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, dentals and veterian)), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy , and Online Pharmacy ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
The major manufacturers are focused on developing and launching pharmaceutical drugs with improved therapeutic effects and different dosage forms for ease of administration and patient convenience, which is expected to gain significant traction in the Saudi Arabia pharmaceutical drugs market.For instance, in September 2019, Celltrion Inc., a South Korean pharmaceutical company, launched its breast and gastric cancer biosimilar ‘Herzuma’ in Iraq and its second copy drug release in the Middle East region. Moreover, the drug was also launched in Jordan, Israel, the United Arab Emirates, Saudi Arabia, and Morocco.
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).
In December 2017, pharmaceutical company Jamjoom Pharma announced the launch of its new product Veratol, the first of its kind in Saudi Arabia and the Middle East. Veratol (Resveratrol) is most commonly used for high cholesterol, cancer, heart disease, and other conditions.
In May 2014, Novo Nordisk announced the launch of new drug Victoza (Liraglutide), which is a revolutionary new treatment for type 2 diabetes in Saudi Arabia. Victoza provides significant glycemic control and delays disease progression in type 2 diabetes patients.
Saudi Arabia Pharmaceutical Drugs Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus pandemic has negatively impacted the development, production, and supply of pharmaceutical drugs across the world. Many production and manufacturing facilities, and transport departments have suspended various activities in their factories of pharmaceutical drugs to stop the spread of coronavirus. Thus, this pandemic has affected both demand and supply of pharmaceutical drugs in Saudi Arabia.
The Kingdom of Saudi Arabia (KSA) is launching and approving new drugs and medications to combat the spread of coronavirus, which is expected to propel the Saudi Arabia pharmaceuticals drugs market growth. For instance, in June 2020, the Saudi Arabia’s Health Ministry approved the use of steroid dexamethasone as part of its treatment protocol for COVID-19 patients. Dexamenthasone has been used to treat inflammation in diseases such as arthritis. The drug will be administered to patients who need oxygen in hospitals and in the intensive care units but not on ventilators.
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 started 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 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.
Browse 44 Market Data Tables and 43 Figures spread through 153 Pages and in-depth TOC on 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, dentals and veterian)), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy , and Online Pharmacy), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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