Norwegian health industry targets the world's largest healthcare market

The new initiative is part of our portfolio of strategic export campaigns, High Potential Opportunities (HPO). Our aim is to position Norway's healthcare industry in the US.

The project covers medical devices, digital health technology, biotechnology and pharmaceuticals, and will involve close collaboration with Norway's four health-related clusters and their member companies.

The US spends more on healthcare per capita than any other country, and this figure is expected to continue rising. Estimates show that the US alone accounts for more than 40 per cent of the global pharmaceutical market, worth approximately USD 574 billion, with further growth expected in areas where Norway has a competitive advantage.

Norway has secured a smaller share of this market than comparable countries. We and the industry now aim to change this through a more targeted initiative. The project will work with companies that are ready to export.

'The US faces many of the same challenges as Norway, including lifestyle-related diseases, an ageing population and relatively fewer healthcare professionals to provide high-quality care. Many Norwegian companies offer effective solutions to these challenges, and several have shown that it is possible to establish a presence in this export market,' says our CEO, Håkon Haugli.

Norway has several advantages in this market, particularly in precision medicine, digital health solutions and sustainable pharmaceutical manufacturing. The new HPO initiative will cover health technology, medical devices and biopharma.

'Norwegian solutions have a strong international reputation in these areas, and we must build on and strengthen this position,' says Haugli.

A 2022 report by Menon also shows that this industry has developed considerably in Norway in recent years, and that we now have a number of companies well positioned to gain market share in major export markets.

One of our first steps in this initiative will be to strengthen our team in the US with one or two industry experts, enabling us to provide better market insights, networks and support.

Team Norway is already engaged in this work, which will involve the embassy, the consulate general, Eksfin and us.

Our four health clusters will also play a key role in this initiative:

• Norway Healthtech
• Norwegian Smart Care Cluster
• Oslo Cancer Cluster
• The Life Science Cluster

We have started work on establishing the project organisation and expect it to be fully operational after summer 2023.

Would your company like to join our healthcare initiative in the US? Register your interest with one of our offices in the US