Paranova – proud pioneer in the Nordic pharmacy industry
Why is there no import of pharmaceuticals in Denmark? The simple question was raised at a dinner party in 1989, and with the single internal market and free movement of goods within the EC, it seemed a fair question, but the founder of Paranova, Erik B. Pfeiffer, had to fight for this right for many years. Why should the Danish consumer or state pay more for the same original products than the British, Spanish or Greek?
14 times the price in Greece
In the early 1990s, a pharmaceutical for cancer treatment cost 14 times more in Denmark than in Greece and insulin could be bought at half the Danish price in Spain, and the Danish medical system paid for it all. But soon Paranovas pioneering effort and competitive prices helped reduce the costs of pharmaceuticals in Denmark and later in the Nordics, and it changed the entire price system at the pharmacies.
Contributing to €418 million worth of savings every year
During the years the importing part of the pharmaceutical industry grew as well, making the savings even more significant. A study shows that the total direct savings on medicine for the period 2004 to 2009 in Denmark, Sweden, Germany and the United Kingdom amounted to €2,5 billion, corresponding to an average annual direct saving from parallel imports for the period of €418 million. Adding to this is the indirect savings, where price elasticities is a significant contributor.
Part of Europe’s 3rd biggest reimport group and still committed to pioneering
Today, Paranova is still committed to pioneering and ensuring high quality and lower prices on original medical products. We are active in Denmark, Sweden, Norway and Finland, always seeking new ways to improve the market, while keeping quality in the top. Paranova itself, is now a part of The MPA Pharma group based in Germany and with activities in Austria as well. In both 2016 and 2017 the Paranova Group revenue went over 1 billion Danish kroner with 2.8 million repackaged pharmaceuticals (in 2017) and we continue to grow.