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Sweden’s exports of pharmaceuticals increased sharply last year

New figures from SCB (Statistics Sweden) show that pharmaceuticals are becoming an increasingly important export product as the positive trend continues and exports continue to grow in 2023.

According to SCB, Sweden’s GDP decreased by 0.8 percent during the second quarter, with reduced goods exports the main explanation for the decline. The pharmaceutical industry, on the other hand, shows continued tailwinds and exports increased by 8 percent in value and 1 percent in volume compared to the corresponding quarter last year. Looking at the first half of 2023, pharmaceutical exports increased by 12 percent compared to 2022.

“That pharmaceutical exports continue to grow from the record year in 2022 confirms that pharmaceuticals are becoming an increasingly important Swedish export product. It is a position of strength for Sweden that is crucial to maintain for continued sustainable growth in the light of otherwise declining numbers,” says Frida Lundmark, expert in Life Science at Lif.

More than doubled in the last 10 years

The figures show that 2022 was a remarkably strong year for pharmaceutical exports, as Sweden exported pharmaceuticals worth SEK 139.4 billion. This is an increase of 40 percent compared to 2021. Pharmaceutical exports have grown strongly in Sweden and have more than doubled over the past 10 years. Pharmaceutical exports now account for roughly seven percent of total exports.

“Pharmaceutical exports have a major impact on the Swedish economy. At the same time, there is very fierce international competition for pharmaceutical company’ investments in research, development and production. For the positive trend to continue in the future, it is incredibly important that Swedish investments in research and innovation come together with a European framework that provides optimal conditions,” says Frida Lundmark.

Source: Lif Sweden

Photo of Frida Lundmark: Gunilla Lundström/Lif

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