Understanding the Nordic market

Nordic countries are very specific as innovation-focused and have a research-concentrated drug and device development approach. As a result, the Nordics’ biotech industry is driven by investment (from both public and private sectors) and government support for research and development.

Aside from many big pharma companies, the Nordics are home to a steadily increasing number of small to midsize biotech and MedTech companies and startups focusing on R&D, particularly in areas such as diabetes, cancer and rare diseases (speciality pharma companies).

This concentration on Research & Innovation in the region is manifested in many tailored events in the Nordics, such as the annual NLS Days or the MVA Summit.

Nordics in the EUs are a beacon in research and innovation. Life sciences are becoming more digitalized and investing more in Artificial Intelligence solutions, and Nordic’s pharma and MedTech are the front runners in digitalization. In addition to pharmaceuticals and medical devices, the Nordic region is a stronghold of the digital health sector, developing innovative technologies for healthcare delivery and patient engagement.

The ever-changing landscape of pharma and continuous update of regulations results in companies needing services to support their operations.

The Nordic countries strongly focus on cost containment in healthcare, which can pressure pharmaceutical companies to lower their prices. However, the regulatory environment can be complex, which poses challenges for pharmaceutical companies when approving new drugs in that region.

Nordics is also very competitive when it comes to a skilled workforce. Being known as a life-science hub, access to educated talent in this region can be difficult; hence, companies rely on trusted providers who can support them.

Another of the Nordic region’s major focus points is sustainability, which strongly focuses on environmental issues and social responsibility. Therefore, pharmaceutical companies must demonstrate commitment to these issues to maintain their social license. Additionally, the said companies expect similar commitment to sustainability from their business partners.

PLG, as a solution provider focused on strategic collaboration, addresses all the abovementioned key challenges.

PLG identified these changes within the Nordics and by extension the life science industry, in 2022, moved to acquire Pharma IT. Pharma IT being an expanding leader in the digitalization space and being located in Denmark made for a geographically strategic asset. PLG now offers a range of digitalization services to pharma and MedTech companies, such as Regulatory compliance, Data management and analysis and Digital health solutions. ProductLife in conjunction with Pharma IT experts can help clients identify and evaluate new technologies and trends in the healthcare industry and develop innovative digital solutions to accelerate growth.

Already known for our experience in data management and analysis, PLG helps pharma companies collect and manage data and analyze that information to gain relevant insights. This can help companies make informed decisions and optimize their digital investments.