Healthcare industries in the US
© UnsplashThe campaign is part of Innovation Norway's program for large export ventures, High Potential Opportunities (HPO). The goal is to position the Norwegian healthcare industry towards the US market, which is the world's largest health market.
The targeted sectors includes both medical equipment, digital health technology, biotechnology and pharmaceuticals, and there will be a close cooperation with our four health-related clusters, their member companies, but also other relevant companies working towards the American health market.
Major projects
The United States is the country in the world that spends most money on health services per capita, and the trend is that this will increase further.
Calculations show that the USA alone accounts for over 40 % of the world market for pharmaceuticals with approximately USD 574 billion, and further growth is expected in areas where Norway has competitive advantages. Also, within MedTech this market accounts for about 40 % of the global market.
Norway has taken a smaller share in this market than comparable countries have, and we believe that a more focused market effort combined with more mature companies will be able to change this.
In the US, we find many of the same challenges as in Norway within healthcare, with an increasing volume of lifestyle diseases, an aging population and relatively fewer healthcare workers who must contribute to good care.
Many Norwegian companies have good solutions to these challenges, and we see that there are several Norwegian companies that have shown that it is possible to close sales in this export market.
Norwegian solutions
Norway has several advantages in this market, and this applies particularly to this.
- Personalized medicine
- Digital health solutions
- Sustainable pharmaceutical production
The Norwegian healthcare industry has a good reputation internationally, and this is a position we must develop and strengthen further. In a Menon report from 2022, it also appears that this industry has developed quite a lot in Norway in recent years and that we now have a good number of companies that are in a good position to take market shares in export markets.
Team Norway
Team Norway is already engaged in this work, in which both the Embassy, the Consul General, Export Finance Norway and Innovation Norway will be involved.
Innovation Norway is strengthening its team in the US with 1-2 more industry experts as a result of this investment. This will help to better cover the demand for sufficient market insight, network and facilitation of market entrance.
In addition, our four health clusters will also be central to this initiative:
- Norway Healthtech
- Norwegian Smart Care Cluster
- Oslo Cancer Cluster
- The Life Science Cluster
The project manager is Matyas Kolsofszki.
Project coordinator in Innovation Norway is Zacharias Holm, Zacharias.Holm@innovationnorway.no