops to a mere 1%. Just ignore them and the chances that they’re disengaged become a disturbing 40%.

ENCOURAGE Tell them you appreciate them. They are people with feelings and telling them you value their efforts really does make a big difference.

In simple words: Love them. Treat them with respect and kindness. Show them that you care.

NAMES & FACES

...in the news  Navigator Awarded by Royal Caribbean Navigator Travel & Tourist Services was awarded by Royal Caribbean Cruises for the high performance of the travel agency in sales of cruise products and services for 2011 and for the growth that the travel agency offered to the cruise industry in the Greek market. Andreas Stylianopoulos, President and CEO of Navigator Travel and Tourist Services received the award. Helen Beck, Sales Director Europe, Middle East, Africa Royal Caribbean Cruises said “This award to Navigator Travel & Tourist Services comes as recognition of their dedication and commitment towards the further development of the cruise industry in Greece, Cyprus and FYROM considering the current difficult financial situation in Greece.  EPhForT Launched The Athens Chamber of Commerce and Industry (EBEA) has launched a new initiative, the EBEA Pharmaceutical Forum Team, or EPhForT. EPhFort is to be led by Dionysios Filiotis President and Managing Director of Pharmaserve-Lilly and a member of the Board of Directors of both the Athens Chamber of Commerce and the American-Hellenic Chamber of Commerce. EPhFort is designed to strengthen the pharmaceutical industry in Greece and to help attract investment in the  more inside sector.  Examining Eurasian Strategies Alexandros Petersen, author of The World Island: Eurasian Geopolitics and the Fate of the West and a contributor to Business Partners (Washington Outlook) has recently published The Clash of Eurasian Grand Strategies, in The National Interest (http://nationalinterest. org), that examines how China, Russia and the United States must navigate their competing—and conflicting—designs for Central Asia.

Mr. Petersen co-authored the article with Raffaello Pantucci, a visiting scholar at the Shanghai Academy of Social Sciences.  AHEPA Convention The American-Hellenic Educational Progressive Association (AHEPA) is to hold it 90th AHEPA Supreme Convention at the Monte Carlo in Las Vegas Nevada on July 22- July 28, 2012. The annual five day-event brings together the AHEPA family for meetings, celebrations, awards, and planning sessions. The mission of AHEPA is to promote Hellenism, Education, Philanthropy, Family, and Individual Excellence.

Speaker’s Corner 14 | BUSINESS PARTNERS | MAY-JUNE 2012

CEO Clubs Holds Agile Leaders Forum CEO Clubs Greece held a leadership forum on April 25 at the Hilton Hotel that focused on Agile Leaders. Bill Joiner, Founder and CEO of ChangeWise, a US based firm, delivered the keynote and led the interactive roundtable discussion. Georgia Kartsanis, President of CEO Clubs Greece and Romania, presented Bill Joiner the results of a Greek CEOs survey that examined agility perceptions in today’s challenging environment. Spyros Papaspyrou of Piraeus Bank, Evangelia Pateraki of Amgem Hellas, and Manos Raptopoulos of SAP Hellas participated in a panel discussion on the survey results.

SAS Presentation at U.S. Embassy SAS Institute S.A. held an event on April 4 at the U.S. Embassy in Athens on “Business Analytics Competency Center: A Key to Your IT and Business Alignment.” Aiman Zeid, of the SAS Global Business Centers of Excellence Program and Services in the United States, delivered the main presentation. Dr. George Aiman Zeid Ioannou of Athens University of Economics and Business discussed Data-Based Performance Management. Nikos Peppas, SAS Country Manager of Greece and Cyprus; U.S. Ambassador Daniel B. Smith, and Commercial Counselor David McNeill welcomed the participants.

New President of SFEE Konstantinos M. Frouzis was elected new President SFEE. The President and the Board take the lead of SFEE in one of the most difficult periods for our country over the last decades. Mr. Frouzis highlighted that SFEE will continue to assist the State in its effort to rationalize the health and Konstantinos M. Frouzis pharmaceutical budget, with measures, however, that ensure the sustainability of the national health system and also the viability of pharmaceutical companies.

Embarrass Yourself

Give and Take

—Henry Ford

—Vash Young

A business absolutely devoted to service will have only one worry about profits.

They will be embarrassingly large.

I have always noticed that a man who gives the most for the money gets the most business.

Adonis Karatzas LLB, MBA, Publisher, Nomiki Bibliothiki SA

Legal Guide to Investing in Greece What is the Greek Law Digest?

Greek Law Digest—The Ultimate Legal Guide to Investing in Greece, is the most complete guide published in English on all the basic regulatory and legal aspects related to an investment in Greece. The 1st edition covers more than 100 topics, including the Greek judicial system, set up and operational requirements for all business entities and other business structures, M&A, financial contracts and tools, employment, finance and investment regulations and legal concerns, tax issues, real estate, tourism, energy, TMT, environment, life sciences, exports/imports/customs, immigration, industrial and intellectual property rights, competition, consumer protection, transportation and other topics.

Who participated in the production of the Digest?

Greek Law Digest is the outcome of the extensive work of almost 100 Greek lawyers and legal counsels and was published by Nomiki Bibliothiki, which supported and coordinated the publication.

How is this Digest different from other guides?

Greek law Digest is unique in that 1) it is certainly the most comprehensive guide, covering more legal and regulatory topics that any other legal guide and 2) it is the only Greek legal investment guide that is updated in both hard copy and electronic version. Its Web version will be enriched continuously with new articles and updates.

Hot Advice

If the world is cold, make it your business to build fires.

—Horace Traubel

 Greek Law Digest Published Investors have a new resource to facilitate the investment process in Greece. The Greek Law Digest, the most complete and comprehensive English language guide to the regulatory and legal aspects of investing in Greece, was recently published by Nomiki Bibliothiki, the leading legal publishing house in Greece, under the auspices of the Ministry of Development, Competitiveness, and Shipping and Invest in  see more in Q&A Greece S.A.  iforu—Conference to Make Business Happen The first iforu conference for women entrepreneurs—Let’s Make it Happen—took place on April 26 at the Hub in Athens. iforU is a new initiative to boost entrepreneurship among women in Greece and act as a platform for mentoring. The initiative is supported by the U.S. Embassy in Athens; U.S. Ambassador Daniel B. Smith welcomed the delegates to the event. Karen Kerrigan, President and CEO Small Business & Entrepreneurship Council in Washington DC presented the keynote address, that was followed by three breakout sessions, lively discussion and a made-to-order buffet designed to highlight Greek cuisine and local products. Danae Bezantakou, Chair of iforu  more inside hailed the event a great success.  Lemnos: Religious, Historical

and Cultural Heritage

On Tuesday, May 22, 2012, at Athens College in Psychiko, the albums “Lemnos, Religious Heritage’’ and “Lemnos, Historical and Cultural Heritage” were presented to personalities from the religious, cultural, academic and political community together with scientists, journalists and businessmen.”

Present were representatives of the Ecumenical Patriarch Vartholomeos and Athens and All of Greece Archbishop Ieoronymos, the Mayor of Lemnos Andonis Hatzidiamandis; the Metropolitan Bishop of Lemnos. Ierotheos; Panayiotis L. Vokotopoulos, Academic President of the Academy of Athens; Marios Begzos, Dean of the Religious School of the University of Athens; Athanasios Semoglou, associate Professor of Byzantine Archaeology and Art at Aristotelian University; and George Constantelis (photo), President and CEO of GeoVent Corporation, who was responsible for editing the albums.

Magic No More

Unemployment Concerns

—Thomas J. Peters

—Anonymous

The magic formula that successful businesses have discovered is to treat customers like guests and employees like people.

Among the worries of today’s business executives is the large number of unemployed still on the payroll.

MAY-JUNE 2012 | BUSINESS PARTNERS | 15

Business File

by Maria Choupres Policy Advisor/Negotiator

International Negotiation— A Strategy

P

arsing the complexities of culture is a must; cultural issues affect the dynamics of the negotiation. Providing for a mechanism to resolve any disputes that may arise from the transaction is also extremely important. Not doing so could result in the parties finding themselves at the mercy of a foreign court or with a business relationship that may no longer be viable.

A nuanced understanding and appreciation of cultural issues is essential in business.

These will, after all, affect the strategy and preparation, as well as the negotiation, itself. In any negotiation, a “meeting of the minds” must occur; the parties must understand exactly what they are agreeing to. This is all the more essential, in view of differences in behavior and language, negotiation styles, approaches to conflict, fundamental assumptions and values, which vary according to culture. Globalization has contributed to greater general knowledge regarding differences in behavior; however, truly ascertaining what the other party perceives as important or as a “win” requires a much deeper understanding of the culture, and the individual’s background.

Defining a negotiation strategy, one would consider who would be at the negotiation table, and what those individuals could convey about the “power” of the group. Certain

16 | BUSINESS PARTNERS | MAY-JUNE 2012

cultures place greater emphasis on the charisma and strength of the individual, while others seek clues based on group dynamics.

The individuals that represent the parties, such as company executives, agents or lawyers may vary based on cultural norms.

Cultural issues will also affect how and when relevant business matters will be brought up during the negotiation. Introductions and conversation are necessary in instances where culture dictates that relationship building trumps a strictly business approach. Turning down offers directly, or

In any negotiation, a “meeting of the minds” must occur

skirting around the issue is another sensitive matter. By being respectful of different approaches to negotiating, the parties can build rapport, and ultimately, an integrative approach to arriving at a win-win result.

The inclusion of provisions that will govern future disputes that may arise from the transaction must also be considered in international commercial negotiations.

Arbitration is the most commonly chosen

International commercial negotiations require finesse, expertise and preparation—not only for the negotiation, but also in the event that a dispute arises at some future point from the transaction.

method due to the control that the parties have over the process: the parties can agree ahead of time who will hear the dispute, whether it will be a single person or a panel, whether a decision will be made on the documents or will require the parties’ attendance, what law will apply, whether the decision rendered will be a legally correct solution or a commercial solution, and whether the proceedings will be confidential. Arbitrations can be conducted in just about any part of the world, and are significantly easier to enforce, falling under the jurisdiction of the New York Convention.

The global economic crisis has—not surprisingly—driven the number of disputes arising from international transactions upwards. The uncertainty of litigating in a foreign court system, where a judge may lack the expertise required to resolve a dispute, among other complexities, is a risk that is best averted. Deciding beforehand how a dispute will be resolved, will also govern how the business relationship will evolve.

Avoiding unnecessary confrontation can allow for future business dealings, if the parties so choose.

Showing respect and awareness of different cultural norms is critical for a successful international commercial negotiation. Doing so plays an important role not only at the front end—the strategy and negotiation, but also at the back end—thinking ahead regarding potential disputes, and how to best resolve them. Protecting the business relationship, as well as the rights of the parties remain key goals.

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—Indiana ★

E

xperience Indiana’s vibrant urban areas and quaint small towns. Explore the natural beauty of its parks, caves and forests. Enjoy the sandy beaches of the Indiana Dunes National Lakeshore along Lake Michigan, hear the roar of the engines at the Indianapolis Motor Speedway, or visit the legendary campus of Notre Dame in South Bend. Black horse-drawn buggies are a signature of Amish communities in northern Indiana, such as in Nappanee, Middlebury and Shipshewana. Shop for antiques and crafts here and then fill up on a homemade Amish meal.

