The Iceland Pharmaceutical market studied was anticipated to show a low growth with a CAGR of 2.8%, during the forecast period. In Iceland, various market players such as Novartis, Alvotech, and Coripharma have increased their investment in R&D and manufacturing from the past few years. As per the data published by the Frumtök (the Icelandic Association of the Pharmaceutical Industry), one of the market players Novartis has contributed over ISK 160 million over the previous three years. The rising investments in research and development are expected to supplement the overall growth of the pharmaceutical market in Iceland. However, there is a rise in the shortage of few medicines in Iceland which is expected to create hindrance in the growth of the market. While the Icelandic Medicines Agency (IMA) is taking various initiatives to reduce such types of instances. This agency has a primary focus on the prevention and management of medicines shortages by devising streamlined processes and enhanced communication pathways.
Key Market Trends
Healthcare Expenditure in Iceland
In Iceland, the health system is mostly publicly funded and there are seven health care regions, and the national health insurance system is financed through the annual national budget. The health expenditure per capita in Iceland is slightly higher as compared to the EU average but lower as a percentage of GDP. According to the data published by the OECD health spending per capita amounted to USD 3,735.2 in 2015 which is increased to USD 4,349.1 in 2018. However, Iceland spent 8.3 % of its GDP on health, much less than the EU average of 9.8 % in 2017. In Iceland, the public expenditure accounts for the bulk of health expenditure which is amounting to almost 82% of current health expenditure in 2017. The healthcare expenditure in Iceland is expected to grow in the coming years owing to the rising chronic disease and supportive government initiatives.
Anti-neoplastic and Immunomodulating agents segment Holds the Largest Share and Expected to do Same in the Forecast Period
The Anti-neoplastic and Immunomodulating agents segment comprises preparations used in the treatment of malignant neoplastic diseases and immunomodulating agents. This group is expected to hold the largest market share owing to the rising cases of various types of cancer in Iceland. As per ATC classification, it is represented by letter L. As per the estimates of Globocan, in Iceland, there were 1,510 estimated new cases of cancer in 2018. While, breast cancer, lung cancer, prostate cancer, and colorectal cancer were the most frequent cancers. Furthermore, as per the data published by the Icelandic Medicines Agency (IMA) in 2018 the Antineoplastic and Immunomodulating agents segment created a turnover of Kr. 5,771.1 Million. The sales of Antineoplastic and Immunomodulating agents is expected to rise owing to the rising cases of cancer.
Competitive Landscape
The Iceland pharmaceutical market is moderately 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 Alvogen, Alvotech, Amgen, EpiEndo Pharmaceuticals ehf, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Pfizer Inc, and Sanofi SA
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Table of Contents
Methodology
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