Sweden’s pharmaceutical exports shot up 27% in first quarter 2019, continuing an upward growth trend in an industry that is increasingly well-renowned internationally for its quality and high technology.
The Swedish healthcare and life sciences sector enjoys a good reputation abroad and is strongly associated with quality and innovation
-Anna Riby, Swecare
Sweden’s pharmaceutical sector is becoming increasingly important to the country’s economy. In 2018, exported medicines from Sweden accounted for SEK 82.2 billion (USD 8.6 billion), the highest export value since the year 2000, according to the country’s national statistics agency. Continuing the upward trend, Sweden’s pharmaceuticals exports jumped 27 percent in the first quarter of 2019, compared with the same quarter in 2018. The total value of pharmaceutical products exported between January and March 2019 is more than SEK 27 billion (USD 2.8 billion).
Pharmaceuticals are Sweden’s fourth largest export, following road vehicles, machinery and electronics. The value of Swedish pharmaceutical exports in 2018 was nearly twice as large as the value of pharmaceutical imports. Swedish pharma’s principal export markets are Germany, China and the USA, and its pharma market is the largest in the Nordics region.
Anna Riby of Swecare Foundation, the export promotion agency for Swedish healthcare and life sciences, underlines the growing importance of China to the Swedish industry. She told us that, “China is especially interested in Sweden’s expertise in elderly care. Expanding elderly care is a priority for the Chinese government as the population is ageing at an accelerated rate. In order to professionalize elderly care, the Chinese government is seeking international parties with which to collaborate… The Swedish healthcare and life sciences sector enjoys a good reputation abroad and is strongly associated with quality and innovation.”