Indianapolis is home to great museums too, such as the Eiteljorg Museum of American Indians and Western Art, the world’s largest Children’s Museum, and the Indianapolis Museum of Art. The American Institute of Architects ranks Columbus as the sixth best city in the US for innovation and design, with more than 50 public buildings designed by world-famous architects. The winding hills of southern Indiana lead to historic towns such as Madison and Vevay, and in Orange County there are two stunning historic hotels, the French Lick Springs and West Baden Springs. Thrill-seekers should check out the highly-acclaimed roller coasters at Holiday World and Splashin’ Safari in Santa Claus. chicago

THE HOOSIER STATE Land Area 36,185 miles Population 6,080,485 State Capital Indianapolis Largest City Indianapolis Local Time EST – 7 hrs behind Greece.

NW and SW counties are on CST – 8 hrs behind Greece Climate Average temperatures during July vary from 63°F - 88°F (17°C - 31°C).

The average temperatures in January range between 17°F and 35°F (–8°C to 2°C) National Parks 28 Parks

 For more information: Indiana Office of Tourism Development Tel: 00 1 317 232 8860 Email: visitin@visitindiana.com Web: www.visitindiana.com

MAY-JUNE 2012 | BUSINESS PARTNERS | 17

BIZ BUZZ

Can Growing Up Bilingual Help You Multitask?

Children who grow up learning to speak two languages are better at switching between tasks than are children who learn to speak only one language, according to a study funded in part by the National Institute of Health.

In the study, bilingual and monolingual children were asked to press a computer key as they viewed a series of images -- either of animals or of depictions of colors. When the responses were limited to either of the two categories, the children responded at the same speed. But when the children were asked to switch, from animals to a color, and press a different button for the new category, bilinguals were faster at making the change than were the monolinguals.

Researchers often use this switching task to gauge a set of mental processes known as executive functioning—generally defined as the ability to pay attention, plan, organize, and strategize.

Greek Team Pioneers New Oil Spill Technology A Greek team of researchers from the Technological Education Institute (TEI) in Piraeus have developed a cutting-edge new technology for cleaning up oil spills. The so-called CLEANMAG® technology, named for the breakthrough magnetic separation it utilizes, places Greece at the forefront of environmentally friendly, marine protection and cleanup.

CLEANMAG® is an oil absorbing material consisting of magnetic granules.

Greek Wines Make a Splash in China Greek wines made an impressive showing at the recent 2012 China Wine & Spirit Awards. In particular, wines from Greek producers scored extremely well in the “Best Value” category, earning eight gold medals, seven silver medals, ten bronze medals and three distinctions.

Among winemakers, Greece’s Semeli S.A. earned the most awards, including a “Double Gold” for its 2010 Orinos Helios Red. Domaine Kikones also had a strong showing, taking home two hold medals, two silvers and one bronze. Other Greek producers awarded were Avantis Estate, Strataridakis Bros, Mylonas Winery, Michalakis Wines, and A&G Papaioannou.

The impressive performance in China—one of the industry’s fastest growing markets—is an encouraging sign for Greek winemakers. In fact, many prominent Greek labels are aggressively pursuing new oenological ventures in the country to capitalize in the surge in Chinese demand.

The material is dispersed over the spill by aerial or naval means and is subsequently collected by boats equipped with a “magnetic drum” conveyor belt system. Due to its ease of application and collection, CLEANMAG® can drastically reduce the time and cost of oil cleanup. Most importantly, unlike common chemical dispersants or solidifiers, CLEANMAG® is non-toxic and leaves no residual residue in the marine ecosystem.

According to a recent report in goodnews.gr, the company has already received heavy interest for its product from countries around the world and is already looking into expanding factory production.

Study Finds Women Small Business Owners Feel More Successful Than Men Small Business Pulse, a survey conducted last month by The Hartford, reveals that female small business owners feel more confident in the success of their business than their male counterparts and take a more cautious approach to business risk.

“As women realize they’ve built successful businesses, they tend to sharpen their

18 | BUSINESS PARTNERS | MAY-JUNE 2012

focus on protecting their accomplishments against future uncertainty,” said Janice Co, vice president of strategy and chief marketing officer for The Hartford’s small commercial insurance unit.

Among small business owners, 91 percent of women say their business is successful, compared to 80 percent of men.

When asked to rate the overall level of

risk they are currently taking with their business, 55 percent of female small business owners rate themselves as conservative, compared to 47 percent of males. Furthermore, 80 percent of female small business owners believe they would not have been more successful had they taken on more risk, compared to 67 percent of males.

Algae Biofuels The Wave of the Future Researchers at Virginia Bioinformatics Institute have assembled the draft genome of a marine algae sequence to aid scientists across the U.S. in a project that aims to discover the best algae species for producing biodiesel fuel.

Unlike other crops like corn or soybeans, algae can use various water sources ranging from wastewater to brackish water and be grown in small, intensive plots on denuded land. While algae may still produce some C02 when burned, it can sequester C02 during growth in a way that fossil-fuel based energy sources obviously can’t.

Ben & Jerry’s Goes Greek The latest inspiration for ice cream visionaries Ben & Jerry’s was a jaunt down the grocery aisle, where the popularity behind Greek Yogurt led to today’s introduction of a delicious new line of Greek Frozen Yogurts.

The four new flavors include: • Strawberry Shortcake • Raspberry Fudge Chunk • Banana Peanut Butter • Blueberry Vanilla Graham The product, still regarded as an indulgent dessert, reaps the benefits of containing real Greek yogurt. While the protein is higher and the calories are lower than Ben & Jerry’s ice cream, the company is positioning Greek Frozen Yogurt as a reasonable reward.

“Flying Car” Takes Off The Transition® Street-Legal Airplane is now a significant step closer to being a commercial reality after completing its successful first flight at Plattsburgh International Airport in Plattsburgh, NY on March 23. Developed by Terrafugia, Inc., the Transition® is a two seat personal aircraft capable of driving on roads and highways, parking in a single car garage, and flying with unleaded automotive fuel.

The Transition’s first flight reached an altitude of 1400 feet above the ground and lasted eight minutes while staying in the vicinity of Plattsburgh International Airport.

Terrafugia CEO/CTO and co-founder Carl Dietrich said: “The first flight of the Transition® Production Prototype is a major milestone for Terrafugia. With this flight, the team demonstrated an ability to accomplish what had been called an impossible dream. We look forward to continuing to show that the challenges of bringing a practical street legal airplane to market can be overcome. This is a very exciting time for Terrafugia. We are on our way up—literally and figuratively!”

How to Maximize Team Productivity Team management is one of the fine arts in business today, yet a vast percentage of projects underperform because the teams supporting them are unable or unwilling to work together productively.

This is the issue addressed by renowned businessthinker and author Tammy Erickson in a recent post for the Harvard Business Review Insight Center. According to Erickson, many managers harbor the belief that leaving flexibility in team members’ roles and responsibilities will leave room for collaboration and idea sharing.

In her research, however, Erickson has discover that this is an often an incorrect and costly assumption. “Collaboration improves when the roles of individual team members are clearly defined and well understood,” she writes. “In fact, when individuals feel their role is bounded in ways that allow them to do a significant portion of their work independently. Without such clarity, team members are likely to waste energy negotiating roles or protecting turf, rather than focusing on the task.”

MAY-JUNE 2012 | BUSINESS PARTNERS | 19

Entrepreneurial Spirit

by Elias G. Carayannis, PhD Professor of Science, Technology, Innovation and Entrepreneurship, George Washington University

Revitalizing the Hellenic education ecosystem will accelerate sustainable and inclusive economic growth.

The role of Hellenic universities is paramount.

ReBoot The Hellenic Education Ecosystem

M

y “motto” is that academics are—or should continually strive to become—entrepreneurs of the mind in the business of growing people intellectually, spiritually and socially.

Entrepreneurship is, per my experience, a liberator of creativity and an enabler of inventiveness that converts human dreams into socio-economic realities. I consider teaching, research and outreach as three key

and on a voluntary, pro-bono basis, in designing and implementing initiatives to help reform and revitalize the Hellenic education ecosystem and, in particular, the higher education component as it relates to the National Innovation and Entrepreneurship Ecosystem of Greece.

I strongly recommend that the government, university, industry and civil society leadership in Greece, as well as those from the EU and the Hellenic Diaspora,

Entrepreneurship is, per my experience, a liberator of creativity and an enabler of inventiveness that converts human dreams into socio-economic realities.

pillars of the academic enterprise that are mutually complementary and reinforcing.

Successful entrepreneurs are typically people of a certain caliber of character, culture and charisma that leverage the financial means they have earned to do good in a multitude of ways… In the same context, through my research and pedagogy, I have come to qualify entrepreneurs of any type—including those of the mind who, by the way, represent the dominant mode in a knowledge economy and society—as obsessed maniacs and clairvoyant oracles.”

I have been involved for a number of years,

20 | BUSINESS PARTNERS | MAY-JUNE 2012

support with actions (not necessarily monetary support, first institutional support and then engaging/coordinating devices and actions) the implementation of the following:

1

To institute the “OK Entrepreneurship and Innovation Initiative” across all Hellenic universities and ensure that it takes place each year. The President of the Hellenic Republic should be the host and sponsor of this event in coordination and cooperation with the Minister of Education.

2

To institute the Hellenic Entrepreneurship and Innovation Olympics (HEIO), that should take place biannually, to incorporate best outcomes from actions such as OK2012, the initiatives of the American-Hellenic Chamber of Commerce, Eurobank, NBG and other such initiatives. The goal would be to leverage both the process and the outcomes, to highlight success stories and use them as role models, as well as to promote their funding and co-location per the OK2012 rubric. The President of the Hellenic Republic should be the host and sponsor of this event.

3

To institute the Hellenic Network of Entrepreneurs and Innovators (HELL-NEI) with both domestic and Diaspora members and, parallel to that, the Hellenic Network of Entrepreneur and Innovator Mentors (HELL-NEIM) and the Hellenic Network of Entrepreneur and Innovator Angel Investors (HELL-NEIA).

Again, the office of the President of the Hellenic Republic should sponsor and coordinate these networks, that should be entirely apolitical and mission-focused.

4

To institute an office for a Entrepreneur and Innovator Ombudsman.

Again, the office of the President of the Hellenic Republic should sponsor and coordinate these networks, that should be entirely apolitical and mission-focused.

Innovation at Work

A duo of Greek entrepreneurs recently unveiled its plans to commercially produce algae biomass for use as an alternative industrial fuel.

Mr. Antoniadis receiving the first prize check at the Make Innovation Work awards ceremony

Greek Entrepreneurs to Cultivate Algae for Biofuel

T

he idea—a pioneering effort in Greece—claimed first prize for Alternative Agriculture in the American-Hellenic Chamber of Commerce’s “Making Innovation Work: Make Greece More Competitive” contest earlier this year.

According to project developers John Antoniadis and Takis Panagiotopoulos, the production of algae would add a new, innovative product to the roster of Greek exportable products and could have tremendous implications for Greece’s economy. Initial estimates indicate that algae biofuels could eventually contribute more than €1 billion in revenues per year and support more than 5,000 full time employment opportunities.

