Abu dhabi (UAE), 6 September 2019: The rapid growth of Saudi Arabia’s pharmaceutical market will be placed under the spotlight at the forthcoming CPhI Middle East and Africa event, as the latest industry data reveals the Kingdom’s pharmaceutical market is expected to be valued at $10.74 billion (SR40.1 billion) by 2023.
The event, sponsored by the Ministry of Health and Prevention (MoHaP), returns to the Abu Dhabi National Exhibition Center (ADNEC) from Sept. 16-18 and 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 Program.
According to the latest IQVIA Market Prognosis — Saudi Arabia report, the Kingdom’s pharmaceutical market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.5% until 2023.
Cara Turner, Brand Director — Pharma, Informa Markets, the organizers of the event, said: “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.”
In addition, the rise in non-communicable diseases such as cardiovascular diseases, cancer, chronic respiratory disease, diabetes and obesity, which tend to require long-term treatment and medication. Many of these diseases are a consequence of poor lifestyle choices, but alarmingly over 35,000 children have been diagnoses with Type 1 diabetes placing the Kingdom in the top four countries worldwide in terms of incidence.
“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 $12.72 billion earmarked for spending on healthcare projects directly linked to Saudi’s Vision 2030,” added Turner.
At present pharmaceuticals manufactured overseas continue to account for the majority of the market – with around just 20% of the drugs consumed in the country made locally. The government, conscious of the growing costs of imported pharmaceuticals, along with the MoH and other health service providers has implemented long-term development strategies in a bid to promote local medicines.
The event, which recently signed a Memorandum of Understanding with the Ministry of Health and Prevention (MoHaP) to be lead sponsor and supporting partner, is set to attract attendees from the Middle East and Africa (MEA), the MENA region accounting for 4% of the global pharma market, and the rest of the world.
Over 294 local, regional and international exhibitors from more than 35 countries are expected to attend the three-day showcase. In addition to the global network of exhibitors, the event is expected to attract over 4,900 participants, more than 50 per cent of which will come from the MEA region.
