Fast Market Research recommends "United Arab Emirates Pharmaceuticals & Healthcare Report Q1 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 03/15/2013 -- BMI View: The United Arab Emirates' healthcare and pharmaceutical markets continue to be the strongest in the region. Its growth prospects are strong - we forecast high single-digit CAGRs over the course of our 10- year forecast period. Several factors are driving growth: incomes are high, as is the UAE's expatriate population. These elements combine to increase private healthcare expenditure and demand for innovative drugs. Local drug production facilities are also gaining strength, with domestic player Julphar opening a new factory, and multinational drug firms are also entering the market. In addition, there are plans for several new hospital and healthcare facilities, which will boost future demand for pharmaceuticals. The UAE's appeal as a medical tourism destination is another driver of growth. We therefore remain optimistic about the growth potential of the United Arab Emirates (UAE)'s pharmaceutical and healthcare markets.
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Headline Expenditure Projections
- Pharmaceuticals: AED5.56bn (US$1.51bn) in 2011 to AED5.72bn (US$1.56bn) in 2012; +2.9% in local currency and US dollar terms. Forecast unchanged from Q412.
- Healthcare: AED46.44bn (US$12.64bn) in 2011 to AED52.13bn (US$14.20bn) in 2012; +12.2% in local currency terms and +12.3% in US dollar terms. Forecast broadly unchanged from Q412.
- Medical devices: AED1.87bn (US$508mn) in 2011 to AED2.05bn (US$559mn) in 2012; +10.0% in local currency terms and +10.1% in US dollar terms. Forecast broadly unchanged from Q412.
Business Environment Rating: In Q113, the UAE remains the most attractive market in BMI's Middle East and Africa (MEA) Pharmaceutical Risk/Reward Ratings (RRR) matrix, with its composite score unchanged at 58.3 out of 100. The country has a favourable medium-term pharmaceutical market growth forecast.
Key Trends & Developments
- Germany's Merck Serono announced in December 2012 that it plans to partner UAE's Neopharma to produce its patented drugs in the UAE. Merck will launch its production capabilities in the UAE with a synthetic hormone and a drug for diabetics in 2013.
- India's Hetero Labs entered into a partnership with Neopharma to create Nexgen Pharma. The new firm will serve as a means of introducing Hetero Labs' range of generic drugs in the country.
- Dubai Health Authority launched its paperless health insurance claims system in November 2012, in collaboration with South Africa's Dimension Data. The new system will use a central health tracking facility, which helps the sharing of information between payers, providers, patients and the government.
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