It could also provide a shot in the arm for the country’s agricultural sector, allowing farmers to easily shift from increasingly uncompetitive cash crops to producing a highvalue, highly demanded biofuel product.

Algae stand apart from the majority of biofuels as a high-yield, low-cost, simpleto-implement technology. The necessary project infrastructure requires only a system of open ponds to grow the algae and an

on-site harvesting and drying system used to create biomass pellets.

As a crop, algae are remarkably efficient. They can be cultivated on land that is arid and of low agricultural productivity. Biomass production can therefore be quickly and cost-effectively adapted to marginal lands that are unsuited for regular crops—without impacting the country’s overall crop mix.

Algae are also non-seasonal crops, meaning that production can continue all year, independent of weather fluctuations. At the same time, algae grow twenty to thirty times faster than traditional food crops, allowing for harvesting every 1-10 days. As a result, algae offer the highest productivity per hectare of any biofuel on the market today. In addition, algae thrive in areas of high sunlight, making Greece an ideal global center for algae cultivation.

Mr. Antoniadis and Mr. Panagiotopoulos also note that algae are one of the most environmentally friendly biofuel solutions on the market today. The cultivation of algae produces zero emissions and zero environmental by-products. Quite the contrary, algae actually clean the environment by taking CO2

from the air as part of their growth process.

In addition, all necessary energy for the cultivation process can be obtained through green energy solutions, namely photovoltaic panels and use of the algae itself. Therefore, as an energy source, algae offers extremely high return on investment while being fully compatible with Europe’s long-term sustainable development strategy.

Without a doubt, there are economic dividends to be found in this environmental friendliness. With strict CO2 allowances coming into effect for European firms in 2013, the project developers believe that algae can play an increasing role in meeting the energy needs of Europe’s heavy industry. The team plans to market their high-caloric algae biomass to international cement, power and steel producers as a price-competitive and environmentally friendly alternative to coal and lignite. Critically, the use of algae biomass pellets requires no conversion or additional investment in existing production lines, meaning that Europe’s heavy industries could immediately substitute in algae biofuels and begin lowering their carbon footprint.

MAY-JUNE 2012 | BUSINESS PARTNERS | 21

Business Matters

The Road to

Excellence To make the most of their information assets and create value regardless of economic conditions, organizations need an enterprise strategy to consider how analytic talent is deployed and equipped to drive continuous improvements. This strategy can be formulated through a best practice approach to establish enterprise Business Analytics Centers of Excellence. Aiman Zeid analyzes both the role and various functions and benefits of enterprise BA Centers of Excellence.

22 | BUSINESS PARTNERS | MAY-JUNE 2012

What exactly do we mean when we talk about Business Analytics Center of Excellence?

An analytic center of excellence is an internal strategic organization that specifically focuses on promoting the use of business analytics within an organization to achieve business objectives. It is a central point for: • Developing and evolving the analytic infrastructure • Promoting collaboration and analytic best practices • Driving growth, innovation and profitability It is ultimately a means to support strategy and operations through objective analysis. This organization, or team of experts, must have representation from the business consumers, domain experts, analytical consultants and the IT team. The team is permanent with well-defined roles and responsibilities; it is not a temporary group that gets called on an ad hoc basis to address a specific analytical requirement. An initial, temporary structure may be used, in some cases, as the first phase to justify moving to a permanent CoE team. The temporary structure may include virtual teams, outsourced services or other arrangements based on the specific requirements of each organization.

Are there different types of COEs? Actually, there are many types of CoEs (also called Competency Centers or Centers of Expertise), depending on the focus and scope. Some of the focus areas include: • Enterprise information management, which covers all aspects of information management across the organization • Data integration • Information delivery (reporting and performance management)

• Analytics • Specific technologies such as SAS Centers of Excellence or ERP types of CoEs • Specific business functions such as customer insight or finance CoEs How would you define a properly implemented analytic CoE? A well-implemented analytic CoE should be a permanent, formal organizational structure (team). The team should: • Be supported and sponsored by the executive-level management.

• Be owned and staffed by the organization • Include representation from business, analytical experts and IT • Have a well-defined focus for roles, responsibilities and processes • Collaborate with all appropriate stakeholders, especially the IT and enterprise data warehouse (EDW) teams, to influence the structure of the current EDW environment in support of analytics and analytic best practices • Have a commitment to provide and manage robust analytical development environments, including data marts • Have a commitment to provide and manage processes to push results and decision-making logic to production/operational environments It is important to structure the data and processes to facilitate the application of analytics, provide the appropriate level of governance (for repeatability, auditability, knowledge management, and the like) and enable closed-loop learning for continuous improvement.

What are the key benefits of BA CoE for an organization?

As an organization establishes and gradually integrates a BA CoE, it realizes significant benefits as the collaboration between the center, business units and IT strengthens. I would say that the most important ones include: Achieve Internal Alignment – BA CoEs will provide a framework for effective collaboration and alignment between enterprise business priorities and business analytics and IT efforts. Regular and structured collaboration and information sharing will maximize the return on investment in technology and resources.

Maximize the Use of Internal Resources – More effective use of enterprise resources, skills, processes, technology and information assets to support all business users. Achieving the right balance between centralizing and decentralizing support functions will lead to higher ROI and facilitate self-service and business user training.

Improve Internal Processes – An effective BA CoE will facilitate and optimize the requirement and delivery processes for BI, analytics and performance management to support the business decision-making process.

Produce a Robust and Scalable BA Environment – The development and adoption of best practices will lead to improvements to the content and structure of the organization’s business analytics environment.

Develop Organizational Maturity – Consistent collaboration, information sharing and fact-based decision making will develop a culture that values information and analytics as corporate assets and improve the organization’s competitive advantage.

What does SAS have to offer in this area?

SAS utilizes its comprehensive expertise to offer a line of consulting services for organizations, in both public and private sector. These services focus on developing the appropriate enterprise BA CoE to address the specific and unique characteristic and culture of each organization.

A BA CoE is staffed by the organization itself and is responsible for promoting the effective use of business analytics to support business priorities and strategies across the organization. These services deliver a comprehensive roadmap to deploy the CoE including the required resources profiles, processes, change management and training.

The SAS business consulting services address the following four critical components of the organization: • Human capital and skills • Internal information and knowledge processes • Technology infrastructure • Organizational culture These consulting services starts by conducting a comprehensive assessment of the organization to evaluate these critical dimensions, and to develop the appropriate structure that makes best use of its core competencies and addresses any gaps in Business Analytics capabilities. The SAS business consultants use the U.S. patented Information Evo lution Model, which offers a structured methodology to evaluate these organizational dimensions in a comprehensive maturity model. The result is a detailed and customized description of everything an organization needs to establish a BA CoE. How can these services help an organization?

As we have clearly seen, capitalizing on business analytics requires more than state-of-the art technology.

It demands a commitment to organizational and cultural change, continuous improvement and effective information management, as well as the integration of business analytics as a core component of the decisionmaking process. An efficient, responsive business analytics environment coupled with effective information management are essential to cope with ever-growing business and information needs and increasing external reporting and regulatory compliance.

An enterprise BA CoE can help an organization deal with these challenges. Whether its primary focus is on analytics, performance management, report-ing, data quality and integration or BA governance, an enterprise BA CoE can play a significant role in supporting organization’s business priorities. And regardless of how much or how little analytic competency an organization may have, analytic CoEs provide a means to derive more value through greater insight and better decisions.�

Aiman Zeid is Principal Business Consultant and Lead Developer, SAS’ Global Business Analytics Centers of Excellence Program and Services

MAY-JUNE 2012 | BUSINESS PARTNERS | 23

Cover Feature

by Konstantinos M. Frouzis President of SFEE

Health and Medicine

in the Greece of the Future Konstantinos M. Frouzis was recently elected President of SFEE, the Hellenic Association of Pharmaceutical Companies. Mr. Frouzis discusses the role health, medicine, the State, and pharma and how all stakeholders can gain from a collaborative relationship.

24 | BUSINESS PARTNERS | MAY-JUNE 2012

U

ndoubtedly, for many years the pharmaceutical expenditure of Greece was at high levels, especially during the years 2007-2009.

Structural problems, deficiencies, and a lack of control systems plaguing the health system in our country, as well as those involved in the drug chain—including pharmaceutical companies—primarily contributed to this phenomenon.

We, as Pharma industry, fully recognizing our role and assuming full responsibility to the extent attributable to us, initiated a sincere and essential dialogue with the Ministry of Health and other healthcare stakeholders in 2009. Our aim was to reverse the upward trend of pharmaceutical expenditure in Greece and contribute to develop a healthcare system that would remain sustainable, just as our industry would. The outcome of this effort—which to date we have disproportionately undertaken—is that the pharmaceutical expenditure has been reduced in 2010-2011 by approximately 2.5 billion Euros, that is, by 40%, and it is expected to be further reduced by more than 500 million Euros.

Our aim was to reverse the upward trend of pharmaceutical expenditure in Greece and contribute to develop a healthcare system that would remain sustainable

At the end of 2012, pharmaceutical expenditure in Greece may be among the lowest in Europe. However, our sincere contribution to the reduction of pharmaceutical expenditure is not possible to continue to the same extent, as the pharmaceutical industry cannot solely afford to carry the burden of the total healthcare savings requested by the State. Let us not forget that “sick funds”?? drug expenditure is only 16% of total health expenditure, 40% of the total costs of pension funds, and hospital drug costs are just 13% of the total costs of public hospitals.

Therefore, if we are really interested in the rationalization of healthcare expenditure, the State should put things in proper perspective. Thus, any measures to be taken must follow a more rational course, ensuring that each participant in the distribution chain will contribute in proportion with their shared accountability.

The medicine and the health sector in general can be the main trigger for creating a new economic development model in our country. It is clear that the urgent priority of the State should be the completion of the technological updating of the health system to completely eliminate the waste of money and mismanagement.

The mobilization of the best scientists and the use of the most proven technological processes must be implemented immediately, so that the period of the great loss of valuable resources gives way to the full utilization of available funds and ensures a high level of public health. In the era of digitization, it seems paradoxical that we have made the issue of full digitization of all transactions in health “the bridge of Arta,” —something starting and never ending! The benefits arising from the successful completion of this process are too numerous and substantial to let valuable time pass. It must be the first priority and main objective for the State if it really wants to succeed in reducing the waste of money in the health sector. A considerable amount of money will be saved and this will be an excellent investment, with multiple reimbursements in the areas of national economy, employment, promotion of research and innovation, medical tourism, health promotion and upgrading the quality of healthcare services provided to the citizens of Greece.

Simultaneously, however, to achieve this goal, new initiatives should be launched to encourage growth and investment in the health and medicine sector. The pharmaceutical industry in Greece (Greek and multinational) has developed dynamically over the past two decades. In Greece, drugs are manufactured and exported to 100 countries worldwide, approximately 250 interventional clinical trials are conducted, i.e. an investment of 85 million Euros, while the pharmaceutical companies contribute to our country’s GDP and provide high quality and high level jobs to some 25,000 workers.

