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Iran Pharmaceuticals and Healthcare Report Q1 2008
Business Monitor International, Dec 2007, Pages: 62
The Iran Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Irans pharmaceuticals and healthcare industry.
The Iranian pharmaceutical market is characterised by its relatively strong domestic industry, which meets the bulk of local demand in volume terms. Multinationals are present through imports, although improved intellectual property and regulatory conditions may attract some investment in local facilities.
However, although basic care is widely accessible, the patchy quality of primary care coverage continues to reduce patients’ access to drugs and thus negatively affects the overall drug market’s value and volume. In the meantime, patented and prescription drugs will continue to dominate the marketplace for as long as hospitals remain the primary access points to healthcare.
By 2012, the overall drug market is expected to be valued at US$2.62bn, up from an estimated US$1.79bn in 2007. Generics will gain a couple of percentage points in terms of market share, with new patented drugs continuing to be sidelined by restrictive reimbursement policies. Nevertheless, Iran’s large and rapidly growing population will be instrumental in driving the expansion of the pharmaceutical
market as a whole, as will be the likely increase in drug prices, which are presently among the lowest in the region. Additionally, if the government cuts fuel subsidies, domestic producers may face higher operating costs, which could stimulate a round of price increases.
Iran occupies tenth position in the Business Environment Rankings for the Middle East and Africa (MEA) region, which has been substantially redesigned. Despite low per capita consumption of medicines and the large rural population, the sheer number of Iran’s inhabitants represent a substantial commercial opportunities for companies willing to risk exposure to biased regulatory policies and inappropriate
intellectual property (IP) environment. The dominance of the local industry in meeting the domestic demand will represent another drawback to foreign investment and involvement in the country.
In the meantime, the strong position of domestic firms will continue to stimulate the country’s pharmaceutical exports, especially in the area of herbal medicines, which are making a mark on the international scene. Exports will receive government encouragement and investment in production facilities, with former Soviet Union and North African states being the prime export destinations. On the other hand, although some multinationals are planning on setting up local manufacturing plants, Iran’s
unsettled political climate will remain a major deterrent to such ventures.
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