Operating environment
Oriola has identified solid long-term drivers supporting market growth such as ageing population, wellbeing and healthcare, online pharmaceuticals and growth of speciality products.
In the third quarter, the value of the pharmaceutical distribution market grew in Sweden, while growth in Finland remained low.
Recent changes in the geopolitical situation have increased uncertainty in the operating environment, with higher fuel prices and inflationary pressure. Pharmaceutical companies have built inventories to ensure availability of pharmaceuticals. In advisory services, the increased uncertainty has been reflected in more cautious customer decision-making, with longer lead times for new engagements.
Market environment – Pharmaceuticals
The pharmaceutical distribution markets in Finland and Sweden are valued at around EUR 10 billion and have historically been relatively stable during uncertain economic times. In the past three years, the average annual growth rate has been about 6% in value terms.
In the third quarter, the value of the pharmaceutical distribution market at wholesale prices grew by 7.8% (6.3%) in Sweden, measured in Swedish krona (source: IQVIA), and by 0.5% (0.2%) in Finland (source: Pharmaca Health Intelligence). In the same period, according to Oriola’s estimate, the company’s share of the pharmaceutical distribution market in Sweden was approximately 42% (42%) and approximately 46% (46%) in Finland.
In the dose dispensing business, Oriola offers pharmaceuticals and dose dispensing for private and public healthcare sector operators in Finland. The total market size for dose dispensing in Finland in the third quarter was approximately 124,000 (120,000) patients of which Oriola serves approximately 39,000 (39,000).
Market environment – Health products
The consumer health markets in Finland and Sweden are valued at around EUR 1.6 billion. The historical market growth has been 3.4% (2019-2025 CAGR %), while growth is expected to be 3-5% for 2026-2028. In Sweden, OTC (over-the-counter) products in general are expected to see positive value growth over the forecast period. Vitamins, dietary supplements, and sports nutrition will benefit from the overarching health and wellness trend supporting positive volume and constant value growth over the forecast period. In Finland, consumer interest is rising notably in areas such as digestive health and stress relief/relaxation. The market is anticipated to become increasingly polarised, featuring a price-sensitive consumer segment focused on value products, alongside another segment seeking premium quality ingredients, ease of use, and innovation. Some products in the middle ground may migrate towards these two extremes. E-commerce is a well-established and growing sales channel for consumer health products in Sweden, while in Finland it is still in the early stages of expansion. (Sources: Euromonitor, Oriola management reporting)
The consumer confidence indicator in Finland was still weak and below long-term average; the indicator weakened slightly again in September. In Sweden, the consumer confidence indicator rose sharply in September and reached its highest level since December 2021. Despite the increase, consumer sentiment remains broadly in line with the historical average.
(Sources: Statistics Finland, Konjunkturinstitutet)
As published in the Interim Report January-September 2026 on 29 October 2026.