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Kuwait Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, April 2010, Pages: 79
The Kuwait Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Kuwait's pharmaceuticals and healthcare industry.
Kuwait’s pharmaceutical market was estimated to be worth KWD99mn (US$365mn) in 2009. Oil-driven GDP growth is expected to continue to fuel both public and private pharmaceutical expenditure over the forecast period. The market should grow at a CAGR of 5.0% over the next five years to reach KWD126mn (US$466mn) in 2014 according to the reports forecast. Over a 10-year time horizon, we expect the market to grow at 5.1%, reaching a value of KWD162mn (US$601mn) in 2019.
While Kuwait’s drug expenditure is relatively small in absolute terms, regional harmonisation of pharmaceutical regulation and trade means that drugmakers are increasingly evaluating the Gulf Cooperation Council (GCC) as a whole. The analyst forecasts that the GCC regional pharmaceutical market (consisting of Saudi Arabia, Kuwait, Bahrain, Qatar, the UAE and Oman) will be worth US$7.6bn by 2014 and US$9.6bn by 2019.
Patented drugs dominate private consumption. Kuwait’s small size makes it difficult to obtain bulk purchase discounts or generate real competition, posing a challenge for smaller private sector purchasers in particular, Consequently, generic drug prices in private pharmacies are only 10-15% lower than their branded equivalents.
The country’s strong pharmaceutical regulatory structure and stable political and economic landscape ensure that it scores highly in the Pharmaceutical and Healthcare Business Environment Ratings. Kuwait is ranked fourth out of 17 markets surveyed in the Middle East and Africa, but its relatively small size means that it offers potentially lower returns than larger markets in the region such as Saudi Arabia or the UAE.
A shortage of workers remains a challenge for Kuwait’s public healthcare system. In March 2010, Kuwait’s Ministry of Health announced plans to penalise doctors employed by the public sector who carried out private work during working hours without prior permission, after it found a number of specialists were also working for the private sector part-time.
Despite efforts to strengthen the domestic industry, only 20% of pharmaceutical products in terms of volume are manufactured domestically. The country’s only major producer is generics-based Kuwait- Saudi Pharmaceutical Industries (KSP). No multinationals have a direct manufacturing presence in the country, with most companies conducting operations through representative offices in neighbouring Saudi Arabia or the UAE.
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