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 second quarter, the value of the pharmaceutical distribution market grew in Sweden, while growth in Finland remained low. During the second quarter, geopolitical developments continued to contribute to an uncertain operating environment, with high fuel prices and inflationary pressure. Pharmaceutical companies continued building inventories to ensure the availability of pharmaceuticals, and in advisory services, the ongoing uncertainty reflected in more cautious customer decision-making and longer lead times for new engagements.
Market environment – Pharmaceuticals
The pharmaceutical distribution markets in Finland and Sweden are valued at around EUR 9 billion and have historically been relatively stable also during uncertain economic times. In the past three years, the average annual growth rate has been about 6% in value terms.
In the second quarter, the value of the pharmaceutical distribution market at wholesale prices grew by 9.9% (6.0%) in Sweden, measured in Swedish krona (source: IQVIA), and by 0.2% (2.7%) 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 around 43% (43%) and about 46% (46%) in Finland.
In the dose dispensing business, Oriola offers pharmaceuticals and dose dispensing for private and public healthcare sector operators. The total market size for dose dispensing in Finland in the second quarter was around 123,000 (120,000) patients, of which Oriola serves about 39,000 (38,000).
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, although the indicator rose in June to the highest level since February 2022. In Sweden, the confidence indicator for consumers increased slightly but continues to indicate weaker-than-normal sentiment. (Sources: Statistics Finland, Konjunkturinstitutet)
As published in the Half-Year Report January-June 2026 on 17 July 2026.