Mubasher: The improvement of the generics sector in the Middle East and North Africa (Mena) region contributes to boosting the pharmaceutical industry, according to participants in the first Advisory Board meeting for the inaugural CPhI Middle East & Africa that will be held in the UAE on 3-5 September 2018.
“Receiving a direct boost from government policy and the emergence of new age manufacturing facilities, the region’s generics sector has performed well over recent years,” Cara Turner, Brand Manager – Pharma, UBM said.
Local production represents about 45% of drug consumption in the MENA region, Turner added.
On a related note, pharmaceutical experts stated that the generics sector in the GCC is estimated at $1.55 billion in 2016.
In Africa, the generics sector is deemed one of the largest sectors whose value stands at $4 billion, and it is expected to hit $18 billion by 2020.
Meanwhile, MarketLine’s report forecast that the international generics market will achieve double-digit growth by 2021, following its 2016 market valuation of $318 billion.
“The countries that have traditionally driven development in the past, such as Saudi Arabia, Algeria and the Gulf State have agendas to further fuel access to healthcare and balance financial demands, while providing a high-level standard of care,” Claudia Palme, Advisory Board member and managing director, stated.
In the same vein, the UAE is looking to increase the number of generic drug manufacturing facilities to 30 by 2020.
