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Kuwait Pharmaceuticals and Healthcare Report Q2 2008Published by: Business Monitor International Published: Apr. 4, 2008 - 65 Pages Table of Contents
AbstractKuwait’s pharmaceutical market was estimated to be worth US$332.8mn in 2007 and should grow ataround 10% year-on-year (y-o-y) to reach a value of US$550.6mn by 2012. Market growth, as in otherGulf Co-operation Council (GCC) states, should be underpinned by an expanding population and anepidemiological shift towards chronic non-communicable diseases.Kuwait’s oil reserves should continueto underpin economic growth through the forecast period, ensuring per capita incomes continue to grow.As in other gulf states, a trend for more cost-conscious government health policy is emerging that mayserve to dampen pharmaceutical growth, particularly in the patented drug sector. However, the privatesector, which has grown in strength over the past few years, should take a more prominent role in itsplace. Government policy, combined with increased awareness of the bioequivalence of generics should allowthe generics market to grow strongly over the forecast period, beating the overall drug market growthtrend to account for 18% of the total market by 2012. This growth should provide an opportunity for thecountry’s small domestic manufacturing sector, which consists of state-owned Kepisco. However, due toever increasing GCC integration, BMI expects imports to account for most new sales. The GCC commonmarket should allow gulf drugmakers in particular to take advantage. In BMI’s updated Business Environment Ratings, Kuwait received a score of 52, down three points fromQ108. The lower score resulted in a fall of two places in the Middle East and Africa (MEA) rankingstable to fifth position out of 14 markets surveyed. Our assessment was downgraded after new data whichsuggested that Kuwait’s pharmaceutical market had grown less quickly than expected in recent years. Interms of market risk, our assessment of Kuwait’s business environment remains unchanged. Healthcare is provided largely free of charge to Kuwaiti citizens. However, an aging population with asignificant chronic disease burden is expected to force the government to avail itself of some of thefinancial responsibilities. Get Full Details About This Report >> |
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