Rethinking the Nordic model

Why local presence matters more than ever

Kenneth Mikkelsen, Nordic General Manager at Signum, on lean affiliate structures, unrealized data potential, and the competitive advantage of market proximity.

Choosing impact over scale

What makes someone leave a global organization with 80,000 employees to join a company of 60? For Kenneth Mikkelsen, the answer came down to impact.

After more than five years in a global healthcare data and analytics environment, Kenneth chose to join Signum, moving from a large international structure to a Nordic consulting firm at the start of its regional expansion. The shift was less about scale and more about influence: the opportunity to be closer to decisions and customers, and to develop a business with significant ambitions.

“Scale is impressive, but impact comes from being close to decisions and close to the customer.”

The difference, Kenneth explains, is a shorter path to impact. At Signum, conversations with the board about the growth strategy happen directly. Decisions made today have visible effects tomorrow. And there is the Nordic expansion itself, a project now underway as Signum builds on its Danish foundation to establish operations in Norway and Sweden while deepening partnerships in Finland.

What Nordic pharma leaders are grappling with

When Kenneth speaks with decision-makers at pharmaceutical companies operating across the Nordics, two concerns repeatedly arise.

The first relates to pricing pressure. For example, Most Favoured Nation (MFN) clauses can lead to prices set in one market influencing those in other markets. As a result, some global headquarters are advising their Nordic affiliates to delay or reassess product launches in Denmark, as Danish pricing may affect what they can charge in larger markets such as the United States. This is a complex issue with no simple solutions, but it shapes commercial decisions across the region.

“When a price set in Denmark has implications for pricing in the US, it inevitably influences how you plan a launch.”

The second relates to unrealized potential in data. Many companies have access to more information than they effectively use. Static reports primarily describe past performance, but what they want is to understand how to make the best decisions moving forward, such as which patient segments are most relevant for specific products and to turn that knowledge into tactical actions at a local market level.

Kenneth sees growing demand for solutions that can be deployed consistently across the Nordic markets while still reflecting local market dynamics. Capabilities initially developed in Denmark are now available across all four markets. Customers value working with a single partner that combines a Nordic perspective with strong local market understanding.

The 350 billion question

Denmark’s pharmaceutical exports reached DKK 168 billion in 2024. The government’s Life Science Strategy sets an ambitious objective of doubling total life science exports to DKK 350 billion by 2030. What will it take to get there?

Kenneth highlights three priorities. First, Denmark must continue to attract highly skilled knowledge workers and international talent. Second, the country needs to further strengthen its position as an attractive environment for clinical research by making clinical trials more efficient and easier to conduct. Third, there needs to be closer collaboration amongst pharmaceutical companies, public institutions, and universities to accelerate the translation of research into practical applications.

He also points to a cultural dimension. Leading innovation hubs such as Boston, home to MIT and a dense network of research institutions, have developed ecosystems where organizations launch multiple initiatives, test hypotheses quickly, and reallocate resources when results do not support further investment. Denmark’s research culture tends toward longer cycles and academic thoroughness, which have their own strengths. But reaching the export ambition may require a more agile approach to innovation.

“Universities, public institutions, and industry need to work more closely together to shorten the path from academic research to market-ready solutions.”  

The lean affiliate reality

Nordic affiliates are expected to deliver strong commercial performance with lean local teams. Across the industry, organizations are becoming smaller, more agile, and more cost-conscious, often after multiple rounds of consolidation. Team sizes expand and contract depending on launches, portfolio shifts, and patent expiries, but performance expectations remain constant.

This raises a critical leadership question: which capabilities need to be in-house, and where does it create more value to scale with external expertise?

“Instead of maintaining a large in-house team built for peak workload, companies scale their capabilities with external partners as demand arises.”

Kenneth describes partners like Signum as an on-demand competence pool that pharmaceutical companies can draw from as their priorities change. This model gives lean affiliates immediate access to specialists in data, analytics, market insight, and local regulatory and registry requirements across Norway, Sweden, Finland, and Denmark, without the fixed cost or organizational complexity.

The advantages are faster execution, greater commercial flexibility, and the ability to match resources precisely to opportunities. Affiliates stay lean, focused, and responsive, while still operating with the depth and expertise of a much larger organization.

One piece of advice for Nordic leadership teams

If Kenneth were to offer one recommendation to Nordic leadership teams pressed for time and resources, it would be this: do not underestimate the value of local presence.

A common approach is to manage the Nordic region from a single hub, often Stockholm. But having a presence in each market provides access, relationships, and system-level knowledge that remote management does not.

“A partner who understands the Norwegian hospital structure or the Finnish reimbursement system will spot opportunities that might otherwise be overlooked if Nordic operations are managed centrally.”  

The second part of his advice relates to execution. Too often, a consulting engagement ends with a report that lands in a drawer because the team receiving it lacks the resources to act on the findings.

This is where Kenneth sees Signum’s role differently. The goal is not only to deliver analysis but to stay involved and help clients turn those insights into action. This might mean supporting a team through a product launch, helping implement new processes, or providing ongoing analysis as market conditions change.

Looking ahead

Over the next three years, Kenneth expects Signum to further strengthen its role as a strategic partner to its clients. While the company already delivers high-quality data and insights, the ambition is to play a more active role in helping them act on those insights and drive transformation within their organizations.

Signum also has broader European ambitions. Kenneth anticipates that the company will expand its presence into additional European markets, reflecting the way pharmaceutical companies are organizing their regional operations. The goal is to follow clients more closely across geographies while maintaining the local market understanding that remains critical to effective execution.