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, Dental and Veterinarian)), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), 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).
Rapid reforms in the healthcare sector by the government and multinational companies in Saudi Arabia is expected to propel growth of the Saudi Arabia pharmaceutical drugs market. For instance, in July 2018, Saudi Food and Drugs Authority (SFDA) announced plans to launch the world’s largest center for halal food and products that included meat, poultry and other food items, along with cosmetics, medicines, and medical devices in Saudi Arabia.
Moreover, increasing healthcare expenditure is also expected to aid in growth of the market. For instance, according to Saudi Arabia government data, healthcare, and social development, the expenditure reached US$ 45.9 billion in 2019.
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.
Saudi Arabia Pharmaceutical Drugs Market- Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic is expected to drive the growth of the Saudi Arabia pharmaceutical drugs market over the forecast period. After the spread of coronavirus, major companies operating in Saudi Arabia pharmaceutical drugs market are collaborating for the development of medications and vaccines to treat coronavirus infection. For instance, in June 2020, a Saudi Arabian company, SaudiVax, is developing a coronavirus preventative drug in collaboration with American scientists at the Center for Antibody Therapeutics, University of Pittsburgh, Pennsylvania, U.S. to discover the antibody and to get license for the drug in the Middle East region. Similarly, in April 2020, King Abdullah University of Science and Technology (KAUST) formed a group of faculty, the Rapid Research Response Team (R3T). In particular, R3T initiated a collaboration with the University of Oxford to implement a novel test that would simplify the virus detection process.
The coronavirus (COVID 19) pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. 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. Thus, the laboratories will boost local coronavirus testing capacity to 50,000 people per day and provide 9 million testing kits.
Browse 34 Market Data Tables and 28 Figures spread through 164 Pages and in-depth TOC on Saudi Arabia Pharmaceutical Drugs Market. 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, Dental and Veterinarian)), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy).
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The major manufacturers are focused on developing and launching pharmaceutical drugs which is expected to gain significant traction in the Saudi Arabia pharmaceutical drugs market. In May 2018, Hikma Pharmaceuticals LLC, in partnership with Basilea Pharmaceutica Ltd., announced the launch of Basilea’s hospital antibiotic ‘Ceftobiprole’ in Saudi Arabia. Ceftobiprole is approved in Saudi Arabia for the treatment of adult patients with hospital-acquired pneumonia (HAP) excluding ventilator-associated pneumonia (VAP) and for the treatment of community-acquired pneumonia (CAP).
Key Takeaways of the Saudi Arabia Pharmaceutical Drugs Market:
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