Lifestyle Diseases, Insurance Driving Growth in Saudi Pharma Market

A new report predicts steady gains for the Saudi Arabia pharmaceutical market over the coming decade.

The Saudi Arabia pharmaceutical market is hitting US$5.2 billion in 2016, and will grow at 9 percent a year for the next ten years, according to a new report. The report, from market-research firm Future Market Insights, cites several factors behind the growth, including a sharp jump in lifestyle-related disease and treatment, expanding private health-insurance coverage, and a higher demand for costlier branded drugs associated with a rise in per-capita income. Also cited by the firm is the impact of relaxed regulation that now allows 100% foreign direct investment in the pharma industry. The report notes that pharma growth would likely be even higher if it weren't for a relative lack of local research and for drug-patent delays. —DHF

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