£2592 / $4144 / €3152
The Northern European countries are projected to represent a combined pharmaceutical market value of over US$20 billion at retail prices by 2016.
The seven Northern European pharmaceutical markets are diverse, from the stable well-developed markets of Scandinavia to the less well-funded healthcare systems of the Baltic States. The economic downturn has impacted these pharmaceutical markets but opportunities still exist. Sweden, for instance, became the interest of many pharmacy chains following the deregulation of the pharmacy monopoly.
THESE REPORTS ANALYSE THE ISSUES
The Outlook for Pharmaceutical Markets in Northern Europe is a unique collection of management reports from Espicom Business Intelligence. Each report provides individual and highly-detailed analysis of each market, looking at key regulatory, political, economic and corporate developments in the wider context of market structure, service and access. The reports are available individually, or as a discounted collection, and prices include four completely updated reports sent quarterly, together with a comprehensive statistical appendix. There are over 60 markets covered in the worldwide series.
4 KEY MARKETS COVERED
Highly detailed analysis providing comprehensive regularly updated reports for leading markets in the region:
HIGHLIGHTS FROM THE REGION
The macroenvironment for the Danish pharmaceutical industry is improving. The increasing pharmaceutical expenditure in Denmark has led to price freezes and caps in recent years. Despite the positive results from cost-containment measures, efforts to reduce the cost of pharmaceuticals have proved unsuccessful. The savings made have been more than counterbalanced by the wider use of new and expensive pharmaceuticals, which are required to ensure the most effective treatment. This is especially true in areas such as hypertension, high cholesterol and so on, where many new therapies have become available recently. Denmark has strong domestic production, but many producers focus on the export market. Due to the presence of Novo Nordisk, Denmark is a major global supplier of insulin in retail form.
The Finnish government has introduced several cost-containment measures in recent years in an effort to curb rising healthcare costs. One of the latest affecting the pharmaceutical market in Finland is a reference pricing system. It is hoped that the new system will reduce the use of expensive pharmaceutical products, thus lowering the costs for patients and reducing the pressure to raise health insurance payments. Generic substitution in Finland has been extended to include products with an analogy process patent. As a result, generic substitution will be more effective in terms of saving money, but Finnish manufacturers of patented original products now enter generic price competition several years before product patents expire in other European countries. There are three leading domestic producers in Finland; Orion, Verman and Vitabalans. Multinational companies Bayer and Santen also have production facilities in Finland. The top ten pharmaceutical companies in Finland had combined sales of over 1.0 billion euros at wholesale prices in 2010, equal to a share of over half of the market.
The introduction of international reference pricing has had a moderating effect on Norwegian pharmaceutical price levels, and a step-price system for off-patent drugs has ensured that prices for all generics have fallen. Important steps towards cost-containment have also been taken for reimbursable pharmaceuticals, including the use of a first-choice system. A report by the Business Research Foundation (SNF) has shown that Norwegian pharmaceutical prices are among the lowest in Western Europe. Therefore, market growth is a result of increased consumption, largely due to the ageing population and the introduction of new drugs on the market. Norway is receptive to new drugs, as long as they are cost-effective and have proven therapeutic benefits. In May 2011, PCI Biotech reported that it had been awarded a BIA grant from the Research Council of Norway for a three-year project.
Sweden has the largest pharmaceutical market in the region. The Swedish pharmacy monopoly has been deregulated, leading to greater competition and a downward pressure on the price of pharmaceuticals. Apoteket has remained a key competitor, with around a third of pharmacies under state ownership. Other leading pharmacy chains include Apotek Hjärtat and Kronans Droghandel. The largest pharmaceutical companies by sales are AstraZeneca, Pfizer, Roche, Wyeth and Novo Nordisk. Of these, AstraZeneca and Pfizer have major manufacturing operations in Sweden. There are a number of small biologic companies in Sweden, as well as several multinationals that engage in biopharmaceutical R&D and production. In 2011, a total of 63 biotechnology R&D projects were under development at 35 companies. This excludes projects at AstraZeneca, which has around 40% of its global R&D workforce based in Sweden. The strength of R&D in Sweden bodes well for the future of the biotechnology industry.
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