Saudi Arabia Pharmaceuticals Market Outlook 2023 - GlaxoSmithKline, Jamjoom Pharma, Juphar, Novartis AG, Pfizer

Saudi Arabia pharmaceuticals market report gives a comprehensive outlook of Saudi Arabia pharmaceuticals across the value chain with special emphasis on market size analysis of different drugs in various diseases. This report on Saudi Arabia pharmaceuticals market gives historical, current, and future market sizes (US$ Mn) of product types, diseases, and distribution channels in the country. The report studies Saudi Arabia pharmaceuticals market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Saudi Arabia pharmaceuticals market report covers the regulatory overview, pricing analysis, and reimbursement scenario, healthcare indicators along with newer product introductions, company share analysis, brand share analysis of drug classes, and competition analysis with vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed Saudi Arabia pharmaceuticals market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the Saudi Arabia pharmaceuticals market report include suppliers, manufacturers, marketers, importers, policy makers engaged in manufacturing and supply of pharmaceuticals.

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Key players profiles in the global Pharmaceuticals in Emerging Countries include:
-GlaxoSmithKline plc. (UK)
-Jamjoom Pharma (Saudi Arabia)
-Juphar (UAE)
-Novartis AG (Switzerland)
-Pfizer Inc. (US)
-Riyadh Pharma (Saudi Arabia)
-Sanofi (France)
-SPIMACO (Saudi Arabia)
-Tabuk Pharmaceuticals Manufacturing Co. (Saudi Arabia)

Saudi Arabia Pharmaceuticals Market:
The Saudi Arabia Pharmaceuticals market estimated to be valued US$ 5,748 Mn in 2017 and poised to grow at CAGR 6.7%. Market for Saudi Arabia Pharmaceuticals projected to reach US$ 8,465 Mn by 2023.

Rise in Preference for Branded Medications in Saudi Arabia
The preference for branded drugs or second brands among key stake holders such as patients and prescribers are creating the ample opportunities for multinational players in the country. These brands generally sold through alliance with local pharmaceutical companies which help the new players in the market to reach wider pharmacies across the country. Moreover, Saudi Arabia largely dependent upon imports for pharmaceuticals from various geographies and mainly dominated by the multinational pharmaceutical giants who offer innovative and second brands through local players. Brand loyalty for multinational company products can be attributed to the quality and accessibility of the medication which helps in garnering larger market share by multinational players.

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Increasing burden of Chronic Ailments
Rising prevalence of various chronic diseases such as diabetes, ischemic heart disease, stroke, obesity, hypertensions, cancer among Saudi nationals are creating market demand pharmaceuticals in the country. Drug treating chronic ailments are expected to provide lucrative market opportunities for the players in the country. Moreover, these chronic diseases are major cause of death in Saudi Arabia. According to World Health Organization (WHO)-Noncommunicable Diseases (NCD) Country Profiles, 2014 data, NCDs are estimated to account 78% of total deaths and among NCDs cardiovascular diseases accounted for 46% of total deaths.

Growing Healthcare Infrastructure and Rising Penetration of Healthcare Insurance
Growing local government's commitment to provide quality healthcare to Saudis and non Saudis and mandatory health insurance for expatriates working in private sector expected to boost Saudi Arabia pharmaceuticals market over the forecast period. Moreover, healthcare reforms like 100% FDI in Pharma sector expected to create ample growth opportunities for multinational players in the country. Moreover, in 2015, Government of Saudi Arabia allocated around US$ 43 Bn for healthcare sector to build three new hospitals, three blood banks, 11 medical centers, 10 comprehensive care clinics and numerous primary care centers across the country.
Competition Assessment

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This release was published on openPR.