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Saudi Arabia to hold 24% of MENA pharmaceutical market by 2023

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The Kingdom is expected to contribute $10.7 bn to the market

The Kingdom of Saudi Arabia is expected to hold around 24 percent of the Middle East and North Africa’s (MENA) pharmaceutical market by 2023, according to Informa Markets, the organisers of CPhI Middle East and Africa.

The Kingdom is expected to contribute $10.7 billion to the sector by 2023.

Sherma Ellis, Brand Manager, CPhI Middle East and Africa told the media, “So, clearly, there will be a wealth of business opportunities during the next edition of CPhI Middle East and Africa, the leading regional pharma show, which will take place alongside the Global Health Exhibition in Riyadh from September 26 to 28, 2021.”

Over the years, various reforms have been introduced by the Saudi government to boost the pharmaceutical sector in the Kingdom. Such reforms include 100 percent foreign direct investment (FDI) into the sector and efforts to increase the total local pharmaceutical production by 20 percent by the end of 2020.

Such reforms are not only limited to the pharmaceutical sector, but can be seen throughout the healthcare sector.

Recently, Saudi investment firm Al Murjan Group signed a $106.6 million contract with Khaled Ahmed Al Juffali Holding Company to develop its private hospital in Jeddah.

The 200-bed private hospital is expected to be operational by the second quarter of 2022.

According to reports, NEOM has an unprecedented opportunity to become the first healthtech capital of the world. Also, the coronavirus pandemic has enhanced the digital transformation in the Kingdom’s healthcare sector.

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