LONDON, Dec. 18, 2016 /PRNewswire/ -- Although issues pertaining to market access will continue to be of concern for multinational drugmakers, the Saudi Arabian pharmaceutical market will remain as one of the most commercially attractive in the Middle East and Africa region. The kingdom's young and growing population is a major draw for multinationals pharmaceutical companies, given that the Saudi Arabian drug market remains import-reliant. Furthermore, the kingdom's increasing focus on healthcare and social provision is going to be a long-term driver of medicine sales.
Headline Expenditure Projections
- Pharmaceuticals: SAR28.21bn (USD7.52bn) in 2015 to SAR27.93bn (USD7.44bn) in 2016; -1.0% in both local currency and US dollar terms. Forecast downgraded from Q416.
- Healthcare: SAR130.31bn (USD34.75bn) in 2015 to SAR129.12bn (USD34.41bn) in 2016; -0.9% in local currency terms and US dollar terms. Forecast revised down from Q416. Risk/Reward Index In our Q117 Pharmaceutical Risk/Reward Index (RRI) Saudi Arabia's score of 60.4 out of 100 is in line with its last quarter score, and maintains its position in second place out of 31 countries analysed in the whole Middle East and Africa (MEA) region. Regionally, Saudi Arabia ranks relatively well compared to the other Gulf States - only UAE is positioned higher. Its high composite score is due to its wealth and a sizeable population, which will support the longer-term development of the pharmaceutical market.
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