The pharmacy benefit management industry in the Nordics plays a crucial role in optimizing medication therapy and controlling healthcare costs. It involves companies that administer prescription benefits, helping insurers and employers manage prescription drug programs. Key players in this sector include pharmacy benefit managers (PBMs), health insurance providers, and technology solutions that facilitate patient support and medication management. Currently, there’s a shift towards digital solutions and telehealth, enhancing service delivery and user experience. Companies are also increasingly focusing on data analytics to monitor and improve patient outcomes, marking an evolution in how pharmacy benefits are managed in the region.

The featured investors consist of private equity, venture capital, and corporate firms primarily based in Stockholm, Oslo, and Helsinki. Established between 1936 and 2006, these firms vary in size from startups with just a few employees to larger institutions with thousands of staff. In 2024, their investment activity showcased a substantial commitment to pharmacy benefit management, with companies like EQT Group leading the pack with 30 investments. This dynamic mix of investor types points to an active interest in shaping the future of healthcare solutions in the Nordics.

Top 8 Pharmacy Benefit Management Investors in the Nordics

1. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. In the healthcare sector, EQT has made significant investments that align with pharmacy benefit management. For instance, the acquisition of Sagility for $1.2 billion in 2021 highlights EQT's commitment to healthcare services. Additionally, the acquisition of MHC Asia Group, which manages corporate healthcare benefits in Southeast Asia, and the investment in LBX Pharmacy, which raised $36 million in Series A funding, further illustrate EQT's engagement in the pharmacy benefit management landscape. Furthermore, the upcoming acquisition of GeBBS Healthcare Solutions for over $800 million indicates EQT's strategic focus on healthcare solutions that can impact pharmacy benefit management.

2. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, with a notable focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, aiming to create long-term value and sustainability. In recent years, Nordic Capital has made significant investments in the healthcare sector, including the acquisition of Inovalon Holdings, a company that provides data analytics and technology solutions for healthcare, and IntegriChain, a pharma tech firm that plays a role in the pharmacy benefit management ecosystem. These transactions highlight Nordic Capital's commitment to investing in companies that enhance healthcare delivery and management, making them a relevant player in the pharmacy benefit management industry.

3. Kinnevik

• Website: kinnevik.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1936
• Headcount: 11-50
• Number of deals in 2024: 10
• LinkedIn: investment-ab-kinnevik

Kinnevik is an investment company based in Stockholm, Sweden, founded in 1936. They specialize in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help these companies scale and create long-term value. In the healthcare sector, Kinnevik has made significant investments, including a $126 million Series D funding round for Transcarent in May 2024, which focuses on simplifying healthcare for consumers. They also participated in a $100 million Series E funding round for Spring Health in July 2024, a company that offers mental health benefits and solutions. Additionally, Kinnevik was involved in Pelago's funding rounds, which focus on substance use management, further demonstrating their commitment to healthcare innovation. These transactions highlight Kinnevik's active role in the healthcare landscape, particularly in areas that intersect with pharmacy benefit management.

4. Verdane

• Website: verdane.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1985
• Headcount: 51-200
• Number of deals in 2024: 7
• LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has made significant investments in the pharmacy sector, including the acquisition of Apoteka in July 2022, which indicates their commitment to pharmacy-related services. Additionally, their investment in Farmasiet in May 2019 further highlights their engagement in the pharmacy benefit management context. These transactions demonstrate Verdane's strategic interest in the pharmacy industry, aligning with their broader investment philosophy.

5. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan has made significant strides in the pharmaceutical sector, exemplified by its acquisition of a 45% stake in Medisorb, a Russian pharmaceutical manufacturer known for its pain relief tablets. This investment reflects CapMan's strategy to tap into the growing generic drug market in Russia, showcasing its capability to identify and invest in promising pharmaceutical opportunities. While CapMan has a strong presence in the Nordic markets and a diverse portfolio, its involvement in the pharmacy sector through Medisorb positions it as a potential player in the pharmacy benefit management landscape.

6. Oriola Corporation

• Website: oriola.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 2006
• Headcount: 1001-5000
• LinkedIn: oriolacorporation

Oriola Corporation is a corporate investor based in Espoo, Uusimaa, Finland, founded in 2006. The company operates primarily in the healthcare and pharmaceutical sectors, providing a range of services such as pharmaceutical distribution, market access consulting, and patient support. Oriola's clientele includes pharmacies, healthcare providers, and pharmaceutical companies, all of whom depend on Oriola for efficient access to medicines and compliance with regulatory standards. In 2016, Oriola acquired Farenta, enhancing its capabilities in the pharmaceutical distribution space. More recently, in January 2025, Oriola announced its agreement to acquire MedInfo ApS, a Danish company specializing in medical information and patient support programs, which is expected to bolster Oriola's service offerings across the Nordic markets. These transactions highlight Oriola's commitment to expanding its role in the healthcare sector, particularly in areas that intersect with pharmacy benefit management.

7. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has invested in Trialbee, a technology provider for patient matching and engagement in clinical trials, which raised significant funding rounds with their support. Additionally, they have backed NuvoAir, a digital care platform that focuses on decentralized clinical trials, further demonstrating their commitment to advancing healthcare solutions. Through these investments, Industrifonden aims to create long-term value by partnering with passionate founders in the healthcare sector.

8. Maki.vc

• Website: maki.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Finland, founded in 2018. The firm specializes in seed-stage investments in deep tech and brand-driven companies, providing funding and support to early-stage startups to help them navigate growth and innovation challenges. Maki.vc operates primarily in the Nordic region but maintains a global investment mandate. Notable transactions include investments in Neuro Event Labs, a healthtech company focused on epilepsy diagnostics, which raised €3.9 million in Series A funding with Maki.vc's participation. This investment highlights Maki.vc's engagement in the healthcare sector, which is relevant to pharmacy benefit management. Additionally, they participated in funding rounds for Zevoy, a startup that raised significant capital for expansion, although it is not directly related to pharmacy benefit management. Overall, Maki.vc's portfolio includes companies that may have implications for healthcare and pharmacy management, but their primary focus remains broader than just pharmacy benefit management.

Pharmacy Benefit Management Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
Verdane	Oslo, Oslo, Norway	51-200	1985	7
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Oriola Corporation	Espoo, Uusimaa, Finland	1001-5000	2006	0
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Maki.vc	Helsinki, Uusimaa, Finland	1-10	2018	11

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