This important achievement should be addressed as an “introduction” and a beginning of a new era of investment and growth. Within the next decade, we can put our country on the map of the global pharmaceutical industry as a strong regional center, which consists of the following pillars: • Attracting investment from multinational and Greek pharmaceutical companies • Increasing the number of clinical studies conducted in our country as well as of the wider domestic research and development of pharmaceutical products • Development and implementation of programs in cooperation with the Greek State and the European Union for the pan-European dealing with serious, health related social issues that significantly affect the sustainability of our country, for example, the issue of the aging of the population These objectives certainly cannot be achieved without building a high level of trust between the pharmaceutical industry and the State.

SFEE is seeking a lasting and open deliberation with the Government on all issues.

Following such a responsible attitude on our part, it is surprising to see the State

Within the next decade, we can put our country on the map of the global pharmaceutical industry as a strong regional center

take unilateral decisions and horizontal measures that do not contribute productively to the effort in achieving our joint goal—to develop a sustainable health system.

One of the main reasons that Greece struggled to operate competitively in the Eurozone is the relationship of distrust between the State and the business sector and the lack of shared vision, planning, and cooperation. It is clear that one of the leading options for overcoming the crisis and ensuring the position of the Greek economy in the European context is achieved through the abandonment of these outdated and counterproductive attitudes.

The State must ensure that its measures do not interfere detrimentally to the future health of companies. The debt and the bond’s haircut settlement of the health system to companies, the transparent and rational prescribing choices, avoiding pricing measures that lead to spillover the other EU countries and creating incentives for investment in R&D and production are just some of the options to be adopted, so as to ensure hope and vision for a strong and robust economy of health in Greece.

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Healthcare

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The environment of uncertainty prevailing today in Greece is impacting the healthcare system as never before.

Massive cuts in healthcare spending are redefining how hospitals and medical professionals operate as well as the evolving role of the pharmaceutical industry. Industry executives, members of the Chamber’s Pharmaceutical Committee, present a healthcare overview that examines the positions of the pharma industry and sets forth concrete proposals of how pharma can be an integral part of the healthcare solution in Greece.—Raymond Matera

Healthcare in a Time of Uncertainty

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Healthcare

The Pharmaceutical Industry Can Provide Solutions to the Ailing Health Care Sector

U Pascal Apostolides Vice President of SFEE, President of the Pharmaceutical Committee of the AmericanHellenic Chamber of Commerce and General Manager, Abbott Greece.

nder the conditions of the Greek memorandum (MoU), the pharmaceutical industry has undergone a 50% reduction in public outpatient expenditure between 2009 and 2012, positioning the industry at a lower level than the European average in percentage of GDP. The industry has made a significant contribution to efforts to put the Greek economy back on track and to ensure viability of the Greek healthcare system. However, measures implemented so far have been fragmented and primarily focused on price reductions of innovative medicines and rebates, with structural healthcare reform lagging behind. The Greek pharmaceutical industry association, as well as the pharmaceutical committee of the American-Hellenic Chamber of Commerce, believes that this situation does not create a favorable environment conducive

The Greek pharmaceutical industry welcomes dialogue with the government to find appropriate solutions for sustainable healthcare reforms with a view to creating value to Greek society to efficient, equitable and sustainable pharmaceutical policies and health care systems. This is also a source of great concern for patient access to innovation.

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A constructive and open dialogue between the industry and government, as well as with the European Commission, has to be the foundation for developing a comprehensive framework agreement setting clear rules and providing stability to all parties. In the meantime, public debts have to be paid as an essential step to restore trust. In addition, the extreme conditions of the recently implemented claw-back mechanism have to be modified.

The financial crisis may well be an opportunity to take a long hard look at our health care system here in Greece, and to put in place the right reform and measures that will benefit patients, and all other parties involved in the provision of healthcare. The industry believes it can also make a valuable contribution to the revitalization of the Greek economy in a number of ways. These are:

Employment There are currently approximately 13.000 highly skilled individuals employed in the Greek pharmaceutical, diagnostic and medical supplies fields. These highly educated employees—more so than almost any other industry in Greece—can play a significant role in attracting new capital.

The resulting investment should have a positive impact in reducing the unemployment rates of the Greek market.

Research and Development in Greece We have highly qualified scientists and competitive, fully equipped biotechnological centers that meet and exceed international standards. This can attract the interest and investment in the development and production of new medicines— but even more so—in extending the life-cycle of existing medicines with new applications or formulations.

Conduct Clinical Trials in Greece A large number of clinical trials are conducted in Greece with experienced and renowned physicians in specialized hospitals that lead to prominent publications in reputable scientific and medicinal journals all over the world. This brings multiple benefits to the Greek health care system through the allowance of early access to new treatments in areas of unmet medical needs.

Access to New Therapeutic Treatments with Unmet Medical Needs The use of new medicines in areas of unmet medical needs reduces the burden on other health care resources. We are convinced that access to innovative treatments and therapies brings significant benefit to patients, the healthcare systems and societies at large. We have seen better survival rates, greater quality of life, and fewer social and physical limitations. Equally important is that innovative treatments have proven to help keep people in work, which is good for them, for their families and for society on the whole.

Summary In conclusion, the pharmaceutical industry understands the severity of the crisis we are facing, and the need to share the burden in view of a strong and sustainable recovery. Nevertheless, it is in the interests of the Greek Government to establish an appropriate and flexible legal framework to promote the foundation of Pharmaceutical/Biotech Enterprises.

The aim of such action would be to increase local investment, which will result in higher tax revenues for the state, increased employment, boosting innovation and increased local technical expertise. The result of such measures will provide incentives for the pharmaceutical industry to—potentially—increase research and development funds.

The Greek pharmaceutical industry welcomes dialogue with the government to find appropriate solutions for sustainable healthcare reforms with a view to creating value to Greek society and ultimately improving quality of care for patients who should not have to suffer through these tough times.

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Healthcare

Pharmaceutical Innovation: An Expense or Investment for the Future?

A Pierre Gaudreault President / General Manager Pfizer Hellas

t a time where the obvious becomes the point in question, where everything revolves around cost, and concepts such as research and innovation are of secondary importance, the following question arises: Is innovation surrounding medicines an expense or an investment for a better future?

Some data may give us an initial answer.

Over the last decades, there’s been an increase in the life expectancy of Greeks, which reached 77 years for men and 82 years for women.

According to data collected from 52 countries (including Greece) 40-59% of the total increase in life expectancy is attributed to new medicines.

Mortality from coronary incidents has declined 30% over the last decade, due to the use of new drugs and therapeutic interventions. Due to recent advances in Oncology, the mortality rate of cancer patients has remained stable despite the incidence of cancer having almost doubled in the last 20 years. With regards to infectious diseases, new pharmaceutical and preventative therapies such as vaccines have reduced mortality and morbidity. In autoimmune diseases, innovative therapies such as biologics, protect from serious disabilities and significantly improve patient quality of life. Following this information, there is no doubt that pharmaceutical innovation is an investment for a healthier world.

Health systems across Europe are being called upon to ensure patient access to new, innovative therapies, while at the same time, face enormous pressures to reduce costs under the weight of the

There’s been an increase in the life expectancy of Greeks, which reached 77 years for men and 82 years for women

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economic crisis and the increased demands for health services of an ageing population. The challenge for Greece is even greater because of the critical economic situation the country is facing.

We are fully aware of these challenges, both at Pfizer as well as the pharmaceutical industry in general. We understand and share the authorities’ concerns to directly control public spending and among this, the healthcare expenditure.

It is worth noting that as an industry, we have already significantly contributed to reducing pharmaceutical expenditure by about 2 billion euros over the past two years, through rebates and refunds, despite the huge public Hospital debt to pharmaceutical companies. Despite this, the area of medicinal products is requested to bring additional savings of 1 billion euros, which requires special attention and a broader understanding from all stakeholders involved, that this should not be done at the expense of innovation and the exclusion of patients from new treatments. Practices such as the unnecessary delays in pricing of new drugs for over a year, is no doubt, headed in the wrong direction.

On the other hand, the rationalization of offpatented medicine prices and generics while simultaneously increasing their use, reducing the supply chain costs, and anti-fraud measures such as tackling “virtual prescriptions” and controlling the authenticity stickers of exported drugs, can lay the groundwork for a commercially viable pharmaceutical policy, while providing resources for seamless patient access to innovative treatments.

Ensuring timely access for Greek patients to the constantly evolving pharmaceutical innovation is a prerequisite for the continuous improvement of the Greek population’s level of health.

Any restrictions on the adoption of innovation in the health system for the sake of reducing direct costs, needs to take the medium to long term economic benefits into account, which result from reduced use of health services derived from better controls or disease prevention.

Pharmaceutical Research & Development in Greece

W

hen we think about pharmaceutical research, the image that jumps to our minds is that of a scientist in a white lab coat, test tube in hand, creating a medicine that will solve the next great problem in human healthcare.

Although the image is accurate, it only depicts a small part of pharmaceutical research and development. The largest part of pharmaceutical R&D, in time spent and resources invested, is clinical research. Clinical research is a vital tool for the pharmaceutical industry to research and develop future medicines and to answer healthcare questions of tomorrow. Clinical research is also an internationally competitive scientific and financial exercise. The goal of any clinical trial is to recruit the correct number of patients in the shortest possible time and collect the best data.

As every pharmaceutical company knows, not having enough patients, not enrolling them in a timely manner, or collecting unreliable data is an extremely expensive problem.

Today, Greece is trying to emerge from its financial crisis, has a plethora of well trained medical staff and is a member of the EU—but is not as expensive as other European countries. These factors make clinical research an ideal target for a coordinated national campaign to attract foreign investment. The positive, multiplier effects of increased clinical research in Greece could be enormous. Financially, clinical research costs nothing to Greek society. The resources invested in Greece for clinical research are over 90% local value added! The investment is directly in Greek clinics, hospitals and researchers. Scientifically, Greek healthcare professionals would gain tremendous knowledge on international quality research work. Greek patients would have access to new and improved therapies, which could increase the quality of life of Greek citizens, and clinical research would help new medicines reach patients faster.

To make the best of this opportunity, Greece must take a few, specific steps.

The first and most important is the decision, by the political leadership, that we, as a nation, understand the benefits of clinical research and

will make an effort to attract and retain clinical research as a significant engine for growth.

We have well-suited hospitals with good healthcare professionals, so the task of finding investigators and patients is solved.

We need to organize the national health system to favor clinical research.

This means creating the organizations and procedures to be able to quickly and easily perform clinical trials in the national health system hospitals while they continue to provide essential daily healthcare services. Specific committees must be formed on the national, regional and hospital level to deal with specific issues in accordance with international Good Clinical Practice (ICH-GCP) guidelines. These involve scientific as well as financial procedures. These committees and procedures have to be designed with the understanding

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

The positive, multiplier effects of increased clinical research in Greece could be enormous

that they are to make the process as quick, simple and predictable as possible, without sacrificing any requirements of the ICH-GCP guidelines. The role of the procedures must be to meet requirements within the shortest possible time and least possible involvement of committees. The role of these committees should be to remove obstacles to clinical research and to help solve problems and move processes forward.

