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BMI View: Declining government reimbursement for prescription medicines and the promotion of lowervalue
generic medicines does not bode well for innovative drugmakers selling their products in Sweden,
particularly as the government is the primary purchaser of pharmaceuticals. Over the long term, pushing
costs onto a population with fewer young people to financially support the elderly will ultimately work to
reduce the consumption of higher-value innovative pharmaceuticals.
Headline Expenditure Projections
? Pharmaceuticals: SEK39.50bn (USD4.68bn) in 2015 to SEK39.69bn (USD4.67bn) in 2016; +0.48% in
local currency terms and -0.4% in US dollar terms.
? Healthcare: SEK376.26bn (USD44.62bn) in 2015 to SEK385.99bn (USD45.39bn) in 2016; +2.6% in
local currency terms and 1.7% in US dollar terms.
In BMI's Q416 Risk/Rewards Index, Sweden ranks tenth in the region. Factors such as the country's high
per capita incomes and strong regulatory foundations will continue to promote per capita spending on
pharmaceuticals and healthcare in general. However, the downward pressure on pharmaceutical prices will
continue to be acutely felt in this small market of fewer than 10mn people.
? According to LIF, the collective revenue generated by the top 15 pharmaceutical companies in Sweden
increased from SEK17.42bn (USD2.08bn) in 2014 to SEK19.55bn (USD2.34bn) in 2015, with 13 of the
15 companies recording increases in revenues.
? According to LIF, the collective revenue generated by the top 15 medicines experienced a 22.5% increase
in 2015 - boosted by the commercialisation of Sovaldi, Harvoni and Daklinza in Sweden.
? In July 2016, it was reported that Sweden has entered the race to succeed the UK as the host of the
European Union's medicines agency in the aftermath of the Brexit vote.