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A Quick Guide to Biotechnology and Healthcare in the Middle East
Bioplan Associates Inc., May 2009, Pages: 195
Healthcare is a universal right and regardless of region, everyone in the world should benefit from the advances that have been made in modern medicine. The Middle East is no exception. This book aims to explore how healthcare is developing in this important world region and what this means for the pharmaceutical and biotech sectors. Most major companies have some presence in the Middle East but in the past have appeared reluctant to make major investments across the region. In many cases, political events in the region have probably caused companies to look elsewhere in the world for growth prospects. However, a growing reliance on emerging markets has caused many companies to reevaluate the Middle East. Many have been pleasantly surprised at the opportunities now open to them. Similarly, governments across the Middle East have made an overt commitment to improving healthcare for their citizens. Now is the time to engage with the biopharmaceutical industry.
The Middle East offers companies numerous opportunities to expand and the time for incorporating this region into global strategies has arrived. Unlike many other global regions there is still a window of opportunity for companies that have not yet explored the region to become involved. There is a demand in the region for modern medicines and the rapidly growing population means this will continue in the long term. Furthermore, there are numerous opportunities for partnerships with local organizations as well as for direct investment. Many countries are openly courting international companies and offering attractive incentives to invest in their markets. This scenario is in contrast to many other countries, where the biopharmaceutical industry faces official restrictions and public pressure, which are forcing them to adopt defensive strategies.
In this era of globalization it remains puzzling that the Middle East still remains an uncharted region for many biopharmaceutical companies. It is certainly true that the region can be characterized by political instability, an uncertain business environment and weak legislation, but such factors are common to many emerging markets. Those companies with the ambition to expand will know that any difficulties can be overcome and the rewards for those that succeed will be great. The Middle Eastern healthcare markets have begun developing to an exciting stage where they can offer companies opportunities for long term growth. This necessitates taking a fresh look at the region. This book will give readers the necessary background to understand the complexities of the region so that they can identify the potential business opportunities for themselves.
The Middle East markets are seeing one of the fastest increases in demand for the latest medicines:
- Estimated population of 280 million, one of the fastest growing in the world
- Countries face 2% annual increases in healthcare expenditure needs from ageing populations alone
- There is also an increase in both communicable and non-communicable diseases
Middle East markets accounts for less than 2% of global pharmaceutical sales but is growing fast:
- BioPlan values the current total ME pharmaceutical market at US$10.6 billion
- BioPlan predicts the ME market will exceed US$15 billion by 2014
- Egypt is the largest market (accounting for 20% of regional value)
- Israel and Iran are next (each 17-18% of regional value); Saudi Arabia (16% of regional value) follows
Major growth in the Middle Eastern market will occur in the Gulf Cooperation Council (GCC) countries:
- In 2008, estimates the GCC market was worth close to US$4 billion
- Strong demand for branded products, reaching these markets via imports
- The Saudi Arabian pharmaceutical market (one of the largest regional market) could reach US$2 billion in value by 2012
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