Strong growth forecast for Saudi Arabia pharmaceuticals market

Pharmaceuticals products sales in Saudi Arabia are expected to exceed a value of $ 7 billion by 2018, a massive increase of nearly 60% compared to $ 4.40 billion in 2013.

The Saudi Arabia pharmaceutical market has recorded significant growth over the years driven by various factors like an increasing aging population mostly in the above 60 years bracket, changing demographics and a rise in the incidence of lifestyle diseases, increased spending power, and result-driven government initiatives to promote the growth of indigenous pharmaceutical companies, according to a new report added to the offerings of researchandmarkets.com.

In spite of the progress, the pharmaceutical sector in the Saudi Arabia is still in an emerging phase, and drug manufacturing is at a relatively nascent stage owing to many challenges, which need to be resolved. The Saudi pharmaceuticals market has accounted for more than to 50% of all pharmaceutical products sales in the GCC (Gulf Cooperation Council) region.