Industry · municipality
The Pharmacy Industry in Vestvågøy: Current Status and Future
Analysis of companies, economic trends, and opportunities for entrepreneurs in Vestvågøy, Nordland, Norway
Brief overview of the pharmacy industry in Vestvågøy
The pharmacy industry in Vestvågøy is a stable but dynamic sector with two registered companies in the municipality. The two pharmacies in Leknes have shown strong economic growth over time, with an average annual sales growth of 10% since 2016. Workforce development has been more variable, but shows a general trend of increasing from 2016 to 2024. The industry is centered in Leknes and has proven resilient even during challenges such as the significant sales decline in 2017. This makes Vestvågøy an interesting municipality for entrepreneurs seeking to establish themselves in the pharmacy industry.
Economic trends in the pharmacy industry
Economic trends
Sales development
| Year | Sales (NOK) | Annual change |
|---|---|---|
| 2016 | 66,4M | - |
| 2017 | 0 | -100,0% |
| 2018 | 53,6M | +3,9% |
| 2019 | 51,5M | -3,9% |
| 2020 | 65,3M | +26,8% |
| 2021 | 89,8M | +37,5% |
| 2022 | 89,7M | -0,1% |
| 2023 | 98,4M | +9,7% |
| 2024 | 132,0M | +34,1% |
| 2025 | 111,0M | -15,9% |
Workforce development
| Year | Number of employees | Annual change |
|---|---|---|
| 2016 | 37 | - |
| 2017 | 38 | +2,7% |
| 2018 | 27 | -28,9% |
| 2019 | 26 | -3,7% |
| 2020 | 35 | +34,6% |
| 2021 | 43 | +22,9% |
| 2022 | 42 | -2,3% |
| 2023 | 46 | +9,5% |
| 2024 | 53 | +15,2% |
| 2025 | 38 | -28,3% |
| 2026 | 37 | -2,6% |
Sales data shows an extreme decline in 2017, followed by a strong increase from 2018 to 2024. Workforce development has been more variable, but shows a general increase from 2016 to 2024 before a decline in 2025. This may indicate that the industry has been affected by external factors such as the pandemic and subsequent economic conditions.
Companies in the pharmacy industry
Registered companies
Vestvågøy has two registered pharmacy companies:
- Apotek 1 Vestvågøy
- Address: Rådhusgata 6, Leknes
- Legal form: AS
- Founded: 1965-12-31
- Number of employees: 20
- Sales: 58,0M NOK
- EBITDA: 4,3M NOK
- EBITDA margin: 7%
- Apotek 1 Lofotsenteret
- Address: Storgata 8, Leknes
- Legal form: AS
- Founded: 2006-02-01
- Number of employees: 19
- Sales: 38,7M NOK
- EBITDA: 2,8M NOK
- EBITDA margin: 7%
Both companies have proven to be stable, with high EBITDA margins of 7% and a combination of older and newer companies. The legal form AS is dominant in the industry.
Geographic distribution of pharmacies
Geographic distribution
| Location | Number of companies | Number of employees | Sales (NOK) |
|---|---|---|---|
| Leknes | 2 | 39 | 96,7M |
All pharmacies in Vestvågøy are located in Leknes, which is the municipality's administrative center. This indicates that the pharmacy industry is strongly linked to the central area, which can be an advantage for entrepreneurs seeking to establish themselves in a populated and well-accessible location.
Operational dynamics and bankruptcy statistics
The industry has proven to be relatively stable with no registered bankruptcies among the two companies. This is a positive indicator for entrepreneurs seeking to establish themselves in Vestvågøy. Workforce development has been more variable, but shows a general trend of increasing from 2016 to 2024. This may indicate that the industry has been able to adapt to economic challenges over time.
Outlook for entrepreneurs
Future outlook
For entrepreneurs considering establishing themselves in the pharmacy industry in Vestvågøy, the data indicates several opportunities:
- Stable market: The industry has proven resilient even under extreme conditions such as the significant sales decline in 2017.
- Strong economic growth: Sales have increased by 34.1% from 2023 to 2024, indicating a positive trend.
- Good location: All pharmacies are located in Leknes, which is a well-accessible and populated area.
- Stable workforce: Although there have been variations, the number of employees has shown a general increase from 2016 to 2024.
SmartGrunder can help entrepreneurs find suitable addresses in Vestvågøy for the pharmacy, with a focus on natural conditions such as population density and infrastructure.
Conclusion
The pharmacy industry in Vestvågøy proves to be a stable and fluctuating sector with potential for further development. With two existing companies, strong economic growth and a good geographic location in Leknes, the municipality is an attractive place for entrepreneurs seeking to establish themselves in the pharmacy industry. The data indicates that the industry has been able to adapt to challenges over time, which can give entrepreneurs secure expectations about future opportunities.