KSA Pharma Market Value to Reach SR 40.1bn by 2023
The MENA Pharmaceutical Manufacturing Congress and Exhibition will take place in Riyadh to discuss opportunities and challenges in the pharmaceutical industry
Saudi - November 20, 2019: With population touching 30mn and state-of-the-art hospitals, both private and public, booming, the healthcare market in Saudi Arabia is expected to reach SR 51.2bn ($13.6bn) in 2020. As is the pharmaceutical manufacturing sector, which will double local production capacities by 2023.
Industry reports suggest just around 20% of the drugs consumed in the country is made locally, and the National Transformation Programme (NTP) is working to boost the proportion of local pharmaceutical manufacturing to 40% by the end of 2020. The market outlook also suggests that the country’s Pharma market value will reach SR 40.1bn by 2023. This, coupled with initiatives under Saudi Vision 2030 to open the healthcare sector for privatisation will give a considerable impetus to pharmaceutical and biotechnology research & development, as well as create a much competitive and high-quality healthcare sector.
Saudi Arabia’s healthcare sector will see the most crucial transition in the upcoming years as the government, which had been the largest provider until now, will slowly take on the role of a regulator as more and more private providers enter the market. With increasing cases of non-communicable diseases such as cardiovascular diseases, cancer, chronic respiratory disease, diabetes and obesity that require long-term treatment and medication, there is much room for investments for the global and regional pharmaceutical players.
The Kingdom, which made enviable progress within a short period of time in the health sector, will host the 5th MENA Pharmaceutical Manufacturing Congress and Exhibition which will take place at Voco Hotel, Riyadh, on 3-5 December 2019.
“In light of Saudi Arabia’s current focus on job creation and economic diversification, the country is promoting local production, biotechnology research and development and the education of the Saudi labour force in pharmaceutical industry. We are organising MENA Pharmaceutical Manufacturing Congress and Exhibition as a platform to discuss these developments and identify opportunities for the future in Saudi Arabia,” says Eng. Waleed Rafaay, COO of Maarefah Management, the organisers of the event.
Leading technology providers and manufacturers will display the latest technologies and developments in pharmaceutical manufacturing, along with the API manufacturers. The congress will feature an exhibition area for showcasing the newest pharma manufacturing equipment, materials used at various manufacturing stages, raw materials suppliers, regional manufacturers, contract manufacturers and more.
Organised by Maarefah Management with support from the National Committee for Pharmaceutical Industries (NCPI) and Saudi Pharmaceutical Society (SPS). The event is sponsored by Glatt, Emerson & Thomas Engineering.
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