Industry revenue of “dispensing chemist in specialised stores“ in Denmark 2012-2024

Until a decade ago, the Danish pharmaceutical industry was thriving, owing to sizeable investments in research and development, low tax rates and a high amount of foreign direct investment. In fact, in 2012, it was the eighth largest producer of pharmaceutical products in the EU, accounting for over four percent of the total production. However, the industry has only witnessed tepid growth ever since, owing to declining investments due to an increased VAT rate, a costly labor force, and restricted sales of OTC medicines. In fact, the country now has the highest VAT rate on prescription only drugs in all of Europe, at 25 percent. As of 2015, the total number of pharmacies in the country amounted to 368. Novo Nordisk, followed by H.Lundbeck and Leo Pharma are some of the leading pharmaceutical companies.

Novo Nordisk witnesses surge in sales amid Covid-19 virus outbreak

Novo Nordisk’s sales grew 16 percent in the first quarter of 2020, over two-fold compared to the initial projections, owing to consumers stockpiling medicines amid the fears caused by the corona virus, as reported by CNBC. As per the revised projections, the company expects sales growth upto six percent for the full year.

Industry revenue of “dispensing chemist in specialised stores“ in Denmark from 2012 to 2024

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.120

The industry classification is based on the NACE Rev.2 - system in Denmark. The industry “dispensing chemist in specialised stores“ has the code “G4773“.

Details on the methodology can be found here.

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