The quality of the education allows the region to be an extensive producer of patents in the field. For 2021: Denmark had 699 patents (195 in Pharma, 241 in Biotech top 10 globally, 263 in Medtech), Sweden had 459 patents (133 in Pharma, 72 in Biotech, 254 in Medtech), Finland had 121 patents (34 in Pharma, 24 in Biotech, 63 in Medtech), Norway had 90 patents (34 in Pharma, 24 in Biotech, 32 in Medtech) and Iceland had 42 patents (18 in Pharma, 2 in Biotech, 22 in Medtech).
The Nordic Health Tech sector also benefits from a supportive regulatory environment and a comprehensive public healthcare system that fosters innovation while ensuring patient safety and data privacy. This combination of robust regulation and innovation-friendly policies has created an environment conducive to the development and adoption of novel Health Tech solutions.
In addition, the region is benefiting from a number of tailwinds that help push the health tech industry forward:
Affluent Region: Nordic countries — Denmark, Finland, Iceland, Norway, and Sweden — are well-positioned to foster growth in the Health Tech industry. The region is affluent, ranking as the tenth-largest economy globally in terms of GDP. This economic prowess, coupled with the region's digital advancement, provides a robust foundation for tech-centric ventures.
Aging Population: As of 2022, an estimated 20% of the Nordic region's population is over 65 years old, a demographic trend that amplifies the need for advanced health solutions and services. The region has also shown resilience and adaptability in health crisis management, with effective responses to the COVID-19 pandemic.
Universally Available and Equitable Healthcare System: Healthcare in the Nordic countries is universally available and state-covered, offering a cost-efficient and inclusive health model. These countries typically rank highly in life expectancy, reflecting the efficacy of their healthcare systems. For instance, as per the latest OECD data, the average life expectancy in Norway is 82.5 years, with Sweden (82.7 years), Denmark (81 years), Finland (81.7 years), and Iceland (82.9 years) showcasing similar trends.
Extensive Health Data Records: The Nordic countries have some of the most comprehensive health data registers globally. These registers contain information on patient demographics, diagnoses, treatments, and outcomes, which are collected consistently across the entire population. They are a valuable resource for medical research and a crucial asset for developing.