Saudi Arabia Pharmaceutical Drugs Market is Anticipated to Grow Witnessing a Steady CAGR during the Forecast 2021-2028 | Pfizer, Sanofi S. A., GlaxoSmithKline, AstraZeneca

Market Overview:

A pharmaceuticals drug is any drug used in the diagnosis, treatment, prevention or the cure of disease. Pharmacy has been one of the most prominent and significant contributions to modern medicine. Pharmacy is a key part of the medical community and relies mainly on pharmacy for proper administration and for ongoing development.

Competitive Landscape:

Pfizer Inc., Sanofi S. A., GlaxoSmithKline Plc., AstraZeneca Plc, Baxter International Inc., Life Care Group of Pharmacies, Tadawi Pharmacies, Planet Pharmacies (Zahrat Al Rawdah), Al-Safwwa Pharmacy, Al Nahdi Medical, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals, Hikma Pharmaceuticals PLC, Jamjoom Pharmaceuticals Co., and Julphar.

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Key Market Drivers:

Key players are highly involved in strategic agreement with multinational pharmaceuticals is driving growth of the Saudi Arabia pharmaceuticals market. For example, in April 2020, SPIMACO Addwaeih signed an agreement with Amgen Inc. (a U.S. based company) to localize the marketing rights of the technology of some manufacturing steps of a high quality biotechnology product that is used to treat immunological diseases. This is in line with Saudi Arabias Vision 2030 to encourage the localization of technology of pharmaceutical industries.
Increasing drug launch in the region is another major key factor driving growth of the Saudi Arabia pharmaceuticals market. Moreover, expanding pharmaceutical industry in the region is again expected to augment growth of the market.

Covid-19 Impact Analysis

The outbreak of Covid-19 pandemic has had significant effect on the healthcare industry. The pharmacist have contributed a lot in protecting public from infection on Saudi Arabia region by participating in various programs such as health education and promotion, medication and patient counselling, medication reconciliation, medication dispensing, training for self-management in current outbreak and emergency preparedness. In Saudi Arabia, there are more than 190,800 reported cases of Covid-19 with 1649 deaths as of June 30, 2020. The Kingdom stopped exporting all medical devices and products, including diagnostic or protective agents, to ensure their availability in Covid-19 pandemic.

Key Takeaways:

The Saudi Arabia pharmaceuticals market is expected to exhibit a CAGR of 7.3 % over the forecast period owing expanding pharmaceutical industry in the region. Saudi Arabia has more than 40 registered pharmaceutical factories produces 415 pharmaceutical products, and exports more than 234 products to 14 countries, covering 36 percent of the local market need for medicines. Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO). The company’s production has reached more than 1.73 billion therapeutic units via 36 production lines during the year 2020.

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Saudi Arabia Pharmaceutical Drugs Market research provides answers to the following key questions:

• What is the expected growth rate of the Saudi Arabia Pharmaceutical Drugs Market?

• What will be the Saudi Arabia Pharmaceutical Drugs Market size for the forecast period, 2021–2028?

• What are the main driving forces responsible for changing the Saudi Arabia Pharmaceutical Drugs Market trajectory?

• Who are the big suppliers that dominate the Saudi Arabia Pharmaceutical Drugs Market across different regions? Which are their wins to stay ahead in the competition?

• What are the Saudi Arabia Pharmaceutical Drugs Market trends business owners can rely upon in the coming years?

• What are the threats and challenges expected to restrict the progress of the Saudi Arabia Pharmaceutical Drugs Market across different countries?

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