Ageing Population Boosts Demand For Medicines
BMI View : Western Europe remains attractive to innovative drugmakers: per capita spending is high, there is a sizeable pensionable population and regulations are transparent. BMI believes these factors will continue to bring in substantial income for companies operating in the region, though we note that they will continue to face challenges over the next decade. Our forecast is underpinned by the poor state of public finances across the eurozone, which will mean the largest economies undergo prolonged fiscal adjustments, in addition to the patent cliff, increased regulatory hurdles and increasingly scrupulous cost-effectiveness assessments of new drugs.
In 2012, sales of prescription and over-the-counter (OTC) drugs in Norway (in consumer price terms) were valued at NOK19.30bn (US$3.32bn), up from NOK18.80bn (US$3.35bn) in 2011, experiencing a 2.7% increase in local currency terms (-1.0% in US dollar terms). In 2012, per capita pharmaceutical expenditure stood at NOK3,864 (US$664).
Norway has traditionally high state healthcare expenditure, with patients enjoying easy and free access to doctors and specialists. In 2012, healthcare spending reached a value of NOK256.68bn (US$44.13bn). The government accounts for more than three-quarters of healthcare spending and Norway ranks the second highest among OECD countries in health spending per capita. The expanding and ageing population indicates that demand for healthcare will continue to remain high.
|Attractive To Drugmakers|
|Norway Pharmaceutical Sales|