Saudi Arabia is encouraging manufacturing of pharmaceutical products locally, in line with the Vision 2030 initiative, according to the chairman of National Committee for Pharmaceutical Industries official.
“In the context of Saudi Arabia, pharma manufacturing holds an important position in achieving the Kingdom’s Vision 2030. The regulatory body, local industry players, global companies have realised the importance of this initiative and are working towards strengthening of localised pharmaceutical manufacturing,” Faisal BinDail said, during a discussion at the CPhI Middle East & Africa event in Dubai.
“Part of the transformation plan in the Kingdom is to raise the percentage of total pharmaceutical production to 40 percent from the current 20 percent. The government is supportive, local companies are gearing up and the regulatory body is encouraging, facilitating and providing incentives – thereby encouraging global companies to take advantage of this opportunity,” he added.
Saudi Arabia is the largest pharmaceutical market in the MENA region worth $7.5 billion and is expected to grow at a CAGR of around 5.5 percent.
“The market is dominated by branded products, as there is a preference for brands locally, but at the same time there is an opportunity for generics as well to expand. Around 20 percent of the pharma market is locally manufactured, while 80 percent is still imported from different countries, from the US, Europe, and different parts of the world, this is in brief how the Pharmaceutical market in Saudi Arabia currently looks like,” BinDail added.
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