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BMI View: As Norway's economy continues to rebalance away from oil dependence, industrial policy
aimed at boosting production capacity and research in the health sector is set to strengthen. In fact,
Norway's government has identified the life sciences and biomedical sector as a priority area in terms of its
long-term growth strategy, suggesting that we will see further policy developments to attract investment in
the sector over the coming years. Meanwhile, we expect demand-side market growth drivers, such as ageing
and high spending per capita on healthcare, to translate to sustained pharmaceutical market growth over
the forecast period.
Headline Expenditure Projections
Pharmaceuticals: NOK23.40bn (USD2.78bn) in 2015 to NOK23.71bn (USD2.70bn) in 2016; +1.3% in
local currency terms and -2.6% in US dollar terms. Forecast revised upwards in local currency terms and
slightly downwards in US dollar terms from last quarter.
Healthcare: NOK316.68bn (USD37.56bn) in 2015 to NOK327.80bn (USD37.39bn) in 2016; +3.5% in
local currency terms and +0.5% in US dollar terms. Forecast broadly in line in local currency terms and
revised downwards in US dollar terms from last quarter.