Saudi Arabia Pharmaceuticals and Healthcare Report Q3 2017
BMI View: Saudi Arabia will remain one of the Middle East and Africa's most attractive markets tomultinational pharmaceutical firms over the coming years. Government efforts to encourage localproduction and international collaboration are attracting drugmakers to Saudi Arabia's largest medicinesmarket. The precarious situation regarding the rebalancing of oil prices - which significantly affecthealthcare expenditure - will be instrumental in shaping the pace of pharmaceutical growth over the longterm.
Headline Expenditure Projections
Pharmaceuticals: SAR27.9bn (USD7.44bn) in 2016 to SAR28.2bn (USD7.5bn) in 2017; +1.0% in localcurrency terms and +1.1% in US dollar terms. Forecast in line with Q217.
Healthcare: SAR129.1bn (USD34.4bn) in 2016 to SAR133.4bn (USD35.6bn) in 2017; +3.3% in localcurrency terms +3.4% in US dollar terms. Forecast in line with Q217.
In April 2017, Julphar Saudi Arabia's new pharmaceutical manufacturing facility was officially opened inthe King Abdullah Economic City (KAEC).
In March 2017, the South Korean healthcare industry indicated its intention to support Saudi Arabia'shealthcare objectives as part of 'Vision 2030' and the associated National Transformation Plan (NTP).