Cyprus Pushes For EU-Wide Joint Procurement To Tackle Medicine Shortages

by THEFUTURE.TEAM

February 20, 2025

Cyprus is making a bold move to address persistent medicine shortages by championing a voluntary joint procurement mechanism among EU member states. Health Minister Michael Damianos reiterated the island nation’s proposal at a high-level conference in Brussels, highlighting the challenges small markets face in securing essential drugs.

A Growing Crisis For Small Markets

Speaking on 19 February, Damianos took part in a panel alongside EU health ministers, European Commission officials, and industry leaders. He stressed that limited market size makes Cyprus vulnerable to supply disruptions, leading to shortages of key medicines. His proposed solution? A collaborative EU approach where countries voluntarily pool their purchasing power to ensure stable supply chains.

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A Call For Stronger Incentives And EU Regulations

Beyond procurement, Damianos emphasized the need for new EU incentives to boost the production of both innovative and critical medicines, reducing Europe’s reliance on external suppliers. He also pointed to the importance of legislative changes that would support pharmaceutical manufacturing within the EU.

Cyprus’ initiative has already gained traction among several EU partners. If implemented, it could set a precedent for how smaller markets navigate global pharmaceutical challenges—ensuring that access to essential medicines isn’t dictated by market size.

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Cyprus Posts €573.3M Fiscal Surplus In Q1 2026

by THEFUTURE.TEAM

May 4, 2026

Robust Fiscal Health Marks Strong Start To 2026

The Cyprus government has reported a fiscal surplus of €573.3 million in the first quarter of 2026, according to preliminary figures from the Cyprus Statistical Service. This healthy surplus, which accounts for 1.5% of the nation’s GDP, reflects a slight decrease from the €600.60 million surplus (1.6% of GDP) recorded in the corresponding period of 2025.

Revenue Growth: A Detailed Break Down

Total revenue surged by €194.00 million, or 5.4%, reaching €3.81 billion compared with €3.61 billion during the same quarter last year. Key components of this growth include:

Income and wealth taxes increased by €107.80 million (10.9%), amounting to €1.09 billion.
Social contributions rose by €86.00 million (7.3%) to €1.26 billion.
Taxes on production and imports grew by €31.50 million (2.9%), totaling €1.12 billion.
Net VAT revenue climbed by €34.60 million (4.8%), reaching €758.80 million.
Capital transfers, though modest, increased by €0.60 million (13.6%) to €5.00 million.

Expenditure Shifts And Sectoral Variances

Despite robust revenue, the governmental expenditure also increased notably by €221.30 million (7.3%) to €3.23 billion. Noteworthy changes include:

Intermediate consumption grew by €25.60 million (9.2%), reaching €303.70 million.
Compensation of employees, including social contributions and civil service pensions, rose by €23.00 million (2.4%) to €974.80 million.
Social benefits experienced an increase of €82.30 million (6.4%), climbing to €1.36 billion.
Interest payments surged by €29.90 million (41.1%), totaling €102.70 million.
Current transfers saw a significant uptick of €58.80 million (31.6%), reaching €245.00 million.
Other fiscal components, such as the capital account and gross capital formation, also recorded modest improvements.
However, some areas experienced a decline with property income falling by €3.30 million (17.5%) and revenue from the sale of goods and services dropping by €19.00 million (7.2%).
Subsidies were reduced by €3.90 million (19.5%), totaling €16.10 million compared to the previous period.

Strategic Implications For The Cypriot Economy

Overall, the data indicate concurrent growth in both revenue and expenditure during the quarter. Higher tax income and social contributions supported revenue performance, while increased spending on social benefits, transfers, and interest payments contributed to the rise in expenditure.

Outlook

As the fiscal year progresses, the balance between revenue growth and expenditure levels will remain central to maintaining a surplus. Future outcomes will depend on how these trends evolve across both sides of the budget.

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