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Qatar Pharmaceuticals and Healthcare Report Q2 2009
Business Monitor International, April 2009, Pages: 53
Qatar Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Qatar's pharmaceuticals and healthcare industry.
In BMI’s Q209 Business Environment rankings for the Middle East and Africa, Qatar remains placed second out of 17 countries in the region, below only the much more populous United Arab Emirates (UAE). Qatar’s ranking demonstrates its favourable country structure, which includes a high level of urbanisation and rapid population growth, and low pharmaceutical regulatory risk. The value of Qatar’s pharmaceutical market, estimated at QAR743mn (US$204mn) in 2008, should reach QAR1.17mn (US$321mn) in 2013, growing at a compound annual growth rate (CAGR) of 9.51%.
However, given the generosity of the public healthcare system and the high reliance of government budgets on oil and gas revenues, the authorities may be forced to take a different approach to reimbursement. In fact, the government is planning to implement a health insurance scheme by the end of 2009, with a view to increasing individuals’ responsibility for their own healthcare and pharmaceutical expenditure. In the meantime, we have revised down our GDP growth forecasts for Qatar, to 5.8% and 6.4% in 2009 and 2010, respectively, and for an average of 7.1% between 2009 and 2013. While the lifeblood of the economy will remain the oil and gas sector throughout the forecast period, lower oil prices will mean that, in nominal terms, Qatar's economy will actually contract by 7.8% in 2009. Even so, in 2009, the oil and gas sector will still contribute around 57% of the emirate's GDP (compared with 64% in 2008), and this ratio will remain above 50% for the entirety of the forecast period.
Additionally, according to regional press, the six Gulf Cooperation Council (GCC) member states are again discussing the standardisation of pharmaceutical prices across the region. Reportedly, the authorities are to review current prices before seeing the lowest price for the whole of the GCC, with such developments clearly representing challenges for foreign drugmakers, given that there is no local manufacturing of pharmaceuticals. Nevertheless, the move is also likely to result in an improvement of the current time-consuming procedures needed to obtain marketing authorisations. Other positive developments include the discussions over the regional law that would regulate alternative and traditional medicines.
Following the recent creation of a medical devices and a biotech research company, Qatar may be poised to gain its first pharmaceutical plant. Qatar recently signed a memorandum of understanding (MoU) with Egypt, with a view to setting up a solubles-producing factory in Qatar. The country’s Minister of Health was quoted as saying that the two countries are due to assemble a team of experts, who will be charged with increasing collaboration in the field of high-quality medicines production at optimum prices. However, given the small market size, most pharmaceutical companies will continue to be involved in Qatar through offices elsewhere in the region.
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