7 Reasons the Nordics are a Hotspot for Healthcare
Many things make the Nordics attractive markets for medical companies wanting to expand their online operations.
For a starter, trust towards digital is high. That means people here aren’t afraid to buy products –especially healthcare and MedTech products – online.
Our region was quick to jump on the digitalization bandwagon. From passport to drivers’ licenses, mobile payments, e-identification, digital healthcare, online banking to digital public services.
Not only that, but the Nordics also have well-educated populations that aren’t afraid to invest in their health.
That’s good news for healthcare, MedTech and pharmaceutical companies wanting to expand their online operations to the region.
From a strong demand for healthcare products, to trust a trust in the medical systems – here are 7 reasons why healthcare and MedTech companies shouldn’t overlook the Nordics.
1. Healthcare is one of the most popular consumer categories within Nordic ecommerce
Buying non-prescription drugs and healthcare products online in the Nordics is considered convenient, easy, and safe. It’s also extremely popular.
According to Statista, healthcare products is the among the most purchased category for online shopping in Sweden, with a whopping 69% of population opting for it.
The convenience of being able to click a few buttons and having access to a wider variety of products offered online, than in traditional brick and mortar pharmacies likely adds to its popularity.
2. A strong demand for healthcare products and services
The entire Nordic region has publicly financed healthcare systems. This ensures access to top-notch healthcare services, without the individual having to incur substantial expenses.
This, in turn, increases the demand for pharmaceutical products, as people with access to free healthcare are more likely to seek it out and use it to improve their health and well-being.
On a cultural level, Scandinavian societies emphasise education and other resources that promote health and well-being. This includes things like access to healthy foods, recreational activities, and mental health services.
3. More money to invest in their health
The economies of the Scandinavian countries, including Denmark, Finland, Norway, and Sweden are some of the most affluent globally, according to Statista.
Residents benefit from low disparities in wages, high employment rates, and access to education and social security.
These factors mean the consumers in the region have more disposable income, which can be used to purchase a wide range of products including pharmaceuticals and healthcare products – this makes them a highly attractive target audience.
The strong emphasis on healthcare in these countries also means healthcare professionals are an attractive target group, as they have resources to buy pharma and health tech products that can improve their practises, and lead to better patient outcomes.
4. It’s easier to develop effective messaging
We’ve built and executed advertising strategies for multiple pharmaceutical and medical giants in the region.
We see similarities in market conditions from one country to another. The Nordic region, being composed of small countries, is relatively homogenous.
This makes it easier to do market research, develop messaging, and launch products here.
Although OTC products are not allowed to be communicated directly to consumers in the Nordics, pharmaceutical companies can advertise their solutions for example by appealing to emotion when talking about diseases.
5. The most digitalized population in the world
A large portion of internet shoppers here engage in regular buying from international eCommerce platforms. More precisely, one-third of online shoppers in Scandinavia engage in monthly cross-border shopping.
This may be due to the area being the most digitalized region in EU. With a whopping 94% of people using the internet at least once a month and up to 90% of the populations being active on social media.
This also makes channels like Facebook, Instagram, and LinkedIn attractive channels to use in the region.
6. More trust in the medical systems
The Nordics have strict regulations for the pharmaceutical industry. This ensures that the drugs and medical products available to consumers are safe and effective, which in turn increases consumer trust.
For Denmark, Norway and Sweden, regulations are enforced by national regulatory authorities, including the Danish Medicines Agency, the Swedish Medical Products Agency, and the Norwegian Medicines Agency.
7. Advanced infrastructure and logistics ensure fast delivery
Pharmaceutical corporations – along with other e-commerce brands – can benefit from the advanced infrastructure and logistics in the Nordic countries.
These systems ensure products are delivered swiftly and dependably. Consumers in this area have high expectations of customer service, and product delivery. They are also willing to pay more for good service, which can be a good opportunity for e-commerce.
The Nordics present a valuable opportunity for companies in the healthcare and MedTech industry.
If you haven’t taken advantage of it – now might be a good time to.
Maybe you’re already established here and are looking for ways you can up your advertising game to get more results?
We’ve helped numerous medical giants establish a presence and advertise in the Nordics. From strategy to creativity and execution, we understand how to bring medical companies into this region.
If you want to learn how we can help you, feel free to reach out to Lasse Storgaard, Executive Director at email@example.com,
or +45 60440020
5. https://www.dailyscandinavian.com/the-scandinavian-e-commerce-market/ https://www.nordicom.gu.se/en/latest/news/denmark-finland-and-sweden-are-eus-most-digital-countries