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Kuwait Pharmaceuticals and Healthcare Report Q4 2010
Business Monitor International, Sep 2010, Pages: 81
Business Monitor International's 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 overall healthcare sector will benefit from stable oil prices in the mid-US$70s, which have already led to a larger-than-expected budget surplus of KWD6.44bn (US$22.21bn) in 2009-10 and a KWD16.3bn (US$56.22bn) budget for 2010-11. As one of the key industry sub-sectors earmarked for investment as part of Kuwait's US$108bn infrastructure development programme, the issue of healthcare spending has come sharply into focus in a country that is having to meet the changing needs and priorities of its growing ageing population. BMI expects to see healthcare expenditure grow from KWD910mn (US$3.14bn) in 2009 to KWD1.02bn (US$3.5bn) in 2010.
The healthcare development plan centres on the construction of eight public hospitals – with 600 beds each – by 2016 and nine new towers for existing hospitals in order to deal with the heavy pressure the healthcare sector is likely to be placed under. The KWD304mn (US$1.05bn) Jaber-al-ahmed al-Sabah Hospital, which is to be completed by 2013, takes the overall bill for the hospital construction programme to around KWD1.62bn (US$5.59bn). The US$160mn project to build nine towers to be annexed to hospitals – adding 2,000 hospital beds – suggest that the political will is there for the necessary healthcare improvements. Nevertheless, for Kuwait, the potential for growth in healthcare construction is heavily contingent on the political environment, with many previous projects plagued by disputes between the executive and the legislature.
The Ministry of Health’s plan to implement a new health insurance bill for Kuwaiti citizens has given rise to controversy as the law is questioned due to the previous failure of a similar law for expatriates. The cabinet is planning to produce a draft law on the healthcare insurance bill during parliament’s next session, which begins in October 2010. The bill is partly designed to curtail medical tourism on the part of Kuwaiti citizens, most likely by extending insurance to procedures and treatments that are commonly sought abroad and paid for by the state. Consensus had been reached by mid-August 2010 on the creation of a Public Health Authority (PHA), which will regulate health insurance, according to Kuwait Times. Despite a relatively small population, BMI expects steady population growth and the highest life expectancy in the Gulf Cooperation Council (GCC) to drive demand in the sector, with recent developments suggesting that, crucially for Kuwait, the political environment is increasingly favourable for the implementation of the programme. The overall healthcare sector will expand by a local currency compound annual growth rate (CAGR) of 8.47% over 2009-2014 on the back of the healthcare development plan. By 2014, we forecast a growth in spending to KWD1.37bn (US$4.88bn), with public sector expenditure continuing to provide the majority of funds at 74.7%. Kuwait’s drugs expenditure stood at around KWD106mn (US$365mn) in 2009. Over the forecast period to 2014, BMI expects the market to grow at a CAGR of just under 6.06.19% to reach KWD143mn (US$510mn).
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