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Kuwait Pharmaceuticals and Healthcare Report Q4 2011
Business Monitor International, Sep 2011, Pages: 91
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.
BMI View: Kuwait's healthcare system is undergoing a period of transition from a primarily state-run public healthcare system to an increased number of public-private partnerships (PPPs), which should deliver both efficiency savings and better healthcare outcomes. The country already has one of the most advanced healthcare systems in the region and the establishment of a private health insurance sector presents huge opportunities for local and foreign companies. However, BMI cautions that the country's high population growth rate, a consequence of an influx of expatriate workers, will make it difficult for providers to keep up with demand.
Headline Expenditure Projections
- Pharmaceuticals: KWD182mn (US$637mn) in 2010 to KWD199mn (US$711mn) in 2011; +9.3% in local currency terms and +11.6% in US dollar terms. Forecast down significantly from Q311 due to new historic data.
- Healthcare: KWD1.02bn (US$3.57bn) in 2010 to KWD1.12bn (US$4.01bn) in 2011; +10.2% in local currency terms and +12.5% in US dollar terms. Forecast up significantly from Q311 due to new historic data.
- Medical devices: KWD70mn (US$245mn) in 2010 to KWD77mn (US$275mn) in 2011; +9.8% in local currency terms and +12.1% in US dollar terms. Forecast down significantly from Q311 due to new historic data.
Business Environment Rating: Kuwait again ranks second out of the 19 key markets surveyed by BMIs proprietary Business Environment Rating (BER) matrix for the Middle East and Africa (MEA).Its score is unchanged from Q311 and reflects Kuwait’s stable and high value market.
Key Trends & Developments
- The Kuwait Health Assurance Company (KHAC) has begun the transition of Kuwait's healthcare system from a welfare state to a system of PPPs. This is part of the government's fiveyear plan to commercialise the country's healthcare system, which is why it established the KHAC with Ministerial Resolution 586 in 2010.
- In August 2011, Indian general insurance company Oriental Insurance Company (OICL) and Kuwait-based Al Mulla Group introduced a new health insurance policy, the OIC Medical Insurance Policy. The new policy has been launched under the slogan 'Insuring a Better Future' and will also benefit Indian nationals residing in Kuwait, continuing to cover them even on their return to India.
BMI Economic View: Although the prospect of elevated oil prices have boosted BMIs revenue forecasts for Kuwait for the fiscal year 2011/2012, the recent increase in spending approved by parliament led BMI to revise down their projection for the country's budget surplus to 22.5% of GDP, from 30.2% previously. That said, BMI maintain that Kuwait's fiscal position will remain strong, with surpluses forecast to remain in double digits throughout our five-year forecast period.
BMI Political View: Although Kuwait is among those countries in the Middle East and North Africa (MENA) most insulated from large-scale unrest, some protest activity gathered momentum in late Q211, elevating concern of increased political risk. This comes on top of a new vote of no-confidence, which though survived by Prime Minister Sheikh Nasser al-Mohammed al-Sabah on June 23, indicates persisting tensions between the government and members of parliament. Consequently, given the escalating social unrest, and the failure of the government to enact political reforms to satisfy the opposition, BMI have revised down our short-term political risk ratings to 72.3 out of 100 from 76.0 previously.
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