On average, over-the-counter medicines are 37 percent cheaper in Sweden, and prescription medicines are about 11 percent less expensive, according to a new study by consulting firm Copenhagen Economics.
The study compared medicines by product category and also took into account the two Nordic countries’ different VAT levels.
The largest price differences for over-the-counter medicines were revealed in Swedish pharmacies’ online stores, where OTC meds were up to 48 percent cheaper than in Finland.
More competition in Sweden
The study suggests the difference is explained by the fact that there is more competition in Sweden, where pharmacies’ margins are significantly lower than in Finland.
Drug prices are also less regulated than in Finland. In Sweden, prices can vary between a pharmacy’s online store and its brick-and-mortar store.
Finally, unlike in Finland, over-the-counter medicines in Sweden are available for purchase in grocery stores and kiosks, which increases competition.
Changes may be coming
The Finnish government is currently examining law changes that would liberalise the sale of over-the-counter medicines.
A Ministry of Social Affairs and Health working group is studying which OTC medicines that might be suitable for sale in places other than pharmacies.
Some of these medications involve risks, says Kimmo Virtanen, CEO of Yliopiston Apteekki, Finland’s largest pharmacy chain.
“For example, painkillers are powerful drugs that differ from prescription drugs only in terms of dosage and long-term use. They are intended for the treatment of acute illnesses and they’re not intended for sale without proper advice.”
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