Market Trends of Finland Pharmaceutical Industry
Prescription Drugs Segment is Expected to Hold Significant Share Over the Forecast Period
The prescription drugs segment is expected to witness significant growth in the pharmaceutical market over the forecast period due to factors such as the rising prevalence of chronic diseases, the increasing geriatric population, the growing demand and adoption of prescription drugs, and increasing product launches in the country. In addition, technical advances, a rise in per capita healthcare expenditure, and disposable income in the country are also expected to boost segment growth over the forecast period.
The rising burden of chronic diseases coupled with the increasing population may lead to hospitalization and long-term medication demand. It is expected to augment the segment growth. For instance, according to 2023 data published by the United Nations Population Fund, about 61% of the population living in Finland is aged between 15-64 years, and about 24% of people aged 64 years and over in 2023. Also, the rising geriatric population is more prone to developing chronic diseases, such as cardiovascular diseases, neurological disorders, and cancer, raising the demand for effective therapeutics, which is expected to boost segment growth.
Additionally, the country's increasing pharmaceutical and prescription drug revenues reflect the substantial demand for prescription medications to treat chronic conditions, which is expected to propel the segment's growth. For instance, according to data published by Orion Corporation in its 2022 Financial Statement, the company reported sales of EUR 3,416 million (USD 3,668.39 million) in pharmaceuticals and EUR 1,950 million (USD 2,094.08 million) in prescription drugs in Finland in 2022 as compared to sales of EUR 3,306 million (USD 3,550.26 million) in pharmaceuticals and EUR 1,880 million (USD 2,018.90 million) prescription drugs in Finland in 2021.
Furthermore, the rising number of drug launches is expected to increase the availability of novel prescription drugs in the market. Hence, it is expected to augment the market growth. For instance, in December 2022, Biofrontera's Scandinavian licensing partner Galenica AB, Malmö, Sweden, started commercialization of Ameluz and BF-RhodoLED in Finland, to treat mild to moderate actinic keratoses, skin growths caused by exposure to sunlight, which can lead to skin cancer, in Finland. Also, in June 2022, the hospital district of Southwest Finland introduced Pfizer's orally administered antiviral Covid-19 medication Paxlovid.
Therefore, the studied segment is expected to grow over the forecast period due to increasing prescription drug revenue generated by the companies and new drug launches.
Cardiovascular System Segment is Expected to Register Significant Growth Over the Forecast Period
The cardiovascular system segment is anticipated to witness significant growth in the pharmaceutical market over the forecast period owing to factors such as the rising prevalence of heart diseases, growing demand for effective drugs to treat cardiovascular diseases, and increasing research activities.
The need for pharmaceutical products such as biologics or other therapeutic medications is rising in Finland owing to the growing burden of cardiovascular diseases among the population. For instance, according to the data published by NCBI, in June 2021, it was observed that the prevalence of heart failure (HF) increased from 3.7% among people aged 50 years or less to 15.3% among those aged 85 years or more. In addition, the number of HF patients is anticipated to rise in the coming years owing to the rising aging population. Thus, the expected increase in the number of people suffering from heart disease raises the demand for effective drugs, which is anticipated to fuel the segment's growth.
Additionally, various research studies were conducted to assess the effectiveness of various prescription drugs for treating patients with heart failure, diabetes, and other diseases. For instance, according to an article published in ClinicoEconomics and Outcomes Research in January 2023, it was observed that empagliflozin, an SGLT2 inhibitor, enhances the outcomes for people with heart failure by lowering the combined risk of cardiovascular mortality or hospitalization for worsening HF. Also, empagliflozin is a cost-effective treatment for patients with HF in the Finnish healthcare setting. It is anticipated to increase its adoption among patients, hence contributing to the market growth.
Therefore, owing to factors such as the high burden of heart diseases, the growing number of research studies by companies, and new drug launches, the studied segment is expected to grow over the forecast period.