If we are able to convince the international pharmaceutical industry that Greece is serious about clinical research, that Greece welcomes ethically sound clinical trials, and that Greece provides excellent quality at a reasonable price, then it will only be a matter of time before Greece gets its fair share of the 40 billion Euros invested annually in pharmaceutical research by the industry.

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Healthcare

Structural Reforms Required in the Greek Pharma Sector to Secure a Sustainable Healthcare System, Instead of Rebate Raising Measures

T

George Katzourakis President and General Manager, GlaxoSmithKline a.e.b.e

here is broad agreement that structural reforms are imperative for the Greek pharma sector, in order to achieve the financial targets of the new Memorandum of Understanding (MoU) regarding pharma spending as well as to secure Greek patients’ access to high quality and innovative medicines. We now have a new MoU deriving from the new loan agreement of the Greek government and a new Law (4052), imposing measures to the pharma supply chain as a whole. It is being understood that depending on the way these measures are implemented and prioritized, they can either have beneficial or catastrophic results. The new law is like a restaurant menu including recipes from around the world, which cannot be tasted at the same time without causing indigestion. It involves a mixture of measures and policies from different countries and healthcare systems, which if implemented in the wrong sequence or if not combined appropriately, will definitely lead the Greek pharma market to chaos and will result in a large deviation from the financial targets the government has set.

The fact that the new Law has a “rebate collection” character, requiring from pharmaceutical companies to cover any difference arising as excess from the MoU’s spending target of €2.88 bilion in 2012 , poses serious concerns, since it leads to the abolition or delay of structural reforms. Pharmaceutical companies can neither bear the state’s inability to implement the required reforms, nor continue to cover failing

The new law is like a restaurant menu including recipes from around the world, which cannot be tasted at the same time without causing indigestion

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spending controls on medicines supply chain.

On the other hand, the law foresees structural reforms such as e-prescription; implementation of therapeutic protocols; no reimbursement of off-label prescription and reduction of cost in the supply of expensive medicines. Moreover, it imposes the establishment of a pricing system that saves resources from off-patent medicines and generics as implemented in other countries, with the difference that this occurs in order to ensure patients access to innovative medicines.

At this point there should be some serious interventions, since the 12 countries with Health Technology Assessment which the Law imposes as a pre-requisite for the reimbursement of a new medicine, cannot be implemented in practice, since there are only 6-7 countries with HTA systems in the EU. Thus a new drug will be never reimbursed in Greece.

The Law’s clauses imposing INN prescription by doctors and pharmacists to give the cheapest medicine are difficult to implement without the appropriate structure and monitoring systems.

The current confusion on INN prescription; the patient taking the cheapest medicine and the parallel generics’ market share increase, could have been avoided, if a maximum reimbursement price was defined, based on the Positive Reimbursement List at ATC5 classification and the difference was paid by the patient, when choosing the more expensive medicine, of the same substance. That way, Sick Funds would reimburse the Reference Price, irrespective of whether the medicine is a generic or an original off-patent.

This framework ensures the freedom of healthcare professionals and patients to have the final say in choosing a medicine as well as the equal treatment of off-patents and generics from Sick Funds. EOPYY and Sick Funds spending would be both controlled and predictable leading to long-term savings for the healthcare system.

The Value and Reward of Pharmaceutical Innovation in the Greek Healthcare Environment

P

harmaceutical innovation is achieved by pharmaceutical products that safely and effectively address healthcare needs that would otherwise be unmet or inadequately met with existing treatments. The greater the unmet need and the greater the impact on that need, the greater the value to society of the product. The benefits of pharmaceutical innovation have been demonstrated over the last century, through the significant extension in people’s lives and the significant improvement in quality of life. In addition, multiple economic benefits are achieved: reduction in overall treatment costs and consequent reduction of health care spending and increase in productivity through faster recovery.

Pharmaceutical innovation comes at a significant cost, through costly and long clinical trial processes and high failure risk: 10-15 years of development, more than US $1 billion cost, success for 1/10.000 molecules. It is noted that the pharmaceutical industry is still one of the largest investors in the research and development of innovative products, in order to bring real additional value to patients, societies and economies. Pharmaceutical innovation should be recognized by governments, through pricing and reimbursement systems which ensure early patient access to innovative therapies.

The value of innovative medicines should be assessed under the goal of providing efficient and effective healthcare and the price of a medicine should be justified by the therapeutic value it brings to patients and society. Finally, governments should regulate less and better and develop predictable marketplace conditions in which pharmaceutical innovation can be recognized.

However, in real life things are much more difficult for innovation to be recognized‌Multiple regulatory hurdles are set, reimbursement delays and limitations are imposed and rigid cost-containment policy defines the healthcare environment. It seems that in the

Greek healthcare environment this is the case, especially during the last two years of severe economic crisis. For example, price approval by the authorities, and consequently patient access to new medicines, are delayed for around 15 years, even though Greek and EU regulation indicate that price approval for new medicines should be granted on almost a quarterly basis.

Among the medicines for which price approval is still pending are innovative therapies for Cancer, Hepatitis C, HIV, Orphan diseases and others, that cover real unmet medical needs for severe diseases and are really important for public health. Most of those therapies are already reimbursed by other EU countries, as a

Nikos Kefalas Managing Director, Janssen-Cilag Pharmaceutical SACI

Among the medicines for which price approval is still pending are innovative therapies for Cancer, Hepatitis C, HIV, Orphan diseases and others recognition of their significant value to patients’ lives. It is well noted that the European Medicine Association has already approved some of those therapies through accelerated processes, in order to ensure quick patient access.

Therefore, it is really important for the Greek Government to adopt mechanisms and systems that recognize pharmaceutical innovation, through timely price approval and setting of appropriate pricing and reimbursement levels, following EU regulation and other EU countries practices. It is certain that timely and appropriate patient access to pharmaceutical innovation will have multiple positive effects to public health and Greek economy, so it should be considered as an investment.

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Healthcare

Surviving the Crisis by Investing in Healthcare Achieving a Sustainable Healthcare System by Recognizing the Value of Pharmaceutical Innovation

T

Evangelia Pateraki Country Director, Amgen Hellas

he current macroeconomic environment is more challenging than ever. The Ministry of Health has undertaken important measures in an attempt to rationalize and limit health expenditures. To achieve sustainable economies and rational health care provision one should focus on value rather than price.

In Amgen, the largest biotechnology company worldwide, we are focused on documenting and substantiating the value of our products, in an effort to contribute to the effectiveness and sustainability of healthcare systems with limited available resources.

Healthcare systems worldwide, and the Greek healthcare system in particular, are faced with the important challenge of decreasing the levels of healthcare expenditure in order to achieve strict budget targets, while simultaneously providing access to good quality healthcare to patients in need.

Financing innovative, targeted pharmaceutical products within a healthcare system operating with limited resources can prove to be an excellent example of efficient resource allocation, since at the same time, quality pharmaceutical care is offered to patients in need and the overall resource use in the system turns out to be cost effective in the long run.

It is not to be argued that innovative medicines, through their targeted action are extremely effective, providing added value in terms of efficacy and safety. This personalized medicine approach

The Greek system needs to recognize the value of pharmaceutical innovation

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contributes to an improvement in patient health, while simultaneously achieves savings in healthcare resources. In the assessment of innovation and value of treatment options, a holistic approach must be adopted which will take into account the disease burden and its impact on society, the gap in therapies available for the corresponding disease and mainly the assessment of treatment options in terms of their cost efficacy and safety.

In response to the challenging financial environment and despite the difficult economic times, Amgen continues to invest significantly in the research and development of new therapies that aim to improve patients’ lives, while an important part of its clinical research still takes place in Greece, contributing to the turbulent local economy while linking the Greek scientific community with innovation. At the same time, Amgen, as the world leader in biotechnology and innovation, focuses on assessing the overall value that its innovative products can bring to the patients, healthcare systems and society as a whole, since better health can be inherently less costly than illness.

The assessment of the value of innovative treatments can be achieved through the establishment of a new pricing and reimbursement paradigm that will be designed to allow the provision of quality healthcare to patients, while at the same time rewarding innovation through approaches aimed to save resources that can be offered back to society. Nowadays the Greek system needs to recognize the value of pharmaceutical innovation in the development of a sustainable health care system. Amgen Hellas is prepared to contribute the expertise gained by its years of leadership in biotechnology in order to engage in mutual and productive partnerships with healthcare authorities in the measurement and assessment of the value that innovative treatments can contribute to a healthcare system, allowing for it to be sustainable and responsive in the long term.

The R&D Based Pharmaceutical Industry’s Significant Role in Europe’s Response to the Economic Crisis

T

oday’s reality is that we live in an era of a global financial crisis and its severe consequences. All sectors of society must play their role in altering this situation and helping society to return to economical growth and development. The pharmaceutical industry is no exception.

In just five countries (Greece, Portugal, Ireland, Italy and Spain) the pharmaceutical industry has contributed through price cuts and discounts more than € 7 billion for the years 2010 and 2011. This represents more than 8% of the industry’s turnover in these countries on a yearly basis.The four southern countries of Europe (Greece, Portugal, Italy and Spain) collectively owe pharmaceutical companies more than 12.6 billion Euros in debt, primarily by hospitals and regional governments.

However, as an industry, we are very concerned about the impact of the economic crisis on the future and quality of healthcare and on the access of patients to innovative medicines.

We continue to engage in dialogue with the authorities to find solutions. It is clear that in the current economic climate, governments are under pressure to identify savings in their budgets. The price of medicines is based on the cost required to develop new medicines, their level of innovation and the value they bring to patients. The product development timeframe in the pharmaceutical industry is long, risky and costly. Predictable commercial conditions allow the innovative pharmaceutical industry to take investment risks to develop important medical advances. Our responsibility, as part of good healthcare, is to provide new innovative medicines to help patients. Within that context, we are becoming increasingly concerned about the value given to innovation and the level of patient access to these important new medicines.

Research-based pharmaceutical companies need an environment that allows high quality and high efficiency research and predictable

commercial conditions that value innovation.

Unilateral price cuts and rebates on medicines stifle innovation, put additional pressure on the pharmaceutical industry and are not a sustainable solution.

We believe that the pharmaceutical industry can play a critical role in restoring Europe’s growth.The research-based pharmaceutical industry invested € 27 billion in R&D in Europe. It directly employs 640,000 people and generates three to four times more employment indirectly. At the EU level, the pharmaceutical industry is the leading high-technology sector in terms of trade surplus, amounting to € 47 billion in 2010.

Pervaiz Ahmed General Manager Bristol-Myers Squibb S.A. – Greece

The research-based pharmaceutical industry invested € 27 billion in R&D in Europe Governments must ensure that cost-containment measures are strategic and do not have unintended consequences for patients and innovation. A strategic approach to cost-containment should be based on structural reform, focusing on the off-patent market (lower prices and higher volumes), reducing over-prescribing, taking down distribution costs, combating reimbursement fraud and eliminating debt.

We at Bristol-Myers Squibb support an approach that focuses on value, patient welfare and long term efficiency in the use of public funds. We continue to work towards our mission: To discover, develop and deliver innovative medicines that help patients prevail over serious diseases.  Source: EFPIA for statistics

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Focus

ΕPhForT—

Leveraging Greece’s Pharmaceutical Strength As Greece goes through one of its most difficult times in its history—devastating fiscal imbalances, a social crisis, deep unemployment, and a protracted recession—initiatives to improve the economic and social climate in the country are essential.

