Riyadh – Mubasher: Saudi Arabia’s pharmaceutical market is expected to be valued at SAR 40.1 billion ($10.74 billion) by 2023, according to a recent report by CPhI Middle East and Africa (CPhI MEA).
CPhI MEA is considered the region’s leading platform that brings together pharma ingredients, product manufacturers, suppliers, and buyers covering every step of the pharma supply chain from drug research and discovery to finished dosage.
The event is sponsored by the Ministry of Health and Prevention (MoHaP) and it will take place at the Abu Dhabi National Exhibition Centre (ADNEC) during the period between 16 and 18 September.
Over 294 local, regional and international exhibitors from more than 35 countries are expected to attend the three-day showcase.
The event will explore the rapid reform of the country’s healthcare system at both regulatory and service provision levels, in line with Saudi Arabia’s Vision 2030 and the National Transformation Programme (NTP).
According to recent data, the kingdom’s pharmaceutical market is expected to grow at a compound annual growth rate (CAGR) of 5.5% until 2023.
“Saudi Arabia is one of the largest pharmaceutical markets in the Middle East, and its expansion over recent years can be attributed to a growing population, an increase in non-communicable diseases and strong state support for health services, with major government investment in new hospitals and clinics,” Cara Turner, brand director of Pharma, UBM EMEA, commented.
However, Saudi’s population stands at an estimated 34 million, 32% of which are under 14 years and is growing at around 2% annually, according to recent figures issued by the United Nations (UN).
CPhI MEA’s report added that the rise in non-communicable diseases such as cardiovascular diseases, cancer, chronic respiratory disease, diabetes and obesity tend to require long-term treatment and medication, adding that many of these diseases are a consequence of poor lifestyle choices.
“To address these issues, in 2019 alone, the Saudi government introduced a 17% increase ($45.86 billion) in funds allocated for spending on health and social development – with approximately US $12.72bn earmarked for spending on healthcare projects directly linked to Saudi’s Vision 2030,” Turner added.
Turner pointed out that the kingdom’s NTP is working to boost the proportion of local manufacturing in the pharma-sector to approximately 40% by the end of 2020.
In addition, the Saudi government, along with the Ministry of Health (MoH) and other health service providers, has implemented long-term development strategies in a bid to promote local medicines.
