Market Trends of Norway Pharmaceutical Industry
Prescription Drugs Segment in Norway is Expected to Witness a Growth Over the Forecast Period
The Norway prescription drugs category is expected to hold the largest proportion of the pharmaceutical market due to new initiatives like E-prescriptions for Multidose Dispensed Drugs (eMDD) in the country. For instance, as per the study conducted by the Norwegian Centre for E-health published in January 2022, general practitioners (GPs) experienced great benefits with the introduction of eMDDs. In addition, the aging population, advancements in technology, and the rising burden of chronic diseases in the country are some other factors that likely drive the segment growth in the country.
An increase in pharmaceutical sales in the country is expected to significantly impact segment growth as drug sales involve prescription drugs. For instance, as per the report published by the Norwegian Institute of Public Health in October 2022, drugs for human use were sold worth a total of NOK 22.8 billion (USD 2.15 billion) (pharmacy purchase price (AIP)) in 2021, an increase of 8.1% from the previous year. Prescription drugs accounted for around 91% of sales measured in defined daily doses (DDD).
In addition, as per the same source mentioned above, around 90% of patients over the age of 70 years receive prescription medication in the country. This shows that most prescription drug sales are expected to have significant growth in the segment over the study period.
Antineoplastic and Immunomodulating Agents Under the ATC/Therapeutic Class is Expected to Have Significant Share in the Market Over the Forecast Period
The antineoplastic and immunomodulating agents segment is expected to have a significant share of the market due to the high burden of cancer cases in the country, along with more advanced pharmaceuticals in the segment. In addition, the high prices and the introduction of new and more expensive drugs in the market attract market players in the country, which is expected to have significant growth in the segment.
According to the Cancer Registry Norway, at the end of 2022, 20,487 men and 17,778 women were registered with new cancer cases in Norway, in addition to the high pharmaceutical sales of antineoplastic and immunomodulatory agents. For instance, as per the report published by Norwegian Drug Wholesale Statistics in October 2022, these agents had the highest turnover and accounted for 25% of the costs for human medicines in 2021. This group of agents includes expensive drugs for cancer treatment and biological drugs for treating arthritis and multiple sclerosis. This shows the high burden of cancers and high sales of drugs in the segment, which is expected to have significant growth in the market over the study period.
Furthermore, the new product launches and approvals in the segment increase the widespread distribution of drugs in the market. For instance, in December 2022, Novartis received approval from the European Commission (EC) for Pluvicto (lutetium (177Lu) vipivotide tetraxetan), a targeted radioligand therapy for the treatment of prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer. The approval applies to all 27 European Union member states and Norway. Thus, the studied segment is expected to grow over the forecast period due to the factors above, like the high burden of cancers and growing product approvals and launches.
