Recently published research from Business Monitor International, "United Arab Emirates Pharmaceuticals & Healthcare Report Q2 2013", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 06/19/2013 --A regional leader, the UAE has a well-developed healthcare market, a stable political and business environment and good growth prospects for the course of our 10-year forecast period to 2022. The UAE is gaining ground as a regional hub for medical tourism, and this is spurring private investment in healthcare infrastructure to meet demand. Medical tourism, wealthy nationals and expatriates also ensure a steady demand for innovative drugs and treatment. The domestic market is characterised by a growing incidence of non-communicable diseases, particularly diabetes, heart diseases, high blood pressure and other ailments linked to obesity.

Headline Expenditure Projections:

- Pharmaceuticals: AED6.62bn (US$1.80bn) in 2012 to AED7.18bn (US$1.96bn) in 2013; +8.5% in local currency and +8.6% in US dollar terms. Forecast raised from Q113.
- Healthcare: AED51.30bn (US$13.97bn) in 2012 to AED56.99bn (US$15.53bn) in 2013; +11.1% in local currency terms and +11.2% in US dollar terms. Forecast broadly unchanged from Q113.

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Business Environment Rating:

UAE's Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is also the case for all other countries in BMI's proprietary system that ranks pharmaceutical markets according to attractiveness to multinational drugmakers. A minor re-weighting of one of the RRR components is being implemented to improve the tool, and the adjusted scores for all markets will be published in the Q313 updates of the Pharmaceuticals & Healthcare reports. UAE has a RRR score of 58.3 out of 100, making it the most attractive pharmaceutical market in the Middle East and Africa.

Key Trends & Developments:

Dubai Health Authority forecasts that medical tourists visiting the UAE will reach several millions by end-2020; considerable investment in healthcare infrastructure aim to attract additional overseas patients. In February 2013 the UAE's Ministry of Health approved a unified drug pricing system, which will lead to price reductions to more than 6,000 drugs; the Ministry of Health calculates that this affects over 80% of registered drugs in the country. The new pricing system will take three months to implement.

UAE's Julphar opened a manufacturing unit in Ethiopia in February 2013. The US$9.6mn is Julphar's first overseas production plant.

BMI Economic View: Oil production continues to drive the UAE's economy, but we are also forecasting an uptick in non-oil economic drivers. BMI forecasts real GDP growth of 3.7% in 2013, rising slightly to 3.8% in 2014.

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