Norway Pharmaceuticals and Healthcare Report Q4 2017
On a cyclical basis, economic growth will provide tailwinds for Norway's pharmaceutical and healthcare market over a multi-quarter horizon. On a long-term basis, despite the relatively small drug market by regional standards, high per-capita spending on medicine and demographic trends will underpin sustained revenue-earning opportunities for innovative drugmakers. Meanwhile, the government will continue to promote the development of biomedicine research and the wider health industry, posing upside risks to drug manufacturing development over the long term.
Headline Expenditure Projections
Pharmaceuticals: NOK23.70bn (USD2.76bn) in 2016 to NOK24.03bn (USD2.77bn) in 2017; +1.4% in local currency terms and +0.3% in US dollar terms. Forecast broadly in line with the last quarter. Healthcare: NOK328.34bn (USD38.31bn) in 2016 to NOK340.50bn (USD39.29bn) in 2017; +3.7% in local currency terms and +2.5% in US dollar terms. Forecast in line with the last quarter.
In August 2017, hundreds of Norwegians protested against the long approval process for new life-saving cancer medicines. It can take up to two and a half years between a drug's EU approval and its eventual use in Norwegian public hospitals.