Operating environment

Consumer confidence has weakened and inflation is at an all-time high, which has affected consumer behaviour. Energy and fuel prices as well as labour costs in Europe have increased during 2022, driven by the geopolitical situation.  
 
In the first quarter of 2022, consumers prepared for a crisis by hoarding pharmaceuticals especially in Sweden and societies enhanced their pharmaceutical reserves, as well. During the second and third quarters market demand returned to a more normal level. 
 
The COVID-19 pandemic is continuing in Finland and Sweden and may still impact Oriola’s operating environment. However, the market recovery continued during the third quarter and the volume demand for both pharmaceuticals and other health and wellbeing products was above the 2019 levels. The raw material supply for medical products became tighter during the quarter due to the COVID-19 restrictions in China, and this has affected the availability of some medicines in Sweden and Finland.