Sales of pharmaceutical products in Saudi Arabia are likely to reach more than $7 billion (SAR 26.25 billion) by 2018, compared to SAR 4.4 billion in 2013, according to a financial report by Al-Eqtisadiah daily.
The local pharmaceutical market recorded significant growth over years driven by various factors such as increasing of aging population, demographic changes, rise in diseases related to new lifestyle, growing spending of Saudis, and government initiatives to promote local pharmaceutical firms, according to the report.
Despite the progress, this sector is still in an emerging phase owing to many challenges, which need to be resolved.
The Saudi pharmaceuticals market has accounted for more than 50% of all pharmaceutical products sales in the GCC.
The pharmaceutical market is currently estimated at $2.5 billion (SAR 9.37 billion). A sizable number of new local drug companies plan to enter the market, notably as many foreign firms seek to set up drug plants in the Kingdom coupled with the expansion plans of the operating companies, the daily said.
The local pharmaceutical market recorded significant growth over years driven by various factors such as increasing of aging population, demographic changes, rise in diseases related to new lifestyle, growing spending of Saudis, and government initiatives to promote local pharmaceutical firms, according to the report.
Despite the progress, this sector is still in an emerging phase owing to many challenges, which need to be resolved.
The Saudi pharmaceuticals market has accounted for more than 50% of all pharmaceutical products sales in the GCC.
The pharmaceutical market is currently estimated at $2.5 billion (SAR 9.37 billion). A sizable number of new local drug companies plan to enter the market, notably as many foreign firms seek to set up drug plants in the Kingdom coupled with the expansion plans of the operating companies, the daily said.
Source:
Mubasher
