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The Pharmaceutical Market: Saudi Arabia
Espicom Business Intelligence Ltd, Sep 2009, Pages: 58
This in-depth pharmaceutical market report is ideal for executives wanting to understand the key drivers in pharmaceutical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, pricing/reimbursement, intellectual property, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data for raw materials and finished products and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
Multinational manufacturers, who for years have enjoyed a relative free hand in supplying the Saudi Arabian market with little obstruction, are beginning to feel the heat, as the government starts to squeeze margins with annual price cuts of 1% per annum which began in 2008.
Imported pharmaceuticals have, for a long time, dominated nearly 85% of the market. Around ten multinational manufacturers have managed to command a 50% share of the market in value terms, but this could very well change with the price cuts.
Saudi Arabia is the largest and richest of the Gulf States due to its vast reserves of oil and natural gas. This means however, that the country’s wealth, and the economy, is dependent on the fluctuating price of oil.
There is little domestic production in Saudi Arabia, therefore the vast majority of the market is provided by imports. However, Saudi Arabia imports a large amount of semi-finished medicaments which are then re-labelled, repackaged and exported. In 2006, imports were valued at US$1.9 billion, a rise of 12.5% over 2005. Germany and Switzerland were the leading suppliers. In contrast, exports amounted to just US$102.1 million.
The pharmaceutical market is valued at US$1.9 billion in 2008, equal to US$77 per capita. Annual growth is predicted to be 5.1%, bringing the market to US$2.5 billion or US$87 per capita by 2013. In terms of value, the country is comparable to Egypt.
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