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Bahrain Pharmaceuticals and Healthcare Report Q1 2009
Business Monitor International, March 2009, Pages: 73
Bahrain Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Bahrain's pharmaceuticals and healthcare industry.
For this Q109 Pharmaceutical and Healthcare report for Bahrain, forecasts extend from 2008-2013. We expect total drug market spending to increase from US$75.1mn in 2008 to US$107mn by 2013. The main drivers for growth are the expanding population and the associated higher demand for healthcare services, in addition to the rising burden of disease attributed to diabetes.
During late 2008, Bahrain was involved in GCC-wide talks to draft bills to regulate traditional and alternative medicines. Concerns over patient safety and the popularity of herbal treatments were highlighted as the main reasons for introducing a regulatory framework. However, we caution that alternative medicines may be popular due to ease of access, in addition to lower cost, in a system where perceived high drug prices will alter consumer behaviour. We believe that promoting better access to healthcare services, expanding health insurance uptake and boosting the generic drug industry will be a longer-term benefit to the population.
We believe that resolving the pricing policies of pharmaceuticals in Bahrain must be prioritised. Aside from affordability misconceptions, another issue involves the high cost of medicine imports. During November 2008, pharmacies in Bahrain were requesting permission to increase drug prices after experiencing lower revenues. Unfavourable exchange rates for the dinar against the euro at the point of wholesale drug purchases formed the main incentive for modifying charges. This was in opposition to government officials who were demanding a reduction in medicine prices during this time. Some pharmacies were resorting to desperate measures to regain lost revenue, including preferentially removing cheaper generic drugs from shelves to ensure the public only purchased more expensive patented medicines.
While domestic drug companies focus on distribution, with a preference for branded products, multinationals operating in Bahrain will be affected by these issues. The rising demand for cheaper drugs will attract foreign generic drug makers to export to Bahrain. Novartis will benefit from its Bahraini generic drug subsidiary Sandoz. However, we note that such opportunities may be hindered by the importers which select patented drugs to raise revenue. We would encourage the government to clarify pricing policies to address this issue.
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