The Finland Pharmaceutical market studied was anticipated to show a slow growth with a CAGR of 3.9%. The Finnish pharmaceutical industry consists of regulatory processes, routine checks, and safety testing for prescription drugs put on the market. Control and clarification are normal components of this policy supervision. In Finland, the licenses for the producer of pharmaceutical products and the wholesale license for pharmaceutical products are given by Finnish Medicine Agency Fimea. Under the Medicinal Products Act, only manufacturers of pharmaceutical products with appropriate manufacturing plant and equipment and a license granted by Fimea can manufacture pharmaceutical products industrially. The wholesale trade in pharmaceutical products is therefore subject to a license given by Fimea.
The healthcare system in Finland is rising more significantly in recent years, with the advent of new technology and a substantial commitment from the government by making everyone aware of serious diseases and promoting various services for the general population of the country. The health sector in Finland comprises a strongly regulated three-level public health network and a much smaller portion of the private sector. Whereas the Ministry of Social Affairs and Welfare has a very broad number of decision-making agencies, authorities and local councils which are responsible for providing healthcare to their residents.
Key Market Trends
Healthcare Expenditure in Finland
Health expenditure per capita in Finland has risen at a modest rate over the last 10 years. It is marginally above the EU level of USD 4,228 (PPP) in 2018. Healthcare expenditure accounted for 9.1 percent of Finland's Gross domestic product in 2018, which is below the European level of 9.8 percent. Public financing accounted for 75% of all healthcare expenditure, a smaller proportion than that of the European average which is 79 percent. Any of the outstanding expenditures were charged out of pocket by individuals. Medical and long-term care spending is projected to increase in the near future owing to the aging of the population, as fewer people of working age are required to pay for these things. Advancement has been made in enhancing patient service quality, however, one of the key obstacles is to improve access to primary care and ensure better continuity of treatment across markets.
Prescription Drugs segment Holds the Largest Share and Expected to do Same in the Forecast Period
The Finland Prescription Drugs category is expected to reflect the largest proportion in the predicted period. Market drivers for this sector are technical advances, a conducive governmental landscape, the preference of pharmaceutical companies for prescription drugs, and new product launches are also responsible for this positive trend. It would also be attributed to a rise in population growth and a rise in chronic diseases such as cardiovascular diseases which are also the most common cause of death in the nation, along with a rise in per capita healthcare expenditure in the country and a change in people's disposable income that will drive growth during the forecast period.
The Finland pharmaceutical market is highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions in the country. Some of the Key companies which are currently dominating the market are AbbVie Inc., AstraZeneca plc, Bayer AG, C.H. Boehringer Sohn AG & Ko. KG, and GlaxoSmithKline plc
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