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 healthcare market.
The targeted sectors includes both medical equipment, digital health technology, medical devices, biotechnology and pharmaceuticals, and there will be close cooperation with the health-related clusters, their member companies, and other relevant stakeholders 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 this trend is projected to 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, 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 providing good care.
Many Norwegian companies have great solutions to these challenges, and we see several Norwegian companies that have shown it is possible to close sales in this export market.
Norwegian solutions
Norway has several advantages in this market, and this applies particularly to:
- Personalized medicine
- Remote care
- Oncology
- Digital health solutions
- Sustainable pharmaceutical production
The Norwegian healthcare industry has an excellent 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 well positioned to take market shares in the US.
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 has strengthened its team in the US with two more industry experts as a result of this investment. This will help better cover the demand for sufficient market insight, network and facilitation of market entrance.
The project manager is Zacharias Holm, Zacharias.Holm@innovationnorway.no