Iceland Pharmaceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Iceland Pharmaceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Iceland Pharmaceutical market studied was anticipated to show a low growth with a CAGR of 2.8%, during the forecast period (2022-2027).

The outbreak of COVID-19 impacted the Iceland pharmaceuticals market in Iceland as healthcare services were significantly reduced due to social distancing measures enforced globally. The Iceland supply chains and the procurement of essential medical supplies are under unheard-of pressure as a result of the COVID-19 pandemic. This comprises pharmaceuticals needed for the treatment of different disorders. According to the study titled "Illicit drug use in Reykjavik by wastewater-based epidemiology" published in the Science of The Total Environment in January 2022, Amphetamine, methamphetamine, 3,4 methylenedioxymethamphetamine (MDMA), cocaine, and cannabis were the most often used illicit drugs in Iceland during COVID-19. Thus, the demand for such drugs increased in Iceland has significantly impacted the market growth during COVID-19.

Further, the factors contributing to the market's growth are the rising geriatric population and the rising incidence of chronic disease, and international partnership. As the demand for pharmaceutical drugs is higher in the aging population, the growing geriatric population in Iceland, which is more susceptible to chronic diseases, supports market growth. According to the study titled " Making Europe health literate: including older adults in sparsely populated Arctic areas" Published in the BMC Public Health in March 2022, By 2037, 20% of all Icelanders are projected to be 65 or older, up from 14% in 2020, and by 2064, over 25%, with the oldest group experiencing the largest rise. In Iceland, rural areas have a higher percentage of residents who are 65 or older than metropolitan areas do. When it comes to health, older folks are particularly problematic. which in turn is connected to a rise in the utilisation of healthcare services and thus it is anticipated that the demand for pharmaceutical is increased in these indiviadual thereby boost the market growth.

Since the last several years, a number of market participants in Iceland, including Novartis, Alvotech, and Coripharma, have boosted their R&D and manufacturing expenditures. The growing investments in R&D are anticipated to support the overall expansion of the Icelandic pharmaceutical business. For instance, in August 2021, EpiEndo Pharmaceuticals closed of a EUR 20m Series A financing round led by Flerie Invest and Iðunn Venture Fund, with existing investors ABC Ventures participating, along with the European Innovation Council (EIC) Fund joining the round. The financing provides money to progress EpiEndo's lead chemical EP395 into Phase IIa, with COPD as the main indication. EP395 entered phase I clinical trials in April. However, there is a growing shortage of a few medications in Iceland, which is anticipated to impede the market's expansion. The Icelandic Medicines Agency (IMA) is taking a number of steps to minimise these kinds of occurrences. For Instance, in January 2022, Amgen revealed that the European Commission (EC) has granted conditional marketing authorization for LUMYKRAS (sotorasib), a first-in-class KRASG12C inhibitor, for the treatment of adults with advanced non-small cell lung cancer (NSCLC) with KRAS G12C mutation and who have progressed after at least one prior line of systemic therapy. With EC approval, and subject to local reimbursement applications, clinicians in all European Union member countries, as well as Norway, Iceland, and Liechtenstein, will be able to offer LUMYKRAS to appropriate patients with NSCLC.Hence, growing product approval in the country supports the market expansion.

Thus, all above mentioned factors supports the market growth during the forecast period. However, shortage of medicine and side effect assoiciated with the medicine restraint the market growth.

Key Market TrendsAntineoplastic and Immunomodulating Agents Segment is Expected to be the Fastest Growing Market

Antineoplastic agents, also known as anticancer drugs, are a broad class of medications that work to slow, inhibit, or stop the growth of tumours (a tumor). Moreover, an immunomodulator is a drug that either boosts or suppresses the immune system, potentially aiding the body in the battle against cancer, infections, or other disorders. One of the main trends driving the segment's rapid expansion is the availability of innovative medications, the existence of a solid pipeline, and government policies that boost disease awareness. Along with this, it is predicted that the industry will benefit from the rising incidence of cancer, an increase in the number of elderly people, and a disorganized lifestyle.

According to the GLOBOCAN 2020 updates, an estimated 1,661 new cancer cases were diagnosed Iceland, with nearly 641 deaths due to cancers. . The increasing incidence of cancer cases is expected to drive the need for advanced cancer therapies for the effective treatment of patients.

Additionally, growing product launches by the key market players are expected to boost the market growth. For instance, in January 2021, Novartis signed a strategic collaboration agreement to in-license tislelizumab from BeiGene, Ltd. in major markets outside of China, accelerating the potential for Novartis to enter the large and growing checkpoint inhibitor field. Tislelizumab is an anti-PD-1 monoclonal antibody specifically designed to minimize binding to FcγR on macrophages. In preclinical studies, binding to FcγR on macrophages has been shown to compromise the anti-tumor activity of PD-1 antibodies through activation of antibody-dependent macrophage-mediated killing of T effector cells. Under the terms of the agreement, Novartis will obtain the development and commercialization rights to tislelizumab including iceland and other countries. Additionally, in April 2022, the European Commission had approved the marketing authorization application for Orgovyx (relugolix, 120 mg) for the treatment of adult patients with advanced hormone-sensitive prostate cancer. The decision applies to all 27 European Union member states, including Iceland, Norway, and Liechtenstein.

Thus, in view of the increasing product approvals and high research activities related to targeted therapies against cancers, the studied segment is expected to grow over the forecast period.

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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