Ε

PhForT, the new pharmaceutical Forum of the Athens Chamber of Commerce and Industry, is an initiative that aims to leverage growth through the well-established domestic pharmaceutical industry.

Under the Chairmanship of Dionysios Filiotis, President and Managing Director of Pharmaserve Lilly, a member of the Board of Directors of the Athens Chamber of Commerce and Industry and of the American-Hellenic Chamber of Commerce, ΕPhForT aims to kick start pharmaceutical production and clinical research in Greece.

The initiative also hopes to drive economic growth through increased foreign investment (FDI), an essential component of a healthy, outward looking economy.

According to the statements of ΕPhForT, “The crisis has affected all of us, and its causes can be traced back to a number of

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wrong choices: uncertainty, lack of confidence, unclear legal and tax frameworks, lack of incentives and coordination, red tape, lack of transparency, huge fiscal deficits, weaknesses and distortions of the system, are some of the underlying reasons.

“We owe it to ourselves, as individuals and as businesspeople, but above all to society and our country, to take action in order to rapidly break the vicious circle that keeps going as a result of the wrong policies pursued by the government and the troika.

“Exit from the crisis cannot be achieved through makeshift and short-term solutions. We need to look further ahead, taking initiatives firmly centered on growth, that is progress and emphasis on the real economy, by developing real-sector, highquality and widely differentiated products and services. Growth in this sense should rely on four factors: productivity, capital accumulation, technological advances and,

last but not least, human resources.”

The Athens Chamber of Commerce Pharmaceutical Forum Team was set up precisely to provide a forum that can serve as a launching platform for a barrage of initiatives, focusing on two key areas: 1) The manufacturing of proprietary pharmaceuticals 2) Research, in particular clinical research, in Greece

Why pharmaceuticals?

Greece has an established domestic pharmaceutical industry, which has built an excellent infrastructure and international reputation.

Greece also has research: recognized research centers, scientists of international calibre and firms conducting clinical trials winning international certifications and distinctions.

Pharmaceuticals are crucially related to health and human life.

And without health, we cannot even talk about growth, welfare, development or innovation.

A relatively recent study by ΜcKinsey & Company (December 2009) identified the manufacturing of pharmaceutical products as the first among the “rising star” sectors of the Greek economy that hold growth opportunities. There is indeed a significant window of opportunity, provided that we can boost competition in the domestic market, optimize the system to maintain profit margins and, at the same time, competitive prices, remove obstacles such as delays in licencing, pricing and reimbursement, penetrate new foreign markets and focus on high-value added research by investing in skills and targeting innovation.

For example, the manufacturing of an anti-diabetic tablet in Greece for the global market could translate into an estimated €500,000,000 in exports annually.

Strategy, Planning and Implementation In other words, what is needed is strategy, planning and implementation. ΕPhForT has a concrete agenda for increasing the attractiveness of Greece and Greek businesses to foreign investment and bringing substantial funds into the country, which is the key to exiting the crisis and to bolstering export activity. Specifically, ΕPhForT’s agenda includes the following goals: 1) Encouraging the domestic manufacturing of Βig Pharma proprietary drugs.

Attracting foreign companies to allocate to Greek manufacturers the production lines of some of their products intended for global markets. Promoting and expanding the accumulated know-how of Greek companies and their export activity. Greek pharmaceutical companies can and must become key players for specific active substances or pharmaceutical forms. For example, the manufacturing of an anti-diabetic tablet in Greece for the global market could translate into an estimated €500,000,000 in exports annually. The target is therefore to have each multinational company produce at least two more of its brands in Greece, so that in the next four years, i.e. by the end of 2015, Greece can be allocated the production of 50 more proprietary medicines for the global market.

2) Promoting clinical research by domestic companies in Greece, through invasive or non-invasive studies conducted in research centers, so that Greece can become internationally competitive in this field and be a first choice place for clinical trials in the context of international research projects, by building on the high-quality academic structures of the country as well as the hospital infrastructures of the National Health System. Clinical research is a well-known driver of scientific and social progress and a very important investment entailing multiple benefits: it provides patients with fast access to new treatments, while at the same time it supports the national economy by the associated fund inflows, import of research know-how and creation of high-quality and high-skill jobs.

Clinical research currently contributes €80,000,000 to national income and has the potential to hugely expand this contribution to reach a targeted €400,000,000 in almost four years from now, i.e. by the end of 2015.

3) Intervening to establish incentives and remove counter-incentives and identifying sustainable and win-win solutions between the Greek State and the industry in order to achieve these goals. In particular, helping restore conditions that

Dionysios Filiotis, Chairman, ΕPhForT

favor investment and ensure a sound business environment, by consolidating confidence. In this context, ΕPhForT will soon communicate a set of specific proposals regarding taxation, aimed to create a modern and business-friendly tax system that will enhance not only revenue but also growth. The fiscal needs are a reality, and responding to this reality requires growth and stability. ΕPhForT will focus on the introduction of specific incentives (financial and other, for example, products manufactured in Greece, pricing, entry into the positive list) and the removal of inefficiencies and cumbersome practices that result in long delays, thereby impairing Greece’s credibility, causing job losses and drastically dampening foreign investment inflows.

4) Cooperation with all stakeholders, within and outside government. Special attention will be given to cooperation with foreign institutions such a EfPIA, PhRMA, COST (Εuropean Cooperation in Science and Technology) and others. If these institutions can be convinced—and we are sure they will be—that the new alternatives and prospects opened up in the fields of pharma manufacturing, research and health in Greece are highly attractive, and become our interlocutors, they can act as guarantors for investors.�

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Inspire: Enterprising Women

The Story of

i-for-U i-for-U Greek mentoring network is a non-profit organization that was founded about four months ago by eight distinguished women entrepreneurs: Despina Amarantidou, Partner-Communication Manager, Artion Conferences & Events; Danae Bezantakou, Managing Director, Navigator S.A.; Alexandra Pitta-Chazapi, Managing Director, Attiki Bee Culturing Co.–Alexandros Pittas S.A; Liana Gouta, Manager–Refining Change Management Division, Hellenic Petroleum SA; Effie Karakitsou, Managing Director, Magnet Advertising; Ioanna Koukli PH.D, CEO, Pharmassist; Xenia Kourtoglou, President & CEO, Focus Bari S.A.; and Marina Leonidhopoulos, Founding Partner, Out of the Box.

We talked to two members of the i-for-U team, Danae Bezantakou and Effie Karakitsou, to learn more.

How did i-for-U start?

Danae Bezantakou: We all met accidentally in an Invest for the Future conference held in Turkey and we saw that we had lots in common. After we returned to Greece I was selected by the U.S. Embassy to rep-

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resent Greece in “100 Women–100 Years,” part of the International Visitor Leadership Program (IVLP), the U.S. Department of State’s premier professional exchange program. Following my return I knew that I wanted to do something for young Greek women, so we all got together and agreed to start i-for-U. Our purpose is to empower young women entrepreneurs. Given today’s difficult eco-

nomic reality, I believe there could be no better timing than now. We want to open a small window of opportunity to an untapped audience, women.

What does i-for-U stand for?

Effie Karakitsou: We wanted to create a name and an identity that people could easily remember. i-for-U Greek mentoring network is an initiative that started in a friendly atmosphere, the “parea,” or group of friends, as we say in Greek, and wants to encourage young people to new possibilities as entrepreneurs.

We certainly believe that if more women become entrepreneurs, we will be more efficient and productive.

What has i-for-u done so far?

EK: We held a brainstorming meeting to see what people would expect from us. Then we created and held the “Let’s Make It Happen” conference at the HUB, Athens on April 26 where speakers from the United States, Greece and other countries shared with us their experience in entrepreneurship.

The conference was supported by the U.S. Embassy and the Ambassador of the United States of America, Daniel B. Smith made the opening remarks. And Xenia Kourtoglou presented a very insightful research paper on what makes a startup successful.

How has the i-for-u concept been received by the public?

DB: More than 200 people attendedd our conference, we have many friends on Facebook and a there is lot of media buzz about this initiative. I understand that people want to participate, to communicate and to share their experiences. There are a lot of people who want to know more and we would like to invite them to visit our site (i-for-u.gr) and become friends with us on Facebook.

What are your goals?

DB: I would like to envision i-for-U as a large, meaningful organization that can provide coaching, and possibly even funding in different business sectors. I would also like to see I-for-U in other European countries and we are already working on this.

The Role of a Mentor A mentor is someone with more experience than you as an entrepreneur, not necessarily in the same industry as you or with knowledge of the latest technological trends – specific knowledge like that you can get from different expert sources. A mentor is there to share their wisdom, their mistakes and their successes, so that you can learn the lesson faster.

Apart from their insights, expertise and knowledge on business matter, mentors, as established, successful entrepreneurs, are more than likely to have an extensive network they can offer you access to. Think of all the senior decision-makers you might gain access to!

Naturally, there’s something in it for mentors too! A true mentoring relationship works in both directions —they learn about new ideas from you just as you learn all you do from them.

What are your next steps?

EK: We plan to form mentor and mentees pairs, monitor and evaluate them, and see how we proceed. We would be very proud if we could achieve specific results in one year! For example, be influential in new businesses that have something to do with our initiative. I must say I am very excited with this new venture.

As women become entrepreneurs, work gets to be lonely. And someone who is in the same field and has been there before you can offer you some desperately needed “wisdom” or a sympathetic ear. We are also planning networking sessions because we believe in teams—nobody can do it alone.  Web: http://www.iforu.gr/ Facebook: http://www.facebook.com/iforuGR Twitter: https://twitter.com/#!/iforU_GMN

The Ambassador of the United States of America, Daniel B. Smith and Karren Kerrigan, CEO CIPE, keynote speaker at the i-for-U conference

i-for-U co-founders Aleka Pitta, CEO Pittas Honey; Despina Amarantidou, CEO Artion; and Ioanna Koukli, CEO Pharmassist with Nelly Katsou, Pharmaten

The Ambassador and his wife Diane Smith with Danae Bezantakou, Xenia Kourtoglou and Effie Karakitsou from i-for-U

MAY-JUNE 2012 | BUSINESS PARTNERS | 39

One World

Human Trafficking A Modern Day Anathema Human Trafficking is a global issue that is continuously growing.

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ith an estimated 27 million people trapped in various forms of slavery worldwide, there are more slaves in the world today that at any other time in history.

The definition of modern day slavery is exactly this: A crime against humanity. It is the illegal exploitation of human beings for the purposes of, commercial gain through means of forced labor or sex slavery.

Today, Human Trafficking is the second largest global organized crime, generating approximately 31.6 billion USD every year.

Trafficking for sexual exploitation alone makes 27.8 billion USD per year!1 Each country plays a role in the high-demand business that is Human Trafficking.

Whether they are a country of origin, transit or destination for victims, they are contributing to this matter of injustice.

Greece has been highlighted as ‘The center of trafficking in Europe.’ With it being both a destination and transit country for Human Trafficking, it is a primary gateway for trafficked victims to enter the European Union.

