Fast Market Research recommends "Saudi Arabia Pharmaceuticals & Healthcare Report Q3 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 07/31/2013 -- Saudi Arabia's large and wealthy population will continue to support demand for patented medicines. While the country's intellectual property (IP) environment remains below par, multinationals will remain interested in the market, as evidenced by Pfizer and Sanofi's investment in the construction of local manufacturing and packaging facilities in the King Abdullah Economic City (KAEC), which will be used to supply the domestic and regional markets and also to reduce costs.
Headline Expenditure Projections
- Pharmaceuticals: SAR20.35bn (US$5.43bn) in 2012 to SAR22.48bn (US$6.00bn) in 2013; +10.5% in both local currency and US dollar terms. Forecast broadly unchanged from Q213.
- Healthcare: SAR88.88bn (US$23.73bn) in 2012 to SAR98.01bn (US$26.17bn) in 2013; +10.3% in both local currency and US dollar terms. Forecast broadly unchanged from Q213.
Risk/Reward Rating: Following a minor re-weighting of one of the Pharmaceutical Risk/Reward Rating (RRR) assessment tool components, Saudi Arabia's composite score has strengthened to place the country second out of the 30 markets in the region, up from fifth previously. Saudi Arabia's score is propped up by the country's wealth and a sizeable population, which will support the longer-term development of its pharmaceutical market. Furthermore, its forecast growth rate is high due to favourable public and private healthcare investments. The government is also in the process of creating more public-private health partnerships and encouraging private health insurance uptake, which should provide momentum for drug sales.
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Key Trends And Developments
- Currently, the country is dealing with the outbreak of a Severe Acute Respiratory Syndrome (SARS)-like novel coronavirus (nCov), which has killed over 15 people to date. According to local press reports from May 2013, the authorities have authorised nine additional laboratories to deal with the issue. Moreover, according to Chairman of the Insurance Committee at the Eastern Province Chamber of Commerce and Industry Salah Al-Jabr, insurance companies will also absorb the treatment cost.
- In a move that will support the development of the country's healthcare and pharmaceutical markets, SAR15bn (US$4bn) has been allocated by King Abdullah for over 22 healthcare projects across the whole of Saudi Arabia. Trade Arabia reported in April 2013 that the money will be spent on 19 medical complexes and hospitals, with a joint bed capacity of 7,400 and staff accommodation facilities, and three paediatrics centres. The projects will be coordinated by the Ministry of Health and the Ministry of Finance.
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