Saudi Arabia Pharmaceutical Drugs Market To Find Better Growth with US$ 16,663.1 Million By 2027 | CAGR: 7.3%: Coherent Market Insights
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The market growth of the Saudi Arabia pharmaceuticals is attributed to various major factors, which include growing population, rising investments in halal pharmaceuticals, decrease in fertility rates, and increasing life expectancy. Moreover, major market players are focusing on investments, whereas several local and international companies are engaged in collaborations with local generic manufacturers. These factors are expected to drive growth of Saudi Arabia pharmaceuticals market over the forecast period.
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Saudi Arabia pharmaceuticals market is estimated to be valued at US$ 16,663.1 Million in terms of value by the end of 2027.
Saudi Arabia Pharmaceuticals Market: Drivers
The growth of the market is majorly attributed to increasing number of investments by key players in halal pharmaceuticals. For instance, in July 2018, Saudi Arabia’s Food and Drugs Authority (SFDA) announced its plan to launch the world’s largest center for halal food and products that include meat, poultry, other food items, cosmetics, medicines, and medical devices.
Saudi Arabia Pharmaceuticals Market: Opportunities
Moreover, compulsory health insurance for expats is a major factor that is expected to offer lucrative growth opportunities to players operating in the market over the forecast period. For instance, the Council of Cooperative Health Insurance (CCHI) oversees the private health insurance market. Health insurance is obligatory for expatriates residing in Saudi Arabia and they represent majority in healthcare polices holding in the health insurance market. Thus, rising number of expatriates and mandatory insurance are expected to drive growth of the Saudi Arabia pharmaceuticals market over the forecast period.
Saudi Arabia Pharmaceuticals Market: Restraints
However, low investments in R&D activities is one of the major factor that is expected to hamper growth of the market over the forecast period. For instance, Saudi Arabia was ranked 61st in the Global Innovation Index in 2018, recording a drop of 6 positions from 2017.
Among product type, prescription products segment in Saudi Arabia pharmaceuticals market is estimated to be valued at US$ 10,191.4 million in 2020 and is expected to reach US$ 16,663.1 Million by 2027, exhibiting a CAGR of 10.3% during the forecast period. The growth of the segment is attributed to increasing incidence and prevalence of acute and chronic diseases.
On the basis of indication, diabetes segment held a dominant position in Saudi Arabia pharmaceuticals market in 2019, accounting for 25.3% market share in terms of value. The segment growth is owing to increasing prevalence of diabetes in Saudi Arabia.
The market is inclined by the Nitaqat system that focuses on increasing employment of Saudi nationals in the private sector.
Moreover, the market is witnessing removal of generic drugs. For instance, in February 2018, the Saudi Food and Drug Authority (SFDA) recalled locally approved clopidogrel generic products (Pedovex and Cardlet), owing to failure in demonstrating bioequivalence to the reference product (Plavix).
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Saudi Arabia Pharmaceuticals Market: Competitive Landscape
Key players operating in Saudi Arabia pharmaceuticals market include SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc., Pfizer Inc., Novartis AG, and Sanofi.
Saudi Arabia Pharmaceuticals Market: Key Developments
October 2019: Eurofarma, a Brazil-based pharmaceutical company, signed a memorandum of agreement with Saudi Industrial Clusters, for investing in Saudi Arabia
August 2019: Julphar recalled a single batch of Laxocodyl suppository (10mg) due to a labeling error on the blister pack
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