Release Date: 08-Aug-2014
“Saudi Arabia Pharmaceutical Market Development Analysis” Report Highlight:
The Saudi pharmaceuticals market was worth USD 4.40 billion in 2013, accounting for more than 50% of all pharmaceutical products sales in the GCC region. Owing to factors like increasing population, ageing, and affluence; modernization; and the establishment of more private facilities, the Saudi pharmaceuticals market is poised to grow at a CAGR of 10% to surpass the USD 7 billion mark by 2018. By virtue of these driving factors, the Saudi market becomes one of the largest markets in the GCC group of countries.
The Saudi pharmaceuticals market has been growing significantly mainly on account of provision of free medical and healthcare services by the government to its citizens. The kingdom relies substantially on imports of pharmaceutical products, primarily from Europe, to meet local demand as a result of insufficient domestic drug production and lack of indigenous research capabilities.
The steps taken by the Saudi government to control prices of basic drugs coupled with increasing insurance coverage is expected to lead to more domestic firms increasing their manufacturing operations in the country. The lack of molecules is likely to lead to an increasing demand for generics manufacturing in the country by the drug manufacturers.
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