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Read here the market research report on the u201cSaudi Arabia Pharmaceuticals Market" published by CMI Team
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SAUDI ARABIAPHARMACEUTICAL DRUGS MARKET ANALYSIS (2020-2027) • .Saudi Arabia Pharmaceutical Drugs Market, by Drug Type (Generic Drugs and Branded Drugs), by Product Type (Prescription Drugs and Over-the-counter (OTC) Drugs), by Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others (Nutraceutical, dentals and veterian)), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy , and Online Pharmacy ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Saudi Arabia pharmaceutical drugs market includes medicinal products sold as patented/prescription and OTC products for various ailments in hospitals and retail pharmacies. Patented products are available as branded drugs and generic drugs include both branded generics and non-branded ones. • Strategic agreements with multinational pharmaceuticals are expected to boost growth of the Saudi Arabia pharmaceutical market. For instance, in April 2020, SPIMACO Addwaeih signed an agreement with Amgen Inc. (a U.S.-based company) to localize the marketing rights and transfer the technology of some manufacturing steps of high quality biotechnology products that are used to treat immunological diseases. This is in line with Saudi Arabia's Vision 2030 to encourage the localization of high technology in the pharmaceutical industries. • The Saudi Arabia pharmaceutical drugs market is estimated to be valued at US$ 10,191.4 million in 2020 and is expected to exhibit a CAGR of 7.3% during the forecast period (2020-2027).
Saudi Arabia Pharmaceutical Drugs Market - Impact of Coronavirus (Covid-19) Pandemic New Development • Factors such as investments, research and development of novel medicines targeting COVID 19 as well as funding by various companies operating in Saudi Arabia pharmaceuticals drugs market are expected to drive the Saudi Arabia pharmaceuticals drugs market growth during this COVID 19 pandemic. • For instance, in March 2020, the government of Saudi Arabia announced that it donated US$ 10 million as financial support to the World Health Organization (WHO). The money is allocated for research and development of vaccines, diagnostics, and therapeutics. • In April 2020, the Coalition for Epidemic Preparedness and Innovations (CEPI) and Gavi, the Vaccine Alliance announced that the Group 20 of Kingdom of Saudi Arabia committed US$ 150 million for development of COVID-19 vaccine and invested in the manufacturing capacity required to produce a safe and effective vaccine for covid-19 infection. CEPI is working with Curevac, Inovio Pharmaceuticals, Moderna, Novavax, The University of Hong Kong, The University of Oxford, The University of Queensland, and a consortium led by Institut Pasteur for COVID-19 vaccine development projects.
Strategies • The coronavirus (COVID 19) pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Private healthcare sector is one of the sectors, which is majorly impacted by the COVID 19 pandemic. Saudi Arabia Government, multinational pharmaceutical companies, and local manufacturers are implementing various strategies to help the residents of Saudi Arabia during this COVID-19 pandemic. • For instance, in April 2020, Saudi Arabia's National Unified Procurement Company (NUPCO) and a Chinese company ‘Huo-yan Laboratories’ - COVID-19 testing labs developed by Chinese genomics BGI Group, signed a cooperation agreement in Riyadh to build six major laboratories including a mobile laboratory to increase the country's coronavirus testing capacity. After finishing, the laboratories will boost local coronavirus testing capacity to 50,000 people per day and provide 9 million testing kits.
Figue 1: Saudi Arabia Pharmaceutical Drugs Market Share (%) Analysis, By Drug Type, 2020
The major companies operating in Saudi Arabia pharmaceutical drugs market are focused on adopting strategies such as collaborations and partnerships for development of drugs, R&D activities, and geographic expansions, which is expected to boost the Saudi Arabia pharmaceutical drugs market growth For instance, in May 2016, GE Healthcare entered into a vaccine collaboration with the National Industrial Clusters Development Program (NICDP) under the Ministry of Energy, Industry and Mineral Resources, SaudiVax, and King Saud University, to enable vaccine self-sufficiency and pandemic preparedness in the Kingdom of Saudi Arabia (KSA). Major players in the market are focused on partnering with educational institutes for development of novel drugs to treat various diseases. For instance, in April 2017, SPIMACO and King Saud University signed a memorandum of understanding in the fields of drug development and training of graduates of the Faculty of Pharmacy. The deal also aims to promote the profession of pharmacy and provide treatment services by trainee students in community pharmacies. Other prominent players in the market are engaged in adopting partnership strategies to expand their geographic presence in Saudi Arabia. For instance, in February 2020, Grifols, a Spain-based pharmaceutical company and the Public Investment Fund of Saudi Arabia announced a deal to build a network of plasma collection centers and other facilities for the production of plasma medicines in Saudi Arabia.
Saudi Arabia Pharmaceutical Drugs Market - Restraints • Saudi Arabia pharmaceutical drugs market growth is expected to be hampered in the near future, owing to increasing drug recalls by the Ministry of Health (MOH) Saudi Arabia. • For instance, in August 2019, Julphar (a Saudi Arabia-based pharmaceutical company) recalled a single batch of Laxocodyl suppository (10mg) due to a labeling error on the blister pack. Laxocodyl is used to treat constipation in adults, however, the label on the blister pack in batch 0093 incorrectly stated that the product is for children. The company, in full cooperation with the UAE Ministry of Health and Prevention, issued an immediate order to recall the batch and worked with its distributors to ensure that all boxes in the specified batch were returned.
Figure 2: Saudi Arabia Pharmaceutical Drugs Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Saudi Arabia Pharmaceutical Drugs Market - Competitive Landscape • Key players operating in the Saudi Arabia pharmaceutical drugs market include Pfizer, Inc., Sanofi S. A., GlaxoSmithKline Plc., AstraZeneca Plc, Baxter International Inc., Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals, Hikma Pharmaceuticals PLC, Jamjoom Pharmaceuticals Co., and Julphar.
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