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90% of all European Union illegal immigrations come directly through Greece.2 But there is something we can do about this…

Now there is a phone number we can call to not only learn more about what is happening in our own country, but to also report any suspicious activity we see. We can be a part of the solution.

The Human Trafficking Resource Line, 1109, is the first hotline with focus on anti-human trafficking to be launched in Greece. Built with the sole purpose of educating the general public on the issue of Human Trafficking, receiving tips regarding suspicious activity about potential trafficking situations and providing referrals to victims to reach services such as counseling and shelter.

The hotline plays a crucial part in the fight against this form of injustice, by offering a confidential service for both the victim and the public.

With 1109 operating 24 hours a day, 7 days a week, a live trained call specialist on the line and a translation service available, of-

ttp://www.unodc.org/documents/human-trafficking/Global_Report_on_TIP.pdf h Frontex, 2010, “Frontex deploys Rapid Border Intervention Teams to Greece” News Release

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fering live translations in up to 170 different languages, the hotline provides a confidential and anonymous service for victims to call. Once a call has come in, 1109 specialists are then able to connect them with advice, emergency crisis shelters, legal service and case management facilities.

Trained specialists are also able to respond to any queries that callers may have surrounding the issue of Human Trafficking, both in Greece and worldwide. They have been fully trained to answer a diverse array of topics within the realm of trafficking.

The Human Trafficking Resource Line also works along side local law enforcement, organized crime departments and service providers throughout Greece. Assisting in the reporting of suspicious and potential situations of Human Trafficking to these departments as well as working closely with anti-human trafficking organizations.

What Can I Do? Promoting the nationwide hotline is one of the most effective methods to make the service known to all, believing that raising awareness accounts for 80% of the solution to this modern day slavery.

There are several of ways that you and your business can aid in the fight against Human Trafficking: You can promote the resource line through your own business: • Display the 1109 hotline number posters in your office

• Post a 1109 awareness banner on your website • Request a 1109 specialist to train your staff on prevention and detection methods Training assistance is provided by expert staff, who are fully trained with the facts and knowledge to provide training to businesses and companies. The training delivered seeks to build individual and practitioner expertise and strengthen local anti-trafficking infrastructure to improve the nationwide response to Human Trafficking.

With approximately 90% of victims trafficked into the European Union being enslaved into forced prostitution3, the probability of you, a colleague, relative or a friend having witnessed a victim of trafficking at some point is exceptionally high.

Victims of trafficking will look and dress like ordinary people.

There are however, indicators that can be helpful when identifying a potential victim of trafficking: • Look out for signs of physical abuse, restraint, confinement or torture.

• What is their behavior like? Do they appear anxious, depressed, nervous or paranoid?

• Are they avoiding eye contact where possible?

• What is their appearance like? Do they lack health care or do they appear malnourished?

• Does there seem to be unusually high security measures existing in work and/or living locations?

• When answering questions, do they sound scripted and rehearsed? Or does someone speak on his or her behalf?

To help determine whether a person is a victim of trafficking can be discovered by asking all the right questions: • What type of work do you do?

• Are you getting paid to do your job? Do you receive payment or is the money held for you?

• Do they have a lack of knowledge of their whereabouts, or do not know what city

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they are currently in?

• Is somebody else in possession of his or her identification documents?

• Is anybody forcing you to do anything that you do not want to do?

Unfortunately, only one percent of victims of slavery are rescued4. The other 99% are still waiting for someone to notice and make that call. Don’t wait until the issue becomes a personal matter. Stand against slavery today. Why let it continue growing into the

largest slave business in the world!

You can make a difference today. It’s simple.

One call could safe her life.

Should you or your business be interested in finding out more information on the work of The Human Trafficking Resource Line or have any questions on the topic of trafficking, please contact one of our operators who will not hesitate to answer any queries you should have.

Call now: 1109

arouhakis, M., 2002, July 26, “Trafficked Women Are Victims,” Global Outlook, Centre for Research on Globalisation V United Nations, 2009, “UN Agency Calls for Better Monitoring to Combat Human Trafficking in Europe,” in UN News Centre, Available: http://www.un.org/apps/ news/story.asp?NewsID=32575&Cr=human+trafficking&Cr1

MΑΥ-JUNE 2012 | BUSINESS PARTNERS | 41

Food and Beverage

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1 Rakomelo, Amorgos Rakomelo—a smooth blend of tsipouro, honey and spices—is quickly becoming one of Amorgos’ most popular products. This sumptuous drink is perfectly suited for an aperitif and can also be used in cocktails and even cooking. The drink is traditionally served at room temperature but can be chilled as a summer sipper or served hot when the thermostat drops.

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2 Woodland Honey with Sage, Crete Greek honey has a worldwide reputation for being the most fragrant and flavorful in the world, a characteristic attributed to the remarkable flora that covers the Hellenic landscape. Cretan sage honey is exceptionally light yet full bodied, drawing its delightful taste from nearby wild sage. Sage honey is popular in Crete for its nutritional value and is widely believed to offer health benefits, including increased energy and antibodies.

3 Caper Leaves, Tinos

Capers buds are a staple of Mediterranean cooking, adding an assertive kick to salads, seafood and more.

However, many top Greek chefs prefer to use the less popular leaves in their recipes, to enhance both the aesthetic and aromatic appeal of the caper. While difficult to find in most parts of the world, Greece offers an array of gourmet caper leaves preserved in brine and ready for use right out of the jar!

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The Greek Pantry New Market Savvy

As Greek food and beverage producers and manufacturers explore new markets, develop value-added products, and embrace packaging that demonstrates branding savvy and marketing know-how, consumers are the big winners. In many instances, these modern entrepreneurs add current taste preferences to traditional products, allowing them to establish a connection with the next generation of consumers while attracting the interest of long-term buyers.

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4 W hite Vinegar with Lemon Grass and Mint, Lesbos 5

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Handmade at Ta Mylelia in Lesbos and completely preservative free, this aromatic gem will be a hit at your next dinner. Made from the finest white grapes and infused with a touch of lemongrass, mint and cedar, this vinegar will bring a bright and sophisticated note to salads and mezedes. Those lucky enough to visit Ta Mylelia in Lesbos, will have a chance to see the vinegar, and hundreds of other homemade delicacies, created in strict accordance with traditional methods and ingredients.

5 Ammos Reserve Terra Leone 2006, Palivou Estate, Nemea This award winning wine features deep, dark and thick color with intensely fruity nose with cherries, forest fruits and baked raisin. The taste is balanced with the characters of vanilla, dried fruits and chocolate derived from its long aging process in oak barrels. The Ammos Reserve has thick and aggressive tannins that require time to smooth and is undoubtedly a wine that demands cellar aging to unlock its potential.

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6 Crazy Donkey Beer, Santorini Santorini may be world-renowned for its wines, but it’s the Santorini Brewing Company that has everyone talking these days. The team of international brewers behind the venture is intent on enlivening a so far lackluster domestic beer market with a fresh line of world class microbrews. Crazy Donkey is Greece’s first and only India Pale Ale (IPA). The ale brings together large quantities of Cascade and Nelson Sauvin hops yield a plethora of aromatic bitterness, marrying a fruity start to a dry finish. Also look for Yellow Donkey and Red Donkey labels.

7 Gr eek Organic Red Saffron, Kozani

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Greek saffron is considered among the best in the world. Today, Greece’s saffron industry is centered in the region of Kozani, where a cooperative of saffron producers harvest an incredible 2,000 kg per year—2% of global saffron production. A tiny pinch of this fabulous spice adds exceptional flavor, aroma and color to any dish. Try some in your next risotto, paella, chicken or lamb. Or, mix a few saffron strands with Greek yoghurt, cinnamon, honey and fresh fruit for a luscious (yet healthy) dessert.

MAY-JUNE 2012 | BUSINESS PARTNERS | 43

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TRENDS & TRADE MAKERS

The World’s Most Popular Social Networking Sites

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Save Our Seas Ocean trash is one of the most widespread problems threatening our ocean and waterways. Trash in the water can impact human health: sharp items can cut beachgoers, and batteries, car parts and 55-gallon chemical drums may leak toxic compounds. Trash also threatens wildlife.

1. Facebook The undisputed heavyweight champion of social networking 2. Twitter The world, 140 characters at a time 3. LinkedIn The digital backbone of professional networking 4. MySpace A social network geared around music and entertainment 5. Google Plus+ Google’s foray into social network 6. DeviantArt The web’s largest art community 7. LiveJournal The frontier of personal publishing, community involvement, and individual expression.

8. Tagged Meet people, play games, share interests 9. Orkut Another Google network, dominant in India and Brazil

The Executive Edge of Super-Athletes Elite soccer players have superior executive functions relative to non-players, and there is a significant correlation between their cognitive function and number of goals and assists, according to a new study published April 4 in the open access journal PLoS ONE. The researchers, led by Predrag Petrovic of the Karolinska Institute in Stockholm, Sweden, measured general executive functions, including creativity and cognitive flexibility, in male and female soccer players and non-players. They found that the soccer players performed better than the non-players, and furthermore, the higher level players performed better than the lower division athletes. These results emphasize the importance of cognitive functions, in addition to physical skill, for achieving the highest level of athletic performance.

Heads Up!

10. CafeMom The meeting place for moms 11. Ning The world’s largest platform for creating social websites 12. Meetup Helping people around the world organize into groups 13. myLife Compiles all your social network updates and email messages in one interface 14. myYearbook a social meeting place, founded by two high school students, now boasting more than 33 million users 15. Badoo Social discovery site with a sizable footprint in Europe Source: eBiz/MBA

Google’s Project Glass Is Here Google has unveiled its latest hi-tech venture: an augmented reality head-mounted display, known by the name Project Glass.

The program, one of Google’s most ambitious to date, aims to deliver a full range of services—similar to those available on a smartphone—through a heads-up display (HUD) embedded in a otherwise normal pair of eyeglasses. Users will be able to fully interact with the system through sophisticated speech recognition technology, similar to that already in use by Apple’s

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Siri interface.

In a demonstrational video posted online, Google’s designers offer a captivating glimpse into the many benefits the headset will be able to seamlessly integrate into a user’s daily routine: generating maps and directions, taking and sharing pictures, locating friends, and first person video chatting.

So far, there has been no confirmation by Google on a possible release date but some reports have the technology hitting shelves as early as 4Q12.

Strategy Analytics Global Business Collaboration Applications Market to Top $12 Billion by 2017

The Ark The Latest in Green Architecture The Ark—an ambitious design by Russian architect Alexander Remizov—offers a solution for two of architecture’s most pressing environmental challenges. First, the landmark concept utilizes recycled materials and a remarkable energy efficiency scheme, resulting in a massively reduced environmental footprint. The construction of the Ark is “bioclimatic,” providing for an independent, sustainable life support system. The 14,000 m2 interior offers a vast array of flora chosen according to principles of compatibility, illumination and efficiency of oxygen production.

Second, The Ark project was designed with disaster relief principles in mind, offering a cutting edge housing solution for those displaced by natural disasters and climate change. Based on its advanced design and lightweight construction, the Ark is intended for use in various climatic zones and in seismically dangerous regions. The structure of the building even permits it to float in case of rising ocean levels, to keep afloat and exist autonomously on the surface of the water.

