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Jordan Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Nov 2010, Pages: 89
Jordan 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 Jordan's pharmaceuticals and healthcare industry.
After shrinking by 8.5% in 2009, BMI forecasts a return to growth in 2010, up 7.4% to JOD307mn (US$433mn). The country’s total pharmaceutical market is to increase from JOD285mn (US$403mn) in 2009 to JOD367mn (US$519mn) by 2014, at a CAGR of 5.18% in local currency terms, according to BMI’s calculations.
The growth in total healthcare expenditure in Jordan will decline in 2010 to 4.1%, having increased by as much as 10.9% in 2009. The Jordanian healthcare market will reach a value of JOD1.75bn (US$2.47bn) by 2014 at a CAGR of 5.49% in local currency terms from 2009. Jordan’s overall healthcare expenditure will increase on the back of a US$16.8mn loan and grant from Switzerland, which was signed between Swiss Confederation president Doris Leuthard and the country’s Minister of International Cooperation Jaafer Hassan in early October 2010. The funds are expected to be spent on hospitals and general healthcare in Jordan, Bikya Masr reported, including 90 specialised ambulances to strengthen the country’s medical response capabilities.
Jordan’s drive to ramp up collaboration and cooperation with other countries was relatively strong over Q310, as the country held talks with Yemen, Syria, Romania and the Czech Republic in recent weeks.
Jordan’s Drug Quality Control Laboratory, along with the Food and Drug Administration (FDA), also signed up to the MENA Regional Laboratory Network in early-October 2010, which is designed to curb counterfeit and substandard drugs in the region. Six state drug control laboratories in the MENA region will participate in the network with the United States Pharmacopeial Convention (USP) in an effort to improve drugs quality testing, to increase the exchange of information, harmonise drug approval procedures and improve the technical skill of participating laboratories, the USP said.
Prime Minister Rifai organised a steering committee in late-October 2010 to boost medical tourism in the country, Petra News Agency reported. The committee will be led by Health Minister Nayef Fayez and is expected to make proposals designed to step up the status of medical tourism in Jordan. The Royal Medical Services chairman, Jordan Tourism Board chairman, Private Hospitals Association president and the secretary general of the MoH will participate in the committee.
The country’s budget wavers between deficit and surplus, while foreign loans and grants enable the government to maintain spending volumes and emerge with a surplus. Although the Ministry of Finance reported a budget surplus of JOD18.1mn (US$25.37mn) for Q110, this was made possible through JOD68.2mn in foreign grants over the period. Higher spending could also be facilitated by the sale of debt, as the government said in October 2010 that it is mulling a US$500mn Islamic or conventional international bond issue. The government also continues to grapple with a trade deficit, which is being deepened by the cost of oil imports. Jordan’s trade deficit increased by 9% in the first seven months of 2010 to JOD3.27bn (US$4.6bn), according to the Department of Statistics.
The growth of Jordan’s pharmaceutical spending is not expected to accelerate over the longer-term as overall expenditure growth remains flat over 2009-2019 to our shorter-term 2009-2014 forecast. By 2019 BMI expects total drugs expenditure in the country to reach JOD472mn (US$667mn), with per-capita spending strengthening to US$82.
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