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Qatar Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Dec 2008, Pages: 52
Qatar Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Qatar's pharmaceuticals and healthcare industry.
Qatar’s drug market expenditure was estimated at QAR632mn (US$174mn) in 2007. Over the forecast period (2008-2012), we predict that the market should grow by an average of 10.7% a year, reaching a value of QAR1046mn (US$287mn) in 2012. The market should grow quickest at the beginning of the forecast period, chiefly due to decreases in several key macroeconomic variables that feed into our drug expenditure forecasting model. To this effect, Qatar’s GDP growth, government expenditure growth and inflation are all projected to slow over the forecast period.
Qatar’s economy remains highly reliant on oil, meaning that the price of oil can have a major impact on drug expenditure. The recent high oil price has enabled the government to provide a highly subsidised public healthcare system. But with the price of oil now falling, Qatar may be forced to implement cost containment measures. Furthermore, the effect of exchange rates on Qatar’s pharmaceutical market has significant impact due to its reliance on imported drugs.
On the supply side, the oil industry has dwarfed other economic activity, meaning little development of the indigenous pharmaceutical industry in Qatar. However, the government is aware of the danger of relying on one commodity and is making significant moves to encourage economic diversification. Indeed, the government’s desire to nurture a knowledge-based economy has resulted in the establishment of the Qatar Science and Technology Park (QSTP) at which the country’s first biotech and medical research company, the Scientific Medical Applied Research and Development (SMARD) company has established itself.
In the Q408 Business Environment Ratings, Qatar scores 57 out of 100. In the Middle East and Africa rankings, Qatar is placed second out of 17 countries. Despite the small market size, high per capita drug expenditure and a favourable country structure ensure that the country scores highly for potential returns. Pharmaceutical regulatory risk is low, although we caution that the government would be forced to take a less generous approach to reimbursement if tax revenues from oil were to decline.
Health insurance reforms are likely to redistribute the health expenditure burden further towards the individual over the coming years. The NHA plans to begin the implementation of a health insurance scheme by the end of 2009, with roll out over the subsequent four years. The decision follows the trend for greater private sector involvement in healthcare provision, following the end to true tax-funded universal healthcare with the introduction of health cards in 1999 and the launch of the country's first private hospital in early 2000.
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