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Saudi Arabia Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, July 2008, Pages: 71
Saudi Arabia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Saudi Arabia's pharmaceuticals and healthcare industry.
Saudi Arabia accounts for around 65% of pharmaceutical sales in the Gulf Cooperation Council (GCC) region. Forecasts that the market should reach US$2.96bn by the end of 2012. The strongest growth should come over the first half of the forecast period, driven by increased public and private sector wealth thanks to soaring oil prices. Over the course of the forecast period, the government’s tough stance on pricing and increased generic penetration – albeit from a low base – is expected to limit market value gains. However, these negatives will not prevent rapid increases in volume consumption on the back of a growing population, increasing personal wealth and increasing chronic disease burden, which should continue to drive market value upwards.
New pharmaceutical pricing regulations, which took effect in February 2008 and resulted in price cuts for around 1,400 prescription drugs may limit the attraction of Saudi Arabia’s pharmaceutical market against its GCC neighbours. However, increased GCC integration is likely to mean that drugmakers continue to be attracted to the region.
Includes coverage of Saudi Arabia’s medical device market for the first time in Q308. A lack of clear regulation makes market access challenging at present. However, the Saudi Food and Drug Authority (SFDA) was put in charge in 2007 and is in the process of drafting guidelines that should help multinationals to know where they stand. At present, US FDA approval is the surest way to access the US$448mn device market. Meanwhile, medical devices are not the only sector for which regulation will be improved. The Ministry of Health has published draft biosimilar regulations, which are available for comment until August 2008.
Massive investment in hospital infrastructure is driving interest in the medical device market, which is almost entirely dependent on imports. In April 2008, multinational device-maker GE Healthcare expanded its joint venture with local distributor El Seif Development, demonstrating that, while direct foreign company presence remains limited by historically strict rules on company ownership, multinationals are increasingly looking to go beyond an import-only presence.
In updated Business Environment Rankings for Q308, Saudi Arabia is placed seventh, alongside Oman, out of 13 Middle East & Africa (MEA) markets surveyed. Saudi Arabia scores more highly than Oman thanks to its large market. However, its score is held back by a poor score for its market risks category, due to strict pricing regulations and certain intellectual property (IP) concerns.
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