Pharmaceutical wholesaler Tamro buys more pharmacies in Norway

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Tamro, a Finnish pharmaceutical wholesale distributor, expanded its retail operations on Thursday when it bought a number of pharmacies in the Norwegian city of Lillehammer. The new pharmacies have a combined turnover of about EUR seven million a year, and they employ 21 people.
      This autumn Tamro has bought a total of eight pharmacies in Norway, with a combined annual turnover of about EUR 32 million.
     
"We have invested over EUR 200 million in Norway since 2001, when ownership of pharmacies was deregulated in that country", says Jo Langmoen, the Norwegian-born CEO of Tamro Group.
      Tamro started out as a pharmaceutical wholesaler in Norway in 1994 and went into retailing in March 2001. Sales of nicotine replacement products outside pharmacies was permitted in Norway in 1994, and sales of other over-the-counter drugs was permitted in November 2003.
     
The acquisition of pharmacies is part of the Nordic expansion policy of the German pharmaceutical giant Phoenix. As there is little potential for growth in the wholesale business in medicines, Phoenix, which is wholly owned by Tamro, has decided to seek growth in retail operations.
      Growth in Norway’s market in medicines has slowed down to about three percent in 2005.


Links:
  Tamro Press release 24.11. 2005: Tamro expands pharmacy chain in Norway

Helsingin Sanomat