Recently published research from Business Monitor International, "Saudi Arabia Pharmaceuticals & Healthcare Report Q1 2014", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 01/07/2014 --Despite some issues over its intellectual property (IP) regime, Saudi Arabia will continue to present a considerable longer-term opportunity for pharmaceutical companies. The Kingdom - which is the richest and largest of the Gulf states - has a large and growing population that is heavily afflicted by conditions related to sedentary lifestyles. Though imports will continue to meet most of the demand for pharmaceuticals, we also envisage a steady stream of government investment in drug manufacturing.

Headline Expenditure Projections

- Pharmaceuticals: SAR20.41bn (US$5.45bn) in 2012 to SAR22.68bn (US$6.06bn) in 2013; +11.1% in both local currency and US dollar terms. Forecast broadly unchanged from Q4 2013.
- Healthcare: SAR88.38bn (US$23.60bn) in 2012 to SAR98.05bn (US$26.18bn) in 2013; +10.9% in both local currency and US dollar terms. Forecast broadly unchanged from Q4 2013.

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Risk/Reward Rating: In our Q1 2014 RRR table, Saudi Arabia rose from second to pole position out of the 30 Middle East and Africa (MEA) markets in the region, overtaking the developed but much smaller market of Kuwait. Saudi Arabia's favourable longer-term outlook is propped up by its high per capita incomes, rising prevalence of chronic 'civilisation' diseases, preference for patented medicines, healthcare infrastructure investment and the growing population. However, we note that some investors will continue to be detracted by the country's lacking commitment to intellectual property (IP) protection.

Key Trends And Developments

- According to Gulf Business reports, two of Saudi Arabia's largest private hospital groups, Sulaiman Al-Habib Medical Group (HMG) and Almana General Hospitals, will seek initial public offerings (IPOs) on the Kingdom's stock exchange in 2014. Both will offer approximately 30% of their shares, to local investors only. Almana currently only operates facilities in Saudi Arabia, while HMG manages 14 medical facilities across Saudi Arabia, the UAE and Bahrain. The IPO proceeds will likely be used to expand healthcare operations in the region and capitalise on growing demand for healthcare services.
- According to October 2013 reports in local press, the government of Saudi Arabia is considering replacing foreigners working in private sector administrative jobs at hospitals, polyclinics and medical centres with local workers, as part of its plan to localise these industries. The Saudi Council of Chambers health Committee, along with the Human Resources Development Fund has started counting administrative jobs in all private hospitals and polyclinics and has also initiated courses and awareness classes for Saudi jobseekers to enable them to take up the jobs, Al Kholaif added.

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