Sweden Pharmaceuticals & Healthcare Report Q4 2013 - New Market Research Report

We remain of the opinion that the total value of the Swedish pharmaceutical sales will continue to decline in the current and coming years, largely on account of downward pressure from patent expirations and the higher uptake of generic medicines. Nevertheless, the country remains a hub of research and development (R&D), as evidenced by the number of recent deals in the industry.

Headline Expenditure Projections

* Pharmaceuticals: SEK36.14bn (US$5.34bn) in 2012 to SEK35.32bn (US$5.59bn) in 2013; -2.3% in local currency terms and +4.8% in US dollar terms. Local currency forecast lower in relation to the previous quarter's projection, on account of new data.

* Healthcare: SEK332.25bn (US$49.07bn) in 2012 to SEK340.10bn (US$53.85bn) in 2013; +2.4% in local currency terms and +9.7% in US dollar terms. Local currency forecast broadly unchanged in relation to the previous quarter's projection.

Full Report Details at
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Risk/Reward Rating: While Sweden's strong emphasis on the regulatory environment remains a draw for research-based multinationals, a major factor negatively affecting the business environment for drugmakers is its small overall market size. In additional to downward pressures on pharmaceutical spending, this factor will continue to depress the country's overall attractiveness. In fact, Sweden has slipped down the regional table in Q413 and is now ranked seventh out of ten key markets in Western Europe.

Key Trends And Developments

* In July 2013, Swedish pharmaceutical company Orexo was reported to be entering a new phase with increasing effort towards commercialisation of the company's lead product, Zubsolv (buprenorphine +naloxone) sublingual tablet. The product was approved by the FDA earlier in the month for use as maintenance treatment for people with opioid dependence.
* In the same month, Swedish pharmaceutical R&D company Cantargia AB raised SEK7mn. The company is a joint investment by Sunstone Capital, which invested EUR0.5mn from its Early Engagement Program, and Lund University Bioscience (LUBio), which invested SEK3mn. After the investment, Sunstone Capital and LUBio own 8 % and 57 %, respectively, while the remaining shares are owned by the founders, Innovagen and Microlund. The company intends to use the capital infusion to further characterise its lead monoclonal antibody (MAb) and prepare for GMP production and preclinical safety studies.
* In July 2013, Sweden-based Unimedic, a subsidiary of Swedish private equity firm MedCap, agreed to acquire local pharmaceutical parallel import arm Cross Pharma from its parent company Medivir for a cash consideration of SEK125mn (US$18.68mn). Ernst & Young Corporate Finance was appointed as the financial advisor, while Swedish firm Nord & Company acted as legal advisor in the deal. The deal further fortifies the financial standing of Cross Pharma, according to Medivir's CEO Maris Hartmanis.

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