Sunday 8 December 2019
 
»
 
»
Story

Mena pharma market booming; set for 10pc growth, says report

RIYADH, 7 days ago

The pharmaceutical market in the Middle East and North Africa (Mena) region, which covers approximately 22 countries and represented 2 per cent of the global market in 2016, now appears to be making a big leap showing a 10% projected growth, significantly outstripping the current global growth rate 4-6% and surpassing traditional ‘pharma-emerging’ economies such as Brazil and China, said a report released ahead of an industry event. 
 
The 5th Mena Pharmaceutical Manufacturing Congress and Exhibition will be held from December 3 to 5 in Riyadh. 
 
The three-day event will see leading companies unveil latest technologies and developments in pharmaceutical manufacturing. 
 
The expo will also set the stage for the meeting of pioneers from the local and international pharmaceutical companies, CEOs, plant managers, production managers, supply chain managers, quality assurance managers, regulatory affairs managers, and engineers.
 
With over 300 million people, healthcare expenditure in the Mena region is at an average 6% of GDP, said global industry experts, citing the report. 
 
The 10 per cent projected growth provides a good prospect for international firms – both generic, and innovator focused – looking to enter a new market and expand their global footprint, they stated.
 
Driving the pharma market in the region, among others, are the rapidly changing population dynamics, where populations though ageing, is expanding. Apart from this, the life expectancy of average Mena inhabitant has gone up to 73 years, which is close to that of many developed nations, said the experts.
 
As the lifestyle of Mena inhabitants changed, an increase in lifestyle-related and chronic diseases was seen - notably cardiovascular disease, obesity and type-2 diabetes. For the pharmaceutical industry, the diverse economic, cultural, and public health profiles in Mena are mirrored by a highly varied market environment, they added.
 
According to them, prospects are suitable for both foreign and domestic firms, with expanding populations and longer life expectancies creating a much higher demand for pharmaceuticals in the Middle East.
 
"Emerson Automation Solutions is the leading automation partner of pharmaceutical manufacturers globally supporting their facilities to achieve top quartile performance, underpinned by our world-class technology solutions specifically designed for the regulated environment," remarked Liam Hurley, the company's VP and General Manager (Saudi Arabia and Bahrain). 
 
To support the objectives of Saudi Vision 2030, Emerson has been investing in building local manufacturing, engineering, service, and R&D capabilities, stated Hurley. 
 
"With unrivalled experience in engineering solutions for the pharmaceutical manufacturing environment, we have been actively transferring this knowledge to build the capability in the Kingdom to support new and existing investors in the sector," he added. 
 
Waleed Rafaay, COO of Maarefah Management, the event organiser, said the Mena region is one of the fastest growing economies in the world, with a population of over 380 million people and a growing economy.
 
"Local governments have been more focus on the quality of healthcare, Medicine security and affordable medication. This has led to a large number of new international and local manufacturing facilities due to open across the Kingdom and the region, there is a great opportunity for pharmaceutical industry to farther establish them self and build new partnerships in the region," he explained.
 
Experts predict further growth for the market in the region, which is likely to see individuals getting private health insurance, development of medical tourism, increases in domestic manufacturing, and better access to innovative drugs, he added.
 
The Mena Pharmaceutical Manufacturing Congress, which will be held in light of this, will have a large exhibition area showcasing the latest machines and technologies used during the different pharmaceutical manufacturing stages, raw materials suppliers, regional manufacturers and contract manufacturers.-TradeArabia News Service



Tags:

More Industry, Logistics & Shipping Stories

calendarCalendar of Events

Ads