The Norway Pharmaceutical market studied was anticipated to show a slow growth with a CAGR of 2.9%. Norway has a developing pharmaceutical market with clinical and medical capabilities in a variety of key sectors, including neuroscience and cancer. With its long tradition in the biomedical sciences, this makes it an enticing place for businesses trying to create a base or develop a partnership in Norway. The Ministry of Health and Care (Helse-og omsorgsdepartementet, HOD) is the regulatory body in Norway. The Norwegian Medicines Agency (Statens legemiddelverk, NoMA) (subordinate to the HOD) is responsible for marketing approval, registration, monitoring, selling, reimbursement, and the delivery of information on pharmaceutical goods to prescribers and the public. As per the Norwegian Medicines Agency (NoMA), the number of licensed medicines is growing in Norway. As of 2018, 1,570 active ingredients (AI) had been licensed in Norway. In 2017, 59 fresh AIs were licensed, while 41 were unregistered. AIs are scattered across 2,449 separate (brand) labels, covering both strengths, packaging sizes, and dosage forms.
Key Market Trends
Healthcare Expenditure in Norway
The overall healthcare expenditure in Norway was 372,304 in 2019 as per the Statistics Norway. Per capita, healthcare spending in Norway has steadily increased over the last decade. In 2020, the per capita expenditure in Norway is NOK 67,617 which is around two-thirds higher than the average of Europe. Healthcare expenditure accounted for 10.4% of Norway's GDP, well above the European level of 9.8%. Public financing accounted for 85 percent of public welfare expenditure, which is also greater than that of the European average (79 percent). All of the remaining spendings is spent out of pocket directly by individuals. Healthcare spending is projected to increase steadily in the near future, driven largely by increasing demand for long-term services. Norway has since made considerable strides in moving non-acute services from facilities such as hospitals to outpatient and community-based systems. With a rising expectation for treatment in the aged populace, striving to improve primary and community care programs is also one of the major hurdles in maintaining the long-term viability of the healthcare system.
Prescription Drugs segment Holds the Largest Share and Expected to do Same in the Forecast Period
The Norway Prescription Drugs category is expected to hold the largest proportion of the pharmaceutical market. Market drivers for this sector are the aging population, advancement in technology. The number of prescriptions in Norway has steadily increased in recent years. Between 2015 and 2017, the volume of prescriptions increased by 8 percent, while the drug volume rose by more than 16 percent. In relation to prescriptions, pharmaceutical expenditure has been gradually rising in recent years. Between 2013 and 2017, prescription spending rose by 40% (PPP). Especially new medications for the treatment of cancer, HIV, and rare diseases have led to higher costs. However, the aging population has also led to the growing use of pharmaceuticals which is expected to drive the market growth during the forecast period.
Competitive Landscape
The Norway pharmaceutical market is highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions in the country. Some of the Key companies which are currently dominating the market are AbbVie Inc., AstraZeneca plc, Bayer AG, C.H. Boehringer Sohn AG & Ko. KG, and GlaxoSmithKline plc
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Table of Contents
Methodology
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