Despite political and military unrest in the Middle East over the recent years, the pharmaceutical industry in the region has begun to thrive. The Middle Eastern pharmaceutical market is diverse, with a selection of global giants having facilities there, alongside smaller domestic pharmaceutical companies often more focused on a niche product range.
Growth
At the moment, the Middle East can be considered the growth engine of global pharmaceutical sales, with year on year growth in revenue and a steep increase in the number of both research and production facilities. This is mainly due to the greater demand for drugs and other medical / healthcare products as governments invest massively in hospitals and medical centers due to the rising standard of living in the region as a whole.
Key Areas
Out of the key markets in the region, Saudi Arabia has almost a 60% of the overall market share and has one of the most sophisticated healthcare systems in the region. Along with this, countries such as Jordan and Egypt are enjoying sizeable growth in revenue, and have seen heavy investment into the nation’s pharmaceutical industries.
Future Trends
With the region’s pharmaceutical industry expected to experience sustainable growth in the medium to long term, it’s very easy to see why GE Healthcare have described the region as a hidden jewel. With this in mind, it could be suggested that there needs to be a focus on attracting foreign investment into the pharmaceutical developments in order to move the cost burden from local governments and in turn tax payers, onto global players of drug development and production.
Leap29 in the Middle East
Leap29 have been commended by several clients in the Middle East for our local knowledge, attention to detail and the time taken to understand specific client requirements on both a professional, cultural and experience based level.