Economic liberalization will drive Middle East markets to over $12B by 2010

Recent policies to liberalize the economy and the introduction of mass health insurance will spur pharmaceutical growth in key Middle East markets over the next five years, predicts Major Pharmaceutical Markets of the Middle East: An overview of Egypt, Israel, Jordan, Lebanon, Saudi Arabia & UAE, from URCH Publishing.

The region is a high-growth market, mostly import-oriented, and has already achieved an impressive 10.6% combined annual growth rate (CAGR) between 1999 and 2003, around 4% more than the estimated world average and second only to Southeast Asia and China.

The liberalization policies pursued by the governments or pushed through bilateral agreements with the USA or the European Unon are key to the region's future potential, says the report. Israel has already liberalized its over-the-counter sector, while the implementation of cooperative health insurance in Saudi Arabia is forecast to increase the Kingdom's private health market from $1.06 billion to $3.46 billion over the next two to three years, ahead of Egypt and the United Arab Emirates