(COVID-19 Updates) Saudi Arabia Pharmaceutical Drugs Market is Generating Revenue of US$ 16,663.1 Million by 2027, At a CAGR 7.3% | CMI
SEATTLE, May 04, 2021, (PHARMIWEB) —
Saudi Arabia pharmaceutical drugs market growth is driven by various factors such as population growth, investment of companies in halal pharmaceuticals, decrease in fertility rates, and increase in life expectancy. The market is witnessing increasing investments by major market players and is also witnessing collaborations of several local and international companies with local generic manufacturers. Such factors are expected to facilitate robust, stable, and organic growth of Saudi Arabia pharmaceutical drugs market over the forecast period.
Pharmaceutical drugs with enhanced therapeutic effects and diverse delivery formulations for ease of administration and patient comfort are expected to gain substantial momentum in the Saudi Arabia pharmaceutical drugs industry, according to the major manufacturers. Celltrion Inc., a South Korean pharmaceutical firm, unveiled its breast and gastric cancer biosimilar ‘Herzuma’ in Iraq in September 2019, making it the Middle East’s second copy drug release. In addition, Jordan, Israel, the United Arab Emirates, Saudi Arabia, and Morocco have all marketed the substance.
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Basilea Pharmaceutica Ltd. and Hikma Pharmaceuticals LLC announced the launch of Basilea’s hospital antibiotic “Ceftobiprole” in Saudi Arabia in May 2018. In Saudi Arabia, ceftobiprole is approved for the treatment of adult patients with hospital-acquired pneumonia (HAP), except ventilator-associated pneumonia (VAP), and community-acquired pneumonia (CAP) (CAP).
Jamjoom Pharma, a pharmaceutical firm, announced the launch of Veratol, the first of its kind in Saudi Arabia and the Middle East, in December 2017. High cholesterol, cancer, heart disease, and other diseases are treated with Veratol (Resveratrol).
Novo Nordisk announced the introduction of Victoza (Liraglutide), a groundbreaking new type 2 diabetes therapy, in Saudi Arabia in May 2014. Victoza improves glycemic function and slows disease development in people with type 2 diabetes.
Impact of COVID-19 Pandemic
The coronavirus pandemic has had a negative effect on prescription drug growth, manufacturing, and availability around the world. To stop the transmission of the coronavirus, many processing and processing plants, as well as transportation authorities, have halted numerous operations in their prescription drug factories. As a result, the pandemic has impacted Saudi Arabia’s prescription drug market as well as supply.
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To fight the outbreak of coronavirus, the Kingdom of Saudi Arabia (KSA) is introducing and authorising new medicines and medicines, which is expected to drive the Saudi Arabia pharmaceuticals drugs market further. The Saudi Arabian Health Ministry approved the use of the steroid dexamethasone as part of its COVID-19 treatment regimen in June 2020. Dexamethasone is a drug that has been used to relieve inflammation in conditions like arthritis. The treatment would be provided to patients in hospitals and intensive care units who need oxygen but are not on ventilators.
Following the outbreak of the coronavirus, large pharmaceutical firms in Saudi Arabia are working on the production of medicines and vaccines to combat coronavirus infection. SaudiVax, a Saudi Arabian corporation, began producing a coronavirus preventative vaccine in June 2020 in conjunction with American scientists at the University of Pittsburgh’s Center for Antibody Therapeutics to discover the antibody and obtain a Middle East licence for the drug.
Likewise, the Rapid Research Response Team at King Abdullah University of Science and Technology was established in April 2020. (R3T). R3T, in particular, began working with the University of Oxford to develop a novel test that would make virus identification easier.
Major companies contributing in the Saudi Arabia pharmaceutical drugs market are AstraZeneca Plc, SPIMACO (Saudi Pharmaceutical Industries & Medical Appliances Corporation), Hikma Pharmaceuticals PLC, Pfizer, Inc., GlaxoSmithKline Plc., Julphar, Sanofi S. A., Jamjoom Pharmaceuticals Co., Tabuk Pharmaceuticals, and Baxter International Inc.
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Saudi Arabia Pharmaceutical Drugs Market, By Drug Type:
- Generic Drugs
- Branded Drugs
Saudi Arabia Pharmaceutical Drugs Market, By Product Type:
- Prescription Drugs
- Over-the-counter (OTC) Drugs
Saudi Arabia Pharmaceutical Drugs Market, By Application:
- Metabolic Disorder
- Central Nervous System
- Others (Nutraceutical, Dental and Veterinarian )
Saudi Arabia Pharmaceutical Drugs Market, By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
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