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E.U U.S., E.U. Reaffirm Commitment T to Investment Policies DIREC On April 10, the United States and the European Union (EU), under the auspices of the Transatlantic Economic Council, announced an agreement on Shared Principles for International Investment, which reaffirms the commitment to open, transparent, and nondiscriminatory international investment policies.

The principles embody a number of shared core values, including a commitment to open and non-discriminatory investment policies, a level competitive playing field, strong protections for investors and their investments, neutral and binding international dispute settlement, strong rules on transparency and public participation, responsible business conduct, and narrowly-tailored reviews of national security considerations. The joint statement recognizes that governments can fully embrace these principles without compromising their ability to regulate in the public interest.

Demand for faster, interactive, collaborative meetings and information sharing across corporate boundaries is accelerating a major shift from email to instant messaging, conferencing and social collaboration applications. Through 2017, business email and calendaring application revenues and users will grow at a snail’s pace compared to double-digit growth for other collaboration applications according to the latest Strategy Analytics Extended Enterprise Software Strategies (EESS) report, “Global Business Collaboration Applications Revenues and Users, 2011-2017.”

According to Mark Levitt, Director of Enterprise Software and Communications, and author of the report, “Today’s workers need to work smarter and faster in gathering information, soliciting input from a wider and more diverse team, analyzing results, making decisions, and communicating and coordinating action plans. Although email and calendaring software applications will remain important because of their near universal reach and support for non-real-time communications, businesses users will behave increasingly like consumers, favoring instant and social collaboration tools.”

MIT’s Technology Review Unveils 2012 TR50 List of the World’s Most Innovative Companies TR50 members are chosen by Technology Review’s editors, who look for companies that over the last year have demonstrated original and valuable technology, are bringing technology to market at a significant scale, and are clearly influencing their competitors.

Companies on the list include LanzaTech, Shell, Suntech, Wildcat Discovery, Dropbox, OnLive, Spotify, PatientsLikeMe and Athenahealth.

MAY-JUNE 2012 | BUSINESS PARTNERS | 45

inf o@

B2B

According to a new study by the Tufts Center for the Study of Drug Development, collaboration among organizations is becoming increasingly important to advancing basic research and developing new medicines. This study specifically explores the breadth and nature of partnerships between biopharmaceutical companies and academic medical centers (AMCs)[1] which are likely to play an increasingly important role in making progress in treating unmet medical needs.

In the study, researchers examine a subset of public-private partnerships, including more than 3,000 grants to AMCs from approximately 450 biopharmaceutical company sponsors that were provided through 22 medical schools. Findings show that while it is generally accepted that these partnerships have become an increasingly common approach both to promote public health objectives and to produce healthcare

innovations, it is anticipated that their nature will continue to evolve over time and their full potential is yet to be realized.

Tufts researchers also found that the nature of these relationships is varied, ever-changing, and expanding. They often involve company and AMC scientists and other researchers working side-by-side on cutting-edge science, applying advanced tools and resources.

The report outlines the 12 primary models of academic-industry collaborations and highlights other emerging models, which reflect a shift in the nature of academicindustry relationships toward more riskand resource-sharing partnerships. While unrestricted research support has generally represented the most common form of academic-industry collaboration, Tufts research found that this model is becoming less frequently used. A range of innovative partnership models are emerging, from

amcham

1. Collaborate. 2. Make Progress.

corporate venture capital funds to precompetitive research centers to increasingly used academic drug discovery centers.

These collaborations occur across all aspects of drug discovery and the partnerships benefit both industry and academia since they provide the opportunity for the leading biomedical researchers in both sectors to work together to explore new technologies and scientific discoveries. Such innovation in both the science and technology has the potential to treat the most challenging diseases and conditions facing patients today. S ource—Innovation.org, a project of the Pharmaceutical Research and Manufacturers of America [1] C.P. Milne, et al., “Academic-Industry Partnerships for Biopharmaceutical Research & Development: Advancing Medical Science in the U.S.,” Tufts Center for the Study of Drug Development, April 2012.

Dining: For Business and Pleasure

The Michel Roux Touch at the Avenue Bistro

The Metropolitan Hotel has tapped renowned French chef Michel Roux to create a new menu for its bistro venue—Avenue.

The Metropolitan focuses a lot of attention on design and the customer experience and with the Michel Roux menu, diners may enjoy a French touch with high-quality local ingredients. Snails, terrines, gazpacho, salads and salmon rilletes are offered as appetizers, each with a distinctive flair from the kitchen, run by Akis Petretzikis.

Main courses draw from the classic bistro repertoire—roast chicken, confit of duck, rack of lamb, grilled pork chop, sea bass—again paired with the chef’s original

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garnishes, sides, and flavorings. In true bistro style, extra sides, that can satisfy personal cravings, are offered and include green beans, spinach, fried potatoes, mashed potatoes with mustard seeds, and potatoes Dauphinoise.

Desserts will please the traditionalists: home made apple tart, mousse, ice cream, crème brulee, waffles and the wine list— made up of Greek and French labels, are chosen to match the menu offerings.

Avenue is an attractive option for Athenian diners, an ideal spot for a business lunch, a coffee or a relaxing drink, and a good reason to cheat—just a little bit, French style—on the pre-summer diet.

Lunch and dinner are served Monday to Saturday.

Avenue Bistro and Bar 385, Syngrou Ave., Athens Tel. 210 947 1000

The Business Bookshelf

Good Strategy Bad Strategy The Difference and Why It Matters

by Richard Rumelt, Crown

Developing and implementing a strategy is the central task of a leader, whether the CEO at a Fortune 100 company, an entrepreneur, a church pastor, the head of a school, or a government official. Richard Rumelt shows that there has been a growing and unfortunate tendency to equate mom-and-apple-pie values, fluffy packages of buzzwords, motivational slogans, and financial goals with “strategy.” He debunks these elements of “bad strategy” and awakens an understanding of the power of a “good strategy.”

A good strategy is a specific and coherent response to—and approach for overcoming—the obstacles to progress. A good strategy works by harnessing and applying power where it will have the greatest effect in challenges as varied as putting a man on the moon, fighting a war, launching a new product, responding to changing market dynamics, starting a charter school, or setting up a government program. Rumelt’s nine sources of power—ranging from using leverage to effectively focusing on growth—are eye-opening yet pragmatic tools that can be put to work on Monday morning.

Surprisingly, a good strategy is often unexpected because most organizations don’t have one. Instead, they have “visions,” mistake financial goals for strategy, and pursue a “dog’s dinner” of conflicting policies and actions. Rumelt argues that the heart of a good strategy is insight—into the true nature of the situation, into the hidden power in a situation, and into an appropriate response. He shows you how insight can be cultivated with a wide variety of tools for guiding your own thinking.

Jargonaut Dawn Patrol

Programmers who are still at their terminals when you return to work the next morning.

Digital Cash

A generic term used to describe the electronic cash or digital currency used in cyberspace.

Groupware

Software that allows people to share documents and work collaboratively.

Voice Portal

A service that enables you to get Web content or e-mail over a telephone using voice recognition software.

d-commerce

A form of e-commerce by companies that sell news, documents, subscriptions, or any other content that can be delivered digitally over the Web.

Cornea Gumbo

a.k.a. Interface Porn, A visually noisy or over-designed Web site, usually with too many graphics and too much animation.

THE LIST

by Travelogue

Jump Page THESSALONIKI

By Andreas Stylianopoulos President, Navigator Travel & Tourist Services Ltd

As Thessaloniki celebrates 100 years of liberation, visitors may attend special events, conferences, exhibits, and symposia, as well as enjoy simple pleasures such as walking and dining.

Stay The Met

The Met Lazaristes Daios Electra

Eat Kitchen Bar

Kitchen Bar Agirovoli Ayoli Ellinikon

See

Byzantine Museum

Byzantine Museum Photography Museum Jewish Museum, State Museum of Contemporary Art

A Web page that appears to users that have clicked on a link in an online ad. The purpose is to capture the user’s attention to promote special offers or to measure the response to an online ad.

MROC

An MROC (Market Research Online Community) refers to a group of people who have been recruited to give their opinions in a closed or secure online community setting.

BYKI

Before You Know It

Reverse Engineering

A development process based on the notion of taking something apart to see how it works and then putting it back together again.

Reproduced by Permission © 1994-2010 NetLingo® The Internet Dictionary at http://www.netlingo.com

MAY-JUNE 2012 | BUSINESS PARTNERS | 47

ViewPoint

A New Model for Education?

Through edX, the two institutions will collaborate to enhance campus-based teaching and learning and build a global community of online learners.

EdX will build on both universities’ experience in offering online instructional content. The technological platform recently established by MITx, which will serve as the foundation for the new learning system, was designed to offer online versions of MIT courses featuring video lesson segments, embedded quizzes, immediate feedback, student-ranked questions and answers, online laboratories, and student paced learning. Certificates of mastery will be available for those motivated and able to demonstrate their knowledge of the course material.

MIT and Harvard expect that over time other universities will join them in offering courses on the edX platform. The gathering of many universities’ educational content together on one site will enable learners worldwide to access the course content of any participating university from a single website, and to use a set of online educational tools shared by all participating universities.

EdX will release its learning platform as open source software so it can be used by other universities and organizations who wish to host the platform themselves. Because the learning technology will be available as open-source software, other universities and

individuals will be able to help edX improve and add features to the technology.

“EdX represents a unique opportunity to improve education on our own campuses through online learning, while simultaneously creating a bold new educational path for millions of learners worldwide,” MIT President Susan Hockfield said.

Harvard President Drew Faust said, “edX gives Harvard and MIT an unprecedented opportunity to dramatically extend our collective reach by conducting groundbreaking research into effective education and by extending online access to quality higher education.”

“Harvard and MIT will use these new technologies and the research they will make possible to lead the direction of online learning in a way that benefits our students, our peers, and people across the nation and the globe,” Faust continued.

Jointly Owned Not-for-Profit Structure The initiative will be overseen by a not-forprofit organization based in Cambridge, Massachusetts, to be owned and governed equally by the two universities. MIT and Harvard have committed to a combined $60 million ($30 million each) in institutional support, grants and philanthropy to launch the collaboration.

The American-Hellenic Chamber of Commerce

Harvard University and the Massachusetts Institute of Technology (MIT) announced edX, a transformational new partnership in online education.

Research to Enhance Residential Model “The campus environment offers opportunities and experiences that cannot be replicated online,” said Hockfield. “EdX is designed to improve, not replace, the campus experience.”

First Courses by Fall 2012 The universities will work to develop further the online learning platform already begun with MITx and to populate the edX website with courses from the MIT and Harvard faculty. A first set of courses is scheduled to be announced in early summer and to start in Fall, 2012.

“The teams at Harvard and MIT can’t wait to collaborate” “We are already moving forward quickly,” said Anant Agarwal. “There’s a lot of energy in the air, and the teams at Harvard and MIT can’t wait to collaborate.”

BUSINESS

Become a Member

bponline.amcham.gr

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 www.amcham.gr, send an e-mail to info@amcham.gr, 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 info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7.

48 | BUSINESS PARTNERS | MAY-JUNE 2012

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