In addition to investments, the branch sees signs of a positive growth trend both in the number of clinical trials and of patients participating in them. According to the investment survey performed by Pharma Industry Finland PIF, the pharmaceutical companies are particularly interested in increasing their register-based research operations in Finland. For example, the research on adverse effects of medicines utilises register data.
The favourable trend in the investments made by pharmaceutical companies enhances the branch’s role as a promising actor promoting economic growth in Finland.
“We provide solutions primarily for people's health and, at the same time, the new jobs and tax revenue generated through the investments in the pharmaceutical industry contribute to a recovery of the country’s economy”, PIF’s General Manager Jussi Merikallio commented on the trend at the launch of PIF's review of business conditions.
The pharmaceutical companies have made most of their investments in R&D. The increase in the number of clinical trials is shown, not only in the results of the PIF questionnaire but is also reflected in the notifications made to the Finnish Medicines Agency FIMEA. The Finland-based clinical trials primarily focus on cancer, cardiovascular diseases and neurological conditions, such as dementia.
Growth in exports of medicines and medicinal devices
The Finnish exports of pharmaceutical substances and medicinal devices grew by over six percent in 2016. Medicinal devices include, for example, the hormonal IUDs developed in Finland and manufactured in Turku. The major part of Finnish medicine exports go to the EU but also Russia and Switzerland are important export markets.
Pharmaceutical market shows a steady trend
Last year, the Finnish pharmaceutical market developed at a constant rate. The pharmaceutical sales at wholesale prices grew by 3.8 percent, totalling 2.4 billion euro. The medicines reimbursed by the National Insurance Institution Kela accounted for half of the sum and the hospital medicines for a good fourth of the whole.
“Finnish people are ageing, and this causes an increase in the occurrence of various chronic diseases. At the same time, however, the development in pharmaceutical R&D makes it possible to avoid hospitalisation and to treat the patients at home. Paid through the National Insurance Institution Kela, the share of medicine reimbursements has not grown and is about seven percent of the overall healthcare expenditure", PIF’s analyst Nadja Tamminen added.
For further information:
Jussi Merikallio, General Manager, Pharma Industry Finland (PIF), tel. +358 50 667 48
Nadia Tamminen, Analyst, Pharma Industry Finland (PIF), tel. +358 40 748 4373