Access to pharmaceutical supplies is essential in any given environment. For most countries, pharmaceutical supply is key to ensuring that their health systems are functional and that they are able to provide medical care to their citizens. This is the most basic need and goal for any pharmaceutical supply system.
Pharmaceutical exports middle-east and Africa also offer pharmaceutical companies the biggest opportunities for growth.
The Middle East, in particular, relies on pharmaceutical imports from other countries which include the United Kingdom
For countries such as the United Arab Emirates, their pharmaceutical products are outsourced from seventy-two countries with ten countries accounting for 80 per cent of the total imports. These countries are inclusive of the United Kingdom, Switzerland, USA, France, Germany among others.
Pharmaceutical exports MIDDLE-EAST and elsewhere is one sector where countries such as the United Kingdom have tapped into.
The market share for pharmaceutical exports to the Middle East
MENA alone is represented by 23 countries and over 350 million people. This population provides a great market for pharmaceutical imports from other countries. In 2016 alone, the market represented $36 billion which accounts for 2 per cent of the global market.
What makes this a lucrative market?
- A change in the population dynamics such as population growth
- An increase in the life expectancy rate for those in the MENA region up to 73 years.
- Increased incidences of diseases such as obesity and cardiovascular disease.
- Countries such as Saudi Arabia prefer to import from foreign brands accounting for 85 percent of all their pharmaceutical imports.
- Qatar which happens to be a wealthy state also prefers to import branded products as the spending power of its citizens is high.
With the increasing need to meet the pharmaceutical supplies in the Middle East and Africa, the market seems more lucrative than ever. An increased life expectancy and a growing population can only make the market more feasible for pharmaceutical exports.