, and accordingly also in the pharmaceutical industry. Their spending on research and development in relation to the size of the domestic pharmaceutical market is disproportionately high. Scandinavian countries Denmark and Sweden stand out, making it in the top 10
. The same is true for their pharmaceutical production value which is significantly larger than their market.
The two flagships
Therefore, it is not surprising that two of the biggest pharmaceutical companies from Northern Europe originate from these two countries. One is
AstraZeneca, famous during the pandemic for its widely used COVID-19 vaccine. The company was established in 1999 by the merger of the Swedish Astra AB and the British Zeneca Group. Although the company is headquartered in Cambridge, UK, it is still referred to as “British-Swedish”. The other one is
Danish company Novo Nordisk, the global leader in diabetes treatment and recently in focus due to its diabetes and weight loss products Ozempic and
Wegovy. Both companies are among the top 10 biopharmaceutical companies worldwide based on market capitalization. Other Danish companies of global significance are Lundbeck, specialized on antipsychotics, and LEO Pharma, specialized on dermatology.
Production and trade
Denmark and Sweden are both net exporters of pharmaceuticals, also showing their strong productivity. Denmark was ranked top 10 among European countries in 2021,
with a pharmaceutical production value of some 16.8 billion euros. Sweden just closed the top 10, with roughly 10 billion euros of production value. Besides these ‘heavy weights’, Norway looks somewhat lower performing regarding pharmaceutical goods. In the same year, the country had a pharmaceutical production value of 1.4 billion euros. In contrast to its Scandinavian neighbors,
Norway is a net importer of pharmaceutical products and preparations, whereby imports also showed a higher growth rate compared to exports.
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