Iceland Pharmaceutical Market Size

Iceland Pharmaceutical Market Analysis

The Iceland Pharmaceutical market studied was anticipated to show a low growth with a CAGR of 2.8%, during the forecast period (2022-2027).

The outbreak of COVID-19 impacted the Iceland pharmaceuticals market in Iceland as healthcare services were significantly reduced due to social distancing measures enforced globally. The Iceland supply chains and the procurement of essential medical supplies are under unheard-of pressure as a result of the COVID-19 pandemic. This comprises pharmaceuticals needed for the treatment of different disorders. According to the study titled "Illicit drug use in Reykjavik by wastewater-based epidemiology" published in the Science of The Total Environment in January 2022, Amphetamine, methamphetamine, 3,4 methylenedioxymethamphetamine (MDMA), cocaine, and cannabis were the most often used illicit drugs in Iceland during COVID-19. Thus, the demand for such drugs increased in Iceland has significantly impacted the market growth during COVID-19.

Further, the factors contributing to the market's growth are the rising geriatric population and the rising incidence of chronic disease, and international partnership. As the demand for pharmaceutical drugs is higher in the aging population, the growing geriatric population in Iceland, which is more susceptible to chronic diseases, supports market growth. According to the study titled " Making Europe health literate: including older adults in sparsely populated Arctic areas" Published in the BMC Public Health in March 2022, By 2037, 20% of all Icelanders are projected to be 65 or older, up from 14% in 2020, and by 2064, over 25%, with the oldest group experiencing the largest rise. In Iceland, rural areas have a higher percentage of residents who are 65 or older than metropolitan areas do. When it comes to health, older folks are particularly problematic. which in turn is connected to a rise in the utilisation of healthcare services and thus it is anticipated that the demand for pharmaceutical is increased in these indiviadual thereby boost the market growth.

Since the last several years, a number of market participants in Iceland, including Novartis, Alvotech, and Coripharma, have boosted their R&D and manufacturing expenditures. The growing investments in R&D are anticipated to support the overall expansion of the Icelandic pharmaceutical business. For instance, in August 2021, EpiEndo Pharmaceuticals closed of a EUR 20m Series A financing round led by Flerie Invest and Iðunn Venture Fund, with existing investors ABC Ventures participating, along with the European Innovation Council (EIC) Fund joining the round. The financing provides money to progress EpiEndo's lead chemical EP395 into Phase IIa, with COPD as the main indication. EP395 entered phase I clinical trials in April. However, there is a growing shortage of a few medications in Iceland, which is anticipated to impede the market's expansion. The Icelandic Medicines Agency (IMA) is taking a number of steps to minimise these kinds of occurrences. For Instance, in January 2022, Amgen revealed that the European Commission (EC) has granted conditional marketing authorization for LUMYKRAS (sotorasib), a first-in-class KRASG12C inhibitor, for the treatment of adults with advanced non-small cell lung cancer (NSCLC) with KRAS G12C mutation and who have progressed after at least one prior line of systemic therapy. With EC approval, and subject to local reimbursement applications, clinicians in all European Union member countries, as well as Norway, Iceland, and Liechtenstein, will be able to offer LUMYKRAS to appropriate patients with NSCLC.Hence, growing product approval in the country supports the market expansion.

Thus, all above mentioned factors supports the market growth during the forecast period. However, shortage of medicine and side effect assoiciated with the medicine restraint the market growth.