Industry · municipality
The Pharmacy Industry in Midt Telemark: Current Situation and Future Potential
A detailed analysis of companies, economic trends, and development opportunities
Executive Summary
Key Figures and Development
The pharmacy industry in Midt Telemark has shown stability with 3 registered companies in the municipality. The employment development has been dynamic, with a strong increase from 2019 to 2020 (271.4%) and an average annual growth of 6.7% in sales since 2016. The EBITDA margin stands at 6%, indicating good operational efficiency. The organizational form AS dominates with 3 companies, and none of the registered companies are bankrupt. The industry is distributed across two centers: Bø I Telemark and Gvarv, with 2 and 1 companies respectively.
Economic Overview
Sales and Employment Development
Sales Development (NOK):
| Year | Sales (NOK) | Annual Growth |
|---|---|---|
| 2016 | 18.5M | - |
| 2017 | 19.8M | +6.7% |
| 2018 | 22.8M | +15.2% |
| 2019 | 20.9M | -8.4% |
| 2020 | 80.0M | +283.1% |
| 2021 | 94.9M | +18.7% |
| 2022 | 88.0M | -7.3% |
| 2023 | 80.9M | -8.0% |
| 2024 | 85.4M | +5.5% |
| 2025 | 95.0M | +11.4% |
Employment Development:
| Year | Employment | Annual Growth |
|---|---|---|
| 2016 | 9 | - |
| 2017 | 8 | -11.1% |
| 2018 | 8 | +0.0% |
| 2019 | 7 | -12.5% |
| 2020 | 26 | +271.4% |
| 2021 | 28 | +7.7% |
| 2022 | 27 | -3.6% |
| 2023 | 30 | +11.1% |
| 2024 | 29 | -3.3% |
| 2025 | 29 | +0.0% |
| 2026 | 33 | +13.8% |
Sales experienced an extreme increase in 2020, likely due to increased demand during the pandemic. Employment development has been more volatile, but has stabilized after 2021.
Companies in the Industry
Registered Companies
Vitusapotek Bø (Stasjonsvegen 24, Bø I Telemark):
- Organizational form: AS
- Founded: 1987
- Employment: 19
- Sales: 47.3M NOK
- EBITDA: 2.9M NOK
Apotek 1 Bø (Bøgata 44, Bø I Telemark):
- Organizational form: AS
- Founded: 2012
- Employment: 9
- Sales: 0 NOK (inactive)
Vitusapotek Gvarv (Gamlegata 56, Gvarv):
- Organizational form: AS
- Founded: 1965
- Employment: 7
- Sales: 23.6M NOK
- EBITDA: 1.5M NOK
All companies are AS entities, and none are bankrupt. Apotek 1 Bø has not reported activity, which may indicate a temporary pause or closure.
Business Geography
Geographic Distribution
Bø I Telemark:
- 2 companies
- 28 employees
- Sales: 47.3M NOK
- EBITDA: 2.9M NOK
Gvarv:
- 1 company
- 7 employees
- Sales: 23.6M NOK
- EBITDA: 1.5M NOK
Bø is the most important center for the pharmacy industry in the municipality, with double the number of companies and employees compared to Gvarv. There are potential opportunities to develop Gvarv as a new pharmacy area, especially with the high sales growth in 2020.
Business Dynamics
Operational Dynamics and Bankruptcy Statistics
None of the registered companies in the pharmacy industry in Midt Telemark are bankrupt. This indicates a stable industry with good operational efficiency. The EBITDA margin stands at 6%, which is competitive compared to other sectors. The only exception is Apotek 1 Bø, which has not reported sales or operating results. This may be a temporary situation that should be monitored.
Outlook
Future Outlook for the Pharmacy Industry
The pharmacy industry in Midt Telemark shows positive trends with stable growth in sales and employment. The extreme increase in 2020 (283.1%) may have been a one-off event, but the growth since 2021 (11.4% in 2025) indicates sustainable development. With 33 employees in 2026 and an expected increase of 13.8%, there are potential opportunities to develop more pharmacies in the municipality, especially in Gvarv. Innovation and digitalization can be key factors to further improve efficiency.
Outlook for the Crafts Sector
The crafts sector in Midt Telemark has a broader base with 4 companies, compared to the pharmacy industry with 3 companies. Sales development in the crafts sector has been somewhat more dynamic, with an increase from 18.5M NOK in 2016 to 100.1M NOK in 2025. Employment development shows a similar trend, with an increase from 9 to 36 employees from 2016 to 2026. One of the key peer companies in the crafts sector is Optiker Torstein Nyhus A/s (Stasjonsvegen 23, Bø I Telemark), with sales of 5.1M NOK and EBITDA of 1.4M NOK. This shows that the crafts sector has higher growth potential compared to the pharmacy industry, but pharmacies have better operational efficiency with higher EBITDA margins.
Other companies in håndverk (not in pharmacy)
| Company | Industry | Address | Sales | Employees | EBITDA |
|---|---|---|---|---|---|
| Optiker Torstein Nyhus A/s | medical/orthopaedic goods store | Stasjonsvegen 23, 3800 Bø I Telemark | NOK 5.1M | 3 | NOK 1.4M |
Conclusion
The pharmacy industry in Midt Telemark shows a stable and growth-oriented development with good operating margins and no bankruptcies. With 3 companies and an expected increase of 13.8% in employment in 2026, there are potential opportunities to develop more pharmacies in the municipality, especially in Gvarv. The crafts sector has a broader base and higher sales growth, but pharmacies have better operational efficiency. For entrepreneurs considering starting a pharmacy business in Midt Telemark, the municipality can offer a stable and growth-oriented environment. SmartGrunder can help find suitable locations and develop strategies to ensure sustainable growth in the industry.